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April 21, 2010 / Hal (GT)

Hump day gold and silver news and related links.

Hey everyone. Interesting day to me in gold so far. Just looking at the daily graph i can see where some seller(s) have come in and sent the spot down below $1,140 but it is refusing to stay there as buyers are taking advantage of that to scoop some up.

Right now the real time precious metals tracker is showing gold’s spot price at $1,142.70. Silver is at $17.98 and has been struggling to get above $18. Platinum is at $1,737.60.

Now for the links I’ve come across today that I think are really worthy of checking out.

The first is this video testimony that Zero Hedge alerted readers too:

William Black Tells The Truth On Lehman’s Failure: “A Story In Large Part Of Fraud

James Turk has an absolutely must read: Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’

Spending by the federal government is out of control, causing it to borrow record amounts.  The money to fund this growing mountain of debt must come from savings or ‘printing’, and the sad fact is that there is not enough accumulated savings in the known universe to satisfy the spending aspirations of Washington’s politicians.  So beyond what it can collect from taxpayers and extract from the world’s savings pool, the dollars the federal government is spending can only come from one place – the ‘printing press’, which in the prevailing monetary system means bookkeeping entries of the Federal Reserve.

Want to understand how we got into the financial mess we are in and the fraud that got us there? Check out this great post that explains the banking mortgage CDO’s (thanks to @mikecane for this item):

Shocking Fraud from Financial Scum

The basic thing at the root of the problem is something called a collateralized debt obligation – CDO. A CDO is basically a share of a great big bunch of loans, where the loans are backed by a piece of property. The most common form of CDO is basically a wrapper around a batch of mortgages.

Mortgage-based CDOs were traditionally a really safe investment. People will go to great lengths to avoid losing their homes – so an investment that would only lose money if people lost their homes was pretty solid. It became a hugely popular thing to invest in – and a hugely profitable thing for the bank to sell.

With the debt that cities and states are finding themselves in, I expect a lot more of this:

Massive Public School Layoffs Ahead

When I say that states are bankrupt, I mean this in the most literal way. States are resorting to blatant delay tactics, such as the shifting of current expenses into future accounting cycles, that only make their problems worse in the long run. This is the type of short-sighted “solution” that aptly demonstrates the ineptitude of our leaders.

Ed Steer’s Gold and Silver Daily is a must and admittedly I often find stuff there to steal 😉

Today’s edition is no exception to the must read rule.

Russia’s Central Bank Buys 500,000 Ounces of Gold in March

In particular check out this interesting bit of news:

The lady on the other end of the phone had the sexiest French-Canadian accent you can possible imagine… and the conversation didn’t last long enough to suit me.  Anyway, she told me that the Royal Canadian Mint produced 9,727,592 silver maple leafs last year.  And that, dear reader, is an absolutely stunning number!  It blows the old record right out of the water by many millions.

That is stunning to me. Absolutely cool!

Until next time.



Leave a Comment
  1. John Phillips / Apr 28 2010 2:32 pm

    JohnPhillipsJr What might J.P. Morgan (the person), who appeared before Congress in his day, say about Lehman’s CEO?

    • goldtracker / Apr 29 2010 6:14 pm

      Thanks for the comment John. You got a smile out of me with what J.P. would have said.

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