ON WEDNESDAY morning, the Bundesbank, Germany’s central bank, announced
that it would move 674 tonnes of its gold reserves (currently worth
about €30 billion) from vaults in New York and Paris to its home base in
Frankfurt. That night, HBO2, the American premium television channel,
aired Die Hard with a Vengeance.
These two events may not have been planned to coincide, but it is
fortunate that they did. They both help teach us something about central
bank gold reserves, and maybe even the future of the euro area.
For
those who do not know, the film is about an attempt to steal hundreds
of billions of dollars worth of gold bullion from the vaults underneath
the New York Fed, which provides custodial services for many of the
world’s central banks. The plan relied on a continuous series of
diversions meant to confuse the police. Towards the end, the villains
pretended to dump the gold into the Hudson River while posing as Marxist
revolutionaries. (They had actually loaded the bullion onto trucks
headed for Canada.) In a recorded message left for the Coast Guard, the
leader declares that he raided the vaults to “level the playing field”
between the poor and rich worlds. Ostensibly, leaving the gold at the
bottom of the river would cripple the rich nations that depended on
bullion reserves to support their financial systems. This makes no
sense.
Saturday, January 19, 2013
Merkel Says Mali Mission Protects Europe, Sends Transport Planes
German Chancellor Angela Merkel said
that security in northern Africa is also Europe’s security after
her government offered two transport aircraft to assist the
military operation combating insurgents in Mali.
The two Transall transport planes will fly African troops from the Economic Community of West African States to the Malian capital Bamako as French ground forces start operations to repel insurgents controlling northern Mali, Merkel told reporters today in Berlin.
“Germany views security in the region also as a part of its own security,” Merkel said after meeting with Ivory Coast President Alassane Ouattara, chairman of Ecowas. “Terrorism in Mali, or northern Mali, isn’t only a threat for Africa, but also a threat for Europe.”
As French formations moved north from Bamako toward rebel- held territory, Ouattara said there was a risk that the insurgents might move out of Mali and threaten the rest of the region. He called for humanitarian assistance and democratic elections in Mali by July at the latest.
“We need a legitimate, recognized government that’s elected by the Malian people in order to bring order and territorial integrity to Mali,” Ouattara said.
The Transall aircraft don’t comprise a mission that would require a parliamentary mandate, German Defense Minister Thomas de Maiziere said earlier. Should an expanded operation require a mandate, the government may seek it, he said.
The two Transall transport planes will fly African troops from the Economic Community of West African States to the Malian capital Bamako as French ground forces start operations to repel insurgents controlling northern Mali, Merkel told reporters today in Berlin.
“Germany views security in the region also as a part of its own security,” Merkel said after meeting with Ivory Coast President Alassane Ouattara, chairman of Ecowas. “Terrorism in Mali, or northern Mali, isn’t only a threat for Africa, but also a threat for Europe.”
As French formations moved north from Bamako toward rebel- held territory, Ouattara said there was a risk that the insurgents might move out of Mali and threaten the rest of the region. He called for humanitarian assistance and democratic elections in Mali by July at the latest.
“We need a legitimate, recognized government that’s elected by the Malian people in order to bring order and territorial integrity to Mali,” Ouattara said.
The Transall aircraft don’t comprise a mission that would require a parliamentary mandate, German Defense Minister Thomas de Maiziere said earlier. Should an expanded operation require a mandate, the government may seek it, he said.
The drums of war: China and Japan square up
Source: ECON
WATCH Chinese television these days and you might conclude that the outbreak of war with Japan over what it calls the Senkaku and China the Diaoyu islands is only a matter of time. You might well be right. Since Japan in September announced it would “nationalise” three of the islands that had been privately owned, China, which has long contested Japan’s sovereignty over them, has also started challenging its resolve to keep control of them. So both countries are claiming to own the islands and both are pretending to administer them. China this week announced its intention to map them thoroughly. Something has to give.
It is against this backdrop that televised military punditry is booming in China. On current-affairs programmes, armchair warriors pontificate about the Diaoyus. Newspapers propagate a uniformly jingoistic analysis of the increasing likelihood of armed conflict.
