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The GoldBugg Report – February 10, 2009

February 10, 2009

WORLD FINANCIAL REPORT ON RADIO Feb 6 2009 SHOW

GOLD

-Last month, the price for a single ounce of gold surpassed the S&P; 500 index for the first time in 18 years. Following the last such inflection point that occurred in 1973, gold surged ahead over 600%. With no clear picture for when the economy might turn around, and the future of gold looking bright, this “shifting of the tides” could be signaling a new era for gold. Casey’s Charts

-Eric Sprott, the Canadian money manager who last year predicted banking stocks would collapse, said the U.S. is at the beginning of an economic depression that will help gold prices more than double. Bullion may top $2,000 an ounce in coming years amid a series of financial catastrophes, the chairman and founder of Toronto-based Sprott Asset Management Inc. said yesterday in an interview. Banks will battle to replenish capital, Treasury auctions stand the risk of failing and the moribund economy will create a dire operating outlook for many companies, he said.

“The trend is down, and there’s not one signpost that says it’s changing yet,” Sprott said yesterday from Toronto. “We’ll stand by to wait to see those, and until it does, you have to assume it gets worse.” Sprott, who manages $4.5 billion, said in March that the world was in a “systemic financial meltdown,” a call that presaged the collapse of financial institutions including Bear Stearns & Co. and Lehman Brothers Holdings Inc. Since then, the U.S. has entered the worst economic slowdown since the Great Depression, credit markets have tightened and asset prices have dropped as companies and funds sell portfolios to raise cash.

The 81-company Standard & Poor’s 500 Financials Index has dropped 62 percent since Sprott said on March 6 he was buying bullion and gold-producers’ shares, while shorting financial- sector stocks. Gold slipped 6.3 percent during the same period. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=ao7hCvQA9QZ0

-Eric Sprott commentary, You think 2008 was bad? Welcome to 2009. Read more here-http://www.sprott.com/pdf/marketsataglance/MAAG.pdf

-Gold will touch a record this year as efforts to stem a worsening financial crisis spark “explosive” inflation, said Van Eck Associates gold-fund manager Joe Foster. When the global economy recovers from the current recession, shortages of commodities that helped push prices to record levels last year will return, said Foster, part of the team that manages $8 billion in assets including gold and commodities at New York- based Van Eck.

“Then you layer on top of that all the liquidity, the printing of money and the other measures the government is taking,” he said yesterday in an interview. “Once the velocity of that money starts to pick up in a more positive environment, it could create an explosive situation.”

Foster concurs with Eric Sprott, a Canadian money manager, that bullion may touch $2,000 an ounce. Gold gained for the eighth straight year in 2008, touching a record $1,033.90 an ounce in March, as investors bought the precious metal to store value amid a worsening economic slump.

Foster, whose Van Eck International Investors Gold Fund beat 93 percent of comparable funds in five years, said he is fielding an increasing number of calls from clients interested in gold. Van Eck has raised the proportion of gold investments in its non-specialist gold funds to the “high end” of a normal 10 percent to 20 percent range, he said. Read more here-

http://www.bloomberg.com/apps/news?pid=20601082&sid;=axN4cvbL91lg&refer;=canada

-Gold prices may hit $1,500 an ounce in the next 12 to 15 months, Gary Dugan, the Chief Investment Officer (CIO) of Merrill Lynch, said yesterday. Dugan termed his apprehensions of gold striking such a high as a “fear” that may come true. He reasoned that such a price would mean the other commodities and streams of investments have been shunned by investors.

With confidence in currencies shaken to the core, the yellow metal is increasingly assuming the role of “the most trusted currency”, Dugan said. “We have never seen such a rush to buy gold. It’s bringing in security and it’s still affordable.”

Merrill Lynch commodity price forecast authored by Dugan showed that gold prices can rise from the currently prevailing $913/oz to $1,100/oz in the first quarter of 2009 and to $1,150/oz in the second quarter. Read more here-http://www.business24-7.ae/articles/2009/2/pages/02032009_6fce22dd78604ed19eeb0ca3276fb9b0.aspx

-Investment bank Goldman Sachs raised its forecast for the price of gold to reach $1,000 an ounce in the next three months from its previous forecast of $700 due to rising investor demand for safe haven assets. “The gold price rally has been driven by surging demand for gold in all forms: physical gold, exchange-traded funds (ETFs), and futures contracts as

investors seek ‘a safe store of value’ amid the financial distress and inflation risks,” it said in a report. It also noted that a strong relationship between the price of gold in U.S. dollars and the exchange rate of the dollar against other currencies has begun to break down. Reuters

-Gold should remain a key component of all investors’ portfolios as the anti-dollar, anti-derivative, anti-LBO trade. At some point, sooner rather than later (i.e., within five years), gold will trade at $3,000 an ounce. Michael E. Lewitt-Read more here-http://www.forbes.com/2009/01/30/federal-reserve-bonds-personal-finance-investing-ideas_0130_economic_outlook.html

-RBC predicts $750-$1 000/oz, ’significant volatility’ for gold in ‘09. Read more here-http://www.miningweekly.com/article.php?a_id=152685

-Surging gold investment demand but high price volatility likely. Gold commentator Jeffrey Nichols reckons the yellow metal is suffering from a form of bipolar disorder and he and others look to a significantly higher price, but movements likely to be volatile. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=78009&sn;=Detail

-ETFs absorb more than $3 billion of gold so far this year. With the gold price reaching records in a number of important consuming nations, jewellery demand is stagnant but ETFs are soaring; are they establishing themselves as the west’s answer to small bars? Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=78038&sn;=Detail

-2009 gold price estimates High $1345, Year End $1172, Average $992. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=77812&sn;=Detail

-Gold Disconnects from the U.S. Dollar. Read more here-http://news.goldseek.com/GoldenJackass/1233846218.php

-Gold could come into its own as true safe haven Scotiabank. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=77678&sn;=Detail

-Gold: The Protector and Creator of Jobs. Read more here-http://news.goldseek.com/GoldSeek/1233817800.php

-Overseas buyers start new gold rush. Read more here-http://www.stuff.co.nz/4834781a11.html

