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Tuesday, May 22, 2012

Dispensations - Chuck Missler

California as broke as Greece?

Obama secretly approves anti-tank arms for Syrian rebels

Monday, May 21, UN Secretary Ban Ki-moon said he was "extremely troubled about the risk of an all-out civil war (in Syria) and was concerned about the outbreak of related violence in Lebanon."
He spoke as dozens of Syrians died in clashes - mostly in the provinces of Aleppo and Idlib and the town of Homs - while two people were killed in Beirut in a spillover of Syrian bloodshed.

Sunday, at the NATO summit in Chicago, Secretary Anders Fogh Rasmussen said firmly that the alliance has "no intention" of taking military action against President Bashar Assad's regime. But he said nothing about individual NATO members translating their concern about the escalating violence in Syria into military action. Above all, he did not explain why Syrian army heavy T-72 tanks have in recent days started bursting into flames on the open roads.
DEBKAfile’s military sources disclose the cause: The Syrian rebels have received their first “third generation” anti-tank weapons, 9K115-2 Metis-M and Kornet E. They are supplied by Saudi and Qatari intelligence agencies following a secret message from President Barack Obama advising them to up the military stake in the effort to oust Assad.
Saturday, May 19, President Obama said in a speech to the G-8 summit at Camp David that “Bashar al-Assad must leave power.” Listening to him were Russian Prime Minister Dmitry Medvedev whose government strongly opposes the bid to topple Assad and is helping him to weather the uprising against his rule.
Medvedev and Chinese leader Hu Jintao both kept silent after Obama spoke. Both would have had intelligence updates relayed to Camp David on the latest turn of events in Syria.
The supply of powerful anti-tank missiles to the Syrian rebels is intended to achieve two purposes:

1. To impede Syrian military tank movements between flashpoints. During the 14-month uprising, there was nothing to stop Syrian tanks criss-crossing the country as back-up for the official crackdown on dissent. But in recent weeks, trucks hauling the T-72 are being blown up before they reach their destinations.
2. The sight of blazing tanks is intended to undermine army morale and puncture the self-assurance of the security circles surrounding the president.
The anti-tank missiles reaching the rebels through Saudi and Qatari channels are only one facet of the unfolding US plan for the Syrian crisis, our military sources report. Turkish intelligence has been given the green light to arm Syria rebels with IED roadside bombs tailored for the Syrian theater and intensively train the dissidents in their use at Turkish military facilities. This is tantamount to Ankara’s first direct military intervention in Syria.
How will Assad and his backers in Tehran and Moscow handle the upscale of rebel munitions?
According to our sources, the Syrian ruler and his cronies are not shaken in their conviction that even with heavy weapons in play they will suppress the revolt, because the majority of the population is still behind the regime and because the rebels will find it hard to wield the advanced systems, especially by day.
But his Russian and Iranian military and intelligence advisers are growing less sanguine as they watch foreign military intervention expand step by step. They are warning the Syrian ruler that the advanced missiles reaching the rebels represent the most dangerous development his regime has faced to date. They reckon that, after failing to ignite a full-dress unified rebellion inside the main Syrian cities, the West and the Arab states have turned to equipping anti-Assad rebel forces for pursuing sustained guerilla warfare between the big cities - on the main roads and in rural and mountainous areas.
Russian and Iranian tacticians agree that the Syrian army, like most other regular armies, is not trained or structured for combating guerilla forces. Adapting it to the new peril would be a long process.


We're in The Greatest Crisis of Our Time! Lyndon LaRouche Warns America

Acropolis meets Apocalypse

While Prime Minister Netanyahu talks about the rebuilding of jerusalem, members of NATO met together in Chicago at a place called  "Acropolis meets Apocalypse"
Here is an excerpt from the publication of Chicago Tribune talking about the draft soldier field

Friday, Sept. 28, 2001. Standing on turf near an end zone, Mayor Richard M. Daley defies critics of reconstructing Soldier Field to benefit the private company that owns the Chicago Bears: Daley says the Illinois Sports Facilities Authority will proceed to issue nearly $400 million in bonds to help finance the then-$606 million project. He repeats his frequent assurance to Chicagoans, words that will haunt his successor: "I remain absolutely confident that taxpayers are not at risk for any part of this project. If I had any doubts, I would not proceed."

