Free Republic

Bank of America analysts today increased their target price for Gold by almost 50% to $3,000 an ounce. In a note titled : ” the Fed can’t print Gold” the analyts argue that fiat currencies will increasingly come under pressure from all the liquidity being pumped out by global central banks combating the Coronavirus. This is expected to make Gold more attractive as an asset class to investors.“As economic output contracts sharply, fiscal outlays surge, and central bank balance sheets double, fiat currencies could come under pressure” Bank of America analysts today increased their target price for Gold by...

AUSTIN, Texas (Jan. 1, 2020) – Today, a law went into effect that exempts precious metals stored in the Texas Bullion Depository from certain taxes. Enactment of this law takes another step toward the everyday use of gold and silver in financial transactions in the Lone Star State and sets the stage to undermine the Federal Reserve’s monopoly on money. Rep. Giovanni Capriglione (R-Keller) sponsored House Bill 2859 (HB2859). Under the new law, “Precious metals are exempt from taxation if they are held in a commercial depository in this state.” HB2859 serves as the enabling legislation for a state constitutional...

Turkish President Recep Tayyip Erdogan speaks at the Kuala Lumpur Summit in Kuala Lumpur, Malaysia. Muslim nations looking to fight back against future sanctions are exploring an age-old approach — using gold dinar and bartering. Leaders from Qatar, Iran, Malaysia and Turkey met during the Islamic summit in Kuala Lumpur to discuss the matter this week. “With the world witnessing nations making unilateral decisions to impose such punitive measures, Malaysia and other nations must always bear in mind that it can be imposed on any of us,” Malaysia’s 94-year-old Prime Minister Mahathir Mohamad told Reuters. “I have suggested that...

COLUMBIA, S.C. (Nov. 22, 2019) – A bill prefiled in the South Carolina House would make gold and silver coins legal tender in the state. Passage of this bill would take a step toward creating currency competition in South Carolina and undermine the Federal Reserve’s monopoly on money. Rep. Stewart Jones filed House Bill 4678 (H.4678) on Nov. 20. Under the proposed law, “gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. No person or other entity may compel another person or other entity to...

Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Friday, November 15, 2019 Superseding Indictment Charges Former Precious Metals Salesman with Racketeering Conspiracy Three Others Previously Charged in Connection with Manipulation of Markets for Precious Metal Futures Contracts A former salesperson in the New York offices of a U.S. bank (Bank A) was charged in a superseding indictment filed yesterday and made public today for his alleged participation in a racketeering conspiracy in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences, announced...

(Kitco News) - Gold and silver prices are sharply higher in early morning U.S. trading Thursday. Gold powered to a five-year high, while silver prices hit a five-week high. Major central banks that are leaning easy on their monetary policies are boosting the metals and the raw commodity sector, in general. Gold is also seeing increased safe-haven buying interest as tensions in the Persian Gulf are on the rise. August gold futures were last up $37.50 an ounce at 1,386.50. July Comex silver prices were last up $0.417 at $15.385 an ounce. Traders and investors are still digesting Wednesday’s conclusion...

A prominent Obama administration trade advisor is one of the central players in a series of scandals and ethical rows that have reportedly placed him in cahoots with corrupt Congolese warlords and other questionable figures. Kase Lawal, an oil mogul with longstanding ties to the Clinton family, was appointed in 2010 as a member of Obama’s Advisory Committee for Trade Policy and Negotiations. Since his selection to the trade board, Lawal has become enmeshed in a pact to purchase large quantities of illegal gold from a violent Congolese warlord, according to a U.N. investigation and various reports. The crooked gold...

Establishing President Donald Trump's sought-after Space Force could cost $12.9 billion over its first five years, according to an Air Force document obtained by CNN. The Air Force estimates that the first year "additive costs" associated with establishing the new military branch in the 2020 fiscal year, including the creation of a headquarters, would amount to $3.32 billion. The document also estimates that the Space Force will oversee some 13,000 personnel when it is officially launched. In a memo accompanying the proposal, Air Force Secretary Heather Wilson calls on Congress to authorize and fund the establishment of a Space Force...

After months of secret negotiations, a shadowy Russian bilked American spies out of $100,000 last year, promising to deliver stolen National Security Agency cyberweapons in a deal that he insisted would also include compromising material on President Trump, according to American and European intelligence officials. The cash, delivered in a suitcase to a Berlin hotel room in September, was intended as the first installment of a $1 million payout, according to American officials, the Russian and communications reviewed by The New York Times. The theft of the secret hacking tools had been devastating to the N.S.A., and the agency was...

Metals investors may have missed it given the gloomy sentiment that plagued markets for much of 2017, but gold just finished its best year since 2011. Perhaps in a year like the one just passed, 13% gains are simply not inspiring. U.S. stocks finished about 25% higher for the year, and crypto-currencies including Bitcoin left all other asset classes in the dust. Bitcoin gained roughly 1,400%. Die hard gold bugs enter 2018 waiting for crypto-bugs and stock bulls to see the value of precious metals. Fortunately, precious metals have served reliably both as an inflation hedge and as a safe...

hi, wondering what the most economical way to go is for buying bulk contemporary usa silver dollars. i got quoted a price of $20/silverdollar at a local jewelry store, quantity 100, immediate inventory. apparently a common unit of purchase is a 100 silver dollar bag. i would request the dollars be placed in plastic containers. very important: the plastic containers must not interact with the copper in the coins to produce a green patina. the reason for storage in rolls is to permit easy placement into flat style safety deposit boxes. should i go with 1, 2, 3, or more...

