Beware of Census - God's Infallible Word - Gold & Silver Up Early!

Gold and silver are showing some strength this morning early. Both have similar graph patterns. The miners will follow the trend, but not as fast as the metals, themselves. We are thankful for any signs of life and continue to look to find the bottom of this correction.


From LewRockwell.com:

The Census and the Constitution
by Walter E. Williams

The Census Bureau estimates that the life cycle cost of the 2010 Census will be from $13.7 billion to $14.5 billion, making it the costliest census in the nation's history. Suppose you suggest to a congressman that given our budget crisis, we could save some money by dispensing with the 2010 census. Read it HERE.

Here we go again with the Federal Government peering into virtually every aspect of our lives. Let's follow the Constitution and give them a head count and nothing more. Big Brother does not need the extra information they always request.

From James Turk of GoldMoney.com:

GoldMoney Alert - 17 February 2010

Gold at New Euro Record

Gold closed yesterday at a new record high against the euro. Read it HERE.

From MineWeb.com:

Gold to move back toward $1,200 by Summer but clouds are looming further out

GFMS's Neil Meader believes by 2012 we could see gold back below $1,000

Author: Geoff Candy
Posted: Thursday , 18 Feb 2010

GRONINGEN -

While gold may not yet be out of the woods in the short term, it should be on its way back up to the $1,200 level by the European summer.

"Some people think we may have seen the bottom I still think there is an outside chance that we may not be quite out of the woods yet but we would certainly expect the $1,050 mark to hold if we did see a little retreat," GFMS research director Neil Meader, told Mineweb on the Gold Weekly podcast on Wednesday. Read it HERE.

From MineWeb.com:

LUCKY FRIDAY BEST YEAR EVER

Record silver production puts Hecla in ‘the best shape' since 1891

With record silver production, record silver reserves,$54.2 million in net profit, cash in the bank and improved concentrate quality, Hecla has plenty to celebrate this year.

Author: Dorothy Kosich
Posted: Thursday , 18 Feb 2010

RENO, NV -

Hecla Mining reported record silver production of 10.9 million ounces in 2009, a 26% increase over the 8.7 million ounces reported in 2008 and the third consecutive year of increased silver production. Read it HERE.

Great news from one of our favorite silver miners.

From MineWeb.com:

CENTRAL BANK GOLD BUYING

Asian central banks tagged as potential buyers for 191.3 tonnes of IMF gold

The International Monetary Fund says it will soon begin a planned sale of a remaining 191.3 tonnes of gold to raise funds for lending operations

Author: Lesley Wroughton and Lewa Pardomuan (Reuters)
Posted: Thursday , 18 Feb 2010

SINGAPORE/WASHINGTON (Reuters) -

The International Monetary Fund said it would soon begin a planned sale of a remaining 191.3 tonnes of gold to raise new resources for lending, with traders saying it may seek buyers among Asian central banks. Read it HERE.

Are they using the dollar reserves for this purpose? It would be interesting to know for certain.

More on the same subject from TheDailyPfennig.com:"Well, there was a very suspicious comment made by the IMF yesterday that sent Gold to the woodshed... Let's listen in... The IMF said that their "On-Market Sales Of Gold To Start Shortly" Hmmm...

Well, we all have to put our thinking caps on here to recall that the IMF had a total of 400 Tonnes of Gold that they wanted to sell so they could have cash to help out poor countries... And that they did indeed sold 200 Tonnes of Gold to India last year, which leaves them 200 Tonnes to sell now... Hmmm... This is where either India or China or even Russia, steps to the plate and points their bat to the center field stands, and gets ready to hit the ball so hard that it goes into orbit, and doesn't come back to earth until clearing that center field wall... Yes... India, China or Russia, need to hit a home run here folks, and take that Gold off the IMF's hands... If the IMF is that mentally incompetent to see that they need Gold, then who is to say that it would be wrong for India, China or Russia to take it off their hands!

But, just the thought of 200-Tonnes of Gold hitting the streets, without any buyer, at this point, is more than enough to put pressure on the price of Gold, folks... Just another opportunity to buy it cheaper in my book!"

