Monday, June 3, 2013

S&P edges lower in volatile trade but Dow outperforms

By Angela Moon
NEW YORK (Reuters) - Stocks were mostly lower by late morning trade on Monday in a volatile session as investors booked profits from a brief gain earlier that followed lukewarm manufacturing data.
The S&P 500 fluctuated between losses and gains during most of the morning, but the blue chips were outperforming the market - of the 30 stocks on the Dow, 25 were trading higher, including Merck & Co (MRK.N) and Intel Corp (INTC.O).
"The near-term psychology of the equity market appears to be inconsistent and inconclusive," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, adding that trading is likely to become more volatile.
"Today's (ISM) numbers were basically in line with expectations, and will serve as a reason for the Fed to continue to move towards tapering, (but only) in the latter part of the third quarter or fourth quarter. But a consolidation period is inevitable at these levels."
U.S. manufacturing activity contracted in May for the first time in six months as new orders slipped and there was less demand for exports, an industry report showed on Monday.
Trading has been volatile for the past week, with intraday swings of 1 percent up or down, on concerns that the Fed may reduce its monetary stimulus earlier than expected.
The Dow Jones industrial average (.DJI) was up 39.62 points, or 0.26 percent, at 15,155.19. The Standard & Poor's 500 Index (.SPX) was down 3.54 points, or 0.22 percent, at 1,627.20. The Nasdaq Composite Index (.IXIC) was down 16.44 points, or 0.48 percent, at 3,439.47.
A popular options gauge that measures the level of anxiety in the market also showed a jump. The CBOE Volatility index VIX (.VIX) was up more than 2 percent at 16.64.
"Equity option market sentiment has turned from bullish to cautious, with VIX, skew, vol-of-vol (volatility of volatility), and correlations all experiencing notable gains over the past two weeks," said Mandy Xu, equity derivatives strategist at Credit Suisse.
In a week of heavy data, the most important will be the May nonfarm payrolls report, scheduled for Friday. Reuters' survey of analysts shows an expected 170,000 jobs added, slightly higher than the previous 165,000. The Fed's Beige Book survey of regional conditions is on tap for Wednesday.
In company news, Merck shares rose 5 percent to $49 after the company's drug designed to unmask tumor cells and mobilize the immune system into fighting cancer helped shrink tumors in 38 percent of patients with advanced melanoma in an early-stage study.
But F5 Networks Inc (FFIV.O) fell more than 5 percent to $78.44 after Morgan Stanley downgraded the network gear maker to "equal weight" from "overweight".
(Reporting by Angela Moon; Editing by Nick Zieminski)

Real Economy Avoids Risk-Taking as Wall Street Embraces It

Has the intrepid American entrepreneur turned timid? Is the courageous, risk-embracing business pioneer becoming like the cowboy: a popular icon of a bygone time rather than a reflection of what America has become?
We might not be quite there. But there is a broad array of evidence, much of it hashed out in a long Wall Street Journal feature, that American workers and companies have grown more risk-averse in recent years.
Companies are less eager to expand payrolls to grow; the rate of small-business creation has ebbed; investment in startups is sluggish; workers are less likely to leave a job for a better opportunity; families aren’t as willing to move to a part of the country with more vibrant economic prospects. If these trends persist, it will restrain the pace of long-term economic growth.
Is this pattern simply the normal evolution of a mature economy with an aging population that recently went through the deepest and most-frightening recession in decades?
With Baby Boomers straddling retirement age and plenty of slack remaining in the labor and manufacturing sectors, the economy might simply not invite as many new-business launches or brave career moves – even as we lionize Elon Musk’s fearless development of electric-car maker Tesla Motors Inc. (TSLA).
The data on growing economic risk aversion, of course, is somewhat counter to the impression left by the boom in Silicon Valley, the New York digital media and the flourishing of the “app economy.”
As Yahoo! Finance Editor-in-Chief Aaron Task notes in the attached video, young 20-something workers do not expect to work securely at one big company for their whole careers. They seem eager to find their own way, often stitching together freelance work and testing out new cities for work opportunities. Perhaps, if the fitful economic recovery gains traction and speed over another couple of years, younger workers and entrepreneurs will emerge as a broader force again – the way the tough economy of the 1970s incubated the personal-computer and Internet revolution.
The public has also become less enthusiastic about money. Even though consumer confidence has rebounded to its highest level in five years, it remains near levels that used to be associated with recessions back in the 1980s.
This long-term downtrend in confidence seems linked to the peaking of the growth rate in the labor-force in the mid-1980s. The generally uninspiring velocity of the last three economic recoveries also appears related to these demographic tides.
In a telling irony, though, this picture of a risk-averse economy emerged at the same time the Bank for International Settlements issued a warning that the aggressive easy-money policies of world central banks has stoked a dangerous level of risk-taking – by investors and banks.
"Abundant liquidity and low volatility fostered an environment favoring risk-taking and carry trade activity," said the BIS, an organization that acts as the central node for global central banks.
This, too, could be an outgrowth of a high-tech world economy with developed-country populations aging, excess stores of savings in search of return, and global trade and capital flows allowing money to dart among markets at the speed of light.
Yet, as Task notes, lots of risk-taking in financial markets and growing risk-aversion in the real economy is probably the reverse of what policy makers and the rest of us would probably want to see.
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Housing Recovery Is a Sham Says the Guardian’s Heidi Moore

Home prices have risen at the fastest rate in seven years. Sales of previously owned homes in April hit their highest level in more than three years. The housing market has finally turned the corner, right?
Not necessarily says Heidi Moore, U.S. finance and economics editor at the Guardian. The so-called housing recovery may be “dubious,” she writes in a recent column: “What looks like a housing recovery to the rest of us, but is, in fact, something of a trap.”
Moore joined Dan Gross, an editor and columnist at Newsweek/Daily Beast and author of “Better, Stronger, Faster: The Myth of American Decline…and the Rise of the New Economy” and The Daily Ticker's Aaron Task to discuss the state of the U.S. housing market.
Moore says banks and investors are propping up the recovery, not real buyers. Banks now own a large percentage of available homes for sale because of foreclosures and are controlling the supply to artificially increase prices, she argues.
[Click here to check mortgage rates in your area]
But “doesn’t that make the rise in the volume of home sales all the more impressive?” Gross asks. Banks are less reluctant to approve mortgage requests unless borrowers have high credit scores and cash for a down payment. Tighter lending requirements have also forced Americans to responsibly pay down debt. Now, more individuals are “in position to go out and buy these houses at higher prices, at higher rates, with more money down,” Gross notes. “To me that is a positive.”
Related: Homeowners Will Get Hurt Again: Fmr. Inspector General of Bank Bailout
Yes, more Americans have become smarter about their finances, but that doesn’t make them richer, Moore points out. Real wages adjusted for inflation have been falling for the last three years.
“It’s not people buying these houses,” she says. It’s investors, people who want to flip it. It’s the people who have ready cash. Right now it’s a big boys game in housing.”
Tell Us What You Think!
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You can also look us up on Twitter and Facebook.
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China factory activity shrinks, adds to growth fears