Much attention that autumn day 10 years ago focused on military veterans' opposition to the proposed project's grotesque design. After Daley's news conference, several elderly vets who had been recruited to stand as props alongside the mayor told reporters the massive new seating bowl would overwhelm a memorial to American soldiers killed in World War I. Sports Illustrated later would ridicule the architectural collision as "Acropolis meets Apocalypse."

Judging by the picture the acropolis really meets apocalypse.....

Passing Through the Ring of Fire - A Time of Shaking and Destruction

Joseph Herrin (05-21-2012)

On March 14 of last year, following the earthquakes in Sendai, Japan and Christchurch, New Zealand, I posted a blog titled The Ring of Fire.


I am going to repeat some of that article here as the Father is once again bringing forth a testimony of what is soon to occur. All the major news venues emphasized the rare annular solar eclipse that occurred yesterday (SUNday). Over and over, those in the media were referring to this eclipse as a “ring of fire.”

Ring of Fire Solar Eclipse

There were two reasons for this eclipse to be so described. First, the Moon was at such a distance from the Earth that it appeared too small to completely cover the Sun. At its point of greatest occultation, the Moon did not completely hide the Sun. There was a halo effect all around the moon as the fiery Sun shone forth all around the Moon.

Before I mention the second reason that this eclipse was described as a ring of fire, let me mention the symbolism of this heavenly sign. The Sun signifies the Son of God. He is described as “the light of the world” (John 8:12, 9:5). The Scriptures in one place use the word “Sun” to describe the day of the Lord, and His fiery appearing. I believe this passage is soon to be fulfilled.

Malachi 4:1-2
"For behold, the day is coming, burning like a furnace; and all the arrogant and every evildoer will be chaff; and the day that is coming will set them ablaze," says Yahweh of hosts, "so that it will leave them neither root nor branch. But for you who fear My name, the Sun of righteousness will rise with healing in its wings...”

Speaking of that fiery purging that must cleanse all of the sons of God, Yahshua declared:

Luke 12:49
“I have come to cast fire upon the earth; and how I wish it were already kindled!”

The Moon is a symbol of the church. The Moon is a lesser light than the Sun in the same way that the church is a lesser reflection of the glory of God than Yahshua. The Moon has no glory of its own. It reflects the radiance of the Sun. Similarly, the church has no glory of its own. It is a reflector of the radiance of Christ. Even as the Moon waxes and wanes in its glory while the Sun remains steadfast, so too does the church fluctuate greatly in its reflection of the Son of God. When man is faithless, God remains ever faithful (II Timothy 2:13).

In the image above the Moon is entirely encompassed by the fiery Sun. This speaks of a time of great trial that the body of Christ must pass through. The church must become a full partaker of the trials and sufferings of Yahshua.

The second reason that this heavenly event was described as a “ring of fire” eclipse is that it was viewable from that location on the earth known as the Ring of Fire. Following is a portion of the blog I shared last year.

The Ring of Fire describes a geographic area where 75% of the earth’s volcanoes, and 90% of the earths earthquakes occur.

The earthquake in Christchurch, New Zealand which occurred on February 22, 2011, and the massive 9.0 magnitude quake that occurred in Japan on March 11 were both located on the Ring of Fire...

On march 10th, the day before what is now being referred to as the “Sendai Earthquake” in Japan, Randy Simmons, the brother in Christ with whom I have traveled to speaking engagements across America, had an unusual experience. He was doing some work with an uncle. Both men sing and play the guitar. As they were working they began to sing the Johnny Cash song Ring of Fire. Randy is not a big fan of Johnny Cash’s music, and rarely ever sings his songs, but that day this particular song came to mind. The next day as Randy was listening to the news reports on the earthquake in Japan, he was struck by the repeated mention of “the Ring of Fire.”

Randy called me about noon on March 11, and told me about the earthquake. I had been busy with other things and had not seen the news. Randy also told me about his experience singing Ring of Fire the previous day. Since this was my introduction to the quake, from the very beginning the Father has had me ponder what the significance is of it occurring on the Ring of Fire.

As I considered these events, in my mind were the words “birth pains.” The Spirit of Christ has shown me that these events are related to birth pains.

Mark 13:8
"For nation will rise up against nation, and kingdom against kingdom; there will be earthquakes in various places; there will also be famines. These things are merely the beginning of birth pangs.”

