China Uses Yuan, Gold To Pay For Some Iran Crude

"“China is using its currency, the yuan, and gold to pay for some of its imports of Iranian crude oil, according to Iran trade professionals.

The news underscores how the Islamic Republic is able to alleviate the effect of mounting sanctions, which in turn could ease global oil supply concerns and push oil prices further down.

One Iran trade professional said last week that Chinese oil companies have for many months been using the yuan to pay for some Iranian oil, after many banks refused to handle payments in dollars.

"In return, Iran is using the currency to pay for infrastructure such as roads," the person told Dow Jones Newswires.

According to a person in the shipping industry, China now represents one-third of Iran's oil sales.

European refiners have cut purchases of the Islamic Republic's crude ahead of a planned embargo coming into force this summer; Asian buyers have also reduced imports to avoid being banned from the U.S. financial system.

Iran is also using a local currency, the rupee, to sell some of its crude to India. However, such a payment mechanism tends to be unfavorable for Iran, locking Tehran into captive trade relations with its oil buyers. In addition, there is only so much the Islamic Republic can buy in goods from China and India.

So in addition to the yuan, Iran has also agreed to be paid in gold for some of its oil, the trade professionals say. In one recent case, two Iranian oil tankers heading for China were bartered at sea with their equivalent in the precious metal, one Iran trade professional said…”

at http://ausbullion.blogspot.com/2012/05/china-uses-yuan-gold-to-pay-for-some.html

Embry - There Is a War Going on Because Fiat Money Is Dying

"With global stock markets plunging, along with gold and silver, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management.  Embry told KWN “There is a war going on right now” because “the pure fiat currency system is on its last legs.”  Embry also said “Europe is in desperate shape” and the implications are “horrific” if the US dollar loses its reserve status.  Bur first, here is what Embry had to say about gold:  “Gold is falling because the powers that be, with their paper shenanigans, are knocking the hell out of it.  We see tremendous physical demand.  Massive amounts of gold are going through Turkey, into the Middle-East.  Chinese imports are strong.  To me that’s the ultimate antidote...”


at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/8_Embry_-_There_Is_a_War_Going_on_Because_Fiat_Money_Is_Dying.html

Leeb - We Will Now See a Gold Standard Imposed in Europe

"With stocks trading lower, along with gold and silver, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management.  Leeb told KWN we will see a gold standard imposed on Europe.  Leeb also said the Chinese will move to back the yuan with gold.  Here is what Leeb had to say about the situation:  “Gold is reacting to what’s going on in Europe.  It’s the last resort of liquidity for a lot of people.  It’s been the best performing major asset over the last 12 years.  You have a lot of chaos in Europe an no one knows what’s happening, so there has been a lot of reflex selling of gold.”

Stephen Leeb continues:

“Gold has been a bit stronger than I thought it would be considering the danger of a euro breakup is accelerating.  I don’t think there’s any chance the euro holds together under its current form.  Unemployment among the young in Greece is about 50%.  That can’t stand, it just can’t.

These politicians can’t do this forever.  People are not going to tolerate starvation.  Sooner or later the politicians are going to have to respond.  This means less austerity and more growth, and the end of German hegemony in Europe.

This looks similar to the end of World War I.  Once the euro goes, it will be very much like the end of the war.... 

“You are going to have a lot of currency devaluation.  You are also going to see massive inflation.  Everybody knows what that means for gold.

So you are in the last hours of turbulence for the gold market (to the downside).  Once this correction ends, you are going to have a barnburner to the upside.  Gold will just vault.  I don’t think investors will even remember these frustrating days.  I had been warning we could see this drop in gold because of the problems in Europe, but investors should take advantage of it.

Look at what China is doing.  China is buying gold hand over fist right now.  They are going to move the yuan forward as the world’s reserve currency and it’s going to be partially backed by gold.  The world can also expect to see a gold standard imposed on Europe in the next 12 to 18 months..."

at   http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/9_Leeb_-_We_Will_Now_See_a_Gold_Standard_Imposed_in_Europe.html

Embry - Market Manipulation More Blatant & There’s More of It

"With shares of Apple soaring, stocks trading higher and gold near the $1,640 level, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management.  Embry told KWN the key economic release in the US today was materially worse than expected.  Embry also discussed gold and the mining shares, but first, here is what Embry had to say about the deteriorating situation in the United States:  “It was a surprise to the experts who had forecast this (durable goods orders) because it was materially worse than the Wall Street projections, which were estimated to be down 1.7%, and they were (actually) down 4.2%.  This is the largest decline since January of 2009.”