By Xiaoyi Shao and Jonathan Standing
BEIJING (Reuters) - China's factory activity shrank for the first time in seven months in May and growth in the services sector cooled, evidence that the world's second-largest economy is losing further momentum in the second quarter.
The HSBC/Markit Purchasing Managers' Index (PMI) for May dropped to 49.2, the lowest level since October 2012 and down from 50.4 in April, as domestic and overseas demand fell.
The figure was slightly lower than a preliminary reading of 49.6 released on May 23. Fifty divides expansion from contraction compared with the month before.
China's economic growth surprised financial markets by weakening in the first quarter and that trend may not have changed, said Zhiwei Zhang, chief China economist at Nomura in Hong Kong.
"We think China's economic growth will probably continue to slide," he said. "Our forecast of GDP growth in Q2 is to slow to 7.5 percent from 7.7 percent in Q1."
The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> gave up as much as 0.2 percent to hit its lowest level in nearly seven weeks after the data, while Australian shares (.AXJO) dipped before stabilizing.
Hong Kong (.HSI) and Shanghai shares both lost some gains to stand up 0.4 percent and 0.1 percent, respectively.
"The downward revision of the final HSBC China Manufacturing PMI suggests a marginal weakening of manufacturing activities towards the end of May, thanks to deteriorating domestic demand conditions," said Qu Hongbin, chief China economist at HSBC.
In the HSBC manufacturing PMI, compiled by UK-based Markit Group Ltd, the sub-index for total new orders dipped to 48.7, the first time it has retreated below 50 since last September and the new export orders sub index was below 50 for the second consecutive month.
The indexes suggested falling demand from both domestic and overseas firms.
China's official manufacturing PMI, released on Saturday, rose but remained close to 50. It ticked up to 50.8 in May from April's 50.6, although it also pointed to falling orders from export markets.
The Chinese government's official PMI for the non-manufacturing sector, released earlier on Monday, also pointed to a loss of growth. It fell to 54.3 in May from 54.5 in April, the lowest since September last year.
The figures add to evidence China's economy is struggling for momentum, buffeted by weak exports demand and overcapacity in some industrial sectors.
The government is also attempting to rein in credit growth, a lot of which is not finding its way into productive investment but into speculative areas such as property.
The IMF and OECD last week cut their forecasts for 2013 economic growth to 7.75 percent and 7.8 percent, respectively.
China's annual economic growth slowed to 7.7 percent in the first quarter from 7.9 percent in the previous quarter. The full-year annual growth of 7.8 percent in 2012 was the weakest since 1999.
The IMF's cut brings it into line with recent revisions by private institutions, including Bank of America-Merrill Lynch, which pared its forecast this month to 7.6 percent from 8 percent, and Standard Chartered, which cut its estimate to 7.7 percent from 8.3 percent.
ING last month reduced its prediction to 7.8 percent from 9 percent.
Despite the slowdown, most economists believe Beijing will refrain from big-bang stimulus as long as the labor market holds up, since employment is crucial for social stability. Both the official PMI and the HSBC PMI show employment is falling.
The government has set a 2013 growth target of 7.5 percent, a level Beijing deems sufficient for job creation while providing room to deliver reforms to the economy to reduce its reliance on exports.
While some economists believe that Beijing may miss its 7.5 percent growth target this year, China's leaders appear to be comfortable for now with a moderation in economic growth.
Premier Li Keqiang said last month the country has limited room to rely on government spending or policy stimulus to spur its growth.
The official PMIs focus on bigger and state-owned firms, while the HSBC/Markit series covers more smaller private enterprises.
"Big manufacturers are supported by state-led investment while smaller firms are more exposed to the volatile export market," said You Hongye, an economist at China Essence Securities in Beijing.
"We still cannot see any signs of recovery but the chances of any sharp slowdown are also small."
(Additional reporting by Kevin Yao; Editing by Neil Fullick)

Asia In The Red: Nikkei Drop Continues – Down 2.5%, -350 Points. European Futures Crashing!

Looks like it might be another bad day for Japan.
“Asian stocks fell, extending last month’s loss, amid speculation a strengthening U.S. economy will prompt the Federal Reserve to reduce monetary stimulus. The Australian dollar, gold and copper climbed, while oil declined.”
All European futures down:
Japanese Stocks Down Over 2% At Open; Nikkei 16% Off Highs

Charts: Bloomberg

China’s unofficial HSBC manufacturing PMI report is out and its disappointing.

The headline number fell to 49.2 from 50.4 a month ago.  This was worse than economists’ expectation fo 49.6.
A reading below 50 signals contraction.
china hsbc pmi

Gold Trader: “Stock Market May Crash 10-20% In Next 5-10 Days, Will Create Setup For Bubble Phase In Gold”

