Is Europe Setting Up Stealth Capital Controls

It would appear, according to the attached translated article, that Europe is attempting to plan for the case where one or several banks collapse in Europe. They are setting the expectation that in a banking collapse situation you will only be able to withdraw 100 – 200 Euro. They are also setting up the expectation that there could be anywhere from a 3-4 week delay in access to funds. This includes access to those with less than 100,000 Euro’s also. Implying that just because you have a small amount of money in a bank, you “may” be insured but good luck accessing those funds.

This would appear, like the case in Greece, to have a more significant impact on corporate accounts where making pay roll when one only can access 100-200 Euro/day would be a recipe for disaster. So not only will you not be able to access significant funds but there may not even be a pay check either.

See article here.

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Nenner Research Says Gold bottom near, Market top also near

Nenner research says:
– gold is near a bottom.
– markets near a top.
– bonds about the turn.
– grains will bottom in next few months.

See interview here.

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Could this be China’s Lehman Black Swan Moment?

Very interesting read about changes in how copper will be used, or not, in China. Zerohedge’s last paragraph abouts sums it up.

“In brief (pun intended): a complete, unpredictable clusterfuck accompanied by wholesale liquidations of “liquid assets”, deleveraging and potentially a waterfall effect that finally bursts China’s bubble, all due to a simple black swan. Although, in reality, nobody knows. Just like nobody knew what would happen when the government decided to let Lehman fail.

So… is this China’s Lehman?”

See link here.

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Gold Demand in Dubai 10X Normal Since April Gold Crash

More evidence that physical gold is in significant demand, not just in China and India but also in the Middle East.

See Article here.

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Could $500/oz Gold Premiums Be In Our Near Future?

According to Jim Willie they may be. Jim appears to have some contacts in Dubai that are telling him, like everywhere else, there is no gold/silver available. The interesting part is that his contact says gold premiums could rise to $500-600/oz over the next couple months for gold in volume. He also mentioned to Jim that silver in volume is already commanding $25/oz premiums.

Can’t say this is very surprising as the separation between paper and physical metals continues.

See article here.

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Italian Bank CEO Thinks Confiscation Should Be Part Of Basel Agreement

He’s basically saying that everyone should agree to confiscation so money can’t jump from country to country.

No one can say they haven’t officially been warned…

See article here.

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Dutch Bank ABN AMRO Defaults On Gold Deliveries

No wonder they are pushing gold down so much. They don’t want to have to pay out any more cash than they have to in order to cover these obligations.

See link here.

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Provision In Canadian 2013 Budget For Bail-in’s

This is scary but not terribly surprising…

The official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!

Titled ECONOMIC ACTION PLAN 2013

From Plan 2013 Page 144: (pg 154 of pdf)
“The Government also recognizes the need to manage the risks associated with systemically important banks-those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.”

From Plan 2013 Page 145: (pg 155 of pdf)
The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.

This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…

This risk management framework will limit the unfair advantage that could be gained by Canada’s systemically important banks through the mistaken belief by investors and other market participants that these institutions are “too big to fail”.

Full 2013 Budget for those having trouble sleeping here.

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Cyprus President’s Friends Move $4.5 Billion Out Before Crisis

This is conjunction with 10,000 uber rich being left holding the bag will definitely put a price on the Cyprus presidents head but will also cause all the rich to flee Europe. Hope other European banks are ready…

See link here.

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Jim Sinclair Says Cyprus Could End Badly Due To Russian Money Being Taken

Sinclair says this IMF taking of up to 10% of deposits are mainly Russian deposits and could have significant impact on gold.

See link here.

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