-Peak Gold and Silver. Read more here-http://news.goldseek.com/GoldSeek/1233538451.php

-Japan sewage yields more gold than top mines. Read more here-http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUST8310320090130

-Gold tiaras for rent for recession-hit Japan brides. Read more here-http://www.reuters.com/article/lifestyleMolt/idUSTRE5131XO20090204

SILVER

Gold to silver ratio at 80 to 1 with gold at $2,500 the silver price would be $31.25
Gold to silver ratio at 70 to 1 with gold at $2,500 the silver price would be $35.71
Gold to silver ratio at 60 to 1 with gold at $2,500 the silver price would be $41.67
Gold to silver ratio at 50 to 1 with gold at $2,500 the silver price would be $50.00
Gold to silver ratio at 16 to 1 with gold at $2,500 the silver price would be $156.25

-UBS sees silver averaging $14.75/oz in 2009. Read more here-http://www.platts.com/Metals/News/8333669.xml?sub=Metals&p;=Metals/News&?undefined&undefined;

-Update on the Gold Silver Ratio from Roland Watson. Read more here-http://www.321gold.com/editorials/watson/watson020209.html

-Huntington Asset Advisors Inc. is betting the widest gap between silver and gold prices in 14 years will narrow. Huntington’s Peter Sorrentino is looking at metals, where the gap between gold and silver prices grew to the widest since 1994 last quarter.

Gold rose 5.5 percent last year on the New York Mercantile Exchange’s Comex division, the eighth straight annual gain, because traders hoarded bullion as the U.S., Europe and Japan contracted simultaneously for the first time since World War II. Silver tumbled 24 percent on concern industrial demand will wane in a recession.

The price difference is more than 30 percent greater than the average in the previous 10 years, Bloomberg show data. Sorrentino stands to reap about $4.5 million in profits from a $10 million bet if the spread returns to its average. Read more here-http://www.bloomberg.com/apps/news?pid=20601109&sid;=anLO8GN5iE_k&refer;=home

-Ted Butler silver commentary-Read more here-http://news.silverseek.com/TedButler/1233683504.php

DEFINITIONS-QUOTES-QUICK HITS

-Mark-to-market is an accounting methodology of assigning a value to a position held in a financial instrument based on the current market price for the instrument or similar instruments. For example, the final value of a futures contract that expires in 9 months will not be known until it expires. If it is marked to market, for accounting purposes it is assigned the value that it would currently fetch in the open market. Read more here-http://en.wikipedia.org/wiki/Mark_to_market

-The interventionist policy (big government) provides thousands and thousands of people with safe, placid, and not too strenuous jobs at the expense of the rest of society. Ludwig von Mises-Read more here-http://en.wikipedia.org/wiki/Ludwig_von_Mises

-There’s a rumour going around that states cannot go bankrupt,” German Chancellor Angela Merkel said recently at a private bank event in Frankfurt. “This rumour is not true.” Of course she’s right. Countries can go bankrupt if they allow their deficit spending to spin out of control and are no longer able to service their interest payments.

Merkel’s comments can be read as a warning that countries need to keep their deficit spending in check. The message is: If governments go too far in trying to bail out companies and the economy, they could face insolvency themselves. Read more here-http://www.spiegel.de/international/world/0,1518,druck-604523,00.html

-With confidence in currencies shaken to the core, the yellow metal is increasingly assuming the role of “the most trusted currency”. We have never seen such a rush to buy gold. It’s bringing in security and it’s still affordable. Gary Dugan, Chief Investment Officer, Merrill Lynch, February 3, 2009

-It would be absurd to think that Bernanke would be able to nail a 1 to 2 percent Goldilocks inflation rate coming out of this. What you have is competitive devaluation of all currencies around the world. Precious metals are the only hedge in this kind of environment. The trend of gold over the next five years is a straight line toward $1,700. John Brynjolfsson, Chief Investment Officer, Armoured Wolf LLC, Alis Viejo, California Bloomberg, January 29, 2009

-All this activity in precious metals has taken place while the US Dollar has remained strong. To us this indicates a disconnect for the Metals vs. the Dollar as the “Flight to Quality” seems to be gaining momentum. The 825 Billion Dollar “Stimulus” package, as predicted, is experiencing severe problems at the Senate Level. We have even heard some economists’ state that if this passes in its current form that the United States will be experiencing inflation at the 20 to 25% level prior to 2012.

Meanwhile, President Obama is doing everything he can to pressure its passage in its current form. This is so typical of a Democratic Government, Spend, Spend, Spend and Print, Print, Print. Let’s not learn from our mistakes, let’s just repeat the same mistakes of the “Carter Administration”.

So hold on to your Hats its going to be a wild 4 years under Obama. One thing seems certain, Precious Metals look to be one of the only safe places to put your money and prices are attractive for accumulating. We wouldn’t be surprised to see a rapid upward price movement once the next resistance levels are penetrated. Precious Metals International Ltd

-On gold, Harry Schultz writes: “Mathematically it will need a U.S. $2,300 gold price to equal the $800 gold peak of 1980. So, gold is cheap today, is well under half its 1980 worth in inflation-adjusted dollars.” He cites one technical indicator: “Basis on French Curve chart projection, gold will reach $3,500 by 2012, then fall to $2,500 (29%), then rise to $10,000.

There are a lot of projections around by some able technicians. If we go into Weimar inflation, the sky is the limit. But, we will play it a stage at a time, by the charts, because being overconfident about any future prices has been the undoing of many souls.” Read more here-http://www.marketwatch.com/news/story/A-great-month-gloom-doomers/story.aspx?guid={B5EBCB7B-D416-4ADD-B956-75DAC1D125C5}

-I believe that both gold and silver prices will rise to new highs in the coming year. That would be in excess of $1000/ounce for gold and $20/ounce for silver.

