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Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse.

Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned [now] by the IMF, the European union, and everybody else in sight; that a government in need, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“

When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”

Jim also urged that, “If people have money in any account, anywhere in the world…cut it down to under the guaranteed amount. They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world.”

With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”

Jim further added that, ”That’s how they’ll rationalize taking our money. They know where all the pension plans are because we have to report it, so they’re easily accessible by governments. They know where they are, what they are, and they’ll be able to snatch them away. Who knows what they’ll do, but they’ll certainly find some way to take our money when things get worse, they always have.”

As a final chilling comment to end the interview, Jim noted that, “Anything they know about—they might easily take.”
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This was another powerful interview, conducted with an absolute legend of our time. It is required listening for serious investors and market students.

Read More: http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Palladium’s Prospects Look Great

While the mainstream business news has been obsessing about the recent highs in the stock market, and while gold bugs have been lamenting about the flat performance of gold, a lesser known commodity has been manifesting excellent gains as well as stability over the past few months. That commodity is platinum’s little sister, palladium. Yesterday, palladium traded as high as $755, its strongest level since September 2011.
Pamp Suisse Palladium Bar 10 Ounce

Pamp Suisse Palladium Bar 10 Ounce

“The fundamentals of the market have always been pretty solid and have gained the attention of investors/speculators as of late,” said Robin Bhar, metals analyst with Societe Generale.

The supply-demand equation for palladium is the tightest of all the precious metals and top analysts such as Bhar and Bart Melek, a head commodities trader with TD Securities, believe this trend will continue into the foreseeable future. Said Bhar, “I’m very positive on the metal. I think this is just the beginning… On an annual basis, we expect palladium to be one of the best performing metals, if not the best performing commodity.”

Over the last quarter, palladium has gained 10%, contrasted with retreats in platinum, gold, silver, and commodities in general. The Standard & Poor’s GSCI Index of 24 raw materials declined 2.9% over the same period. Treasuries were down also, nearly .01%. The forces driving palladium’s recent rise hit both sides of the supply-demand paradigm.

On the supply side there are two principle factors involving the world’s two largest exporting countries, South Africa and Russia. Nearly 80% of all the palladium in the world is mined in these two countries.

The extended mining strikes that have hit South African mines full force last summer continue and have spilled over into the palladium sector, cutting into production. This labor dispute has been intense and with casualties, and analysts predict no quick solution on the immediate horizon. Furthermore, Anglo-American Platinum, the world’s largest primary producer of platinum, earlier this month proposed cutting back some output of platinum group metals so as to improve its profitability. Analysts believe that this could result in well over 100,000 fewer ounces of palladium being available in the marketplace.

The situation in Russia, which accounts for 43% of the world’s palladium mining, is much more grim. Last Friday, Johnson Matthey announced that Russian palladium inventory had dropped 68% in 2012, to 250,000, down from 775,000 ounces in 2011. Peter Duncan, General Manager of Market Research at Johnson Matthey, told reporters that Russian may be only able to supply 90,000 to 100,000 troy ounces this year. Said Duncan, “Russian state stockpiles have been dwindling and are now pretty much exhausted.”

On the demand side, several forces are propelling palladium’s recent appreciation. The US Commodities Futures Trading Commission (CFTC) shows that hedge funds and other large speculators have almost tripled their wagers on higher prices since the beginning of November. Their long positions are at their highest since the end of 2009. This renewed investment interest should be bullish for 2013.

In addition, worldwide auto sales moved up nicely in 2012. Why this is important is that palladium, rhodium, or platinum are utilized in all catalytic converters. Johnson Matthey estimates that, of the total world palladium consumption of 9.725 million ounces for 2012, 6.84 million ounces – over two-thirds – was used for catalytic converters. The record car sales of 2012 should extend palladium’s shortages. Global car sales in 2012 exceeded 80 million for the first time ever and are predicted to increase to about 83 million this year. LMC Automotive, a research company in England, predicts that Americans will buy more for a fourth consecutive year, equaling the longest run increases since the 1940s.

China’s demand for autos continues to surge as well. China’s economy rebounded from a slump in 2012 and along with it, the demand for autos by its ever growing middle and upper classes. Chinese sales figures for passenger vehicles in November were the highest in almost two years, the Chinese Association of Automobile Manufacturers reported last month. That agency is also calling for another 10% increase in 2013. All in all, palladium consumption will beat production by an estimated 500,000 ounces plus in 2013, about what the worldwide car industry devours every seven weeks, according to Barclays. This trend in palladium demand and consumption is forecast by Morgan Stanley to extend to 2017.

To learn more about the rewards of precious metals investing, including how to fund your existing IRA with gold or silver, call Liberty Gold and Silver seven days a week at 888.751.3330. To learn about the most generous referral program in the precious metals industry, please visit the Liberty Gold and Silver Referral Program.
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