They are not making it up. Last month a small aircraft of China’s State Oceanic Bureau flew into what Japan considers its territorial airspace over the Senkakus. Flying too low to be detected by Japan’s land-based radar, it was spotted too late for a scramble of eight F-15 fighter jets to prove effective. Since then, Japan has deployed Airborne Warning and Control Systems (AWACS). On January 7th Chinese patrol ships spent more than 13 hours near the islands—longer than ever before, said Japanese officials. On January 10th, when two Japanese F-15s scrambled to intercept a Chinese plane flying near the islands, China scrambled its own fighter jets.
Now the Japanese air force is weighing whether to fire warning shots if Chinese aircraft come into its airspace, for the first time since 1987, when the former Soviet Union intruded. For General Peng Guanqian of the Chinese Academy of Military Sciences, interviewed on a Chinese web portal, this would amount to the first shot of “actual combat”. China should then “respond without courtesy”, he said. The Japanese press reported that America had also warned Japan against firing shots.
A widely read, if shrill, Beijing newspaper, Global Times, has argued that Japan might not be deterred and “we need to prepare for the worst”. Japan, it said, had become the “vanguard” of an American strategy to “contain China”. The implication was that China should also be ready to take on America, which has made clear that its security treaty with Japan covers the disputed islets.
The dangers of combat are rarely spelt out to Chinese audiences. China would widely be seen as the provocateur. Japan is its second-largest trading partner and one of its biggest foreign investors. The knock-on effects would include an escalation of unease about China around the region. Other countries with territorial disputes with it, such as India, Vietnam and the Philippines, would look even more keenly towards America for support.
So much to lose
The risk that the dispute might cause a serious rift with America must haunt some of China’s diplomats. Many of them believe that this would thwart China’s ambition to become a respected global power. So calmer voices may yet prevail. A botched military engagement could inflame nationalist sentiment at home and turn it against the party for its perceived incompetence. For all their rapid acquisition of sophisticated hardware in recent years, the Chinese armed forces lack the combat experience that might give them confidence in their ability to prevail. As for projecting force, the islands lie closer to Japan (as well as to Taiwan, which also claims them) than to the Chinese mainland.
But China’s foreign-policy behaviour has become more unpredictable of late. Many of its officials believe that America has been weakened by the global financial crisis and debilitating wars, even as China has grown stronger. Toughness abroad might also give Mr Xi, a nationalist, some cover for a more risk-taking approach to handling problems at home. In recent weeks there have been a few signs that he might be a bit more open-minded than his predecessors. A recent crisis involving a strike by journalists at a popular and relatively liberal newspaper was resolved without obvious repercussions for the journalists involved. As dense smog this week choked Beijing and several other cities, China’s press has had unusually free rein to complain about air pollution.
The firmness of Mr Xi’s grip on policymaking is hard to divine. It will not be clear for some weeks who, if anyone, will have day-to-day control over foreign policy in the decision-making standing committee of the party’s Politburo, which for the past decade has lacked a dedicated foreign-policy handler. It is also possible that rising tensions with Japan reflect China’s leaders’ distraction by struggles relating to the succession. Lacking clear direction, bureaucracies may be trying to look tough.
Meanwhile, Mr Abe launched a trip to Vietnam, Thailand and Indonesia on January 16th, his first journey abroad since taking office. Despite the inclusion of Vietnam, his officials talk of “values diplomacy”, an attempt to forge closer ties with democratic allies. Though the mission is ostensibly to foster closer economic ties with a fast-growing region, countering the Chinese threat seems an equally pressing motive. Some Japanese experts believe the trip too provocative. China probably saw it as a bid at diplomatic encirclement.
Even if armed clashes are averted, tensions will persist. Mr Tanaka lists three essential elements of any easing: to cool public sentiment; to reaffirm the importance of the bilateral relationship; and to find a way of discussing the Senkakus. Not one of these is yet in sight.
WATCH Chinese television these days and you might conclude that the outbreak of war with Japan over what it calls the Senkaku and China the Diaoyu islands is only a matter of time. You might well be right. Since Japan in September announced it would “nationalise” three of the islands that had been privately owned, China, which has long contested Japan’s sovereignty over them, has also started challenging its resolve to keep control of them. So both countries are claiming to own the islands and both are pretending to administer them. China this week announced its intention to map them thoroughly. Something has to give.