at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/25_Embry_-_Market_Manipulation_More_Blatant_%26_Theres_More_of_It.html

Sleight-of-Hand Won’t Save Global Financial System

"With continued volatility in many of the key global markets, 40 year veteran, Robert Fitzwilson wrote this exclusive piece for King World News.  Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States.  Here are Fitzwilson’s observations:  “The world’s fiat money system is based upon a sleight-of-hand, the most significant magic trick ever invented.  The sleight-of-hand begins with the creation of debt, frequently issued by a sovereign entity such as a king or a nation.  The debt often starts out being backed by some real asset, such as land in the French Revolution or gold in the case of the U.S. during the early stages of our Federal Reserve System.”


at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/24_Sleight-of-Hand_Wont_Save_Global_Financial_System.html

John Hathaway - 8 Key Charts, Gold, Fed & The Big Picture

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/22_John_Hathaway_-_8_Key_Charts,_Gold,_Fed_%26_The_Big_Picture.html

Currency Wars: Rickards On Gold, QE, and the Economy

"Jim Rickards is interviewed by FutureMoneyTrends.com. 


Part 1 is focused on Gold manipulation and why gold plays such an important role in the world, even if conventional wisdom doesn't believe so, gold is not only being watched by central bankers, as Mr. Rickards put, "the gold price is being managed."

Part 2 expands into the economy and probability of more quantitative easing (QE). According to Mr. Rickards, QE will come in the next few months because it can't be done this fall since it will look political, and if the FED tries to wait until December, it will be too late..."


at http://jessescrossroadscafe.blogspot.com/2012/04/jim-rickards-is-interviewed-by.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JessesCafeAmericain+%28Jesse%27s+Caf%C3%A9+Am%C3%A9ricain%29

The Weekly Dose of Gold & Silver Market Manipulation

"This strange event happened this past Tuesday in the COMEX New York markets but I didn’t have time to post it until now. Not much to add here in the commentary that the pictures don’t say themselves, except that market prices of two different assets do not plunge in tandem by 1.2% within a matter of half-an-hour or so at precisely the same time and then gain everything back in the next two hours if their prices are set by free and fair markets. In regard to the buzz on the blogosphere this week regarding rebuttals to gold and silver market manipulator deniers, I believe that a lot of gold/silver analysts that deny gold/silver market manipulation actually believe, and firmly believe, that the gold/silver markets are manipulated. How can you not believe, given the numerous instances of tens, and sometimes, hundreds of millions of paper silver (and paper gold) ounces dumped in the futures markets immediately before intra-day crashes in price that occur on a nearly weekly basis now? In the face of all the evidence, including documented minutes of the US Federal Reserve that actually admit to gold/silver market rigging (just refer to any of a number of GATA publications), the gold/silver analysts that continue to deny market rigging would:..."

at  http://www.theundergroundinvestor.com/2012/04/the-weekly-dose-of-gold-silver-market-manipulation/

Nigel Farage: There Are Going to Be Serious Banking Collapses

“Therefore, what is likely, is that at some point, the markets will just overwhelm and engulf the whole thing and short-term, that will lead to chaos. The whole central banking, International Monetary Fund banking system, I mean it just begins to look more and more like the biggest Ponzi scheme we’ve ever seen on earth.

There are going to be some serious banking collapses and the impact of that on some sovereign states, will be serious. I’m afraid we’ve gotten to a point where we really can’t stop this now. We’re beginning to reach a stage where however much false money you create, the problem becomes bigger than the people trying to solve it. We are very close to that point.

When I talk about the threats and the risk that this thing could wind up in some kind of rebellion, some sort of awful social cataclysm, they (other European politicians) are now very worried indeed. They will talk to you in private, but in public, nobody dares utter a word.

I think the deterioration, in the last two or three weeks, in the eurozone is very serious indeed. It’s the bond spreads in Italy and Spain. It’s the fact that youth unemployment is now over 50% in some of these Mediterranean countries. 

It’s riot and disorder on the streets. And yet a month ago I was here and there was Herman Van Rumpuy telling us, ‘We’ve turned the corner. Everything is solved. There are no more problems with the eurozone.’ What a pack of jokers they look like.”

Farage also had this to say about the Italian movement of gold: “It was interesting to see massive bullion movements last month, out of Italian banks and into Swiss banks. So, people who have purchased gold for protection and have kept the gold in Italian bank vaults, now their trust in Italian banks is so bad they have physically moved the bullion to Switzerland. I’m still a believer, buy gold on dips.”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/18_Nigel_Farage__There_Are_Going_to_Be_Serious_Banking_Collapses.html

We Are Witnessing The Largest Financial Bubble In History

"The biggest bubble in human history is in sovereign debt, the obligations of governments around the world. The classic signs of a bubble are present. Despite the fact that virtually all governments are insolvent (the Reality), there exists an almost universal belief that sovereign debt is safe (the Perception). There is a massive gap between reality and perception.

