eric sprott is back in the market for three hundred million dollars whether physical cause when he announced his first purchase of physical in think it was october of twenty ten the price is around the sort of eighteen dollars twenty dollars level and when you consider when you think about a market it's got extreme physical tightness like silva does and someone comes in and demands delivery of physical in size it was no surprise to see that as a major catalyst to the run up to fifty dollars took place every period of about six months and i think it's very interesting that we've got backwardation and sprott back buying in size and bear in mind that this three hundred million is only one fifth of the overall shelf offerings so yeah i see it as a profoundly bullish confluence of events at the moment and i have high hopes for this year all right now no well known derivatives expert janet to have a call they recently suggested both in writing and in a televised interview that there was clear manipulation and gold and silver this

manipulation she said was most evident during the options expiration months so this is that now becoming mainstream that gold and silver are openly manipulated something we've talked about before do you think there's a growing awareness now that these prices are fake number one and what about this idea that manipulation clusters around the option expert in months i think it is becoming more accepted people when i when i discuss it people don't. look at me as a crazy person they met seven or eight years ago i think there's still a degree of apathy if i'm honest about about the subject but reference what janet because you were saying about option a story i think there's some truth in that but i think that the mitigation godzilla's said blowing in the obvious next to the trip over and you had on the floor if you want able to see what was going on it's very very clear and very mind that you know that that last we discussed last time i came on is something that. should revisit and reread if they have any any sort of query

about what may or may or may not be going on re the consolidated class action lawsuit about what j.p. morgan been accused of and i think because very clear that silver so was a much smaller market in gold and as a result you know that both are being manipulated but the footprint of the manipulative behavior is much more obvious in silver yes i think there's some truth about the auction experience and sun in the past that was an area where you would see sell off insults inspiring contract didn't expire in the money but of course you know of late that that's been blown out the water i just think that the evidence overall is overwhelming and i would say to you that. you know what we've got is the london go pool that was around in the one nine hundred sixty s. different was them they were selling real physical in some pocket you know it still exists it's just a sort of tissues version of the same thing that existed all along which is managed retreat of physical metal against paper currencies and i think really you know it's

it's now accepted by an increasing amount souls knowledgeable commentate this is going on i don't think it's hit the public yet because they you know the public is still learning about the true nature of money and what it used to be and what it will be again ok i'm talking about the turn a turn of money ben bernanke in his recent statement is talking about interest rates remaining at effectively zero through twenty fourteen and beyond so here you have a situation that you have a piece of paper that pays no interest that is subject to counterparty risk that is confiscated openly by banks like m.f. global that the rest the world hates and is doing bilateral deals outside of this this piece of paper the us dollar and i'm talking about of course what's going on with china and russia brazil or you've got gold going up or what do you what do you go for well i mean you know gold is reverting to its traditional role as the world's reserve currency max it's very obvious in my mind i mean you think

about the last hundred years they've been to global reserve currencies gold followed by the dollar and we're going back into gold again you know that's the way i see it and and i think probably the most telling thing of all is the eurozone by the germans are hand over fist in the physical market buying huge tonnage and i think it's extremely interesting that you've got the two worlds two creditor nations you know china with the u.s. and germany with the euro zone if you want to put it like that and they're out there and they're buying serious amounts and i think you know this is a major change and i see this needing to. you know one of the better phrased. fever in two thousand and twelve i think this is emerging now i think the f.o. comments and the way the market has reacted to those comments most most importantly because they're being on the call is the last twelve months or so the markets chosen to ignore all but i think this is all leading to. you know the reversion to the mean or whatever other way you want to put it which is gold is money gold is

the world's reserve currency it always was and it's reverting to that status right now you mentioned germany and their gold possession they've got roughly three thousand tons is the second biggest gold position in the world second to the u.s. however sixty percent of that only on a sell at the new york fed this has been confirmed at the bundesbank so in a currency war as some call it it might be difficult to get that gold back and certainly countries like venezuela are aggressively repatriating their gold and countries are talking about getting their gold back into their own countries is there a risk that the us or some of our good declares financial martial law keeps germany and other european goal in new york won't let it go and and part of this emerging currency war your thoughts well if the crissy remains in power. the way it is at the moment who knows i suppose the possibility they could try that