In
response to the deteriorating climate, Kurt Campbell, assistant
secretary of state in President Barack Obama’s administration, flew to
the region this week, urging “cooler heads to prevail”. Hotter heads are
more in fashion. Hopes that recent changes in leadership in China and
Japan might bring an easing of tensions have been disappointed. Hitoshi
Tanaka of the Institute for International Strategy in Tokyo notes that
the emergence last September of Shinzo Abe, a right-wing nationalist, as
head of Japan’s Liberal Democratic Party was influenced by the feeling
that Japan needed to take a tougher line with China. In December Mr Abe
became prime minister for a second time, after an election campaign in
which he promised just that.
Since then China, too, has become
more assertive over the islands. Already, in his speech to the Communist
Party’s five-yearly congress in November, Hu Jintao, its outgoing
leader, had declared China’s ambition to “build itself into a maritime
power”, the first time this had been stated so explicitly. Nor is it
clear that his successor, the less wooden Xi Jinping, who will be named
president in March, shares his predecessors’ habitual caution in
dealings with America. He will surely see no benefit in compromising
with Japan, which is despised by many Chinese. And, with little or no
military experience, he will want to appear a strong commander-in-chief.It is against this backdrop that televised military punditry is booming in China. On current-affairs programmes, armchair warriors pontificate about the Diaoyus. Newspapers propagate a uniformly jingoistic analysis of the increasing likelihood of armed conflict.
They are not making it up. Last month a small aircraft of China’s State Oceanic Bureau flew into what Japan considers its territorial airspace over the Senkakus. Flying too low to be detected by Japan’s land-based radar, it was spotted too late for a scramble of eight F-15 fighter jets to prove effective. Since then, Japan has deployed Airborne Warning and Control Systems (AWACS). On January 7th Chinese patrol ships spent more than 13 hours near the islands—longer than ever before, said Japanese officials. On January 10th, when two Japanese F-15s scrambled to intercept a Chinese plane flying near the islands, China scrambled its own fighter jets.
Now the Japanese air force is weighing whether to fire warning shots if Chinese aircraft come into its airspace, for the first time since 1987, when the former Soviet Union intruded. For General Peng Guanqian of the Chinese Academy of Military Sciences, interviewed on a Chinese web portal, this would amount to the first shot of “actual combat”. China should then “respond without courtesy”, he said. The Japanese press reported that America had also warned Japan against firing shots.
A widely read, if shrill, Beijing newspaper, Global Times, has argued that Japan might not be deterred and “we need to prepare for the worst”. Japan, it said, had become the “vanguard” of an American strategy to “contain China”. The implication was that China should also be ready to take on America, which has made clear that its security treaty with Japan covers the disputed islets.
The dangers of combat are rarely spelt out to Chinese audiences. China would widely be seen as the provocateur. Japan is its second-largest trading partner and one of its biggest foreign investors. The knock-on effects would include an escalation of unease about China around the region. Other countries with territorial disputes with it, such as India, Vietnam and the Philippines, would look even more keenly towards America for support.
So much to lose
The risk that the dispute might cause a serious rift with America must haunt some of China’s diplomats. Many of them believe that this would thwart China’s ambition to become a respected global power. So calmer voices may yet prevail. A botched military engagement could inflame nationalist sentiment at home and turn it against the party for its perceived incompetence. For all their rapid acquisition of sophisticated hardware in recent years, the Chinese armed forces lack the combat experience that might give them confidence in their ability to prevail. As for projecting force, the islands lie closer to Japan (as well as to Taiwan, which also claims them) than to the Chinese mainland.
But China’s foreign-policy behaviour has become more unpredictable of late. Many of its officials believe that America has been weakened by the global financial crisis and debilitating wars, even as China has grown stronger. Toughness abroad might also give Mr Xi, a nationalist, some cover for a more risk-taking approach to handling problems at home. In recent weeks there have been a few signs that he might be a bit more open-minded than his predecessors. A recent crisis involving a strike by journalists at a popular and relatively liberal newspaper was resolved without obvious repercussions for the journalists involved. As dense smog this week choked Beijing and several other cities, China’s press has had unusually free rein to complain about air pollution.
The firmness of Mr Xi’s grip on policymaking is hard to divine. It will not be clear for some weeks who, if anyone, will have day-to-day control over foreign policy in the decision-making standing committee of the party’s Politburo, which for the past decade has lacked a dedicated foreign-policy handler. It is also possible that rising tensions with Japan reflect China’s leaders’ distraction by struggles relating to the succession. Lacking clear direction, bureaucracies may be trying to look tough.