Romans 8:19-22
For the earnest expectation of the creation eagerly waits for the revealing of the sons of God. For the creation was subjected to futility, not willingly, but because of Him who subjected it in hope; because the creation itself also will be delivered from the bondage of corruption into the glorious liberty of the children of God. For we know that the whole creation groans and labors with birth pangs together until now.

In my spirit I sensed a prompting to do an Internet search on the words “birth pains” and “ring of fire.” When I did, the Spirit confirmed what I had been sensing. Following is an excerpt from the first web page I was led to.

The “ring of fire”
Posted on March 12, 2008 by Kathy

At some point during birth preparations, somebody is going to tell you about how it feels to give birth. For me, the contractions were painful, but the birth itself was not, except for what is known as “the ring of fire.” Some women feel this every birth, some don’t feel it at all, and some have it at some births and not at others. I don’t want you to set yourself up for feeling more pain than is strictly necessary, but I do want to prepare you for this sensation.

First, what is it? During a vaginal birth, as your vagina expands around the largest point of the baby’s head you will often feel a pulling or burning sensation. It is brief (maybe 30 seconds), and like every other pain you feel, it impels you to change something to stop the pain. Typically, it will feel better to stop pushing, to allow your tissues to rest and expand gently. Many times when women push through the pain, they end up tearing.

Now, what does it feel like?

Open your mouth as wide as you can and hold it. Now, put your fingers in the corners of your mouth and pull your mouth wider until you feel stretching or burning. Now, imagine that at your vaginal opening. That is similar to what you might feel when your baby is born.

Yes, it’s painful, but it’s also brief. Some women are nearly terrified of the “pain of giving birth,” but they feel like they can handle the contractions. They may opt for an epidural or a local anesthetic to avoid this pain. But I gotta tell you–birth is painless compared to the contractions beforehand. If you can handle the contractions, you don’t need to worry about feeling the baby come out. For me, pushing was one of the most empowering things I’ve ever done; and the sensation of the baby moving down was also empowering. The contractions were no fun; but pushing my babies out was painless, except for the ring of fire.
[Source: http://womantowomancbe.wordpress.com/2008/03/12/the-ring-of-fire/]

On the Internet, I found reference after reference, confirming that the moment during the birth process when the baby’s head begins to crown is associated with the term “ring of fire.” These words describe the pain a woman experiences when the baby’s head is crowning.

As the baby enters the vagina your skin and muscles stretch. Eventually the head will appear. With every push, more of the baby's head can be seen. The labia and perineum (the area between the vagina and the rectum) eventually reach a point of maximum stretching. At this point, the skin may feel like it is burning. Some childbirth educators call this the "ring of fire" because of the burning sensation felt as the mother's tissues stretch around the baby's head.
[Source: http://www.healthline.com/yodocontent/pregnancy/intrapartum-care-vaginal-delivery.html]

Everything that occurs in nature is according to the design of Yahweh. That women experience pain in childbirth is by design. In the third chapter of Genesis we read that pain in childbearing is a part of the curse brought upon the creation when Adam and Eve sinned.

Genesis 3:16
To the woman He said: "I will greatly multiply your sorrow and your conception; In pain you shall bring forth children; Your desire shall be for your husband, and he shall rule over you."

In other writings I have shared the parable that is contained in these words. Yahweh did not choose this experience for the woman arbitrarily. It was intended to reveal through the natural realm some deep spiritual truths. Yahweh’s desire from the beginning of the creation has been to have sons in His image and likeness. When mankind sinned, the plan of God did not change. However, it became necessary for mankind to experience pain in order to arrive at conformity to the image of Christ.

In these words to the woman in Genesis 3:16 we find a grand parable. Eve was the wife of the first man, whose name is Adam. The church is the wife of the Last Adam, who is Yahshua the Messiah.

I Corinthians 15:45-48
And so it is written, "The first man Adam became a living being." The last Adam became a life-giving spirit. However, the spiritual is not first, but the natural, and afterward the spiritual. The first man was of the earth, made of dust; the second Man is the Lord from heaven. As was the man of dust, so also are those who are made of dust; and as is the heavenly Man, so also are those who are heavenly.

Eve was told that she would only be able to bring forth children through pain. In a direct parallel, the church can only bring forth sons in Christ’s image through suffering.

