It is buried down in the middle of this article. Rather a better idea, would be to bring back gold-backed currencies, such as the New Hampshire Gold currency bill. A gold backed currency would wreck the dollar and all fiat-based currencies including the Euro.
Dow Gold Ratio Sinks to 14-Year Low
By: Adrian Ash
THE SPOT PRICE of GOLD BULLION twice bounced off $830 an ounce early Thursday – the floor set five times already this week – as world equity prices sank yet again.
Hurricane Omar strengthened to category 3 in the Caribbean, but the price of crude oil sank to a fresh 14-month low below $73 per barrel.
The US Dollar gave back half of Wednesday's sharp gains on the currency markets, while the RJ/CRB Reuters Commodities Index sank almost 5% as platinum plunged towards fresh three-year lows.
The Gold Price in Euros rallied from €614 per ounce. US Treasury bond yields rose.
"Gold's fared relatively better than other assets in the financial crisis," said Wallace Ng, head of metals for Fortis Bank in Asia, to Bloomberg today. "But with these price swings, some investors may prefer cash now."
Fast-becoming the very worst one-month slump in history – and taking the Dow/Gold Ratio down to just 10 for the first time since Jan. 1995 – the Greater Crash today knocked a further 11% off the Tokyo Nikkei after the S&P on Wall Street ended Wednesday over 9% down.
"The markets are selling off stocks because investors still think the steps by US authorities are not sufficient," claimed Japan's new prime minister, Taro Aso, to the Tokyo parliament this morning.
"We may need to increase domestic demand further due to the impact of various factors," said a leading Chinese official on Hong Kong TV late Wednesday.
"The main risk to China's banks is rapid slowdown in the economic growth and the crystallization of the latent credit risks," reckons Ryan Tsang, head of China's corporate ratings at Standard & Poor's.
"Depositors might move a significant portion of their deposits to state-owned commercial banks and other banks that they consider as safe," he adds.
"That would put other Chinese banks that are facing tight liquidity in an even more difficult position."
China's gold jewelry consumers accounted for 10% of physical world demand last year. Now the vice-mayor of Shanghai says growth in the city's industrial output slowed to 6% in Sept. after averaging 11.5% annualized during the first nine months of the year.
"In the past, we would expect to see Gold Bullion move up when stock markets tumbled," one Hong Kong dealer told Reuters.
"But this is not the case anymore. Some of the financial institutions have to liquidate their long positions to cover losses."
Hedge funds in particular – a major source of leveraged Gold Price between 2002 and 2007 – are being forced to quit their positions as clients pull out. ( Read about Gold: No Credit, No Leverage here... )
"Some of the [big investment] funds are not doing very well," the Hong Kong gold dealer went on.
"Technically, it's difficult to say where the market is heading but $850 and $860 are still good resistance levels."
Today in Brussels, political leaders from the European Union called for a new pan-global super regulator to oversee the world's 30 very largest financial institutions.
Gordon Brown, the discredited former UK chancellor and now prime minister, called it a "new Bretton Woods", referring to the post-WWII currency regime which collapsed thanks to excessive US credit and money creation two decades later.
Down to the right in Budapest, the Hungarian central bank secured a €5 billion loan from the European Central Bank (ECB) in Frankfurt after prime minister Ferenc Gyurcsany asked for emergency help.
Hungary's overseas debts – including both private and public borrowing – now stand above 93% of the country's annual economic output.
Shares in Swiss financial giant UBS meantime recovered from an early 10% plunge after the Bern government promised a CHF 6 billion injection ($5.3bn) in exchange for a 9.3% share of its stock.
The ailing bank also said it will dump $60 billion worth of toxic securities onto the Swiss National Bank. Its No.1 competitor, Credit Suisse, said it will raise CHF 10 billion ($8.8bn) from foreign investors including the petro-rich Qatari government.
In New York this morning, ex-investment bank Merrill Lynch – now a division of Bank of America – reported a third quarter loss of $5.1 billion.
Citigroup, the Western world's largest bank, announced a net loss of $2.8bn for its fourth quarterly loss on the run.
New data from TrimTabs Investment Research showed wealthy investors pulling more than $43 billion out of US hedge funds during Sept.