Meanwhile, Mr Abe launched a trip to Vietnam, Thailand and Indonesia on January 16th, his first journey abroad since taking office. Despite the inclusion of Vietnam, his officials talk of “values diplomacy”, an attempt to forge closer ties with democratic allies. Though the mission is ostensibly to foster closer economic ties with a fast-growing region, countering the Chinese threat seems an equally pressing motive. Some Japanese experts believe the trip too provocative. China probably saw it as a bid at diplomatic encirclement.
Even if armed clashes are averted, tensions will persist. Mr Tanaka lists three essential elements of any easing: to cool public sentiment; to reaffirm the importance of the bilateral relationship; and to find a way of discussing the Senkakus. Not one of these is yet in sight.
Atos told incontinent woman to 'wear nappy': Firm condemned by MPs for pressuring sick and disabled into returning to work
Thousands of sick or disabled people have died after undergoing assessments to find out whether they were fit to work, the House of Commons was told today.
Atos, the firm contracted to conduct work capability assessment (WCA)
tests for the Government, was condemned by MPs for “ruthlessly”
pressurising sick and disabled people into returning to their jobs.
The debate was told of cases of people who had committed suicide after being stripped of their benefits under the process and of an incontinence sufferer who was told she could return to work wearing a nappy.
Former Labour minister Michael Meacher opened the debate saying that 1,300 people had died after being placed in the “work-related activity group”, for those currently too ill to be employed but expected to start preparing for an eventual return to work.
A further 2,200 died before the assessment process was completed and 7,100 died after being judged to be entitled to unconditional support because they are too ill or disabled to work.
Mr Meacher asked: “Is it reasonable to pressurise seriously disabled persons into work so ruthlessly when there are already 2.5 million people unemployed and, on average, eight persons chasing every vacancy, unless they are also provided with the active and extensive support they obviously need in order to get and to hold down work, which is certainly not the case at present?”
Labour’s Iain Wright, MP for Hartlepool, told MPs that one of his constituents, a woman who suffered from Crohn’s disease, had been told she could wear a nappy to work. “What sort of country have we become, what sort of ethical values does the Government have, if that’s the degrading and crass way in which decent law abiding constituents of mine are being dealt with?” he said.
“All the evidence that I have in my constituency demonstrates that the system is not working and the most vulnerable and ill constituents in Hartlepool are paying the price. The Government is treating my constituents like dirt, it needs to change.”
Shadow Employment minister Stephen Timms said there was no doubt the current arrangements were causing “immense problems and immense anxiety”. He added: “We shouldn’t be allowing this to continue, the system does need fast and fundamental reform.”
Kevan Jones, a former Labour minister, said suicides of claimants who were found fit to work by Atos had been reported. “There are...a number of well-publicised cases where people have taken their own lives because of this system,” he said. “It is not too strong to say that this Coalition Government has blood on their hands for the deaths of those individuals.”
A spokeswoman for Atos Healthcare said: “We know that this can be a difficult process for people and we do all we can to make sure the service we provide is as professional and compassionate as possible. We have been doing this work...for over a decade and our doctors, nurses and physiotherapists are fully trained and experienced, with many coming directly from the NHS.”
Victory in vain: Cancer patient’s fight
Cecilia Burns, 51, from Northern Ireland died last summer shortly after winning her campaign to get her benefits reinstated.
Ms Burns, who was being treated for breast cancer, had her benefits cut by £30 a week after an assessment by Atos. She started a campaign to have the decision overturned but died shortly after the money was reinstated.
The debate was told of cases of people who had committed suicide after being stripped of their benefits under the process and of an incontinence sufferer who was told she could return to work wearing a nappy.
Former Labour minister Michael Meacher opened the debate saying that 1,300 people had died after being placed in the “work-related activity group”, for those currently too ill to be employed but expected to start preparing for an eventual return to work.
A further 2,200 died before the assessment process was completed and 7,100 died after being judged to be entitled to unconditional support because they are too ill or disabled to work.
Mr Meacher asked: “Is it reasonable to pressurise seriously disabled persons into work so ruthlessly when there are already 2.5 million people unemployed and, on average, eight persons chasing every vacancy, unless they are also provided with the active and extensive support they obviously need in order to get and to hold down work, which is certainly not the case at present?”