Bull Market Thinking – by Tekoa Da Silva
I had the chance on Friday to reconnect with technical gold trader Gary Savage, publisher of the “Smart Money Tracker” daily gold market commentary and trading service, which has outperformed most of the world’s hedge funds in 2011 and 2012.
It was a powerful conversation as Gary indicated the S&P 500 is at its most overbought level in nearly 40 years, and may crash 10%-20% within a few trading days as a result. Following this crash, Gary expects a massive central bank monetary intervention to create the “launch pad” for an explosive move higher in gold and gold equities, ushering in the final bubble stage of the bull market.  
“We’re at a very important crossroads here,” Gary explained at the beginning of the interview. “The S&P 500 [broke] through 1640…and I expect we’re going to have some kind of crash, or semi-crash over the next 5-10 days…The selling is probably going to get huge…and it [may] take everything [down] with it.”
When asked why he’s expecting a crash of such magnitude to occur, Gary replied, “If you look at [a] long-term market chart…you can see that at the recent peak, [it] was stretched further above the 200 day moving average then it’s ever been in the last 30 or 40 years. So the forces of regression are going to be extremely powerful…We’re probably going to [cut] right through the 200 day moving average and [it] may make the 2011 correction look small [in comparison].”
This fragile equities market plays a key role in determining gold’s next move according to Gary, in that, “When it breaks, the Fed is going to freak out, [and] they’re going to double, triple, and quadruple down on QE to try and pump stocks back up, [and] that liquidity…[is] going to find something else…I don’t believe it’s going to pump up a double parabola in stocks…[It's] going to look for something that’s undervalued…and that right now is commodities in general, more specifically—gold.” 
As to the consequences of gold being driven down so far when compared to this blow-off in equities, Gary stated that, “Regression to the mean not only works on the upside, but also on the downside, and gold is in the mirror position of the stock market—it’s stretched extremely far below the 200 day moving average. So when [the] regression occurs, it’s going to be an extremely violent move back towards the 200 day moving average, and like I said, I think what will trigger this [move in gold], will be the stock market crash, the Fed, and the central banks’ response to [the] unraveling…[it's] what I imagine would happen before the bubble phase begins.
When asked about the small signals investors should look for in gold and gold equities to identify an early start to the bubble move, Gary said, At some point the selling exhausts…and [when] the liquidity starts to flow into that area…value investors [start] coming in, and then you start to get these 5%-6% days, and [the] next thing you know you’ve got an 11% week, and then the momentum starts to shiftand then you get a buying panic into the area where people are making money…So I think we have a [perfect] setup for the bubble phase in gold.”
As a final comment Gary advised further patience in holding gold equities, saying, They may temporarily follow [the market] down, but they’re going to rebound out of that extremely violently, and leave the stock market in the dust.
This was another powerful interview with one of the world’s most successful gold traders, and is required listening for investors looking to profitably trade this gold bull market.
To listen to the interview, click the following link and/or save to to your desktop:
>>Interview with Gary Savage (MP3)
To learn more about Gary and follow/support his work, visit: Smart Money Tracker
Enjoy the interview? Please support the site by sharing this URL page link with friends, family, and your favorite chat forum.
Tekoa Da Silva,
Bull Market Thinking

Thousands return to Taksim Square as Turkish PM dubs protesters ‘marauders’ (PHOTOS)

Previous updates here

Published time: June 02, 2013 15:57
Edited time: June 02, 2013 16:36
Thousands of protesters have flocked back to Istanbul’s Taksim Square after voluntarily cleaning up the aftermath of clashes and vandalism. Turkish PM Erdogan meanwhile stressed he will not give in to pressure, calling the protesters “marauders.”
Thousands of people are heading to Taksim Square from all directions, joining the already tens-of-thousands-strong crowd with flags and banners. Chanting and singing in unison can be heard, with slogans like “This is our Taksim, this is our Istanbul!” ringing in the air. 
The demonstration marks the third day of the protests in Turkey, which started as a peaceful sit-in against the re-development plans in Gezi Park, but turned into nationwide riots after the police brutally cracked down on protesters.
While the mass protests were marred by violent clashes with the police, in which two people were reportedly killed and over 1,000 injured, as well as scenes of vandalism with cars turned over and buildings and vehicles covered in graffiti, there was some marked display of public support for the protesters and that of collective responsibility too.
Those demonstrators who remained in the streets overnight, after the police had backed down and allowed the protests to continue, had cleaned Gezi Park and the surrounding areas piled with empty teargas canisters and rubble.

Fed's Advisory Council Admits We're Screwed - Schiff Report

Jun 1, 2013 The only thing more amazing than the admission is how long it took them to figure it out! The Schiff Report (6/1/13) Listen to the Peter Schiff Show Weekdays 10am to noon ET on

Pentagon Denies Relationship with anti-Christian extremist Mikey Weinstein; Instantly Complies with His Demands


 One month ago the Pentagon assured the public it was not being advised by anti-Christian extremist Mikey Weinstein. Yet two days ago Weinstein called the Pentagon demanding that a Christian painting be removed from a dining hall in an Idaho Air Force base, and the Pentagon complied with his demand--in less than one hour.

On Apr. 28, Breitbart News reported that Pentagon brass met Weinstein and his Military Religious Freedom Foundation. That was shortly after Weinstein published an article in which he called observant Christians “fundamentalist monsters” who seek to impose “a rapacious reign of theocratic terror” in the military through their “putrid theology.”
While he opposes all religion in the military, Weinstein reserves his most caustic language for observant Christians. And the one thing he objects to above all things is proselytizing in the military, which Christians call evangelism.