Matthew 10:38-39
“He who does not take his cross and follow after Me is not worthy of Me. He who finds his life will lose it, and he who loses his life for My sake will find it.”

Philippians 1:29
For to you it has been granted on behalf of Christ, not only to believe in Him, but also to suffer for His sake...

Romans 8:16-17
The Spirit Himself bears witness with our spirit that we are children of God, and if children, then heirs - heirs of God and joint heirs with Christ, if indeed we suffer with Him, that we may also be glorified together.

People of God, the ministers of ease and prosperity do not proclaim truth. They tell no one that there is an “afflicted path that leads to life, and few there are who find it.” The church continually receives the lie that Christ suffered so that they would not have to do so. Such a message is appealing to the flesh and soul of man, but it is a false message. Christ proclaimed the message that all who would follow in His steps must also embrace pain, and sorrow and suffering. Such things are necessary in order to bring forth sons in the image of God. There is a cross appointed to ALL who would be a disciple of Christ.

There is a ring of fire that ALL sons must pass through in order to be revealed.

I Peter 4:12-13
Beloved, do not think it strange concerning the fiery trial which is to try you, as though some strange thing happened to you; but rejoice to the extent that you partake of Christ's sufferings, that when His glory is revealed, you may also be glad with exceeding joy.

The Father has been giving numerous signs, parables, and testimonies in the earth that the time for the sons of God to be revealed is close at hand...

Consider the significance of the fact that the birth pains described as “the ring of fire” occur when the baby’s head is “crowning.” Christ must have offspring who canrule and reign with Him. These sons can only be brought forth through pain.

A great testimony has been occurring along the Ring of Fire on the earth. On February 27th, 2010 an 8.8 magnitude quake occurred near Concepcion, Chile. In the story of Abraham and Sarah we read that God appeared to Abraham and told him the time appointed for a son to be given to him was at hand. The messenger told Abraham that “at this time next year, Sarah will have a son.”

In February of 2010 the Father gave this sign that the hour was at hand for the church to “conceive.” The hour of her “conception” had arrived. A year later in February 2011 we find a massive earthquake striking Christchurch. Now the time of birth pangs has arrived. The Ring of Fire is being stretched as the earth experiences her birth pangs in anticipation of the sons of God being revealed. Now we will see both “Christ’s church” and the world begin to reel.

Isaiah 24:19-23
The earth is violently broken. The earth is split open. The earth is shaken exceedingly. The earth shall reel to and fro like a drunkard, and shall totter like a hut; Its transgression shall be heavy upon it, and it will fall, and not rise again. It shall come to pass in that day that Yahweh will punish on high the host of exalted ones, and on the earth the kings of the earth. They will be gathered together, as prisoners are gathered in the pit, and will be shut up in the prison; After many days they will be punished. Then the moon will be disgraced and the sun ashamed; For the Lord of hosts will reign on Mount Zion and in Jerusalem and before His elders, gloriously.
[End Excerpt]

Even as in the previous year there was a link between earthquakes and the ring of fire, the two main news stories yesterday were the Ring of Fire eclipse and a destructive earthquake in Italy. The earthquake in Italy is reported to be the strongest in the region since the 1300s.

Church Destroyed in Italy Earthquake

The news reported that many churches were damaged in the earthquake. One article reported the following:

The tremors seriously damaged many historic churches and other buildings, adding up to the greatest loss to Italy's artistic heritage since an earthquake in 1997 ravaged the Basilica of St Francis in Assisi, where the ceiling collapsed...

Three of the town's churches were severely hit, damaging centuries-old frescoes and other works of art.

"We have practically lost all our artistic patrimony," said Alberto Silvestri, mayor of San Felice.

"Churches and towers collapsed. The theatre is still standing but has cracks."
[Source: http://www.rte.ie/news/2012/0520/three-dead-as-earthquake-strikes-northern-italy.html]

Last year in February there was a devastating earthquake in Christchurch where many historic church buildings were damaged or destroyed. This occurred along the Ring of Fire. Now we have two events, one in the heavens, and one on the Earth, that are bringing forth the same testimony.

Image from the Quake in Italy

The picture above was the first one I encountered when reading about the earthquake near Bologna, Italy. It is a message in a picture. Time has been shortened. A time of great shaking and destruction is near at hand.