Labour’s Iain Wright, MP for Hartlepool, told MPs that one of his constituents, a woman who suffered from Crohn’s disease, had been told she could wear a nappy to work. “What sort of country have we become, what sort of ethical values does the Government have, if that’s the degrading and crass way in which decent law abiding constituents of mine are being dealt with?” he said.
“All the evidence that I have in my constituency demonstrates that the system is not working and the most vulnerable and ill constituents in Hartlepool are paying the price. The Government is treating my constituents like dirt, it needs to change.”
Shadow Employment minister Stephen Timms said there was no doubt the current arrangements were causing “immense problems and immense anxiety”. He added: “We shouldn’t be allowing this to continue, the system does need fast and fundamental reform.”
Kevan Jones, a former Labour minister, said suicides of claimants who were found fit to work by Atos had been reported. “There are...a number of well-publicised cases where people have taken their own lives because of this system,” he said. “It is not too strong to say that this Coalition Government has blood on their hands for the deaths of those individuals.”
A spokeswoman for Atos Healthcare said: “We know that this can be a difficult process for people and we do all we can to make sure the service we provide is as professional and compassionate as possible. We have been doing this work...for over a decade and our doctors, nurses and physiotherapists are fully trained and experienced, with many coming directly from the NHS.”
Victory in vain: Cancer patient’s fight
Cecilia Burns, 51, from Northern Ireland died last summer shortly after winning her campaign to get her benefits reinstated.
Ms Burns, who was being treated for breast cancer, had her benefits cut by £30 a week after an assessment by Atos. She started a campaign to have the decision overturned but died shortly after the money was reinstated.
January US Mint Silver Eagle Sales Pass 6 Million, Mint Suspends Sales, States Eagles Are SOLD OUT!!
*Update:
as if on que, the Mint has just notified the primary dealers that
Silver Eagles are sold out, and that sales are suspended effective
immediately through 1/28!
The US Mint reported another 1 million Silver Eagles sold Thursday, bringing the January sales total to an astonishing 6.007 million ounces in less than 2 weeks of sales!
With nearly half of January remaining, it is now all but certain (barring a complete shut-down by the mint) that January 2013 Silver Eagles sales will absolutely shatter the all-time monthly sales record for the Mint set in January 2011 at 6,422,000 ounces.
The Mint is currently on pace to sell a COMEX sucking 12.66 MILLION OUNCES OF SILVER EAGLES IN THE FIRST MONTH OF 2013, more than the YEARLY sales total for ANY year prior to 2008 at the US Mint!!!
The US Mint has sold over 6 million ounces during the first 9 business days of January! (the mint began production on 1/7)
And the all-time monthly record set in January 2011:
Silver Bullet Silver Shield Slave Queen Collection at SDBullion.com!!
Check out these similar articles:
The US Mint reported another 1 million Silver Eagles sold Thursday, bringing the January sales total to an astonishing 6.007 million ounces in less than 2 weeks of sales!
With nearly half of January remaining, it is now all but certain (barring a complete shut-down by the mint) that January 2013 Silver Eagles sales will absolutely shatter the all-time monthly sales record for the Mint set in January 2011 at 6,422,000 ounces.
The Mint is currently on pace to sell a COMEX sucking 12.66 MILLION OUNCES OF SILVER EAGLES IN THE FIRST MONTH OF 2013, more than the YEARLY sales total for ANY year prior to 2008 at the US Mint!!!
The US Mint has sold over 6 million ounces during the first 9 business days of January! (the mint began production on 1/7)
| Month | One ( oz. / #coins ) |
|---|---|
| January | 6,007,000 6,007,000 |
| Total | 6,007,000 6,007,000 |
And the all-time monthly record set in January 2011:
| Month | One ( oz. / #coins ) |
|---|---|
| January | 6,422,000 6,422,000 |
Silver Bullet Silver Shield Slave Queen Collection at SDBullion.com!!
Check out these similar articles:
- Record US Mint Silver Eagle Sales Continue, Mint On Pace to Sell 15 Million Silver Eagles in January!