Asian shares cautious on U.S. data, Fed concerns

By Chikako Mogi
TOKYO (Reuters) - Asian shares were capped on Monday as investors took profits from recent highs in the face of uncertainty over how much longer the current U.S. stimulus would continue, and data underscoring the fragility of China's economy.
Investors will scrutinize more data this week from the United States for clues to growth and demand prospects in the world's largest economy.
Speculation over whether and when the U.S. Federal Reserve would start scaling back its current massive bond-buying program emerged following a string of positive American data and was the catalyst for corrections across markets which had drawn strong support from the Fed's largesse.
Reports showing Chinese growth was failing to pick up momentum gave no reason for a turnaround from soft sentiment.
China's factory activity shrank for the first time in seven months in May as both domestic and external demand softened, while activity in the services sector also slipped, pointing to slowing momentum in the world's second-largest economy.
"We still cannot see any signs of recovery but the chances of any sharp slowdown are also small," said You Hongye, an economist at China Essence Securities in Beijing.
These reports followed an weekend release that showed China's official PMI rising to a more-than-forecast 50.8 in May from 50.6 in April.
ANZ said in a commentary that this single indicator did not change its view on China's softening economic condition.
"Structural reforms are needed in order to help sustain the growth prospect ... inconsistent data will continue to complicate China's economic policy making and potentially impair the judgment of policymakers," the Australian bank said.
MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was pressured, after earlier giving up as much as 0.2 percent to its lowest in nearly seven weeks. A fall this session would mark a fourth straight day of declines. The index ended May down 4.7 percent for its worst monthly performance in a year.
Australian shares (.AXJO) stabilized, up 0.1 percent after falling on Chinese data. Hong Kong shares (.HSI) were up 0.4 percent but slightly trimmed gains while Shanghai shares (.SSEC) also lost some of its early gains to inch up 0.1 percent.
Even Japan's Nikkei stock average (.N225), which has outperformed the Asian bourses, eased, falling as much as 2.8 percent to a six-week low earlier in the session. (.T)
Reflecting heightening investor nervousness, the CBOE Volatility index (.VIX), which measures expected volatility in the Standard & Poor's 500 index (.SPX) over the next 30 days, hit a six-week high on Friday.
The Standard & Poor's 500 Index (.SPX) posted consecutive weekly losses for the first time since November as investors took some money off the table after the index rallied 14.3 percent, the best first five months of the year since 1997, and ended May up for the seventh straight month of gains - its longest streak of monthly gains since 2009.
"The Federal Reserve's willingness to alter the pace of purchases sooner than markets had previously expected has meant that markets remain attuned to the incoming data flow in the U.S.," Barclays Capital said in a research note.
The May ISM manufacturing index is due later in the session and the more important monthly nonfarm payrolls data is due on Friday. The Fed has said it would keep up the stimulus campaign until the employment situation improved.
Data on Friday showed U.S. Chicago Purchasing Managers Index rose far more than expected in May, fanning worries about the Fed slowing its bond purchases later this year and sending U.S. Treasury prices lower on Friday, capping the worst month for the market in nearly 2-1/2 years.
Some cautioned about prematurely factoring in the possibility of the Fed's tapering.
"The idea of early tapering of QE is still some time away - inflation is still low and the Fed has to get it a little higher. We are overweight equities and advising anyone who is short equities to square positions," said Gary Dugan, Chief Investment Officer, Asia & Middle East, at Coutts.
The dollar rose 0.3 percent to 100.66 against the yen, off a three-week low of 100.22 on Friday. The dollar index (.DXY), measured against a basket of six key currencies, was down 0.14 percent after touching a three-week low on Thursday.
U.S. crude futures fell 0.2 percent to $91.76 a barrel and Brent fell 0.3 percent to 100.06. (O/R)
Amid global equity market corrections spurred by concerns over the Fed's stimulus outlook, equity funds tracked by EPFR Global recorded collective outflows of $2.79 billion during the week ending May 29 as retail redemptions hit a year-to-date high while bond funds attracted $1.37 million, their second lowest total of 2013.

China industrial output/PMI:
Asia PMIs:

China’s Demand For Physical Quadruples Gold Premium

The premium that gold buyers in China pay to take immediate delivery of bullion has jumped four-fold in the last six weeks following the gold price 'crash'.

As Bloomberg notes, even before the mid-April drop, China's gold imports jumped to a record in the first quarter as domestic demand (776 tons) outweighed domestic supply (403 tons).

Images of consumers overwhelming jewelry shops were everywhere but the following chart clarifies just what the suspected gold manipulation did for demand as China's gold premium, while admittedly noisy, jumped from a long-run average of around $7 to over $32!

As one analyst notes, the gold "premium is a function of demand and supply, and right now you could interpret the high premium in Shanghai as a sweetener to entice the overseas gold supply to flow into China."

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18 Signs That Massive Economic Problems Are Erupting All Over The Planet