A further testimony is revealed in that the earthquake struck at 4:04 A.M. local time in Italy. The number 4 denotes humility. The repetition of it twice denotes a double portion. Yahweh will humble the nations, and humble His people. The shaking at hand, and the experiences to follow, will be for this purpose.

I will end this post with a final quote from the blog last year.

What does this portend for the people of God, and how are they to prepare themselves? The church has avoided suffering, choosing for herself ease, and pleasure and sensual indulgence. This has brought no sons forth to maturity. Those who would pass through this time of birth pangs and emerge as glorified sons must adopt a very different mindset. “For the joy set before them” they must “endure the cross.”

The hour is late. I have been writing recently about the preparations that are being made by governments in anticipation of an hour of civil unrest and economic collapse. Yahweh is also leading many of His sons and daughters to make preparations in this hour. There are very difficult days ahead which we must all pass through. The Earth must experience her birth pangs, and the sons of God must be revealed.

PM Netanyahu’s Speech at the Special Knesset Session Celebrating “Those Who Love Jerusalem”

PM Netanyahu's Speech at the Special Knesset Session Celebrating "Those Who Love Jerusalem and Study It"

When I was growing up in Jerusalem, it was a sleepy town, one closed to development. Since then, it has developed primarily northwards, southwards and westwards. To some extent, it has grown eastwards. It has grown and become a large metropolis. Soon it will have one million inhabitants. It is a large and vibrant city, but not one without problems.

We tend to speak a great deal about reversing certain trends in this city, and rightfully so, because we view the city as more than just a concept - Zion as a universal concept - but also as a real city that must be developed. During this week's Cabinet meeting, which the Mayor also attended, we spoke about the changes we want to introduce in Jerusalem. Trends can be overturned. Because certain tendencies negatively reinforce themselves, once you turn it around, the positive tendencies will begin to reinforce themselves.

We spoke about a number of important actions being taken in the field of leisure and culture in Jerusalem, which already has firm roots. We spoke about the housing problem that must certainly be dealt with. However, in my opinion, in practical terms the key to making these changes is to make fundamental changes in employment patterns, in the economic map and in the engines that drive employment and create economic growth in Jerusalem.

To this end, the government intends to assign Jerusalem high priority. This priority will be even higher than in other regions of the country. Why? Because it is Jerusalem. It is our capital, and we would like to strengthen it, not only in terms of our heritage and identification with the city, but also by creating conditions that would induce factories and businesses to come to Jerusalem, and propel other economic activity. We can ensure that this happens.

There are several fields that are obvious. Jerusalem has a high concentration of people working in the fields of the life sciences, medicine, bio-technology and medical equipment. There are approximately 1,000 doctors here and thousands of others are part of this core of knowledge, as a result of Jerusalem's excellent hospitals. Of course, there is also the extensive field of tourism and heritage - whether Jewish, Christian or Muslim - in Jerusalem. However, tourists need more hotels and other infrastructures than exist here today.

Therefore, we are putting together a practical action plan - in addition to the transportation plan and the other plans that we have joined the Jerusalem Municipality in implementing. We have to improve Jerusalem's economic engine.

This need does not cancel out the other activities we are undertaking, but without addressing the economic question, we will not be able to achieve the critical effect of reversing the trends we want reversed. I know that everyone in this House shares this desire, and I welcome this. I already mentioned what we need today - a practical plan together with an ongoing commitment to reverse trends.

We saw reversals in other spheres of our life in areas where it seemed as if we were drowning, and when we look at an international comparison in several central areas, various governments managed to change several trends. This must also be done here in Jerusalem, and it can be done. We will begin the process.

That is why we want "lower Jerusalem" and "middle Jerusalem" to be connected with "upper Jerusalem", and to ensure that, before this happens, the practical infrastructure for the prosperity, security and stability of Jerusalem is laid.

Jerusalem must become much more than it was. When we were young, it was a city comprised of the highest levels of government officials, doctors and academics. But it did not have the economic foundation that I believe we must build in order to ensure that these foundations and other foundations blend together; to truly ensure its force and status as the capital of Israel - the modern, prosperous and dynamic capital of our country.