- US Mint Silver Eagle Sales Jump Another 300,000 Overnight
- US Silver Eagle Mint Sales Pass 25 Million for 2011
- 2011 US Gold Eagle Mint Sales Hit 1 Million Ounces, Silver Eagle Sales Near 40 Million
- US Silver Eagle Sales Pass 30 Million for 2011
Is Ted Butler’s Silver Panic Imminent? Apple Contractor Claims New iMac Production Delayed Over Silver Shortage!
Silver expert Ted Butler
has long predicted and awaited an eventual industrial shortage of
physical silver, and a resulting panic silver buying that terminates the
bullion bank cartel’s manipulation of the silver market. Butler may be about to be finally proven correct, if an Apple contractor is right that Apple has delayed production on the new 27” iMacs over an industrial silver shortage in China.
With the US Mint sold out of Silver Eagles and production shut down for the 2nd time in 2 weeks, and shortages of nearly all retail silver products rapidly developing along with spiking physical premiums, it appears that a widespread retail, and perhaps industrial physical silver shortage is developing and escalating by the hour.
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Submitted by Bally A.I work as a sales contractor for a local independent Apple dealer. I don’ know how many of you closely watch Apple delivery dates, but we received a consignment of the new 21.5″ iMacs and then they dried up. We haven’t received any of the new 27″ iMacs. Our shelves are bare with lots of backorders. I’ve never seen this before.
Apple announced the new iMacs on Oct. 23 2012.
http://www.neowin.net/news/apple-announces-new-imac
It’s been 10 weeks now since any 27″ iMacs have been shipped and Apple states that another 3 to 4 week delivery for those models, if you order today.
Apple states that there are “production problems” causing the delay.
Why? Based on the evidence, in my opinion there is simply not enough silver available to produce them.
The new “Iris” screens use a lot, lot more silver than the older models, including the new iPads. All the silver is going to produce the iPad 4′s which, of course, use less silver per unit. This creates the illusion that all is right except for a few “production glitches”.
Why is a silver shortage the likely culprit for the production delays? The 21.5″ iMac screens are essentially the same as the 27″ screens. Inside, there is little difference other than the width of the systems where you have enough width to have 4 RAM slots and thus upgrade the the RAM. There are no RAM slots on the new 21.5″ iMac, i.e. you get what you bought re. RAM.
There are no shortages of HD’s CPU chips etc. If they can produce the 21.5″ iMacs, they can produce the 27″ iMacs, or else why would Apple announce them and then have almost a FULL ONE FISCAL QUARTER DELAY in manufacturing and delivery???
The only logical answer, is that the brighter screens require substantially more silver than the earlier models. That is also why there was a $100 price increase on most models of the iMac.
Apple manufacturers its iMacs and iPads in China, and China is now importing massive amounts of silver, where once a few years ago it was a net exporter- and this in spite of a huge increase in domestic silver production!
Of course, Apple doesn’t and won’t announce a shortage of Silver for fear that silver prices would skyrocket and even a $100 price increase would be insufficient to cover a large increase in silver prices and thus they would lose profit margins. They are already on the hook for a massive amount of the Iris based iMacs at a their current price point. Should silver prices skyrocket for any or all of the reasons we know, Apple may be on the hook of fulfilling the Back Orders at no profit or even at a loss.
It doesn’t take about 12 weeks these days to correct a “production ‘problem’”, especially when Apple had already announced the launch and its sister system already rolled off the assembly line, but in limited quantities.
The only explanation I can think of for the production delay is that there is a massive shortage of silver to make the brighter screens.
How much silver is used in the new Apple screens?
Google all you want. I have. You won’t find it anywhere. Trade secret, you know. I’ve googled many times to find out how much silver is used in LCD displays. No answer. No one is telling.
But think about it. Where does the $100 increase in the 21.5″ base model come from? At $30 per oz., I doubt that it all goes to say 2 extra oz. plus margin of silver per se. Obviously, it must be far less than even a 1/4 or 1/10 of an oz. increase.
That’s about $3 or $4 more at spot Comex pricing in production costs, if you think about it. So why the $100 increase and production delay?
I can think that the new production line would cost more, but $100 more seems to be a stretch. It still doesn’t account for the delay in and of itself, nearly 3 months later than the announcement. Why would Apple announce the iMac launch, if they weren’t assured that the production lines were ready to go? That’s highly unlike Apple. Historically, there were a couple of weeks delay from announcement, a month tops.