by Michael
Volcano Eruption - Mount Redoubt
This is no time to be complacent.  Massive economic problems are erupting all over the globe, but most people seem to believe that everything is going to be just fine.  In fact, a whole bunch of recent polls and surveys show that the American people are starting to feel much better about how the U.S. economy is performing.  Unfortunately, the false prosperity that we are currently enjoying is not going to last much longer.  Just look at what is happening in Europe.  The eurozone is now in the midst of the longest recession that it has ever experienced.  Just look at what is happening over in Asia.  Economic growth in India is the lowest that it has been in a decade and the Japanese financial system is beginning to spin wildly out of control.  One of the only places on the entire planet where serious economic problems have not already erupted is in the United States, and that is only because we have “kicked the can down the road” by recklessly printing money and by borrowing money at an unprecedented rate.  Unfortunately, the “sugar high” produced by those foolish measures is starting to wear off.  We are going to experience a massive amount of economic pain along with the rest of the world – it is just a matter of time.
But for the moment, there are a lot of skeptics out there.
For the moment, there are a lot of people that are declaring that the problems of the past have been fixed and that we are heading for incredibly bright economic times ahead.
Unfortunately, those people appear to be purposely ignoring the economic horror that is breaking out all over the globe.
The following are 18 signs that massive economic problems are erupting all over the planet…
#1 The eurozone is now in the midst of its longest recession ever.  Economic activity in the eurozone has declined for six quarters in a row.
#2 Italy’s economy has now been contracting for seven quarters in a row.
#3 Industrial production in Italy has fallen for 15 months in a row.  It has now fallen to its lowest level in about 25 years.
#4 The number of people that are considered to be “seriously deprived” in Italy has doubled over the past two years.
#5 Consumer confidence in France has just hit a new all-time low.
#6 The number of unemployed workers seeking a job in France has hit a brand new all-time record high.  Many unemployed workers in France are utterly frustrated at this point…
“I’ve sent CVs everywhere, I come to the unemployment agency every day, for 3 or 4 hours to look for work as a truck driver and there’s never anything,” said 42-year old Djamel Sami, who has been unemployed for a year, leaving a job agency in Paris.
#7 Unemployment in the eurozone as a whole has just hit a brand new all-time record high of 12.2 percent.
#8 Youth unemployment continues to soar to unprecedented heights in Europe.  The following is from an article that was recently posted on the website of the Guardian that detailed how bad things are getting in some of the worst countries…
In Greece, 62.5% of young people are out of work, in Spain it’s 56.4%, then Portugal with 42.5%, and then Italy with 40.5%.
#9 Youth unemployment is being partially blamed for the worst rioting that Sweden has seen in many years.  The following is how the Daily Mail described the riots…
Sweden is reeling after a third night of rioting in largely run-down immigrant areas of the capital Stockholm.
In the last 48 hours violence has spread to at least ten suburbs with mobs of youths torching hundreds of cars and clashing with police.
It is Sweden’s worst disorder in years and has shocked the country and provoked a debate on how Sweden is coping with youth unemployment and an influx of immigrants.
#10 An astounding 10 percent of all banking deposits were pulled out of banks in Cyprus during the month of April alone.
#11 Economic growth in India is the slowest that it has been in an entire decade.
#12 Suddenly Australia is experiencing some tremendous economic challenges.  The following quotes are from a recent Zero Hedge article
-“We’re seeing a much sharper contraction in the Australian economy than we’d anticipated four or five months ago”. Coffey MD, John Douglas. The engineering group has seen its shares, which traded above $4 in 2007, hit 10c last week.
-“By 10am, the Fitness First gym in the city is packed full of brokers who’ve had a gutful of sitting at their desk doing nothing – salary cuts are starting and next it will be jobs” Perth broker
-“Oh mate, the funding market is dead. You are now seeing a few deeply discounted rights issues for those that are reaching desperate levels ….. liquidity has completely disappeared” Perth broker
#13 The financial system in Japan is beginning to spin wildly out of control.  The Japanese stock market has now declined about 15 percent from the peak, and many believe that the yen will continue to get weaker and that interest rates in Japan will start to rise significantly.
#14 Global cash flow is declining at a rate not seen since the last recession.  This indicates that we could be headed for a global credit crunch.
#15 Real wages continue to decline in the United States.  Even though we are being told that the U.S. is experiencing an “economy recovery”, real weekly earnings have declined from $297.79 in 2010 to $295.49 in 2011 to $294.83 in 2012.  (The preceding calculation is based on 1982-1984 dollars)
#16 Wall Street is buzzing about the fact that “the Hindenburg Omen” appeared at the end of last week.  So exactly what is “the Hindenburg Omen”?  The following are the criteria that are used to determine whether it has appeared or not…
1. The daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows must both be greater than 2.2 percent of total NYSE issues traded that day.
2. The smaller of these numbers is greater than or equal to 69 (68.772 is 2.2% of 3126). This is not a rule but more like a checksum. This condition is a function of the 2.2% of the total issues.
3. That the NYSE 10 Week moving average is rising.
4. That the McClellan Oscillator ( a market breadth indicator used to evaluate the rate of money entering or leaving the market and interpretively indicate overbought or oversold conditions of the market)is negative on that same day.
5. That new 52 Week Highs cannot be more than twice the new 52 Week Lows (however it is fine for new 52 Week Lows to be more than double new 52 Week Highs).
When the Hindenburg Omen makes an appearance, it supposedly means that the U.S. stock market is likely to experience a serious decline within the next 40 days.
#17 As I wrote about the other day, the SentimenTrader Smart/Dumb Money Index is now the lowest that it has been in more than two years.  That means that lots of “smart money” has been getting out of the market and lots of “dumb money” has been pouring in.
#18 Margin debt on the New York Stock Exchange has set a new all-time high.  The following is from a recent Market Oracle article
Margin debt—that’s the amount of money borrowed to purchase stocks—on the New York Stock Exchange (NYSE) reached its all-time high in April. Margin debt on the NYSE registered at $384.3 billion as the key stock indices hit new record-highs. (Source: New York Stock Exchange web site, last accessed May 29, 2013.) The highest margin debt ever reached prior to this was in July of 2007, when it stood just above $381.0 billion. At that time, just like today, the key stock indices were near their peaks and “buy now before it’s too late” was the prominent theme of the day
Whenever margin debt spikes like this, a stock market crash almost always follows.  If you doubt this, just check out the chart in this article.
Wall Street has had a good couple of years, but it has been a “false prosperity” that has been pumped up by reckless money printing by the Federal Reserve.  Just like all of the other stock market bubbles that we have seen in recent years, this one is going to burst too.  And as Marc Faber recently pointed out, this bubble has been particularly beneficial to the wealthy…
The Fed has been flooding the system with money. The problem is the money doesn’t flow into the system evenly. It doesn’t increase economic activity and asset prices in concert. Instead, it creates dangerous excesses in countries and asset classes. Money-printing fueled the colossal stock-market bubble of 1999-2000, when the Nasdaq more than doubled, becoming disconnected from economic reality. It fueled the housing bubble, which burst in 2008, and the commodities bubble. Now money is flowing into the high-end asset market – things like stocks, bonds, art, wine, jewelry, and luxury real estate.
Money-printing boosts the economy of the people closest to the money flow. But it doesn’t help the worker in Detroit, or the vast majority of the middle class. It leads to a widening wealth gap. The majority loses, and the minority wins.
The fact that the U.S. stock market has set new all-time record high after new all-time record high in recent months means very little.  At this point, the stock market has become completely divorced from economic reality.  When this current bubble bursts, the adjustment is going to be very painful.  Wall Street will likely whine and complain and ask for more bailouts, but they may find that authorities are not nearly as sympathetic this time.
Much of the rest of the world is already experiencing the next major wave of the economic collapse.  Reckless money printing by the Fed and reckless borrowing and spending by the federal government may have delayed the inevitable in the United States for a little while, but those measures have also made our long-term problems even worse.
There was one piece of advice that Ben Bernanke included in hiscommencement speech to students at Princeton recently that I thought was particularly ironic…
“Don’t be afraid to let the drama play out.”
Will he take his own advice when the next great financial crisis strikes the United States?
That seems very unlikely.
Unfortunately, things are not going to be so easy to fix this next time.
What happened back in 2008 was just a preview.
What is coming next is going to absolutely shock the world.

Whistleblower Reveals World Bank Corruption

Joe Wright
Activist Post

Whistleblowers continue to endure an increasing level of targeting and prosecution by an administration that touts its commitment to transparency. Despite this, many brave insiders continue to come forward to reveal the extent of corruption at the highest levels.

The latest information comes from Karen Hudes, seen in the video below with Sean Stone. Her bio highlights her 21-year experience at the World Bank as Senior Legal Counsel:
She worked in the US Export Import Bank of the US from 1980-1985 and in the Legal Department of the World Bank from 1986-2007. She established the Non Governmental Organization Committee of the International Law Section of the American Bar Association and the Committee on Multilateralism and the Accountability of International Organizations of the American Branch of the International Law Association.
The World Bank is already notorious for its wide range of human rights violations, land-grab schemes, environmental destruction and economic attacks on sovereign nations and local communities. Hudes offers some additional details about what she asserts is one single group controlling world financial markets and media. She also offers names of people who were involved in blackmail surrounding a 2007 prostitution scandal. Hudes has now been charged by Attorney General Eric Holder with trespassing after being arrested May 13th at an office of the World Bank.