"Every commodity is falling. I think it's much better to keep more cash on hand. The market is so uncertain," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, to Reuters earlier.
Source
Friday, October 17, 2008
Gold Prices Crash on Hedge Fund Forced Selling
The spread between the Spot Price and the Physical Price is rising. The U.S. has suspended Gold and Silver Eagle sales. Eventually the manipulation by the bankers will fail, watch for the price of Gold and especially Silver to shoot up for the physical variety. Why do people still Trust Bankers? Take delivery of your assets.
By: Mark_OByrne
Gold fell some 4% yesterday with forced selling being seen as hedge funds continue to deleverage and pension funds and other passive investors sell the various commodity indices. Also reports from Barclays that some European central banks had sold some 7.6 tons of gold during the week also acted to depress the market.
Central bank gold sales and leasing of gold have artificially suppressed the price of gold in recent years but with lease rates surging and central banks concerned about financial, economic and systemic contagion this source of supply is set to dwindle in the coming months. Indeed many South American, Middle Eastern, Asian and the Russian central bank have already stated their intentions to add to their gold reserves. The German Bundesbank has clearly stated how they view gold as a an essential monetary asset. "National gold reserves have a confidence and stability-building function for the single currency in a monetary union," the Bundesbank said.
However, rumours of central bank gold sales could continue to depress prices in the short term. After the sell off last Friday, UBS noted that “we have no explanation behind the sell-off in gold and silver seen late on Friday's trading although…Some more fundamentally based traders may have been concerned by the talk of central bank selling that we heard earlier in the day. One large central bank, not a signatory to the Central Bank Gold Agreement, was rumoured to have sold gold earlier in the day.
UBS said that the rumours were without substance and said that “certainly we saw no signs of this and the rumoured central bank is considered unable to sell gold - the story in itself may have been enough to trigger some profit taking.”
Demise of Hedge Funds and Falling Commodity Indices Creates Short Term Weakness in Gold
Many hedge fund managers are under severe pressure to liquidate positions as banks request more collateral to back funds' borrowing. Many hedge funds, including some of the largest, have gone to the wall in recent months and Credit Suisse estimates that 30% of roughly 8,000 hedge funds will close over the next few years.
Wealthy investors are turning their backs on high risk hedge funds as there is a reevaluation of the sensibility of massive leverage and banks are no longer willing to fund the hedge funds' speculations.
Continued at Link Here
Gold dips are merely buying opportunites. The long-term trend is up, up and away.
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
By: Mark_OByrne
Gold fell some 4% yesterday with forced selling being seen as hedge funds continue to deleverage and pension funds and other passive investors sell the various commodity indices. Also reports from Barclays that some European central banks had sold some 7.6 tons of gold during the week also acted to depress the market.
Central bank gold sales and leasing of gold have artificially suppressed the price of gold in recent years but with lease rates surging and central banks concerned about financial, economic and systemic contagion this source of supply is set to dwindle in the coming months. Indeed many South American, Middle Eastern, Asian and the Russian central bank have already stated their intentions to add to their gold reserves. The German Bundesbank has clearly stated how they view gold as a an essential monetary asset. "National gold reserves have a confidence and stability-building function for the single currency in a monetary union," the Bundesbank said.
However, rumours of central bank gold sales could continue to depress prices in the short term. After the sell off last Friday, UBS noted that “we have no explanation behind the sell-off in gold and silver seen late on Friday's trading although…Some more fundamentally based traders may have been concerned by the talk of central bank selling that we heard earlier in the day. One large central bank, not a signatory to the Central Bank Gold Agreement, was rumoured to have sold gold earlier in the day.
UBS said that the rumours were without substance and said that “certainly we saw no signs of this and the rumoured central bank is considered unable to sell gold - the story in itself may have been enough to trigger some profit taking.”
Demise of Hedge Funds and Falling Commodity Indices Creates Short Term Weakness in Gold
Many hedge fund managers are under severe pressure to liquidate positions as banks request more collateral to back funds' borrowing. Many hedge funds, including some of the largest, have gone to the wall in recent months and Credit Suisse estimates that 30% of roughly 8,000 hedge funds will close over the next few years.
Wealthy investors are turning their backs on high risk hedge funds as there is a reevaluation of the sensibility of massive leverage and banks are no longer willing to fund the hedge funds' speculations.