3 MONTHS? Never.
Even at 1/10 of an oz. or less per iMac, still seems to me the only explanation.
Moreover, I checked our Apple back orders today back over a month and only a few are what’s called “processed” which means that they are now starting to be built with no ETA for shipping.
Conclusion: I believe that an industrial silver shortage is at the heart of Apple’s delays. Nevertheless, if Apple can’t get it’s silver in necessary quantities, the amount or short term price or Comex price doesn’t really matter. If Apple can’t obtain enough to supply demand, they can only delay orders, delay production, and delay the inevitable.
That inevitability is that silver pricing must go up, while silver production stays flat at best.
I’ll bet a dollar to a donut that Apple knew about this shortage of silver in China, and that was why it increased it retail price $100 per low end iMac.
Apple was attempting to front run the higher price of silver within China itself, where Apple produces its products and has, obviously made deals with the Chinese gov’t as to price and availability as regards to silver.
With China now importing more silver than the massive amounts it produces, China probably abrogated its deal with Apple and that there is some sort of rationing deal amongst the Computer manufacturers and other silver using manufacturers.
-Bally.
US Drones, Boots Arrive In Mali
Tyler Durden |
Absolutely “nobody” could have possibly anticipated that the week old French incursion into Mali could already have such disastrous consequences: a botched hostage rescue attempt by French commandos while leaving behind one of their team, a downed pilot on the first day of the confrontation, revels that succeeded in capturing a strategic village and military post, and today, yet another hostage crisis in Algeria that has seen tens of hostages killed, potentially including Americans, following another botched rescue operation. Yet, in some ways, perhaps the stars have aligned just right for the US, which as Bloomberg reports, has wasted no time in sending not only drones in the air, but also boots on the ground.
From Bloomberg:
But why? Well, take a quick look at the map of French “military assets” in Mali.

What does this map show?
Nothing.
Mali is one of the most irrelevant countries in West Africa from a resource standpoint, and what happens inside of it is certainly irrelevant from a greater geopolitical standpoint.
What is more important is what this map doesn’t show, specifically the name of the country located a few hundred miles to the south: Nigeria.
Now Nigeria is important: very important. Or rather, Nigerian light sweet, one of the highest quality crudes in the world, is. And thanks to the “bungled” French peacemaking attempt, the US now has a critical foothold in what is the most strategically placed stretch of desert in Western Africa, a place where US “military trainers” will now be deployed at will.
Be on the lookout for curious escalations in violence around the capital Abuja, and key port city Lagos, in the coming months once the current Mali fracas is long forgotten.
Absolutely “nobody” could have possibly anticipated that the week old French incursion into Mali could already have such disastrous consequences: a botched hostage rescue attempt by French commandos while leaving behind one of their team, a downed pilot on the first day of the confrontation, revels that succeeded in capturing a strategic village and military post, and today, yet another hostage crisis in Algeria that has seen tens of hostages killed, potentially including Americans, following another botched rescue operation. Yet, in some ways, perhaps the stars have aligned just right for the US, which as Bloomberg reports, has wasted no time in sending not only drones in the air, but also boots on the ground.
From Bloomberg:
- U.S. military trainers are expected to arrive in West Africa this weekend to train local military forces to fight Islamist insurgents including those now battling French and local government troops in Mali, State Dept. spokeswoman Victoria Nuland says in Washington.
- U.S. now providing intelligence, airlift to French troops fighting insurgents in Mali
- No U.S. troops to operate in Mali; U.S. barred from providing direct assistance to Mali military
But why? Well, take a quick look at the map of French “military assets” in Mali.

What does this map show?
Nothing.
Mali is one of the most irrelevant countries in West Africa from a resource standpoint, and what happens inside of it is certainly irrelevant from a greater geopolitical standpoint.
What is more important is what this map doesn’t show, specifically the name of the country located a few hundred miles to the south: Nigeria.
Now Nigeria is important: very important. Or rather, Nigerian light sweet, one of the highest quality crudes in the world, is. And thanks to the “bungled” French peacemaking attempt, the US now has a critical foothold in what is the most strategically placed stretch of desert in Western Africa, a place where US “military trainers” will now be deployed at will.
Be on the lookout for curious escalations in violence around the capital Abuja, and key port city Lagos, in the coming months once the current Mali fracas is long forgotten.
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