It is worth noting that much of what Hudes discusses from her perspective shows the level of compartmentalization that takes place in large governmental organizations. For example, she states that she believes the World Bank is "finally fulfilling its mandate" by stopping the next world war. However, the deliberate destablization campaigns with subsequent destruction and reconstruction projects, as documented by other insiders such as John Perkins, call this idealistic view into serious question. Hudes maintains that it is exactly this type of corruption that is being rooted out, and why people like her are being targeted.

Regardless of one's view of the World Bank as an institution, Hudes' information highlights that there are people who get into this type of work with good intentions, believing the propaganda they have been given. At the very least, her assertion that there is a network of insiders that will continue blowing the whistle about World Bank corruption bears watching. Lastly, it is worth noting her comments on the possibility of martial law in America and the steps being taken to avoid it. Time will tell.

Other sources:

Read the report about the network of global corporate control here:

For a full treatment of the depth of World Bank corruption, please read John Perkins' book, Confessions of an Economic Hitman.

Hat Tip: The Daily Sheeple

Investment Expert Landesman: Fed Tactics Have 'Insanely' Inflated Stocks

This you can bet on: The Federal Reserve will eventually stop its $85 billion-a-month bond-buying program, an economic lifeline aimed at getting the country back on its feet after the financial crisis.

While no one knows when the central bank will start winding down the quantitative easing that has pushed down interest rates, Fed Chairman Ben Bernanke hinted last week that the taps may start running dry sooner rather than later — perhaps as early as this summer.

The very thought sent a shiver through world stock and bond markets, though investors took some comfort after a closer look at Bernanke's remarks and reassurances from European and Japanese central banks.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

Markets got back on track this week on the prevailing view that Bernanke may not act all that soon after all. Still, the underlying message was clear: All good things must come to an end.

That said, there are ways to protect your portfolio and perhaps profit from the big shift. Experts recommend three strategies — a move into cash, alternative bond funds and buying shares that have lagged the recent run-up in stock prices — among other ideas.

Here are some tactics investors might consider as the era of quantitative easing ends:


The tapering off of the Fed's stimulus program — which has pushed interest rates to historic lows — will cause bond yields to spike and prices to slump. The 10-year Treasury bond is yielding 2.17 percent, already up from 1.94 percent before Bernanke testified before a congressional committee last Thursday.

In a note last week, Goldman Sachs said bond yields are "distorted" and pegged the "fair value" — or the yield it would offer under normal market conditions — of the 10-year Treasury at 2.5 percent.

"We're assuming that the yields are artificially low, and any kind of rate increase will really damage those funds," said Chris Costanzo, investment officer at Tanglewood Wealth Management in Houston, Texas, a firm with $750 million in assets under management.

With that in mind, Costanzo has reduced his clients' positions in U.S. stocks, increased the cash holdings of his conservative clients to as much as 24 percent of their portfolios and has moved out of bond index funds with large stakes in Treasurys. He said those moves will help protect portfolios in case the ending of the Fed's stimulus program isn't smooth.


The Standard & Poor's 500-stock index could tumble once the Fed announces it is winding down its purchase program and bond yields start rising, said Uri Landesman, who oversees $1.2 billion at the New York investment manager Platinum Partners.

"When people pull out of the bond market, they are going to pull out of everything," he said, adding that he believes the stock market has been "insanely" inflated by the Fed's policies.

He expects the S&P 500 to trade at about 1,400 by October, a decline of almost 16 percent from Tuesday's level of 1,660.


There are alternatives to stocks. Costanzo is adding to positions in "go anywhere" bond funds such as the $41.2 billion DoubleLine Total Return fund, whose 5 percent stake in Treasurys is just a third of the average of 16 percent among funds in its category, according to Morningstar.

Instead, that fund, whose three-year annualized return of 10.2 percent puts it in the top 2 percent of intermediate bond funds, holds large positions in "private label" mortgage bonds that are not backed by Fannie Mae or Freddie Mac.

These bonds have rallied as the housing market rebounded, and supplies have fallen to $909 million from a peak of $2.2 trillion in 2007. With few new bonds coming onto the market, the lack of supply will likely help keep prices steady even if the housing market cools, analysts say.


Typically, a stock market pullback helps boost prices of so-called defensive sectors — such as utilities, telecom companies and consumer staples — that are not as dependent as many other companies on a growing economy for profits. But this year those sectors have led the market. Investors already have turned to them as alternatives to the bond market.

Defensive sectors are "extraordinarily expensive," said Burt White, chief investment officer at LPL Financial.

Slow-growing utilities, for instance, are trading at an average trailing price-to-earnings ratio of 16.5, while the S&P 500 as a whole is trading at a p-e of about 14. Over the last 10 years, utilities have traded at an average p-e of 14.1, according to a Fidelity Investments analysis.

By comparison, technology stocks, a growth sector in which investors typically pay more for future earnings, trade at an average of 15.1. Typically, that sector trades at a p-e of 20.


If the Fed does retreat, it will be because the economy is picking up steam. That is leading White and others to consumer discretionary stocks, even though those are already up about 20 percent this year.

"The consumer names will continue to do well, given that any pullback won't be economic in nature but much more around the tapering of the stimulus," he said.

Investors who want to bet on the sector could opt for an exchange-traded fund like the $843 million Vanguard Consumer Discretionary Fund. Costing 14 cents per $100 invested and yielding 1.3 percent, the ETF has its highest weighting in Home Depot, McDonald's and Amazon.

Alan Gayle, who manages $325 million invested in four target-risk portfolios at Ridgeworth Investments, has been increasing his stake in technology stocks and other cyclical sectors for the same reason. Tech stocks are up about 9.9 percent for the year, lagging the broader market, and are poised to push higher should a growing economy nudge corporations into increasing their capital spending, he said.


Large financial firms may benefit from the end of the Fed's program over the long term, said Ann Miletti, a co-manager of the $1.8 billion Wells Fargo Advantage Opportunity fund, which focuses on mid-cap stocks.