Continued at Link Here
Gold dips are merely buying opportunites. The long-term trend is up, up and away.
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Thursday, October 16, 2008
So the Spot is Going Down? Today's $9.74..Tell Ebay 1oz Silver $
Silver on Ebay is going for about $18.50 per oz. A 100% premium over Spot. Are the precious metals being manipulated the same way as the banking system. It appears so, according to Ebay.
Oh, those were the good olde days when Silver was below $10. What about $50 as the new $10 within a year.
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Barack Obama an Illegal Alien?
Well, This certainly explains his position on immigration. To be President of the United States, you need to be born here in the USA. It is alleged by Phillip Berg that Barack Obama's, real name is Barry Sotero from Indonesia.That Obama was born in Kenya, while his mother was on a trip. Phillip Berg, further claims that Barack Obama may not even be a naturalized citizen and thus not capable of holding his seat as a U.S. Senator.
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Derivative Bubble Much Larger than the 1929 Crash
"Largest Bubble Burst in History", By Nouriel Roubini, 16 October 2008
“The rich world's financial system is headed toward a meltdown. Stock markets have been falling most days, money markets and credit markets have shut down as their interest-rate spreads skyrocket, and it is still too early to tell whether the raft of measures adopted by the United States and Europe will stem the bleeding on a sustained basis.
A generalized run on the banking system has been a source of fear for the first time in seven decades, while the shadow banking system- broker-dealers, nonbank mortgage lenders, structured investment vehicles and conduits, hedge funds, money market funds, and private equity firms- is at risk of a run on their short-term liabilities.
On the real economic side, all the advanced economies- representing 55 percent of global gross domestic product- entered a recession even before the massive financial shocks that started in late summer. So we now have a recession, a severe financial crisis and a severe banking crisis in the advanced economies.
Emerging markets were initially tied to this distress only when foreign investors began pulling out their money. Then panic spread to credit markets, money markets and currency markets, highlighting the vulnerabilities of many developing countries' financial systems and corporate sectors, which had experienced credit booms and had borrowed short and in foreign currencies. Countries with large current-account deficits or large fiscal deficits and with large short-term foreign currency liabilities have been the most fragile. But even the better-performing ones - like Brazil, Russia, India and China- are now at risk of a hard landing. Many emerging markets are now at risk of a severe financial crisis.
The crisis was caused by the largest leveraged asset bubble and credit bubble in history. Leveraging and bubbles were not limited to the U.S. housing market, but also characterized housing markets in other countries. Moreover, beyond the housing market, excessive borrowing by financial institutions and some segments of the corporate and public sectors occurred in many economies. As a result, a housing bubble, a mortgage bubble, an equity bubble, a bond bubble, a credit bubble, a commodity bubble, a private equity bubble and a hedge funds bubble are all now bursting simultaneously.
The delusion that economic contraction in the United States and other advanced economies would be short and shallow - a V-shaped six-month recession has been replaced by certainty that this will be a long and protracted U-shaped recession, possibly lasting at least two years in the United States and close to two years in most of the rest of the world. And, given the rising risk of a global systemic financial meltdown, the prospect of a decade-long L-shaped recession- like the one experienced by Japan after the collapse of its real estate and equity bubble- cannot be ruled out.
Indeed, the growing disconnect between increasingly aggressive policy actions and strains in the financial market is scary. When Bear Stearns' creditors were bailed out to the tune of $30 billion in March, the rally in equity, money, and credit markets lasted eight weeks. When the U.S. Treasury announced a bailout of mortgage giants Fannie Mae and Freddie Mac in July, the rally lasted just four weeks. When the $200 billion rescue of these firms was undertaken and their $6 trillion in liabilities taken over by the U.S. government, the rally lasted one day.
Until the recent U.S. and European measures were announced, there were no rallies at all. When AIG was bailed out to for $85 billion, the market fell 5 percent. Then, when the $700 billion U.S. rescue package was approved, markets fell another 7 percent in two days. As authorities in the United States and abroad took ever more radical policy steps from Oct. 6 to Oct. 9, stock, credit and money markets fell further, day after day.