Various governments sought to strengthen Jerusalem and acted accordingly. But what was done, as important and welcome as it was, was not enough - and I include all of us in this statement, because I served as Prime Minister between 1996 and 1999 and worked with then-Mayor Ehud Olmert, and there were other prime ministers and ministers of finance after me. We need to change this trend, and this obligates wide-scale activity and progress on all fronts in order to bring about this change.

I mentioned several fields, but the economic field is the critical one on which we will focus, together with the assistance of the Mayor in those fields in which he is already working. "From Zion will come forth software", but this does not cancel out the fact that from Zion comes forth the Torah. This is the most natural thing that can be.

I do not want to build the future while disassociating from the past. This is inappropriate and wrong. I'm not saying it's practical. I believe in the strength of our bond with Jerusalem, because it includes a dimension that crosses generations. I don't think that any other people have such a bond, and I don't believe that this bond will be broken as a result of a passing fad. I really believe that no other people has such a strong bond with its capital as the people of Israel have with Jerusalem.

We called the renascent movement for Jewish sovereignty Zionism, after Zion. We have cities called Rishon Lezion [the First of Zion in Hebrew], to where my grandfather came at the end of the 19th century. There is Nes Ziona [the Miracle of Zion] and Shavei Zion [the Return to Zion]. I didn't check how many communities have "Zion" in their names in the Negev region, but there is no doubt that "Zion" encompasses our love for the entire Land of Israel.

I believe that our bond with Jerusalem, with Zion, is different from the bond of any other people. Our bond withstood thousands of years and three destructions: the destruction of the First Temple, the destruction of the Second Temple and the destruction that came 60 years after the destruction of the Second Temple. Through all this, our longing for Jerusalem and Zion remained unshakable. It was expressed throughout the generations, "Next year in Jerusalem", next year in the built Jerusalem.

This desire had already been realized through the Jews that made their way here before the birth of the Zionist movement, in the 19th century - the Jews were already a majority here then. Later on, through the activities of groups like the Hovevei Zion movement, founded before Herzl rose to prominence, we returned to the city and built here, and we are ready to go on doing so. Yesterday I asked a question for which I owe an answer: how many times Jerusalem is mentioned in the Bible and how many times is it mentioned in the holy writings of other religions. I looked it up, and of course there is no comparison. Jerusalem is mentioned 677 times in the Bible and Zion is mentioned 173 times. Together, Jerusalem, Zion and the other names for Jerusalem are mentioned 850 times.

The reason I point this out is not because we do not respect the bond of other religions and cultures with Jerusalem that I already mentioned. On the contrary.

Jerusalem is mentioned 142 times in the New Testament, and it is not mentioned in the Koran - not one of Jerusalem's 16 names in Hebrew. However, in a later interpretation of the Koran dating to the 12th century; Jerusalem is mentioned in one passage. This is a fact. However, it does not change the simple fact that we respect the bond the Christians and Muslims have with Jerusalem, whatever its nature. It is only under Israel's sovereignty that this freedom of worship and freedom of accessibility to the holy places has been realized in an exemplary fashion, and we will continue to ensure these freedoms.

It is not my intention to detract from the bond other peoples have with Jerusalem. However, I am challenging the attempts to detract from, distort or erase our unique bond with Jerusalem.

I gave one example of the unique bond of the people of Israel with its capital, but you could no doubt give many more. The connection between the people of Zion and Zion itself is very powerful. We are not only fighting for the future of Jerusalem, its prosperity and all its residents, we are also fighting to preserve the memory of the past against those who seek to cloud it.

I ask all the members of Knesset for their support of the plan we are presenting in order to build the future of Jerusalem. I ask for the assistance of the members of Knesset, those willing to recognize the historic facts, to deepen and develop the special bond of the people of Israel with their capital. On this special day, Jerusalem Day, I ask you all to set rhetoric aside and repeat the words of the Prophet Isaiah: "Be glad with Jerusalem and rejoice in her, all you who love her," [Isaiah 66:10].

Thank you.

Swiss Parliament Examines ‘Gold Franc’ Currency Today

Swiss Parliament Examines ‘Gold Franc’ Currency Today

Gold’s London AM fix this morning was USD 1,575.75, EUR 1,233.95, and GBP 998.76 per ounce. Yesterday's AM fix this morning was USD 1,590.25, EUR 1,245.20, and GBP 1,005.34 per ounce.