Iran may have received an additional $33.6 billion in secret cash and gold payments facilitated by the Obama administration between 2014 and 2016, according to testimony provided before Congress by an expert on last summer’s nuclear agreement with Iran. Between January 2014 and July 2015, when the Obama administration was hammering out the final details of the nuclear accord, Iran was paid $700 million every month from funds that had previously been frozen by U.S. sanctions. A total of $11.9 billion was ultimately paid to Iran, but the details surrounding these payments remain shrouded in mystery, according to Mark Dubowitz,...

E-waste recycling is a source of much needed income in many low to middle income countries Electronic product innovations satisfy many needs, including the desire of people to stay connected around the globe. As new products are continually introduced into the marketplace, consumers replace existing electronic products that are damaged or simply outdated. The resulting mass of electronic products discarded is becoming the fastest growing waste stream in the world leading to polluted environments. (1) Electronic waste (e-waste) which includes all types of electrical or electronic equipment is produced in staggering quantities, estimated globally to be 41.8 million tons in...

Here is just ONE example, although its a very good example, of why Hillary should be convicted of failing to secure CONFIDENTIAL government foreign-affairs documents... This one is from Sid Blumenthal to Hillary on April 2, 2010. Clearly from the subject matter, it does not belong on any unsecured computer system. It hints at the upcoming killing by the US, France, and NATO of Mohamar Qadaffi, and it even implys WHY this has to be done: Because Qadaffi is creating a 7-billion dollar fund of gold-backed dinars, which will be the only currency allowed for middle-east oil purchases. The message...

April 27, 2016 Sol_Palha We are still not convinced that Gold is fully out of the woods. Peter Schiff is busy telling everyone that it was a bad idea to have sold Gold in 2011, we beg to differ for the trend indicates otherwise, and so does the price of Gold. He is coming out with scary scenarios though they are not as grandiose as James Sinclair's scenario that calls for Gold to move to $50,000 an ounce. Even, when we dream we find it hard to envision such a price, so it is interesting that he can come up...

Germany's financial regulator has said it won't take further action against the country's largest bank over alleged interest rate rigging and precious metals price fixing. The moves takes the spotlight off a former boss. The watchdog, known as Bafin, announced on Thursday it had ended several major special audits against Deutsche Bank. [...] Deutsche Bank paid $2.5 billion (2.26 billion euros) in fines in April last year after investigations on manipulating interest rates. The bank was also probed for its role in rigging prices of gold, silver, platinum and palladium. It also recorded a multibillion-euro loss for 2015. Bafin officials...

Earlier this week, we told a fascinating story about an unprecedented, multi-year smuggling ring involving Turkey, Iran, and Dubai (as well as China, Russia and countless other nations) which saw corruption reaching to the very top of the political and financial establishment: from president Erdogan in Turkey, to one of Turkey's richest people, Iran-born Riza Sarraf, to Sheikh Sultan Bin Khalifa Al Nahyan, the son of the ruler of Abu Dhabi and one of the world's richest people. The smuggled object in question was gold, billions of dollars worth of gold. The focus of the story was the previously unknown...

A couple of readers asked me to comment on the news Regulator Fines Barclays Over the Pricing of Gold. A British financial regulator has fined Barclays $43.9 million after accusing a former trader at the bank of improperly influencing gold prices at the expense of a customer. The F.C.A. also fined the former Barclays trader, Daniel James Plunkett, £95,600 and barred him from participating in any regulated financial activity. The authority said Mr. Plunkett, who settled with it, had profited at the expense of a customer, who was later fully compensated by Barclays. Mr. Plunkett’s improper conduct occurred on June...

With countless settlements documenting the rigging of every single asset class, it was only a matter of time before the regulators - some 10 years behind the curve as usual - finally cracked down on gold manipulation as well, even though as we have shown in the past, central banks in general and the Fed in particular are among the biggest gold manipulators. That said, we are confident by now nobody will be surprised that there was manipulation going on in the gold casino. In fact, ever since Germany's Bafin launched a probe into Deutsche Bank for gold and silver...

BullionDirect, Inc. has filed a petition for Chapter 11 bankruptcy. The case is 15-10940-tmd in the U.S. Bankruptcy Court of the Western District of Texas (Austin). Noteworthy is that BullionDirect, Inc. now has only one direct, Dan Bensimon (President, Chief Restructuring Officer and Sole Director). I find this encouraging. It also only lists 11 unsecured creditors in the list of the 20 largest unsecured claims. This may be due to the fact that it is a Chapter 11 (e.g. Kitco's CCAA/bankruptcy filing did not include customers as creditors, as their storage customers did not appear on their balance sheet). But...