Do the recent measures go far enough? When policy actions don't provide real relief to market participants, you know that you are one step away from a systemic collapse of the financial and corporate sectors. A vicious circle of deleveraging, plummeting asset prices and margin calls is underway.
So we cannot rule out a systemic failure and global depression. As we have seen in recent days, it will take a big change in economic policy and very radical, coordinated action among all advanced and emerging market economies to avoid disaster. This includes:
• another rapid round of interest-rate cuts of at least 150 basis points on average globally;
• a temporary blanket guarantee of all deposits while insolvent financial institutions that must be shut down are distinguished from distressed but solvent institutions that must be partially nationalized and given injections of public capital;
• a rapid reduction of insolvent households' debt burden, preceded by a temporary freeze on all foreclosures;
• massive and unlimited provision of liquidity to solvent financial institutions;
• public provision of credit to the solvent parts of the corporate sector in order to avoid a short-term debt refinancing crisis for solvent but illiquid corporations and small businesses;
• a massive direct government fiscal stimulus that includes public works, infrastructure spending, unemployment benefits, tax rebates to lower-income households and provision of grants to cash-strapped local governments;
• an agreement between creditor countries running current-account surpluses and debtor countries running current-account deficits to maintain an orderly financing of deficits and a recycling of creditors' surpluses to avoid disorderly adjustment of such imbalances.
Anything short of these radical and coordinated actions may lead to a market crash, a global financial meltdown and worldwide depression. The measures adopted by the United States and Europe are a start. Now they must finish the job.
Source
“The rich world's financial system is headed toward a meltdown. Stock markets have been falling most days, money markets and credit markets have shut down as their interest-rate spreads skyrocket, and it is still too early to tell whether the raft of measures adopted by the United States and Europe will stem the bleeding on a sustained basis.
A generalized run on the banking system has been a source of fear for the first time in seven decades, while the shadow banking system- broker-dealers, nonbank mortgage lenders, structured investment vehicles and conduits, hedge funds, money market funds, and private equity firms- is at risk of a run on their short-term liabilities.
On the real economic side, all the advanced economies- representing 55 percent of global gross domestic product- entered a recession even before the massive financial shocks that started in late summer. So we now have a recession, a severe financial crisis and a severe banking crisis in the advanced economies.
Emerging markets were initially tied to this distress only when foreign investors began pulling out their money. Then panic spread to credit markets, money markets and currency markets, highlighting the vulnerabilities of many developing countries' financial systems and corporate sectors, which had experienced credit booms and had borrowed short and in foreign currencies. Countries with large current-account deficits or large fiscal deficits and with large short-term foreign currency liabilities have been the most fragile. But even the better-performing ones - like Brazil, Russia, India and China- are now at risk of a hard landing. Many emerging markets are now at risk of a severe financial crisis.
The crisis was caused by the largest leveraged asset bubble and credit bubble in history. Leveraging and bubbles were not limited to the U.S. housing market, but also characterized housing markets in other countries. Moreover, beyond the housing market, excessive borrowing by financial institutions and some segments of the corporate and public sectors occurred in many economies. As a result, a housing bubble, a mortgage bubble, an equity bubble, a bond bubble, a credit bubble, a commodity bubble, a private equity bubble and a hedge funds bubble are all now bursting simultaneously.
The delusion that economic contraction in the United States and other advanced economies would be short and shallow - a V-shaped six-month recession has been replaced by certainty that this will be a long and protracted U-shaped recession, possibly lasting at least two years in the United States and close to two years in most of the rest of the world. And, given the rising risk of a global systemic financial meltdown, the prospect of a decade-long L-shaped recession- like the one experienced by Japan after the collapse of its real estate and equity bubble- cannot be ruled out.
Indeed, the growing disconnect between increasingly aggressive policy actions and strains in the financial market is scary. When Bear Stearns' creditors were bailed out to the tune of $30 billion in March, the rally in equity, money, and credit markets lasted eight weeks. When the U.S. Treasury announced a bailout of mortgage giants Fannie Mae and Freddie Mac in July, the rally lasted just four weeks. When the $200 billion rescue of these firms was undertaken and their $6 trillion in liabilities taken over by the U.S. government, the rally lasted one day.