Miletti has added to positions in financial firms such as Ameriprise Financial and Lazard Ltd in anticipation of rising rates. Such a move would make money markets and other interest-bearing accounts more profitable without increasing costs, she said. Lazard is lagging the benchmark S&P by about six percentage points for the year and trades at a forward p-e ratio of 14.1.

Still, investors who make the "rising rates" play may have to wait for a while before the payoff, she concedes. Nobody knows when the Fed will act — just that it eventually will.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

© 2013 Thomson/Reuters. All rights reserved.

Erdogan and the TrashkeNAZIS at the Department Store of Death.

Dog Poet Transmitting.......

May your noses always be cold and wet.

Today's thought for the day at WRH is “"We shall have World Government, whether or not we like it. The only question is whether World Government will be achieved by conquest or consent." -- Statement made before the United States Senate on Feb. 7, 1950 by James Paul Warburg (Illuminati, Rothschild Banker & Chairman of the Federal Reserve). The Warburgs and Shiffs are the seldom mentioned, alongside The Rothschilds ...but they are equally culpable and ruthless in execution concerning those acts of mass murder and genocide, upon the hapless Schmoos, who inhabit this benighted planet, in these desperate hours ...and the hours indeed grow desperate. There are others as well.

Sultan 'Ty Yippie Kai Yay' (motherfucker!-cue Bruce Willis) Erdogan, Israeli stooge, seeking local empire status in the region, by facilitating ugliness in Syria, or anywhere else he's told to do so, has finally got his own peopleafter his ass. Let's hope they get their hands on it. Obviously this incredible violence being visited on his own people has TrashkeNazi roots. I can just hear the conversation taking place between Sultan Erdogan (erred again?) and Binnie the rat Shitwityahoo. “Okay Binnie, you can kill a bunch of people on the flotilla but you got to let me be outraged about it when you do, so I can look all strong and courageous to my people”. “Not a problem, Ty Yippie Kai Yay and if you need anything from the Department Store of Death, we can kill them for you wholesale”!

It won't be too much longer now people, Russia is moving a massive aircraft carrier into the Mediterranean. They say it will be later but it could well be sooner. They're sending their nuclear submarines into the Southern Seas. Iran has S-300's now and other weaponry is pouring into Syria, Lebanon and elsewhere, courtesy of that new coalition, “Bombs and Bullets for International Counterfeiting Bankers”.

In related news, Mon(ster)santo Claws (with its toxic, firebreathing reindeer) has clusterfucked the American wheat export industry and countries are already canceling their orders. This will lead to the destruction of the American wheat industry and you know that means war. Well, Hell, pretty much anything means war, when you are an imperialist nation, seeking global hegemony, until all the encroaching lines touch each other. Seeing as this world is Hell and given what the weather is telling us, it looks like we shall see, in the not too distant future, the long awaited, Hell freezing over. Break out your ice-skates!

The next war is already being briskly fought on various fronts. Mon(ster)santo has gotten creamed in Europe and now they're backing away from that market. Meanwhile, 'Corporate' forgot to buy every judge in the catalog and they also got shredded in France. “Holy Batshit, Robin”! You can't tell who's winning or losing anymore. Of course, the rich are still getting richer, at the expense of the poor but that, after all, is what a capitalist economy is for.

We know, we know, there's more than enough for everyone here. There’s more than enough land. There's more than enough food and water. There's definitely enough love, since we're all formed and fueled by it, up until we decide to go over to the dark side, in the vain hope that our chances for survival were better; are you really that stupid? You are? Congratulations! Bankers, corporations, governments and religions, are not unlike hyenas, who are known to bite off the faces of people sleeping out in the open in Africa. Then they jump back and wait for the flies and other elements of Nature to take their course, finally closing in to claim their meal. Of course, there is also the Hyena Man so... maybe there is a way for peace to exist between very different life forms. Uh...NOT! We are talking about once human hyenas. They are very different from the animal variety, which you can probably reason with. You cannot reason with the once human form. An ancient darkness is coiled in the brain of these creatures and they are deaf to reason and laugh at things like mercy and compassion. These qualities are only for the weak, only for that which is meant to be killed and eaten. You're not going to catch Ty Yippie Kay Yay Erdogan or Binnie 'the Rat' Shitwityahoo, embracing such unmanly characteristics because, 'are they not Men'!? No, as a matter of fact they are not. You can't really call them beasts either. Beasts have a great deal more class and restraint and they definitely have better table manners.

Let's quote Mother Medusa, Gutle Schnaper, Rothschild at this juncture, “If my sons did not want wars there would be none”. Think about it. If you are not a billionaire, or blowing one, this means; you to the front, to die in the trenches. One can make a logical argument by this, which pretty much states that; The Rothschilds are making war on you. Why are you permitting this? You do it because you are a coward and because you are immeasurably stupid. Your chances of survival and your capacity to hold on to those virtues that make you more than a beast, are far greater when 'you know and resist'. There seems to be some amount of that, waking up out of the trauma, turmoil and brutality of the Banker armies and international, Israeli trained, Orc police forces, being visited upon the general population.

Lenin once said something like, “The capitalists will sell us the rope with which we will hang them”. The internet and social networking sites should be seen in this light, in terms of unifying the public against the fiends in power. Here are huge engines 'they' thought to manipulate and have lost control of.

These are fiends and monsters; Obama is such a one, as are the heads of most nations. They are owned by the bankers. They are initiated by the bankers into false doctrines, which they accept as truth and operate according to. The world is faced with a very simple solution. Let me borrow the phrase of Gut Snapper Rothschild; If the people wanted no wars, they would imprison and hang the bankers and there would be none. This means, no bankers and ergo, no wars. You don't need to be a rocket surgeon to comprehend this. Jail the bankers. If you don't want to hang them, put them in animal cages and send them off on a world tour, to all of the towns and cities of the Earth, with detailed plaques in front of the cages and buttons you can push on them, that tell the tale of their crimes. Bring them into the school rooms for 'show and tell'. This is what you need to do. It wouldn't hurt to do the same with most of the CEO's, politicians and high ranking religious figures. You want your children to have a real grasp of history? Expose them to the people whose business it has been to distort and fabricate it AND by all means, employ the Iceland template to every nation on Earth.

