Over aandelen is hij momenteel positief, enkel om het actief bescherming biedt tegen het soepele monetaire beleid van de centrale bankiers. Het zal verder geen geheim meer zijn dat Marc Faber een groot voorstander is van een aanzienlijk allocatie richting goud.

>>> Download ons Gratis Rapport: ‘Koopjes in de Goudmarkt!’

> Via www.slimbeleggen.net

Dat valt af te leiden aan het 8-K formulier dat werd ingediend bij de SEC. Het geeft aan dat de institutionele spelers zich definitief voorbereiden op de aankomende maniefase voor goud (en zilver).

Maak dat u mee op deze trein zit vooraleer hij vertrekt!

Form 8-K for GOLDMAN SACHS GROUP INC

---

6-Jan-2012

Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibits are filed herewith in connection with the issuance of the following debt securities by the Company on January 5, 2012, pursuant to the Company’s automatic shelf registration statement on Form S-3 (File No. 333-176914) (the “Registration Statement”):

$15,000,000 Commodity-Linked Notes due 2013 (Linked to the Price of Gold).

(d) Exhibits.

The following exhibits are incorporated by reference into the Registration Statement as exhibits thereto and are filed as part of this Current Report:

5.1 Opinion of Sullivan & Cromwell LLP.

23.1 Consent of Sullivan & Cromwell LLP (included as part of Exhibit 5.1).

>>> Ontdek nu DE koopjes in de Goudmarkt!

> Via www.slimbeleggen.net

Sinds Bill Gross al zijn Amerikaanse staatsobligaties dumpte afgelopen zomer, heeft de beruchte fondsbeheerder de wind van voren.

Klanten verlaten voor het eerst in de geschiedenis het PIMCO Total Return Fund! 5 miljard dollar werd uit het fonds getrokken, waarvan 1,4 miljard dollar enkel in december 2011!

Op een totaal beheerd bedrag van 244 miljard dollar is dat uiteraard een peulschil, maar het feit dat klanten beginnen te twijfelen aan PIMCO lijkt de echte ‘new normal’ van afgelopen jaar te worden.

Voor Bill Gross is het alle hens aan dek sinds zijn grandioze misser. Hij geeft nu openlijk zijn fouten toe en is tegenwoordig zelfs voorstander van Amerikaanse staatsobligaties.

Hij krijgt er zelfs visionaire en paranormale ingevingen door, wat stond te lezen in z’n nieuwjaarsbrief aan de klanten van PIMCO:

How many ways can you say “it’s different this time?” There’s “abnormal,” “subnormal,” “paranormal” and of course “new normal.” Mohamed El-Erian’s awakening phrase of several years past has virtually been adopted into the lexicon these days, but now it has an almost antiquated vapor to it that reflected calmer seas in 2011 as opposed to the possibility of a perfect storm in 2012.

The New Normal as PIMCO and other economists would describe it was a world of muted western growth, high unemployment and relatively orderly delevering. Now we appear to be morphing into a world with much fatter tails, bordering on bimodal. It’s as if the Earth now has two moons instead of one and both are growing in size like a cancerous tumor that may threaten the financial tides, oceans and economic life as we have known it for the past half century. Welcome to 2012.

Ook de beste wensen voor 2012, Bill!

EXTRA: Download GRATIS ons rapport ‘Koopjes in de Goudmarkt!‘

> Via www.slimbeleggen.net

Bill Gross schrijft dat de ondergang van het huidige systeem begon begin 20e eeuw met de invoering van het fractioneel bankieren. Alles kwam pas echt in een stroomversnelling in 1971 toen de goudstandaard werd afgeschaft. Velen noemen het de dollar-standaard, maar in feite is het een krediet-standaard geworden. De Westerse wereld ontdekte krediet (= schulden) als groeimotor voor hun economie en welvaart.

Overheden investeerden in papier in plaats van tastbare goederen als bedrijven, goederen en een goed opgeleide arbeidsmarkt. Intrestvoeten werden kunstmatig verlaagd, schulden werden verpakt en doorverkocht, bankschulden werden doorgeschoven naar ontastbaar geachte overheden tot op het (huidige) punt waar het niet meer verder kon.