Until the recent U.S. and European measures were announced, there were no rallies at all. When AIG was bailed out to for $85 billion, the market fell 5 percent. Then, when the $700 billion U.S. rescue package was approved, markets fell another 7 percent in two days. As authorities in the United States and abroad took ever more radical policy steps from Oct. 6 to Oct. 9, stock, credit and money markets fell further, day after day.
Do the recent measures go far enough? When policy actions don't provide real relief to market participants, you know that you are one step away from a systemic collapse of the financial and corporate sectors. A vicious circle of deleveraging, plummeting asset prices and margin calls is underway.
So we cannot rule out a systemic failure and global depression. As we have seen in recent days, it will take a big change in economic policy and very radical, coordinated action among all advanced and emerging market economies to avoid disaster. This includes:
• another rapid round of interest-rate cuts of at least 150 basis points on average globally;
• a temporary blanket guarantee of all deposits while insolvent financial institutions that must be shut down are distinguished from distressed but solvent institutions that must be partially nationalized and given injections of public capital;
• a rapid reduction of insolvent households' debt burden, preceded by a temporary freeze on all foreclosures;
• massive and unlimited provision of liquidity to solvent financial institutions;
• public provision of credit to the solvent parts of the corporate sector in order to avoid a short-term debt refinancing crisis for solvent but illiquid corporations and small businesses;
• a massive direct government fiscal stimulus that includes public works, infrastructure spending, unemployment benefits, tax rebates to lower-income households and provision of grants to cash-strapped local governments;
• an agreement between creditor countries running current-account surpluses and debtor countries running current-account deficits to maintain an orderly financing of deficits and a recycling of creditors' surpluses to avoid disorderly adjustment of such imbalances.
Anything short of these radical and coordinated actions may lead to a market crash, a global financial meltdown and worldwide depression. The measures adopted by the United States and Europe are a start. Now they must finish the job.
Source
$600 Trillion Derivative Volcano About to Blow
Here is an update on the size of the derivatives market with the latest official figures (.pdf) from the Bank for International Settlements (BIS). Hold your breath, as we are not anymore talking paltry billions but TRILLIONS of whichever fiat currency.
Current emergency meetings on banks and markets are still only in the stage where politicians and central bankers are bickering over how to create a few more hundred billions Euros and FRNs. But toxic MBS pale in comparison to the mushrooming growth of the derivatives market. According to figures released in the quarterly review of the BIS (pp A103) in September the total notional amount of outstanding derivatives in all categories rose 15% to a mindboggling $596 TRILLION as of December 2007.
Two thirds of contracts by volume or $393 TRILLION fell into the category of interest rate derivatives. Credit Default Swaps had a notional volume of $58 TRILLION, seeing the sharpest relative increase after a volume of $43 TRILLION a year earlier.
Currency derivatives reached a volume of $56 TRILLION.
Oh, and every grand balance sheet comes with a trash can. Unallocated derivatives with a notional amount of $71 TRILLION are looming over the heads of the disintegrating investment community too.
However You Look At It, This Is an Accident Waiting To Happen
Don't lose your sleep because of these numbers that KO my desktop calculator. In an ideal world - in which we are not - long and short derivatives would net out each other, leaving only a fraction of risk. The BIS tries to assess this net risk with a total of $14.5 TRILLION (2006: 11.1 TRILLION) in gross market value for all contracts but comes up with a second figure.
The so called Gross Credit Exposure appears almost moderate at $3.256 TRILLION after $2.672 TRILLION a year earlier.
Even when taking the lowest of these figures shudders run down my spine. All emergency talks have so far focused on a few hundred billions in fiat currencies, but the current nervousness demonstrated by hectic talks of finance ministers and central bankers all over the globe should give everybody a vague idea that something here may blow up any day. This pool of so far silent derivatives without a major bust can come to life any day with the failure of a multinational financial firm.
The BIS review is a good way to grasp the dimensions long term monetary expansion has brought upon us. A net risk of $14 TRILLION compares with the annual GDP of the USA. Nobody, absolutely nobody can afford this tab in the case of an unorderly unwinding of this market that is roughly 12 times the size of the global economy. I conclude a lot more paper promises will be burnt in the coming derivatives tsunami. As a reminder, most of these contracts have been moved off balance sheets into under capitalized subsidiaries that profited from the good rating of the parent company. But in case of a default it is this nasty, nasty huge notional amount that becomes a liability.