John Hathaway manager of the Tocqueville Gold Focus Fund-Read more here-http://news.goldseek.com/PeterCooper/1233759718.php

-”Worldwide, gold is seen as a safe place to be,” said Frank Lesh, a trader at FuturePath Trading in Chicago. “It’s one of the few assets that made money last year. Everybody wonders: Where should I go with my money this year? When you look around, gold is one of the few recipients.” Casey Daily Resource

-”The search for safe havens is still a major factor driving investor decisions,” said James Turk, founder of Goldmoney.com. “Gold is the safest haven of all. Gold will continue to benefit from all the monetary turmoil and worries about insolvent banks.” Casey Daily Resource

-As Joel Crane, of Deutsche Bank in New York, put it: “Central banks are going to start printing money and it’s not an ideal place for investors to be. People don’t have faith in currencies at the moment. There is still an underlying faith that gold will go higher.” Casey Daily Resource

-”Demand remains very high internationally for ETFs, gold certificates and bullion coins and bars,” said Mark O’Byrne, of Gold and Silver Investments. He’s seen “continuing safe haven demand for gold” due to the “sharp deterioration in the global economy.” Casey Daily Resource

-Of interest to coin fanciers will be stats from the U.S. Mint showing that it stamped out 94,500 gold Eagles in January. Well, if so, then where are they? That is not a small number, especially for January, but none of the several dealers we contacted has seen any, nor have they been informed as to when the 2009 Eagles will be available. Very peculiar, as they say. Casey Daily Resource

-UBS AG expects gold to average $1,000 an ounce this year, up 43 percent from its previous forecast, as investment demand will likely double in 2009 compared with 2007. Investment in exchange traded funds backed by bullion, such as the SPDR Gold Trust, has climbed to a record. Bloomberg-Read more here-http://www.platts.com/Metals/News/8333669.xml?sub=Metals&p;=Metals/News&?undefined&undefined;

-”The government can print endless money, but they cannot increase the supply of gold,” said Michael Pento, chief economist at Delta Global Advisors Inc. in Huntington Beach, California, who is doubling holdings of the precious metal to 8 percent of his $1.5 billion in assets. “Anything the government cannot replicate by decree, I want to own.” Investors typically buy gold during times of financial turmoil as a store of value.

The commodity has gained in five of the past six U.S. recessions. To rescue the U.S. economy, the Federal Reserve reduced its target interest rate for overnight loans between banks to as low as zero percent, more than doubled its total assets during the past year and agreed to buy long-term Treasuries. The government pledged $8.5 trillion on behalf of American taxpayers and spent $350 billion so far under the Troubled Asset Relief Program to bail out banks. Bloomberg

-The U.S. Mint suspended sales of American Buffalo 1-ounce gold coins in September after supplies ran out. The Perth Mint, producer of so-called Kangaroo and Nugget coins in Australia, said in October that it doubled output in six months. Muenze Oesterreich AG, the Austrian mint, almost quadrupled production of its Philharmonic coin in the first nine months of 2008.

Holdings in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, exceed the gold reserves of all but five central banks and the IMF. Switzerland’s Zuercher Kantonalbank in October said its gold vault was full.

Investment demand for gold bars may climb 49 percent to 201 metric tons in the first half of 2009, according to London-based researcher GFMS Ltd. Frederic Panizzutti, senior vice president at Geneva bullion refiner MKS Finance SA and the most accurate forecaster in the 2008 London Bullion Market survey, said the peak will be breached before July. Bloomberg

-Bullion is already up 16 percent since December 2007, the date that the Cambridge, Massachusetts-based National Bureau of Economic Research says was the start of the current recession. The biggest gain came in the 1973-1975 slowdown, when gold advanced 88 percent. Bloomberg

-”Gold is the ultimate currency hedge,” said Michael Darda, chief economist at research company MKM Partners LP in Greenwich, Connecticut, who expects gold to surpass $1,000 this year. “If central banks are going to shovel massive amounts of paper out there, gold will ultimately respond to that.” Bloomberg

-Chinese Cautious on Treasury Notes. China’s willingness to continue buying United States Treasury securities in large numbers will depend on its need to protect the value of its foreign investments, the Chinese premier, Wen Jiabao, said Saturday. He also said that a stable yuan is in everyone’s interests.

“Whether we will buy more U.S. Treasury bonds, and if so by how much we should take that decision in accordance with China’s own need and also our aim to keep the security of our foreign reserves and the value of them,” Mr. Wen said. His enigmatic remarks, made near the end of a visit to Europe, could raise new concerns about China’s commitment to continue purchasing United States government debt. Reuters

-General Motors Corp. and Ford Motor Co. said U.S. sales plummeted at least 40 percent in January and Toyota Motor Corp. dived by almost a third, dragging the world’s biggest auto market toward the worst month since 1982.

The declines were 49 percent at GM, the largest U.S. automaker; 40 percent at Ford and 55 percent for Chrysler LLC. Toyota dropped 32 percent, Honda Motor Co. fell 28 percent and Nissan Motor Co. was down 30 percent.

Today’s reports showed the toll of sinking confidence among car and truck buyers. GM, Ford and Chrysler said January deliveries may have tumbled to an annual rate of fewer than 10 million vehicles, after full-year sales averaged about 16 million this decade. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=aZHdANy2NHFc

-Deutsche Bank posts first loss since WWII, rejects state aid. Read more here-http://www.breitbart.com/article.php?id=CNG.c3b86e67d015d664d720fa421d679c0f.631&show;_article=1

-84% of U.S. cities in money trouble. Some 84% of cities say they are facing financial difficulty, according to new survey. Things won’t improve this year. Read more here-

http://money.cnn.com/2009/02/04/news/economy/city_troubles/index.htm?postversion=2009020412

-Global recession where did all the money go? Read more here-http://www.guardian.co.uk/business/dan-roberts-on-business-blog/interactive/2009/jan/29/financial-pyramid

-Dr. Ron Paul, U.S. Congressman says end the Fed. Watch video here-http://news.goldseek.com/RonPaul/1233588530.php

-Glenn Beck: The Inconvenient U.S. Debt: A Detailed Look at the Latest Monetary Base Figures. Read more here-http://www.youtube.com/watch?gl=CA&hl;=en&v;=FgJYCpRr5yI

-A Response to My Critics from Peter Schiff. Read more here-http://news.goldseek.com/EuroCapital/1233299220.php

-Zimbabwe, which has the world’s highest inflation rate, slashed 12 zeroes off its currency and announced measures to make trade in foreign exchange more transparent, Gideon Gono, the central bank governor, said.