Silver is trading at $28.18/oz, €22.18/oz and £17.94/oz. Platinum is trading at $1,462.00/oz, palladium at $607.10/oz and rhodium at $1,275/oz.

Cross Currency Table – (Bloomberg)

Gold edged up $1.60 or 0.16% in New York yesterday and closed at $1,593.00/oz. Gold edged slightly higher in Asia but has now fallen and continued this pattern in European trading where gold is now near $1,576/oz level off about 1% from yesterday’s close in New York. Gold is about 1% lower in most currencies but only 0.4% lower in Japanese yen after the Japanese downgrade.

Gold succumbed to profit taking after the nearly 5% surge of recent days which saw gold rise from $1,527/oz to $1,599/oz yesterday.

Market watchers await the European Union summit with regard to the possibility of yet another new plan to solve the area’s debt crisis. Today, during an informal EU gathering, French President Francois Hollande is expected to push for mutualised European debt, an idea that Merkel has opposed.

Resistance is now at the $1,600/oz and support at $1,527/oz – the low from last Wednesday.

Today’s data, 1400 Eurozone consumer confidence for May, 1400 US existing home sales and 1500 Bank of Japan’s interest rate decision.

Swiss Parliament Examines ‘Gold Franc’ Currency Today

A panel of the Swiss parliament is discussing the introduction of the parallel ‘Gold franc’ currency.

Bloomberg has picked up on the news which was reported by Neue Luzerner Zeitung.

The Swiss parliament panel will discuss a proposal aimed at introducing a new currency, or a so-called gold franc.

Under the proposal, which will be debated in the lower house’s economic panel in Bern today, one coin in gold would be worth about 5 Swiss francs ($5.30), the Swiss newspaper reported. The Swiss franc would remain the official currency, the paper said.

The proposal may lead to a wider debate about the Swiss franc and the role gold might again play to protect the Swiss franc from currency debasement.

The initiative is part of the “Healthy Currency” campaign which is being promoted by the country’s biggest party – the conservative Swiss People’s Party (SVP).

Gold Daily Chart USD – (Bloomberg)

The party is reflecting Swiss people’s concerns about the Eurozone and global financial turmoil and the growing risk of inflation and seeking to reverse the government’s current policy on gold – which is that the Swiss franc is a fiat currency, like all modern currencies and is not backed by gold but by the promises of politicians and bankers.

Buying gold bullion coins and bars and gold certificates requires professional advice in Switzerland and some other countries and banks are the largest providers. Even the smallest gold coins can cost a few hundred francs.

One of the new gold francs, on the other hand, with a gold content of 0.1 grams, could be purchased for just 5 francs (at current prices) and would mean that gold became more widely owned by ordinary people in Switzerland and could even become a medium of exchange as is happening in Utah, Montana, Missouri, Colorado, Idaho and Indiana in the U.S where gold has become legal tender again or is set to become legal tender again.

(Bloomberg) -- Silver Imports by China Were 236.9 Tons in April, Customs Says
Silver imports by China were 236.9 metric tons in April, according to data released by the customs agency today. That compares with 255.5 tons in March. Platinum imports were 6.9 tons in April, compared with 7.4 tons a month earlier, data showed. Palladium imports were 2.2 tons, data showed.

(Bloomberg) -- Platinum may rise above $2,000 an ounce - Merrill
Platinum may rise above $2,000 an ounce by 2014 once the global economy stabilizes, Bank of America Merrill Lynch said.

Miners in South Africa, which accounts for 79 percent of world supply, are not profitable, Michael Widmer, an analyst at the bank, said in an e-mailed report today.

(Bloomberg) -- Japan; Fitch downgrades Japan to A+; Outlook Negative

(Bloomberg) -- U.S. Mint Silver Coin Sales in May Exceed April Total
The U.S. Mint’s sales of American Eagle silver coins have reached 1.54 million ounces so far in May, according to figures from the Mint’s website. That tops April’s sales of 1.52 million.

(Bloomberg) -- Economist Dennis Gartman Says He’s Buying More Gold in Euros
Economist Dennis Gartman is adding to his gold holdings priced in euros, he wrote today in his daily Gartman Letter.

(Bloomberg) -- Russia April Gold Holdings Unchanged at 28.8 Million Troy Ounces
Russia’s central bank kept its gold holdings unchanged at 28.8 million troy ounces last month, according to a statement published on its website today.

