God's Discipline Continues Unheeded - Metals Up

From MineWeb.com:

China's been building its gold reserves - now over 1,000 tonnes

A Chinese official has confirmed the belief that the country has been quietly building up its gold reserves. It is now the world's fifth biggest holder of gold with more than 1,000 tonnes held.

Author: Alfred Cang and Lucy Hornby
Posted: Friday , 24 Apr 2009

BEIJING (Reuters) -

China revealed on Friday that it had quietly raised its gold reserves by nearly three-quarters since 2003, increasing its holdings to 1,054 tonnes and confirming years of speculation it had been buying.

Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.

The world gold market has been buzzing with talk about China buying gold for years as the country's foreign exchange reserves have rocketed, and speculation has picked up since the global economic crisis threatened to weaken the value of those reserves. Read the article HERE.

The Chinese are wise in this action. They need to lower their dollar reserves, so they are buying natural resources in South America and all over Africa. Now they have started adding to their gold holding. Is this a prelude to backing the Renminbi? Could be! Nevertheless, we must wonder how much longer they will continue to buy the US debt. By the way, the U. S. is to auction off $100 Billion with a B at the next auction. The Question is, "Will that amount be fully taken or will the rates have to be raised to encourage the sale? If the answer is affirmative either way, it will show, as it did in the UK offering, the world is less interested in buying our debt.

Gold and silver are holding, thus far, very well at higher levels than last week. Gold is 906 up 2.20 and silver is 12.80 down 0.02. Will gold be allowed to go to 1000 again soon? Without intervention, it should happen, but will the boyz tolerate such a lofty level for the price?

Our mining stocks are holding fairly well, too. Here they are DROOY 8.02; HL 2.24; HMY 9.68; SLW 7.94, and VGZ 2.35. If gold is allowed to float freely, any price below is 1000 is buy. But the intervention is the hooker in the mix. Of course, governments hate the precious metals, because they want the citizens dependent upon the FIAT, unbacked paper currencies over which the hold a monopoly.

From WorldNetDaily:

State threatens locals: Marry 'gays' – or else
Attorney general: 'We must live by and follow what the courts decide'

---

Posted: April 24, 2009
12:10 am Eastern

By Bob Unruh
© 2009 WorldNetDaily

Iowa Attorney General Tom Miller

Iowa Attorney General Tom Miller is warning the county recorders' offices in his state that workers must process "marriage" licenses for same-sex duos or face possible charges in a court of law.

"If necessary, we will explore legal actions to enforce and implement the court's ruling, working with the Iowa Dept. of Public Health and county attorneys," he warned on his website.

But an announcement today from a statewide pro-family organization and a public interest law firm with a reach that goes around the world means the issue of same-sex weddings eventually could end up back in court.Read it HERE.

And many wonder why God has brought the financial fiasco upon us. We have left His standards. God ordained marriage between a man and a woman. It was established in the Garden of Eden, as recorded in Genesis. Once again, we are seeing a play out of the fact that all is God's way or we have the current chaos. The discipline will get worse and worse until the Christians individually and the churches once again speak up to the state saying, "Thus, sayeth the Lord." The prophets of old were not hesitant to speak up to the kings of the day. The church can no longer be silent. It must demand adherence to God's word by the people and the rulers. It must serve as a counsellor to the state providing Godly advice and counsel.

From Mike Shedlock's Blog:

Fannie Freddie Delinquencies Soar (and they are going to get much worse)

On Tuesday, Fannie Mae and Freddie Mac reported Mortgage Delinquencies Rose 50% in a Month.

Fannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 percent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators.

The number of so-called prime borrowers at least 60 days behind on mortgages owned or guaranteed by the companies rose to 743,686 in January, from 497,131 in December, and is almost double the total for October, the Federal Housing Finance Agency said in a report to Congress today. Read it HERE.

The ARMs are very soon to be requiring resetting or complete pay out. This will be another problem with the easy credit loans for homes. Also, remember that commercial real estate is just beginning to be hit. We are not out of the credit dark woods yet.

From Yahoo Finance:

WSJ: BofA CEO says was told to be quiet on Merrill

WSJ: BofA CEO Lewis testifies to NY AG that Bernanke, Paulson wanted Merrill losses kept quiet

On Thursday April 23, 2009,

NEW YORK (AP) -- Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony reviewed by The Wall Street Journal.

The New York AG's office plans to release the testimony on Thursday to federal regulators and overseers of bailout funds and banks, the newspaper reported after reviewing a transcript. Read it HERE.

This reminds me of God's confrontation of Adam and Eve in the Garden of Eden after they had committed the original sin. Adam pointed toward the woman and Eve pointed toward the serpent rather than confess the sin. This deal between Paulson, Bernanke, and Lewis will be a finger pointing exercise to hide the blame. The Bank of America was legally required to disclose the plans for the acquisition of Merrill Lynch, but was very likely told by Paulson and Bernanke to keep it secret. Such a deal!

From Casey's Daily Resource Plus:

Most people still do not understand that the current crisis is not about saving capitalism; it’s about saving the welfare state-crony capitalist-fascist political economy in the US that can no longer pay its bills. - Bill King, the King Report

This hits at the heart of the matter. It is a bold attempt to save the state. We have not had a capitalistic free market for many decades. Our economy was forced by the welfare state to become totally dependent upon unbacked currency and easy credit. The time to pay the piper is rapidly approaching. It is extremely important for each of us to batten down our financial hatches by getting out of debt and reducing spending.

If you have not gotten your free down load of Doug Phillips speech at the Alamo Tea Party, I urge you to do so HERE. This is a very stirring and encouraging speech which is based upon the word of God which we all need.

Best to each, Doug