The central bank revalued the currency at a rate of 1 trillion Zimbabwe dollars for one, Gono said in a statement on the Reserve Bank of Zimbabwe’s Web site today. The central bank also lifted all restrictions on foreign currency cash withdrawals. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=a_UGbP7DrrbI or

http://www.channel4.com/news/articles/politics/international_politics/zimbabwe+dispatches+the+value+of+money/2920357

-Iran says Obama’s offer to talk shows US failure. Read more here-http://www.breitbart.com/article.php?id=CNG.073ba2ee2f1f00668848a4655420fedc.411&show;_article=1

-Iran says US must accept nuclear programme. Read more here-http://www.ft.com/cms/s/0/6c33dd74-f2eb-11dd-abe6-0000779fd2ac.html?nclick_check=1

-Cheney warns of new attacks. Former Vice President Dick Cheney warned that there is a “high probability” that terrorists will attempt a catastrophic nuclear or biological attack in coming years, and said he fears the Obama administration’s policies will make it more likely the attempt will succeed. Read more here-

http://www.politico.com/news/stories/0209/18390.html

WWW.RARECOLOREDDIAMONDS.COM

-The Rare Colored Diamonds Historical Value Tracker system is the perfect tool for investors to view the potential future value of a rare colored diamond based on the current market trend of a particular type of diamond. Track the potential future value of colored diamonds here-http://www.rarecoloreddiamonds.com/HistoricalValueTracker.html

-Wealthy clients investing in significant jewels. One ray of light in an economy dominated by a plunging stock market and failing real estate sector stands to be a boon for jewelers: High-end customers are turning to significant gemstones as investments, independents recently told National Jeweler. Industry leaders report similar patterns throughout the marketplace.

“Historically, diamonds have been a proven asset on multiple levels, and independent jewelers are seeing this trend today,” says Sally Morrison, director of the Diamond Information Center.

“In extremely soft economic times, people look to very hard assets, and diamonds prove to be less volatile than pretty much anything else I can think of.” Levinson Jewelers in South Florida has seen a 100 percent increase in sales of jewelry for investment purposes, says owner Mark Levinson. He says clients like to add jewels to their investment portfolio especially because the asset is easily transportable to the best market.

“If the euro is stronger than the dollar, you can have your diamond in pocket and take advantage of that,” Levinson says. “You can’t put gold or platinum or real estate in your pocket. But you can put millions of dollars of diamonds in your pocket. In that way, it is discreet it’s not like a piece of real estate you have to register. Plus, it’s an investment category that is fun and exciting. If you own a stock, you get a certificate.

With a beautiful diamond, you can wear and enjoy and have fun with it.” B.W. David Leavitt, owner of Antique and Estate Jewelry in Rancho Santa Fe, Calif., says business has been booming among his high-end customers who are scooping up significant investment jewels. “All of the biggest diamonds I’ve ever sold have been to men who buy as investments to hoard,” Leavitt says. “If it’s over 20 carats, it’s for an investment. They don’t let their wives wear it even if it is in a ring.

Today, there is more interest in that than in the past. People understand that diamonds are a good investment, and they’re hedging against inflation.” “In the 1987 stock crash, everyone stopped buying jewelry,” Leavitt says. “People were just blindsided. But now people are more world-savvy and are looking for other ways to invest.” Historically, significant diamonds have proven to be much more solid investments when compared with their smaller counterparts.

The Rapaport Group reported that as of Sept. 15, half-carat diamond prices were up 9 percent over the previous year, while 5-carat diamond prices were up a whopping 40 percent during the same period. Prices are poised to grow by double to $40 billion by 2016, while mine production is projected to grow by just 50 percent to 20 million carats, according to Rapaport Group, which forecasts diamond demand. Read more here-http://www.nationaljewelernetwork.com/njn/content_display/independents/market-developments/e3if2aba79ad08ad34ce699bacd6b341b2c?imw=Y

-Diamonds remain timeless and a good investment. The late Houston grand dame Mary Owen Greenwood wore her diamonds anytime, anywhere. When New York gossip columnist Suzy chided her for wearing big sparklers during daylight hours, Greenwood replied, “That’s what I thought, honey, until I had ‘em.”

Nowadays, industry experts say jewelers are holding their own by touting diamonds as a good investment. “I wish my 401k was in diamonds,” says Sally Morrison, director of the Diamond Information Center. Read more here-http://www.chron.com/disp/story.mpl/life/style/gloss/6244364.html

-”I don’t know how many newspapers you read, but if you look at page 2 of the NY Times or the LA Times you’ll note that every day there are ads for big diamonds. Plus ads shouting, “We want to buy your jewelry.” Who the devil is buying big diamonds these days? These daily ads are expensive to place, so they must be paying off.

Question why are we seeing ads for big diamonds every day? The answer is that major national and international money, important money, is buying diamonds as a store of value. They’re swapping fiat “junk” currency for diamonds. Why diamonds? Investment-grade diamonds are the new “concentrated form of gold.” I’m not talking about the kind of diamonds you see in the window of your local jeweler.

Most of those are what I call “junk diamonds.” There’s no decent resale market for those small, low-grade diamonds. But if we’re talking about a ten-carat G-color VVS1-clarity diamond, believe me there’s a market for it in the hundreds of thousands of dollars. Richard Russell-Dow Theory Letters

-In Shift, Chinese Move More Money Overseas. In Hong Kong, wealthy mainlanders are turning up at jewelry stores in growing numbers seeking diamonds, big ones. “They’re looking for five-carat diamond rings and six-carat diamond earrings three carats for each ear,” said Yollanda Lam, the marketing manager for the King Fook jewelry store chain here. Read more here-http://www.nytimes.com/2009/02/03/business/worldbusiness/03yuan.html

U.K. PM SUGGESTS WORLD HEADING FOR DEPRESSION-U.K. RECESSION

-Gordon Brown appeared to acknowledge for the first time that the world economy was heading for a 1930s-style “depression”. Mr. Brown stumbled slightly over his words at Commons question time, just a week after admitting that Britain was facing a “deep” recession. As the financial gloom deepens, he told the Tory leader David Cameron today: “We should agree, as a world, on a monetary and fiscal stimulus that will take the world out of depression.”

