Wednesday, June 13, 2012

Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank

Today's AM fix was USD 1,589.25, EUR 1,271.40, and GBP 1,025.65 per ounce.
Yesterday’s AM fix was USD 1,593.00, EUR 1,264.79, and GBP 1,023.45 per ounce.

Gold climbed $5.60 or 0.35% yesterday in New York and closed at $1,600.20/oz despite stock markets giving up early gains on misguided optimism regarding the Spanish “bailout”.

The risk of contagion remains real and European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.

GoldCore Gold Bullion XAU/EUR 1 Month Chart – (Bloomberg)

While the technicals are poor, the fundamentals remain sound with the euro zone debt crisis far from resolved. Indeed, the euro zone debt crisis will likely morph into the global debt crisis in the coming months when markets turn their attention to the Chinese property bubble and the poor fiscal position of Japan, the UK and the U.S.

GoldCore Gold Bullion Gold USD 1 Month Chart – (Bloomberg)

Turkiye Is Bankası AS, Turkey’s biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, citing deputy chief executive officer Erdal Aral.

As much as 5,000 metric tons of gold is stored “under the mattress” in Turkey, Aral said, according to the Istanbul-based newspaper.

Gold has always been seen as money and as a store of wealth in Turkey and now the country is leading the way with regards to the remonetisation of gold in the 21st Century.

Silver is trading at $28.53/oz, €22.91/oz and £18.44/oz.

Platinum is trading at $1,440.00/oz, palladium at $615.90/oz and rhodium at $1,200/oz.

Americans are the Losers in the Blame Game

In the private sector job loss continues, more 401Ks are gone, and more houses are being foreclosed upon.  Of course the blame is being placed on the public sector, which is now seeing jobs cut and pension plans eliminated which will be followed by home foreclosures.  With the further loss of revenue in consumer spending there will be more job losses, ect. ect., in the private sector leading to decreasing tax revenues and calls for more cuts in the public sector.
Why can’t those still left in the middle class see these evident events occurring right in front of their eyes?  Why do they continue to cut one another’s throats to the benefit of the power elite?  In the world of supply and demand we now have about 10,000 individuals competing for every job still left in our economy.

Wages are falling, benefits are falling, and the US standard of living continues to plunge as the brain dead Americans just stand around parroting the slogans and buzz words being fed to them through the mainstream propaganda machine, which is aiding in the destruction of America through the never ending application of the false left-right paradigm (the blame game).
It has now been four years since the discovery of the fraudulent derivative scheme that has resulted in the theft of some $35 trillion from the American people.  This was a swindle, a fraud, a robbery.  These are crimes.  Yet as we the American people are held to a standard of zero tolerance for violation of the most menial of policies like the seatbelt law, not one, zero, zip, zilch, not a single one of these international criminals has so much as been investigated, let alone prosecuted, punished, or made to return what they have stolen.
Why?  Because the American people are just too weak and cowardly to force the issue.  It is much easier and safer to accept the theft and blame the condition of the economy on one another and the most severely affected victims of the swindle.  It is much easier to take Social Security from old people and food from the mouths of poor children than to confront and stand up the international corporate bullies.
There is going to be a revolution in this country.  There is no way to stop it, as none are willing to admit to the truth of the situation until it has dragged them down to the ground where they can actually see the corporate elite spitting on them as they grind them under their heels.
God bless the Republic, death to the international corporate mafia, we shall prevail.

Bad Balance: US women paid less than men despite calls for equality