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Earthquake hits west of Scotland

January 24, 2011 Comments off

The British Geological Survey (BGS) said the 3.5-magnitude quake struck in Glenuig, 25 miles (40km) west of Fort William in the Highlands at about 0600 GMT.

People in Inverness, Skye and Oban, reported feeling tremors, which were experienced across the west Highlands.

The BGS said a such an earthquake might be felt up to 120km (74 miles) away but was unlikely to cause much damage.

It comes two weeks after residents in the North Yorkshire town of Ripon experienced a similar sized quake on 4 January.

Seismologist Davie Galloway said the UK tended to experience such quakes, on average, about once a year.

He said: “This quake was recorded on our instruments in Wales and in Shetland but it was actually felt by people 120km away in Inverness.

“We had a few calls from people who said they felt a vibration in their beds and also from people who said their cats were going mad.”

Mr Galloway said the quake originated from 16km below the ground.

He added: “Britain is criss-crossed by many geological faults but fortunately we are some distance away from the plate edges where most activity is experienced.”

Categories: Earthquake Tags: , ,

Gold: Major Buy Signals!

January 24, 2011 1 comment

Gold and Precious Metals

UUP (US Dollar Proxy) Chart.

US Dollar Analysis:

  • The Dollar decline on soft volume over the past few days has given me a buy signal.  I use our US dollar signals to play the dollar, and to coordinate your Gold and Gold Stock purchases.
  • Let me be clear; the move up here in the dollar is nothing more than a dead cat bounce, so don’t play it too big.  When looking at the decline in the dollar from July through November, the dollar dropped nearly 15%. The most troubling sign I see for the USD over the longer term is the distribution in the ensuing rally in the Nov- Dec time frame.   The dollar is in a major bear market, and rallies in bear markets tend to be sharp, and can end long before they are “supposed to”.
  • The performance of the US Dollar over the last ten years is pathetic. The dollar has lost massive purchasing power against almost every single other asset.  Consider: Crude Oil is up over 250%, and the Commodity Agricultural Raw Materials Index is up 57%.  Many other commodities are up over 200% against the dollar, in the same timeframe.  Why has this happened?
  • The answer is: Debt Accumulation.  Debt is growing, so the fundamental causes of the dollar bear market are also growing.  The financial crisis is not ending.  It is getting worse. Read more…

Ireland’s Titanic Bailout at Risk, Iceland looms ahead

January 24, 2011 Comments off

The announcement by Brian Cowen that he was resigning as the leader of the Fianna Fail party, but is going to stay on as Taoiseach (Prime Minister) until the March 11 election, has put the Irish bailout into question.  The November bailout of the Irish economy consisted of a series of different financing packages being combined into a larger total.

The first funds available under the bailout were provided by the raiding of the Irish retirement fund by its bankers.  The next steps were to be funded by the EU and IMF funding sources, once the people of Ireland were legally subjected to the bailout requirements.  The bailout never made it to a full vote before the collapse of the Fianna Fáil party.

This leaves Ireland in the unique position of being able to reclaim its future, by denying its past.  The citizens of Ireland have not accepted the bailout.  The coalition is not expected to be able to put the matter to a vote before the election.

“All we know is we are going to get an election on or before March 11 but that is about it,” said Micheal Marsh, professor of politics at Trinity College Dublin, calling the events of the past week “bizarre.” Read more…

Categories: Ireland Tags: , , , , ,