The comment went unnoticed during rowdy question time exchanges between Mr. Cameron and Mr. Brown, which centered on protectionism and the Prime Minister’s use of the phrase “British jobs for British workers”. Ironically, the exchange ended with Mr. Brown accusing the Tory leader of deliberately “talking Britain down”.

A No 10 spokesman said that Mr. Brown’s use of the word “depression” was not deliberate. “And he does not think it.” The term “depression” refers to sustained recessions characterized by high unemployment and a severe lack of business confidence rather than regular cyclical downturns. It has not been used by British policymakers during the current downturn except by way of warning and comparison with the Great Depression of the early 1930s. Read more here-http://www.timesonline.co.uk/tol/news/politics/article5660573.ece

-The British economy will shrink until the fourth quarter of this year as the world endures the slowest growth since the end of World War II, the National Institute of Economic and Social Research said. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid;=aRjy8HxTEBNs&refer;=home

-KPMG Says 5,000 U.K. Companies May File for Bankruptcy in 2009. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=alAM0hb78zDo

-George Soros, the billionaire investor, has been selling off sterling. George Soros, the billionaire investor famed for “breaking the Bank of England” has launched another assault in recent months, cashing in as Britain’s currency slid. Read more here-http://www.telegraph.co.uk/finance/financetopics/recession/4376432/George-Soros-the-billionaire-investor-has-been-selling-off-sterling.html

REVEALED-THE DAY U.K. BANKS WERE JUST THREE HOURS FROM COLLAPSE

-Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown’s Ministers has revealed. City Minister Paul Myners disclosed that on Friday, October 10, the country was ‘very close’ to a complete banking collapse after ‘major depositors’ attempted to withdraw their money en masse.

The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals. Only frantic behind-the-scenes efforts averted financial meltdown.

If the moves had failed, Mr. Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits. But 60-year-old Lord Myners was accused last night of being ‘completely irresponsible’ for admitting the scale of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure. Read more here-http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html

KRUGMAN-OBAMA SHOULD NATIONALIZE U.S. BANKS

-President Barack Obama shouldn’t hesitate to nationalize the banks that need to be bailed out, Nobel Prize-winning economist Paul Krugman said. “If taxpayers are footing the bill for rescuing the banks, why shouldn’t they get ownership, at least until private buyers can be found?” Krugman wrote in a column in the New York Times published today. “But the Obama administration appears to be tying itself in knots to avoid this outcome.”

His remarks echo those of Nassim Nicholas Taleb and Nouriel Roubini, who said last week that nationalizations will be necessary to bring the U.S. banking system out of insolvency. Obama will require banks to bolster lending in return for government aid, lawmaker Barney Frank said this week, stopping short of taking full ownership.

Krugman said the U.S. government’s rescue plan appears to put banking risk with taxpayers when loans go bad while giving the rewards to executives and shareholders when things go well. He cited newspaper reports that Obama’s rescue plan will include government purchases of troubled bank assets and guarantees against losses. Treasury Secretary Timothy Geithner said on Jan. 28 that U.S. officials will “do our best” to preserve the banking system run by private shareholders. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid;=a4Tl65kFU96s&refer;=home

BANKS IN FLORIDA-MARYLAND-UTAH SHUT

-Banks in Florida, Maryland and Utah were closed as regulators wrapped up the busiest month for failures since the housing slump began in 2006. Ocala National Bank in Florida and Suburban Federal Savings Bank of Crofton, Maryland, were shut by federal regulators, according to statements sent by the Federal Deposit Insurance Corp. MagnetBank of Salt Lake City was seized by the Utah Department of Financial Institutions. The banks had total assets of $876.4 million and deposits of $790 million.

Six banks have failed this month as tumbling home prices and a 16-year high in unemployment boost foreclosures. The FDIC classified 171 banks as “problem” in the third quarter, a 46 percent jump from the previous period amid the worst housing crisis since the Great Depression. Regulators closed 25 U.S. banks last year, the most since 1993, draining money from the FDIC deposit insurance fund, which had $34.6 billion as of Sept. 30. Ocala and Suburban Federal combined will cost the FDIC fund about $225.6 million, the regulator said.

No estimate was provided for MagnetBank. Suburban Federal’s seven offices were scheduled to open today as branches of The Bank of Essex of Tappahannock, Virginia, which acquired the deposits. The Office of Thrift Supervision said it seized the bank because of more than a year of losses stemming from soured residential, construction and land loans. “The OTS determined that Suburban was critically undercapitalized and in unsound condition,” the regulator said in an e-mailed statement. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid;=aIfyJ5j8OHTM

U.S. STIMULUS-BAILOUT

-Bill Gross, co-chief investment officer of Pacific Investment Management Co., said the U.S. may slump into a “mini depression” unless policy makers spend trillions of dollars to spur growth. “This economy needs support from the government, a check from the government in the trillions,” Gross said today in a Bloomberg Television interview from Pimco’s headquarters in Newport Beach, California. “There is a potential catastrophe if the U.S. government continues to focus on billions of dollars.” Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid;=aisUgNlpOK.Y&refer;=home

-World worries how U.S. will pay for stimulus. Even as the U.S. Congress looks for ways to expand President Barack Obama’s $819 billion stimulus package, the rest of the world is wondering how Washington will pay for it all. Few people attending the World Economic Forum question the need to revive America’s economy, the world’s largest, with a package that could reach $1 trillion over two years.

But the long-term fallout from increased borrowing by the U.S. government, and its potential to drive up inflation and interest rates around the world, seems to be getting more attention here than in Washington. “The U.S. needs to show some proof they have a plan to get out of the fiscal problem,” said Ernesto Zedillo, the former Mexican president who helped steer his country through a financial crisis in 1994. “We, as developing countries, need to know we won’t be crowded out of the capital markets, which is already happening.”