What we hear is that gold, silver and oil are in bubble mania. Nothing could be further from the truth. The perception is so far below the reality that we effectively have a negative bubble. Buyers of these three assets are speculating fools according to the mainstream media. The only thing that is foolish is not holding onto positions and not adding as nominal prices periodically come down.

The bubble is in paper assets, particularly sovereign debt. Historic lows in interest rates mean that prices are at historic highs as rates and prices move inversely. Take into account the solvency factor, and the conclusion is inescapable that such paper assets are in the biggest bubble in history. Sadly, the vast majority of people will not understand this until it is too late and their savings have been destroyed.

The current pricing for gold, silver and energy assets is a gift to those with the ability to look at the facts as presented and take a longer-term view.”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/19_We_Are_Witnessing_The_Largest_Financial_Bubble_In_History.html

Leeb: QE3 Is Now 80% - 90% & I’m Going All-In Gold If It Dips

"With the release of the jobless claims number, the Dow at roughly 13,000 and gold near $1,650, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb surprised KWN when he mentioned if there is a break in the gold price, he is investing almost everything he has into gold and even some juniors. But first, when asked about the latest jobless claims number, Leeb responded, “388,000 is close to 400,000 and 400,000 is a number normally associated with a recession. We had about two or three months where all of the economic statistics were on the plus side, positive surprises.”

Stephen Leeb continues:

“Now, all of the sudden yesterday’s report on manufacturing and today, this is a standout negative surprise. This is exactly what Bernanke has been saying, that this economy is not growing enough to generate jobs and reduce unemployment. The reason gold got a bid this morning is because this 388,000 (number) brought us much closer to QE3. 

You cannot sustain the US economy with 8%, 8.5% unemployment. And we’re getting suggestions right now that we may have seen the best of the good news. That’s bad news for the people out there, but it is pretty good news for gold..."

athttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/19_Leeb__QE3_Is_Now_80_-_90_%26_Im_Going_All-In_Gold_If_It_Dips.html

Embry - What’s Happening in China is Wildly Bullish for Gold

"The Chinese, over the weekend, stated their intention they wanted to make the yuan a much more internationally traded currency. Up to now it’s been so restricted that you couldn’t really deal in it. If this is their intent, and I believe it is, this is a huge step.

This is spectacularly bullish for gold because I think the Chinese will ultimately want to back their money with gold. The Chinese are huge players in the gold market. That’s their agenda, to be seen as a major play in the international currency market.

What the US dollar doesn’t need these days is serious competition in terms of being the reserve currency. If the US dollar starts to move off center stage as time goes on, this will be wildly bullish for gold. One of the things that would destabilize the whole financial system is if people figured out how vulnerable the US dollar is.”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/16_Embry_-_Whats_Happening_in_China_is_Wildly_Bullish_for_Gold.html

This Infographic on Gold Shows/Tells It All

"The Gold Tree Infographic below visualizes above-ground stock, sources and uses of gold and pictures the different forms of gold investments – ranging from physical gold in the form of bullion gold to securities not backed by gold..."

at http://www.munknee.com/2012/04/this-infographic-on-gold-showstells-it-all/

Sarkozy Comeback Bid Falters as French Economy Hits the Skids; Setup Good for Gold?

"...A Hollande victory will add pressures on the euro vs. the US dollar and also elevate fears of a eurozone breakup. A breakup is likely regardless who wins, in my estimation, however, a Hollande victory could easily escalate the timetable.

If that sentiment catches hold, don't be surprised to see gold rise while the dollar strengthens."

at http://globaleconomicanalysis.blogspot.com/2012/04/sarkozy-comeback-bid-falters-as-french.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

Silver Shield’s Complete Silver Manipulation Documentation

at http://ausbullion.blogspot.com/2012/04/silver-shields-complete-silver.html

Jim Sinclair - Expect Another $17 Trillion of QE & War in Gold

"On the heels of the Fed members commenting publicly, legendary trader and investor, Jim Sinclair, told King World News that even though we have already seen $17 trillion of money printing, we should expect another $17 trillion going forward. KWN also asked Sinclair how he knew, from the beginning, that there would be ‘QE to infinity,’ before anyone else. But first, here is what Sinclair had to say about the action in gold: “$1,650 is a comfortable number (for central planners). Haven’t you seen the tremendous jawboning and market intervention to hold gold in that range at $1,650? $1,764 and they lose control. That begins the move which is exponential.”