. the german buying a few really the retail side of the german people who are sort of going of the top of their government in the way they govern the behaving in a buying physical inside themselves overall the big if the most important thing i thought it's for him whether or not. the new york fed gold is either there it's hypothecated four hundred times over you know whether the germans will get it back or not i think that these things live in the world of political management as opposed to what's more important which is i've said ever since i first came on and spoke you which is that all nasa does is the people that the people go out there and effectively get ahead of the curve and stop by physical themselves and i think they can dictate the political route here and i don't think that that necessarily will be the case of course the americans have lots of military hardware to back up a potential confiscation of other nations gold but i see that as

a fairly extreme potential possibility or outcome all right let's do a little of forecasting last year you were talking about a two thousand dollars gold price and a lot of banks our raising their their target for gold and they're now ready to get to that seventeen or twenty one hundred dollars per ounce level what are your thoughts for twenty two are thirteen do you still say two thousand in the cartoon or anywhere or do we go from there well i think it's just a linear progression would take you to two thousand i think that's a particularly big deal but the point you make about the banks is is in my opinion extremely important i think this makes a huge difference something which always throughout through this bull market when i've been investing it's been a source of enormous frustration to me when analysts come in and they say in front of you and they say yeah we like this stop this is our top five. meanwhile we think gold's going down one hundred dollars over the next twelve months well of course no institutional money is going to go into the market when that happens so i think the fact that the banks are projecting higher gold prices not just five percent higher

but substantially higher can lead to major sea change in the way the market moves because ultimately the institutional generalist once the asset allocation and moving the money around you know they may well like the idea of a particular go buying stock and they may see the fact they're not paying dividends and think that's interesting but if they're also being told told by the same manner . i think the price of sport is going low you're very unlikely to see any money come come in and i think that's an enormous reason why the mining stocks to perform so badly for a long time but i think personally the fact that the banks making the big projections you know the high prices whether or not you or i you know want to pick a particular line the sand is the way we're going you know i say it's going higher but i think what's more important is what the banks the saying and what that means potentially for twenty twelve ok last question in terms of these banks allocating money to to gold and silver as part of their asset allocation at the at the moment last and two percent of the global investable assets are in precious

metals which is a very small fraction versus outside and i think seven days during the last major bull market when that number got up to ten percent and beyond are those numbers correct and you see that that those numbers expanding to that seven days level of ten percent or above which of course would mean hundreds of billions of dollars now looking at this market move us you know i don't think they are correct i think you know whether you want to bring in this chat a banking system the riveted system whatever whatever you want to relate it to the type of gold investing that was going on back then is very different to the type of pressure that was the best thing you know and include silver in that as well that goes on now to be the leverage is much lower and i'm pretty sure that that number that you said two percent would include. all different forms of gold and silver instruments so no i think it's lower than that and i think it has to go much higher picking a number i wouldn't do that and bear in mind that we are the situation now where

paper currencies across across the planet are racing each other low and so i think what we're seeing is a paradigm shift rather than just an asset allocation you know shuffle from one to ten we're seeing a whole paradigm shift about what money is the way the world moving it's such a big change that i think that picking a number in. a way like that. you know i wouldn't i wouldn't wish to do that all right fair enough. time thanks so much for being on the kaiser report a pleasure as always and that's going to do it for this edition of the kaiser report was me max kaiser and stacy herbert are they my guess and their data leyland asset management is going to send me an email please do so at kaiser report at r t t v that are you until next time x. guys are saying bio.

welcome to the big picture i'm tom hartman in washington d.c. you need to know this polls are closing in florida and it looks like mitt romney is back on top in the republican primary race whether voters in the sunshine state tonight realize that or not they aren't choosing between candidates here in choosing mitt romney or newt gingrich or rick santorum they are even choosing people tonight voters in florida just like they did in south carolina and in new hampshire and iowa they are choosing between special interest groups not candidates

but special interest groups and this is what citizens united has done to our democracy and to our elections we no longer have candidates running for office we have interest groups promoting the candidates that they own running for office interest groups like wall street or big oil like the for profit health insurers that all have the power to buy our elections now thanks to the supreme court their citizens united decision so giving not who really won in florida tonight let's look at the numbers i mean pretty straightforward stuff in the last republican presidential primary. about forty eight well for exactly forty eight point seven million dollars was spent and at this point and six hundred sixty six thousand five hundred fifty seven ads have been run this year this year the candidates have only run thirty nine thousand four hundred twenty nine ads and a forty percent decrease in advertising and they've only spent thirteen point seven million dollars seventy two percent drop so what's going on here seventy two

percent drop in candidates by in ads i thought this was the year of massive negative advertising that the voters across the nation would be in and bit dated would see the ads well they are but the candidates themselves aren't the ones running the ads instead it's special interest groups in two thousand and eight for example special interest groups ran just seventeen hundred ads seven hundred sixty three specifically at this point the election for about one point one million dollars chump change nothing but this year thanks to citizens united those special interest groups have aired thirty thousand four hundred forty two ads that's a sixteen underaged percent increase sixteen hundred twenty six percent to be exact and they've spent fifteen point two million dollars doing it that's almost a twelve hundred eighty one percent increase. so really what's going on here is the candidates are running anymore special interest groups the super pacs they're the ones actually running for president american crossroads or americans for prosperity