Zedillo said that Washington, unlike most other countries, had the option of simply printing more money, because the dollar was a reserve currency for the rest of the world. Over the long run, that could force long-term interest rates higher and drive down the value of the dollar, undermining the benefits that come with its special status. Read more here-http://www.iht.com/articles/2009/01/30/business/borrow.1-419211.php?page=1

-Add this to the list of complaints about the government’s Wall Street bailout: When Washington was buying pieces of banks last year, it may have overpaid, by as much as 30 percent. A regulator overseeing the government’s $700 billion bailout testified Thursday that the Treasury Department paid $254 billion for $176 billion of assets an overpayment of $76 billion.

“Treasury paid substantially more for the assets it purchased under the TARP than their then-current market value,” said Elizabeth Warren, chairwoman of the Congressional Oversight Panel examining the Troubled Asset Relief Program, or TARP. She cited a valuation study as evidence of the overpayment.

The figures were calculated by studying 10 transactions and then extrapolating their results to all of the TARP purchases in 2008, Ms. Warren said. “There may be good policy reasons for overpaying,” Ms. Warren said. “But without a clearly delineated reason, we can’t know.” Read more here-

http://www.nytimes.com/2009/02/06/business/economy/06tarp.html?partner=rss&emc;=rss

-Meredith Whitney: Why TARP I & II Won’t Work. Wednesday morning, Oppenheimer & Co. banking analyst Meredith Whitney sent out a note that had better be on the Blackberries of Timothy Geithner and Barack Obama. The note is a summary of a conversation that Whitney and her team had with Michael Cavanaugh, chief financial officer of JP Morgan Chase. The flaws of TARP are instantly revealed.

No amount of capital infusions from the government will get JP Morgan to lend more, says Cavanaugh. The bank simply has no appetite for risk in a recession. This is as clear a signal that JP Morgan can send as TARP II is implemented JP Morgan will take the money, but it’s not going to lend it out soon.

Cavanaugh does say that a US sponsored bad bank will provide, in Whitney’s summary, “relief to the system and free up lending at peer banks,” implying that this might help Morgan’s competitors and get them lending but that Morgan won’t increase its lending because of it. Also, he says, suspending mark-to-market accounting rules will have no effect on Morgan’s balance sheet.

So there you go, a barely coded message to Geithner: changing accounting rules won’t help, setting up a bad bank might, and if the banks that take public money follow JP Morgan’s “fortress balance sheet” approach then banks will not simply be a conduit for turning taxpayer money into consumer loans. Instead, banks will keep the money.

Geithner has one option, of course put conditions on any future capital infusions, demanding a certain percentage of lending increases in exchange for funding. But even on that front, Cavanaugh has a warning the cost of consumer credit is going to go up. Story here-http://blogs.forbes.com/trailwatch/2009/02/meredith-whitney-why-tarp-i-ii-wont-work.html

-It’s A Bailout World from David Chapman. Read more here-http://news.goldseek.com/UnionSecurities/1233558360.php

-Uncharted Waters. These are uncharted waters, indeed. The shenanigans being foisted upon us by Washington are unprecedented at least since World War II, and probably ever. There is so much complexity, if not sheer trickery, going on that it becomes increasingly difficult to make any sense of what’s happening, much less what the net effect is going to be. Read more here-http://www.321gold.com/editorials/casey/casey020109.html

U.S. RECESSION-JOBS-BANKRUPTCIES

-Slim chance of a turnaround in 2009. Consumers and businesses have retrenched so deeply that it will take a long time for the economy to stage a meaningful comeback. Read more here-http://money.cnn.com/2009/01/30/news/economy/Karydakis_turnaround.fortune/index.htm?postversion=2009013016

-US credit card delinquencies at record highs. Read more here-http://www.reuters.com/article/marketsNews/idUSN0428871920090204

-Consumer spending in the U.S. fell in December for a record sixth consecutive month, capping the worst year since 1961, a slump that is likely to persist as companies slash payrolls. The 1 percent drop in purchases was larger than forecast and followed a 0.8 percent decrease in November, the Commerce Department said today in Washington. Read more here-

http://www.bloomberg.com/apps/news?pid=20601068&sid;=a4wAvtbTYx8U&refer;=home or http://money.cnn.com/2009/02/02/news/economy/personal_income_spending/index.htm

-The number of Americans filing first- time claims for jobless benefits unexpectedly jumped last week to a 26-year high, signaling a deepening deterioration in the labor market. Initial jobless claims increased by 35,000 to 626,000 in the week ended Jan. 31, the highest level since October 1982, the Labor Department said today in Washington. The total number of people collecting benefits jumped to a record 4.788 million a week earlier. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid;=aYUd8snLZgo0&refer;=home

-Unemployment rises in 98% of cities. Metropolitan unemployment up in 363 of 369 regions in December. Some 40 cities report jobless rates higher than 10%. Read more here-

http://money.cnn.com/2009/02/04/news/economy/metropolitan_unemployment/index.htm?postversion=2009020411

-Companies in the U.S. cut an estimated 522,000 jobs in January as the economy weakened at the start of the year, a private report based on payroll data showed today. Read more here-

http://www.bloomberg.com/apps/news?pid=20601068&sid;=alV5yqCR0DTY&refer;=home

-Massive job losses: What’s left to cut? It’s been a solid year of slow sales and job cuts and businesses are running out of options for further cutbacks. Read more here-

http://money.cnn.com/2009/02/04/smallbusiness/layoffs_continue.smb/index.htm

-Personal bankruptcy filings in the U.S. rose 34.4 percent in January as the deepening economic crisis drove many to seek court protection from creditors. Individual bankruptcy filings rose to 88,773, up more than a third from a year earlier and higher than the 84,926 filings in December, according to the National Bankruptcy Research Center. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid;=aOnsz9q3r8_8

-Expectations for U.S. business bankruptcies continue to show a rising and accelerating trend. A recent study by the global credit insurance provider Euler-Hermes forecast a 45% year-over-year increase in U.S. business bankruptcies for 2008 and a 50% increase on top of that for 2009 hardly the ingredients for a rebounding U.S. economy. Casey’s Charts

WORST JANUARY EVER FOR THE DOW AND S&P; 500

-Stocks wrapped up their worst January on record with a final plunge on Friday. The Dow Jones Industrial Average finished January down 8.84% on the month. Previously, the worst January for the Dow had been that of 1916, when it fell 8.64%. Friday, the Dow dropped 148.15 points to 8000.86 after briefly dipping below the 8000 mark. The Dow has fallen five straight months and in 12 of the last 15.