From MineWeb.com:

GOLD DEMAND STILL $100BN PLUS IN 2009

Dispelling gold myths. Mined gold output rose in 2009 and India still No.1 consumer

The World Gold Council's latest statistics show a reasonably balanced gold sector despite fall in physical demand in 2009, but fundamentals are not the main gold market drivers at the moment.

Author: Lawrence Williams
Posted: Wednesday , 17 Feb 2010

LONDON -

The latest figures out from the World Gold Council and published in that organisation's Gold Demand Trends makes for interesting reading in its analysis of the fundamentals behind the gold price strength of the past few years. But this does not necessarily tell the whole story and it's the wide diversity of projections for the future of some key elements of this which create the basic uncertainty in where the gold price is heading. Read it HERE.

From GATA.com:

Bank of England falsified gold data to rig interest rates from 1925-31

1:53a ET Sunday, February 14, 2010

Dear Friend of GATA and gold:

Zero Hedge's pseudonymous Tyler Durden, less well known as Dan Ivandjiiski, yesterday disclosed a scholarly paper written by University of Tennessee economics professor John R. Garrett and published by the Journal of Economic History in September 1995 describing the Bank of England's falsification of gold holdings data, undertaken with the help of the U.S. Federal Reserve, to deceive the markets and manipulate interest rates secretly between 1925 and 1931.

Of course the ends of this deception and manipulation of gold data are the same that GATA long has been asserting for the contemporary gold price suppression scheme. The falsification of gold holdings data by the Bank of England as reported by Professor Garrett is mirrored perfectly by the data-falsification and market-manipulation scheme described in the April 1961 memorandum kept in the archive of former Fed Chairman William McChesney Martin, about which GATA consultant James Turk wrote at length in January 2009: Read it HERE.

From Telegraph.co.uk:

Britain and the PIGS

As of today, the British government must pay a higher interest rate to borrow money for ten years than either the Italian or the Spanish governments, despite the extraordinary ructions going on within the eurozone. Read it HERE.

Apparently, Britain is in virtually the same financial condition as Greece. Britain may be the next target for the vultures.

From FOGOA.blogspot.com:

Greece is the Word

The situation with Greece and the euro presents us with a fresh opportunity to explore what is really wrong within the system from a macro perspective. And I am not talking about the euro system. I am talking about our global system of savings that are value-fixed directly to a transactional currency unit whose value doesn't even matter in the context of its primary function. This is well worth a read HERE.

The article suggests we revalue our gold to solve the economic woes of the present. Could work.

From Ed Steer's GoldandSilverDaily.com: "Ted Butler and I spent some time comparing notes on the weekend about Friday's Commitment of Traders report. When we looked at the numbers, it showed that the '4 or less' bullion banks in silver held 50,758 short contracts between them. This represents 134% of the Commercial net short position. The '8 or less' traders hold 58,200 Comex short positions... or 154% of the net short position in the Commercial category. And JPMorgan holds about 85% of the Commercial net short position all by itself!!! If these bullion banks weren't there, the Commercial category would show a huge net long position. So, it's '8 or less' traders against the entire world's silver market... and the CFTC and your mining companies do nothing. I don't see any 'shareholder value' being added here... do you?"

Miners from Scottrade.com:
Currencies from Kitco.com:
Some quotes: FVITF 2.19; BYDDF 7.80; XDSL 0.027; AENY 4.75; DOW up 44.82 10354.06; Gold up 10.40 to 1118.10, and Silver up 0.18 to 16.17.

The Keynesian Economics used by the world today has results that few realize, because it is a false economic system. Thus, those who follow it are blinded by the power it gives those in government. It is a system of centralized control of currencies and virtually every area of economic activity. It is not in concert with biblical principles and, therefore, it will fail. God's word lays the foundation for free markets.

Thus, as one studies Economics, he will find that the Austrian School of Economics more closely follows Biblical principles and is true economics. It is the economics upon which our nation was founded and which it followed for almost 100 years with great success and growth clearly recognized by the world. However, we have left our first love: God, Himself.

Therefore, we no longer follow His ways and have moved from a Biblical World and Life perspective to our own fallen ways. Thus, we will continue to be under God's judgment and wrath. We must pray that He will revive us before His patience with us comes to an end. I believe He has more use of us to return to Him and be a light set upon a hill to illuminate the world with His infallible Word.

Best to each, Doug