The financial markets are slowly imploding – delevering – because there’s too much paper and too little trust. Goodbye “Old Normal,” standby to redefine “New Normal,” and welcome to 2012’s “paranormal.”

Uit de analyse van PIMCO blijkt dat er nog niet veel gedaan is voor de schuldafbouw in de wereld. Sommige zijn wel bezig met hun schulden terug te dringen zoals de Europese en Amerikaanse gezinnen en de Zuid-Europese landen. Daar tegenover staat dat centrale banken hun balansen vol laden met schulden door QE’s (FED) en LTRO (ECB).

Zowel de lage rente als de creatie van massa’s geld zijn 2 krachten die inwerken op de implosie van de financiële wereld zoals we die vandaag kennen.

So what does it all mean? Basically that the future could be characterized by horrible, zero-rate growth on one hand, or implosion on the other hand. It’s as if the Earth now has two moons instead of one and both are growing in size like a cancerous tumor that may threaten the financial tides, oceans and economic life as we have known it for the past half century.This new duality – credit and zero-bound interest rate risk – is what characterizes our financial markets of 2012. It offers the fat-left-tailed possibility of unforeseen – delevering – or the fat-right-tailed possibility of central bank inflationary expansion.

Via Businessinsider

In de volledige maand december werden voor $ 69 miljard obligaties verkocht. Dit is het 2e hoogste bedrag ooit. Enkel in de nasleep van de downgrade door S&P werden meer staatsobligaties verkocht op 1 maand tijd.

Via S&P:

—

• On Dec. 5, 2011, Standard & Poor’s placed the ratings on 15 of the 17 member states of the European Monetary and Economic Union (EMU or eurozone) governments on CreditWatch with negative implications. As a result, the ratings on 17 European Union (EU) member states are now on CreditWatch with negative implications.
• We are therefore also placing the ‘AAA’ long-term rating on the EU on CreditWatch negative. At the same time, we are affirming the ‘A-1+’ short-term rating on the EU.
• The CreditWatch placement on the eurozone member states was prompted by our concerns about the potential impact on these member states of what we view as deepening political, financial, and monetary problems within the eurozone.
• Eurozone members directly contribute approximately 62% of the EU’s total 2011 budgeted revenues. Our CreditWatch review will focus on the financial ability of eurozone member states to support the EU’s debt service should the institution face a period of financial distress.
• We expect to conclude our review as soon as possible after the European summit on Dec. 9, 2011. Depending on the outcome of our review of the ratings on eurozone member governments, we could lower the long-term rating on the EU by one notch, if any.

Daarenboven wordt de creditwatch voor 35 Europese banken, waaonder BNP Paribas, Commerzbank, Societe Generale, Credit Agricole, Deutsche Bank, … op negatief geplaatst!

De ravage door S&P is compleet, maar de markten komen amper van hun plek door de berichten.

> Via www.slimbeleggen.net

> Via www.slimbeleggen.net

S&P zal meteen overgaan tot de verlaging van de kredietwaardigheid indien de aanstaande eurotop op 8 en 9 december geen oplossing biedt.

De druk wordt nu bijzonder hoog voor de Europese beleidsmakers om een uitweg te vinden.

De volledige tekst via Zerohedge:

tandard & Poor’s Ratings Services today placed its long-term sovereign ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative implications.

We have also maintained the CreditWatch negative status of our long-term rating on Cyprus and placed its short-term ratings on CreditWatch with negative implications. The ratings on Greece have not been placed on CreditWatch. The ratings on the eurozone sovereigns are listed below.

Today’s CreditWatch placements are prompted by our belief that systemic stresses in the eurozone have risen in recent weeks to the extent that they now put downward pressure on the credit standing of the eurozone as a whole.