The stockpile was valued at $47.9 billion as of May 1, compared with $47.8 billion a month earlier, Bank Rossii said.

Zero Hedge

Customer Shocked “Allocated” Gold Not in Swiss Bank

Today Egon von Greyerz told King World News that a client went to move a significant amount of “allocated” gold from a Swiss bank, but the bank shocked the customer because they did not have the gold. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “the risk of having gold in the banking system is major.” But first, here is what Greyerz had to say about the bank runs in Europe: “This is just amazing, Eric, you couldn’t write a better story than this. We have bank runs in Greece and Spain, and now a French bank, one of the biggest mortgage banks, is also having problems. Ireland, they thought they were all right, but they need more money.”

So the dominos are continuing to fall and this is still only the beginning. We are not far, in Europe, from fear and much bigger bank runs than we’re seeing today. And the countries they think are okay are not okay. You take Germany, either way Germany will have problems.

We had the G8 meeting and she, (Chancellor Angela) Merkel, was in a bad mood because everybody is putting pressure on her to come up with more money to save Europe and Greece....

Of course, politically it’s totally unacceptable to her. She can’t. She’s already losing votes in state elections in Germany. But, of course, Greece is holding a gun to Germany’s head because Greece is saying, ‘We want more money, but no austerity.’

I am convinced they are going to blackmail Germany and the ECB because the politicians, for them to save Greece, at any cost, they believe this is cheaper than to have to ring-fence the rest of Europe. That’s a very short-term consideration, but they are only living for the short-term because like most governments, they know they will be thrown out at the next election.

So, Greece is now holding a gun to the head of Germany. And Germany, with the rest of the eurozone countries and the US, I think we’re not far away from seeing a major support package here. That’s the easy way out for them.

The fact that all of the money they will lend to Greece is all wasted money and will just increase the final loss, that’s not anything they have to worry about because they won’t be in power then. This is not going to solve anything.

We still have the UK and the Swiss banking systems, which are too big for the countries. They will come under pressure also in the next few months. That’s absolutely certain.”

Von Greyerz also told KWN that a major Swiss bank did not have a substantial amount of allocated gold which they claimed to possess for their client: “We are stressing to investors to take their gold out of the banking system, not only because there are runs on banks that will continue, but the risk of being in the banking system is major. So you should take the additional step of not just owning physical gold, but also owning it outside of the banking system.

We (just) had an example of a client moving a substantial amount (of gold) from a Swiss bank to our vaults, and we found out the bank didn’t have the gold. This was supposed to be allocated gold, but the bank didn’t have it. We didn’t understand why there was a delay (in our vaults receiving the gold), but eventually we found out why there was a delay (the bank didn’t have the gold). It’s absolutely amazing, but not surprising.

This confirms what I’ve always thought. Not only should you not have gold in banks or even unallocated gold, but even allocated gold. It seems that some banks don’t even possess that. So the risk of having gold in the banking system is major.”

King World News

China Can Now Monetize US Debt Directly

The Treasury, apparently dissatisfied with the speed of indirect bank and/or Fed-inspired monetization of its exponentially rising debt-load at ever-cheaper costs of funds, decided in June 2011 to allow the Chinese, with their equally large bucket of USDs to bid directly for US Treasuries. 

As Reuters reports, China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government. The documents, viewed by Reuters, indicate that the US Treasury has given the PBOC a direct computer link to its auction system - which was first used in the 2Y auction of June 2011. Perhaps this helps explain the massive spikes in direct bidders July and August 10Y auctions (around the US downgrade). 

Interestingly, Primary dealers are not allowed to charge customers money to bid on their behalf at Treasury auctions, so China isn't saving money by cutting out commission fees; instead, China is preserving the value of specific information about its bidding habits. By bidding directly, China prevents Wall Street banks from trying to exploit its huge presence in a given auction by driving up the price. This, after the 2009 discovery (and relaxing of other reporting requirements to cover this) that China was using special deals to hide its bond purchases, seems like more pandering to the large-holder-of-Treasuries as "direct bidder status may be controversial because some government officials are concerned that China has gained too much leverage".

If nothing else, it changes dramatically any empirical interpretation of direct vs indirect bidders once and for all...

Chart: Bloomberg

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