Jim Sinclair continues:

“It’s a formidable challenge (keeping gold below $1,800). The true range of gold is $1,700 to $2,111, but these guys are going to try to fight it like nobody’s business. Do you think for a moment they are not listening to you and I speaking right now? Forget it, Eric, we are the morning ‘Squawk Box’ tomorrow.

Now comes the payback. The hope and desire that things would improve is ignorant because of the fact that the trillions which have come in have been to save the financial organizations, not Main Street..."

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/13_Jim_Sinclair_-_Expect_Another_$17_Trillion_of_QE_%26_War_in_Gold.html

Caesar Bryan - Suspicious $1.5 Billion Gold Dump & Bank Runs

"With continued volatility in gold and silver, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN the European banking system is stil on fire, and we are now seeing bank runs in both Spain and Italy. He also stated that today’s trading at the end of the day in gold was very “odd.” Here is what Caesar had to say about the situation: “We had been having a recovery in the price of gold recently, but then gold was taken down around 1:15 pm today. There was quite significant volume in the last 15 minutes, before the COMEX closed.”

Caesar Bryan continues:

“There were 10,000 contracts traded, which is something like $1.5 billion, and gold fell precipitously, from about $1,665 to about $1,650. This is very odd trading on a Friday afternoon when there was no other discernible movement in other markets.

This made for a disappointing end to the week, but the backdrop for gold is still very solid. However, for investors, it’s hard to ignore the day-to-day movements.

As you know, we have been talking about what is going on in Europe. The latest news is that tension remains high in places like Spain..."

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/13_Caesar_Bryan_-_Suspicious_$1.5_Billion_Gold_Dump_%26_Bank_Runs.html

Embry - The Powers That Be Would Love to See Gold Collapse

"In most instances, the quality shares represent real assets. But having said that, I think a lot of stock markets are severely overbought. This is happening because of the misplaced optimism regarding a sustainable economic recovery. When that false hope is punctured, there will be a violent correction. After a big leg down, stocks would probably be a good buy at that point

In reality, I think we are continuing to slowly unravel here. Egon von Greyerz summed it up beautifully in a KWN interview last week. The problem is infinitely too much debt. When you talk about debt ratios of 350% of private and public debt versus GDP, that is totally unsustainable.

Basically, the economy cannot grow anymore because it needs debt creation to grow, and we can’t even come close to supporting the existing debt. This is like watching a train wreck, in slow motion.

The reality is the powers that be would love to see gold collapse here...."

at   http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/9_Embry_-_The_Powers_That_Be_Would_Love_to_See_Gold_Collapse.html

Von Greyerz - Chinese Imports of Gold are Massive Right Now

"Today Egon von Greyerz told King World News that although Italian banks are currently under attack, pressure will make its way into Portugal and eventually the UK as well. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said he is seeing large money flows into gold, and over in Asia, Chinese imports of gold are “massive.” But first, here is what Greyerz had to say about the action in gold: “We are going sideways at these levels, but I’m still of the opinion the next move, in coming weeks, will be to the upside. The news flow that is coming out every day continues to reinforce our position.”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/10_Von_Greyerz_-_Chinese_Imports_of_Gold_are_Massive_Right_Now.html

Tedbits: 2012 Outlook, Part 2 - Bombs, er...Bonds; Currencies and Gold

"The UNFOLDING destruction of the developed world’s economies and financial/currency systems continues apace. Public servants are trying to defy Mother Nature with the stroke of a pen; she will not yield to this. Radical Marxist POLITICAL solutions to practical problems are at the end of their collective ropes (double entendre intended). You CANNOT store wealth in paper, PERIOD. Those who do will get what they deserve: NOTHING. It has been and will be printed endlessly from this point forward as Socialist government policies have destroyed wealth creation and substituted Ponzi asset-backed economies in their place. Now those economic models have reached their COLLECTIVE endpoints.
Economies based on models of consuming wealth rather than producing wealth are DOOMED, and this is the definition of the developed world. Switching back to the wealth-production model used prior to 1971 in the developed world will be painful as our leaders have FORGOTTEN what wealth-creating policies to implement and how to do so.

The financial systems of the world sit on TOXIC paper (government bonds and currencies) and they call them assets and reserves – they are NOT, THEY ARE LIABILITIES! To see the enormity of government debt in the biggest economies in the world look at this graphic from www.demonocracy.info :"
 

at http://www.zerohedge.com/contributed/2012-14-08/tedbits-2012-outlook-part-2-bombs-erbonds-currencies-and-gold