We believe that these systemic stresses stem from five interrelated factors:

1. Tightening credit conditions across the eurozone;
2. Markedly higher risk premiums on a growing number of eurozone sovereigns, including some that are currently rated ‘AAA’;
3. Continuing disagreements among European policy makers on how to tackle the immediate market confidence crisis and, longer term, how to ensure greater
4. economic, financial, and fiscal convergence among eurozone members;(4) High levels of government and household indebtedness across a large area of the eurozone; and
5. The rising risk of economic recession in the eurozone as a whole in 2012. Currently, we expect output to decline next year in countries such as Spain, Portugal and Greece, but we now assign a 40% probability of a fall in output for the eurozone as a whole.

Our CreditWatch review of eurozone sovereign ratings will focus on three of the five key factors that form the core of our sovereign ratings methodology:

the “political,” “external,” and “monetary” scores we assign to the governments in the eurozone (see “Sovereign Government Rating Methodology And Assumptions”, published June 30, 2011). Our analysis of “political dynamics” will focus on both country-specific and eurozone-wide issues that appear to us to be limiting the effectiveness of efforts to resolve the market confidence crisis. Our analysis of “external liquidity” will focus on the borrowing requirements of both eurozone governments and banks. Our analysis of “monetary flexibility” will focus on ECB policy settings to address the economic and financial stresses the countries in the eurozone are increasingly facing.

We expect to conclude our review of eurozone sovereign ratings as soon as possible following the EU summit scheduled for Dec. 8 and 9, 2011. Depending on the score changes, if any, that our rating committees agree are appropriate for each sovereign, we believe that ratings could be lowered by up to one notch for Austria, Belgium, Finland, Germany, Netherlands, and Luxembourg, and by up to two notches for the other governments. [THIS MEANS FRANCE]

Our ratings on Greece (Hellenic Republic; CC/Negative/C) are not affected by today’s actions, as a ‘CC’ rating under our rating definitions connotes our belief that there is a relatively high near-term probability of default.

We are publishing separate media releases with the rationale for each rating action on the 16 CreditWatch actions. We are also publishing the following article: “Credit FAQ: Factors Behind Our Placement of Eurozone Governments on CreditWatch”.

Following today’s CreditWatch listings, Standard & Poor’s will issue separate media releases concerning affected ratings on the funds, government-related entities, financial institutions, insurance companies, public finance, and structured finance sectors in due course.

RATINGS LIST To From

Long-term ratings on CreditWatch negative

Austria (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

Belgium (Kingdom of) Sovereign Credit Rating AA/Watch Neg/A-1+ AA/Negative/A-1+

Finland (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

France (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

Germany (Federal Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

Luxembourg (Grand Duchy of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

Netherlands (The) (State of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+

Long- and short-term ratings on CreditWatch negative

Estonia (Republic of) Sovereign Credit Rating AA-/Watch Neg/A-1+ AA-/Stable/A-1+

Ireland (Republic of) Sovereign Credit Rating BBB+/Watch Neg/A-2 BBB+/Stable/A-2

Italy (Republic of) Sovereign Credit Rating A/Watch Neg/A-1 A/Negative/A-1

Malta (Republic of) Sovereign Credit Rating A/Watch Neg/A-1 A/Stable/A-1

Portugal (Republic of) Sovereign Credit Rating BBB-/Watch Neg/A-3 BBB-/Negative/A-3

Slovak Republic Sovereign Credit Rating A+/Watch Neg/A-1 A+/Positive/A-1

Slovenia (Republic of) Sovereign Credit Rating AA-/Watch Neg/A-1+ AA-/Stable/A-1+

Spain (Kingdom of) Sovereign Credit Rating AA-/Watch Neg/A-1+ AA-/Negative/A-1+

Short-term ratings on CreditWatch negative, long-term ratings still on
CreditWatch negative

Cyprus (Republic of) Sovereign Credit Rating BBB/Watch Neg/A-3 BBB/Watch Neg/A-3

> Via www.slimbeleggen.net

En dat aan gevaarlijk hoge rentes…

(Grafiek via Der Spiegel)

De Belgische rente zakte hierdoor terug weg onder 5 procent…

> Via www.slimbeleggen.net