Look, all this shit about derivatives and the pending horror of economic collapse is meaningless. The industries are still there. The wealth is still there, once you take back every dime the bankers and corporations have stolen. Everything is still here, still there. All you need is a new system that works and things go on better than they ever have, with usury free banking, corporations owned by those who know that capital punishment awaits should they mess around. The death sentence or permanent exile should hang over the heads of everyone in every position of authority. This new Sword of Damocles should be set to 'automatic'. They mess around, the scales move and... the sword comes down. Sure, what I am giving you here is simplistic, you want complex and detailed, we got that too.

If I personally can solve most of the present problems on this Earth and I am no rocket surgeon, simply a self educated, idiot savant... then certainly, certainly those who can see the moral imperative first, can drive the industry of change, once correctly informed of the inflexible moral imperative, in the right direction. Any argument to the contrary, is either the fruit of the compromised, or an exercise in wanker speak. I don't care how complicated the problem is, the solution is simple. It only becomes complicated when those intending to steal get involved in the process. There should be no billionaires to begin with. There should be an immoveable ceiling for personal profit, after which further profits are directed toward national and global improvements and I don't mean the way charities and scam ops like PETA and Greenpeace are presently run.

Religions should not go untaxed and that tax should be directly, and not through the hands of middle men, sent in the direction they claim it to be intended to go in the first place. In other words, you make sure they do what they said they would do in the first place.

You can't have an equitable and honest world when you, yourself, are not honest and equitable. That is the primary problem and the one that the bankers and all the scum who are owed by them, feast on. It is your dishonesty that opens the door for their massive crimes against you. The game is rigged. The only thing that is going to trickle down to you is their piss on your heads and I believe you can count on it streaming in that respect. You want it going on the way it is going and getting worse? Have at it.

You are being given these precious hours to make the necessary changes before, ...before they have to be made for you. You want to snooze in the sunlight under that tree, until the hyena bites off your face? Be my guest. I'm just passing through here myself.

End Transmission.......


Ireland's Big Lie: The Real Potemkin Village

While the world is awash in central banker created Potemkin village analogies, Ireland has gone one step further. In a little over two weeks, the self-important leaders of the Group of Eight (G8) will be meeting at the Lough Erne Golf Resort in Northern Ireland. There’s a slight problem, however. Ireland’s economy is in shambles and many of the neighboring towns are in horrible shape. So what’s the solution? Simple, just pretend nothing’s wrong by remodeling storefronts long since abandoned just as you would in a Hollywood set. What about those pesky abandoned buildings and other eyesores of blight and destitution? No problem, just place colorful murals in front of them. It makes sense. After all, the response by the G8 to the financial collapse since the beginning has been to cover it up and pretend nothing happened.

Via Michael Krieger of Liberty Blitzkrieg blog,

Ireland’s Big Lie: Town Gets Cheap, Superficial Makeover Ahead of the G8 Summit

In a little over two weeks, the self-important leaders of the Group of Eight (G8) will be meeting at the Lough Erne Golf Resort in Northern Ireland.  There’s a slight problem, however.  Ireland’s economy is in shambles and many of the neighboring towns are in horrible shape.  While real economic collapse doesn’t seem to bother Ireland’s leaders, the thought of Barack Obama, Shinzo Abe and David Cameron having to confront the realities of poverty while feasting on caviar and foie gras is simply too much to bare.
So what’s the solution?  Simple, just pretend nothing’s wrong by remodeling storefronts long since abandoned just as you would in a Hollywood set.  What about those pesky abandoned buildings and other eyesores of blight and destitution?  No problem, just place colorful murals in front of them.  It makes sense.  After all, the response by the G8 to the financial collapse since the beginning has been to cover it up and pretend nothing happened.  At least the meme is consistent across the Western World.  From the Irish Times:
Hundreds of thousands of pounds have been spent on a Fermanagh facelift as the county prepares for the G8 summit in just under three weeks’ time, but locals complain the work paid for by the local council and the Stormont Executive is little more than skin deep.

More than 100 properties within range of the sumptuous Lough Erne resort which hosts the world’s wealthiest leaders, have been tidied up, painted or power-hosed.

However, locals say the makeover only serves to hide a deeper malaise which US president Barack Obama, German chancellor Angela Merkel, French president François Hollande and others will not get to see.

Two shops in Belcoo, right on the border with Blacklion, Co Cavan, have been painted over to appear as thriving businesses. The reality, as in other parts of the county, is rather more stark.

Just a few weeks ago, Flanagan’s – a former butcher’s and vegetable shop in the neat village – was cleaned and repainted with bespoke images of a thriving business placed in the windows. Any G8 delegate passing on the way to discuss global capitalism would easily be fooled into thinking that all is well with the free-market system in Fermanagh. But, the facts are different.

“That work happened just a few weeks ago,” he said. The council got that place painted but it went under sometime last year.

The butcher’s business has been replaced by a picture of a butcher’s business. Across the road is a similar tale. A small business premises has been made to look like an office supplies store. It used to be a pharmacy, now relocated on the village main street.

Elsewhere in Fermanagh, billboard-sized pictures of the gorgeous scenery have been located to mask the occasional stark and abandoned building site or other eyesore.
Global ponzi economy.  Pathetic.

The Best Opportunity This Decade: Maximum Gold Profits

It should be clear that our economic and monetary systems are wholly unsustainable and will lead to continued impoverishment of the populace through job losses, wage reductions and monetary price inflation. With that in mind consider your specific financial needs, what means you have available to you, and what your financial assets will look like when the next collapse wreaks havoc in the markets.
When it all comes down you must be positioned in assets that will not only store wealth, but build it as well. Once you have the basics covered – food, shelter, personal safety – consider gold as one such option. History shows that, as a mechanism of exchange, gold has survived every major global calamity. As our government managed socio-economic safety nets continue to unravel, with our money losing purchasing power and our creditors losing confidence in our ability to ever repay our debts, gold may well be the only financial asset left standing after the dust has settled.
In The Best Opportunity This Decade: Maximum Gold Profits, Daniel Ameduri ofFuture Money Trends explains the problems facing the world’s financial and monetary systems, the risks investors face as they relate to paper denominated gold exchanges, and considerations to make while exploring your precious metals investment options.