As the vast majority of these contracts have no market, failure will come in the form of counterparty risk. This makes all the current emergency meeting a bit more understandable if politicians are already aware of the biggest bubble that may find no other way of deflation than a sudden burst. I base my sense of urgency on the rapid growth of the net risk in only one year, rising a stunning 30% at a time when the first signs of the credit crunch appeared.
German chancellor Angela Merkel said ahead of an emergency meeting with French president Nicolas Sarkozy in a TV interview that she would present a rescue package for German banks on Monday. This is also expected from several other European countries. Italian president Silvio Berlusconi went so far as to suggest a concerted stock exchange holiday. It would fit the other crooked nails in the coffin of free markets.
Source
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Current emergency meetings on banks and markets are still only in the stage where politicians and central bankers are bickering over how to create a few more hundred billions Euros and FRNs. But toxic MBS pale in comparison to the mushrooming growth of the derivatives market. According to figures released in the quarterly review of the BIS (pp A103) in September the total notional amount of outstanding derivatives in all categories rose 15% to a mindboggling $596 TRILLION as of December 2007.
Two thirds of contracts by volume or $393 TRILLION fell into the category of interest rate derivatives. Credit Default Swaps had a notional volume of $58 TRILLION, seeing the sharpest relative increase after a volume of $43 TRILLION a year earlier.
Currency derivatives reached a volume of $56 TRILLION.
Oh, and every grand balance sheet comes with a trash can. Unallocated derivatives with a notional amount of $71 TRILLION are looming over the heads of the disintegrating investment community too.
However You Look At It, This Is an Accident Waiting To Happen
Don't lose your sleep because of these numbers that KO my desktop calculator. In an ideal world - in which we are not - long and short derivatives would net out each other, leaving only a fraction of risk. The BIS tries to assess this net risk with a total of $14.5 TRILLION (2006: 11.1 TRILLION) in gross market value for all contracts but comes up with a second figure.
The so called Gross Credit Exposure appears almost moderate at $3.256 TRILLION after $2.672 TRILLION a year earlier.
Even when taking the lowest of these figures shudders run down my spine. All emergency talks have so far focused on a few hundred billions in fiat currencies, but the current nervousness demonstrated by hectic talks of finance ministers and central bankers all over the globe should give everybody a vague idea that something here may blow up any day. This pool of so far silent derivatives without a major bust can come to life any day with the failure of a multinational financial firm.
The BIS review is a good way to grasp the dimensions long term monetary expansion has brought upon us. A net risk of $14 TRILLION compares with the annual GDP of the USA. Nobody, absolutely nobody can afford this tab in the case of an unorderly unwinding of this market that is roughly 12 times the size of the global economy. I conclude a lot more paper promises will be burnt in the coming derivatives tsunami. As a reminder, most of these contracts have been moved off balance sheets into under capitalized subsidiaries that profited from the good rating of the parent company. But in case of a default it is this nasty, nasty huge notional amount that becomes a liability.
As the vast majority of these contracts have no market, failure will come in the form of counterparty risk. This makes all the current emergency meeting a bit more understandable if politicians are already aware of the biggest bubble that may find no other way of deflation than a sudden burst. I base my sense of urgency on the rapid growth of the net risk in only one year, rising a stunning 30% at a time when the first signs of the credit crunch appeared.
German chancellor Angela Merkel said ahead of an emergency meeting with French president Nicolas Sarkozy in a TV interview that she would present a rescue package for German banks on Monday. This is also expected from several other European countries. Italian president Silvio Berlusconi went so far as to suggest a concerted stock exchange holiday. It would fit the other crooked nails in the coffin of free markets.
Source
Monex is the low-cost gold and Silver retailer. Paul Bea @ monex 800-949-4653 x2172
To support Goldmoney use Kevin from Goldmoneybill.org as referral.
Wednesday, October 15, 2008
Chuck Norris and Mike Huckabee finally Economic Terrorism
Chuck Norris now gets Ron Paul. Mike Huckabee is a true politician, he just adopts someone else's position without giving honor. This video is another example of the Ron Paul effect. The Fed is dead and our money is just paper.
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