The S&P; 500-stock index lost 2.28% Friday to end at 825.88, for cumulative losses in January of 8.57%. Until Friday, its worst January from 1929 onward occurred in 1970, when it lost 7.65%. Both stock-market indexes are off by more than 40% from their 2007 highs. Read more here-http://online.wsj.com/article/SB123331631097133089.html or http://money.cnn.com/2009/01/30/markets/markets_newyork/index.htm?postversion=2009013018

-The Standard & Poor’s 500 Index will fall, wiping out its 9.8 percent gain since November, as President Barack Obama’s so-called bad bank plan takes months to carry out and the recession worsens, Barclays Plc said.

“We suggest putting down the champagne glass and drinking a cup of coffee,” Barry Knapp, chief U.S. equity strategist at Barclays said in a report dated Jan. 30. “The policy euphoria associated with the ‘bad bank’ plan will prove to be short lived.” Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=aUHSFL9hJb78

-Russian and eastern European equities may fall further because earnings and other fundamental measures mean little in the current economic turmoil, said Nouriel Roubini, the New York University professor who forecast a U.S. recession two years ago. “In market dynamics, prices can move far below what fundamentals justify,” Roubini said in an interview in Moscow. “There is still a massive downside for equities in the region.” Read more here-http://www.bloomberg.com/apps/news?pid=20601085&sid;=aWHaLfV69mFI&refer;=europe

INTEREST RATES

-The Bank of England cut the benchmark interest rate to the lowest since the bank was founded in 1694 to help drag the British economy out of the deepening recession. The nine-member Monetary Policy Committee, led by Governor Mervyn King, reduced the bank rate to 1 percent from 1.5 percent. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid;=afu0SjkxN42w&refer;=home

-The European Central Bank kept interest rates unchanged after four reductions since early October as officials gauge the severity of the recession before cutting borrowing costs again.

Policy makers meeting in Frankfurt left the benchmark lending rate at 2 percent, as forecast by all but one of 53 economists in a Bloomberg News survey. The ECB will cut the rate to a record low of 1.5 percent in March, another survey shows.

ECB President Jean-Claude Trichet has signaled a reluctance to follow the U.S. Federal Reserve in lowering rates to close to zero, even as Europe finds itself in the grips of its worst recession since World War II. At the same time, Trichet signaled as recently as Jan. 28 that the slowdown will probably force the ECB to act again next month.

“They really haven’t grasped the severity of the recession,” said Laurent Bilke, an economist at Nomura International Plc in London, who used to work as a forecaster at the ECB. “Rates should be at 0.5 percent. They should have used the room they have much more forcefully.” Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&refer;=home&sid;=akVwrFJj.5mY

-Australia’s central bank cut its benchmark interest rate to the lowest level in 45 years and the government announced it will spend a further A$42 billion ($27 billion) to ward off a recession.

Governor Glenn Stevens lowered the overnight cash rate target to 3.25 percent in Sydney today, saving borrowers with an average A$250,000 home loan more than A$120 a month. Treasurer Wayne Swan said the government will spend A$12.7 billion in handouts to families and A$28.8 billion on infrastructure, sending the budget into its first deficit since 2001-2002.

SHADOW STATS

REAL ESTATE-MORTGAGE TIME BOMB-FORECLOSURES

-The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said. The median estimated home price declined 11.6 percent in 2008 to $192,119 and homeowners lost $1.4 trillion in value in the fourth quarter alone, the Seattle-based real estate data service said in a report today.

“It’s like a runaway train gaining momentum,” Stan Humphries, Zillow’s vice president of data and analytics, said in an interview. “It’s difficult to say when we’ll see a bottom to the housing market.” Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=akmNU0mqCLtc

-Home prices fell in 24 of 25 U.S. metropolitan areas in November from a year earlier as the recession and tighter lending spurred record foreclosures. The San Francisco area saw the biggest drop, with the average price per square foot falling 36.8 percent, New York- based Radar Logic Inc. said in a report today. Phoenix had the next biggest decline, falling 34.6 percent, and Las Vegas slumped 32.4 percent. Milwaukee, Wisconsin was the only area where prices rose, gaining 2.4 percent, Radar Logic said.

Sales of existing homes rose in December, propelled by a 15 percent drop in prices, the National Association of Realtors said on Jan. 26. The number of “motivated sales,” such as foreclosure auctions, helped increase November transactions in 13 metropolitan areas of the 25 Radar Logic tracks. Read more here-

http://www.bloomberg.com/apps/news?pid=20601213&sid;=aOHec_7mOt8k&refer;=home

-A record 19 million U.S. houses stood empty at the end of 2008 as banks seized homes faster than they could sell them and prices continued to fall. The fourth quarter’s all-time high was 6.7 percent above a year ago when 17.8 million properties were vacant, the U.S. Census Bureau said in a report today. The vacancy rate, the share of empty homes for sale, rose to 2.9 percent in the last quarter, the most in data that goes back to 1956.

The worst U.S. housing slump since the Great Depression is deepening as foreclosures drain value from neighboring homes and make it more likely owners will walk away from properties worth less than their mortgages. About a third of owners whose home values drop 20 percent or more below their loan principal will “hand the keys back to the bank,” said Norm Miller, director of real estate programs for the School of Business Administration at the University of San Diego.

“When you’re underwater and prices continue to fall, you tend to walk,” Miller said in an interview. “It’s a downward spiral that’s tough to stop because it feeds on itself. Foreclosures encourage other foreclosures and falling prices discourage buying.” There were 2.22 million new foreclosures in 2008, an average of 6,090 a day, according to Washington-based Hope Now Alliance. Those resulted in 917,000 property sales, according to the group that represents 27 mortgage lenders and servicers.

U.S. banks owned $11.5 billion of homes they seized from delinquent borrowers at the end of the third quarter, according to the Federal Deposit Insurance Corp. in Washington. That’s up from $5.4 billion a year ago. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid;=aKufqJK9j1cY&refer;=home

-New York the next housing bust? The city has fallen on hard economic times, and that could bring its high-priced housing market back down to Earth. Read more here-

http://money.cnn.com/2009/01/30/real_estate/New_York_next_bust/index.htm?postversion=2009013016

-High-End Housing Market Ravaged by Stock Selloff. Read more here-http://www.cnbc.com/id/28977233

-The number of California homes sold for $1 million or more plunged to a five-year low in 2008 as banks tightened lending, data provider MDA DataQuick said. A total of 24,436 homes in California, the most populous U.S. state, sold for at least $1 million last year, down 43 percent from 2007, San Diego-based MDA DataQuick said today in a statement.

It was the lowest sales count for million-dollar homes in the state since 2003. “A lot of home sales in the upper half of the market have been on hold for months, waiting for financing,” MDA DataQuick President John Walsh said in the statement. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid;=aO92FOi0iJuc

-The cost of a Golden Gate Bridge view from the top of San Francisco’s tallest residential building just got 15 percent cheaper. Prices of all condominiums in the downtown Millennium Tower will be cut amid the city’s biggest housing glut since the dot-com crash in 2001, according to city planning data. The offer includes apartments already sold in the 60-story, 419- unit high-rise being built in the South of Market area.

“We believe it’s the right thing to do,” Richard Baumert, managing director of New York-based developer Millennium Partners LLC, said in an interview. “It’s the price we ask in the marketplace today.” Read more here-http://www.bloomberg.com/apps/news?pid=20601213&sid;=a.l_gBfpOQrs&refer;=home

-London luxury-home prices had the second-biggest decline on record in January as would-be buyers struggled to secure mortgages from banks hurt by the global financial crisis. The average value of homes costing more than 1 million pounds ($1.4 million) in London’s most expensive neighborhoods fell 3.7 percent from a month earlier, Knight Frank LLP said in an e-mailed statement today. In the past 12 months, prices have slumped 21 percent, the biggest annualized drop recorded by Knight Frank. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid;=aM9uEAUYNgvI

-U.K. house prices ‘could fall 40 per cent without loan boost.’ Read more here-http://www.independent.co.uk/money/mortgages/house-prices-could-fall-40-per-cent-without-loan-boost-1523110.html

-U.S. Housing Slump Has ‘Just Begun,’ Says Forecaster John Talbott. Talbott’s latest predictions are sobering. The U.S. is only halfway through the total potential decline in housing prices, he says. Home values will continue to deteriorate for four to five years, he forecasts. Adjustable-rate mortgages issued in 2004 and 2005, for example, are only now resetting for the first time, he notes.

Bankers may “try to blame the crisis on poor Americans with bad credit histories, but that is not the real cause of the housing crisis,” he says. “The greatest home-price appreciations and the homes most subject to price readjustment are in America’s wealthiest cities and its glitziest neighborhoods.”

At the end of 2008, a record 19 million U.S. homes stood empty and homeownership sank to an eight-year low as banks seized homes faster than they could sell them, the U.S. Census Bureau said this week. Almost one in six owners with mortgages owed more than their homes were worth, Zillow.com said the same day.

By the time the crash ends, Talbott predicts, homeowners will have lost as much as $10 trillion, with investors and banks worldwide losing almost $2 trillion. And just as the U.S. starts getting over a prolonged recession, the first big wave of baby boomers will retire, depriving the economy of their productivity (and high consumption), he says. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid;=a8mdg7z0u7Dw

-Banks Sitting On An Inventory Time Bomb. An interesting little factoid from RealtyTrac, the online foreclosure sale site that tracks all kinds of foreclosure data. Apparently about 70 percent of foreclosures in its database have not yet been listed on the MLS. I’m wondering why? Why are the banks sitting on all these properties instead of listing them for sale? Read more here-http://www.cnbc.com/id/28898377

-U.S. Mortgage Time Bomb Needs Defusing Yesterday. When talking about the U.S. home market, mentioning “the other shoe to drop” was quaint about a year ago. Now we are referring only to bombs. The latest ordnance is the option adjustable-rate mortgage, one of the many sucker loans marketed during the housing boom. Option ARMs basically gave borrowers four ways to pay back, most of them involving low initial outlays that would reset at much higher monthly amounts at a future date.

Of the $200 billion of these loans outstanding, almost $30 billion is due to reset this year and $67 billion in 2010, according to Fitch Ratings, a New York-based ratings company. The resets inflict more trauma on the U.S. housing market. The average option ARM monthly payment will soar 63 percent or $1,052. Although there was a slight increase in home sales in November, prices fell 18 percent from a year earlier, according to the S&P;/Case-Shiller Index.

The pain continues. Since most option ARM borrowers will be unable to refinance because of lowered credit ratings or lack of home equity, many of those resets will result in more foreclosures and further depress home prices. Ultimately, the option-ARM resets might plunge 8 million more households into foreclosure. That’s in addition to the 2.3 million facing home loss last year, says Eric Rothmann, an analyst for Zacks Investment Research in Chicago. Read more here-

http://www.bloomberg.com/apps/news?pid=20601039&refer;=columnist_wasik&sid;=a8vqJQKnq3iw

-Hovnanian CEO Gets Bonus as Company Value Drops 76%. Hovnanian Enterprises Inc., New Jersey’s largest homebuilder, gave its chief executive officer a 20 percent pay raise in 2008, including an almost $1 million performance bonus, as the company lost three-quarters of its market value. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid;=ad5a0nJfglXQ&refer;=home

© 2012, Worldwide Precious Metals Canada Ltd.
www.wwpmc.com

The GoldBugg Report – February 10, 2009
Posted by Worldwide Precious Metals on Tuesday, February 10, 2009

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