just these two come. super pacs have spent eight point eight million dollars on ads around the country and where they're getting their money from american crossroads top fund funders seven million bucks from texas homebuilder bob perry big real estate two million bucks in the c.e.o. of chief oil and gas trevor reese jones big oil a million dollars to the dixie rice agriculture big agribusiness and americans for prosperity according to media matters they've received over five million dollars in the koch brothers the richest of the rich people and the biggest of the big industries are the ones actually running this election in florida over thirteen thousand television ads have been run on behalf of mitt romney gingrich's only aired two hundred and most of those romney ads were not paid for by romney or his campaign they came from a super pac called restore our future and guess who is the one of the top contributors to restore our future surprise wall street billionaire hedge fund

manager john paulson there romney is running for president wall street and the hedge fund managers who want to protect their capital gains tax loopholes are the ones really running for president so tonight mitt romney is going to give a big victory speech but the real winner the big one or wall street. in two thousand and ten just like every two years every single seat the house of representatives was up for re-election and thanks to the supreme court's citizens united decision earlier that year outside corporate front groups were given free rein to spend unlimited amounts buying the elections which they did over three hundred million dollars was spent the two thousand and ten midterm election that's more than a four hundred percent increase in outside spending from the last midterm election in two thousand and six and because most of that outside money came from big corporations that want deregulation and billionaires who want tax cuts tea party

republicans won in a lot landslide victory and have since defended their corporate and billionaire donors relentlessly they've blocked the most meter of tax increases on millionaires and billionaires they've blocked attempts to cut off oil subsidies for transnational oil corporations they've tried to destroy elements of dodd frank the wall street reform law that gives shareholders finally a say in c.e.o. pay and ends too big to fail bank bailouts and all the while they've been attacking working people voting to end medicare and replace it with a voucher program to cut home heating assistance for the poor and holding unemployment benefits and tax cuts for the middle class hostage in exchange for extending the bush tax cuts for billionaires. it's literally the best house of representatives money could buy meanwhile in the senate we're only thirty seven of the one hundred seats faced reelection in two thousand and ten there are still senators who haven't felt the wrath of citizens united who are bought off and who are trying to do the right thing one of those

a senator sheldon whitehouse of rhode island led by senator whitehouse democrats in the senate are pushing for a vote on what president obama has or curb referred to as the buffett rule it's a rule that will require anyone who pay makes more than a million bucks a year to pay a minimum of thirty percent in federal income taxes regardless of where their income comes from keep in mind the top tax rate now for rate right now for people like warren buffett's secretary is thirty five percent so millionaires and billionaires will actually still pay less than she does but with the buffett rule in place people like mitt romney and paris hilton will make their money sit on their butts around the pool waiting for the dividend checks to arrive will finally pay their fair share in taxes and not just the mac current maximum of fifteen percent senator whitehouse is gone the legislation the pain a fair share act so can such a proposal break a republican filibuster in the senate and actually get consideration in a bought off house of representatives here to offer his take on this is

conservative commentator david selig from the from our new york studios david great to see it thank you good also hoffman it's always a pleasure. what the month lead is that. the. can but said ok ask the hartman. ok. why do you hate warren buffett's secretary. well i don't hate warren buffett's secretary at all but the fact of the matter is your viewing audience and much of america is being hoodwinked this is a nonsensical argument and i feel like warren buffett has really become almost this and feeble the old man who the president has paraded out in like a soviet style show trial is almost a useful idiot for this nonsensical argument the fact of the matter is on earnings income where you go out and work they'll still pay the regular income rate this is

the long term capital gains rate that should be a lesser amount and by the way on january first of two thousand and thirteen it's going up a whopping ten percent that will mean we're going to be taxed at twenty five percent why doesn't the president say how he's going to spend this money rather than just trying to kick the investor square in the fanny tom ok so you do you agree with grover norquist the raising taxes on millionaires and billionaires is an impeachable offense. it should be. ok you're argument if i recall our previous conversations about the reason why people are receiving their income sitting on their but around the pool waiting for the dividend checks to arrive is is maximally taxed at fifteen percent rather than the thirty five percent the warren buffett's secretary makes is because it's double taxation because the corporation pays taxes on their income before they distribute their dividends so they're right well let's only part of it tom i would

remind you that if warren buffett work c. pays the top rate as well but remember these super investors that you're talking about they really walk in lockstep with the government they are responsible for much of the opportunity and taxing them onerous taxation will quite a quite literally grind our economy to a halt you know this is ministration has basically to leave if you say most of us are yes or if if warren buffett can't. make an assessment if you're saying that this is double taxation exxon mobil paid out nineteen billion dollars in dividends in two thousand and ten they paid no us income taxes general electric paid out about twenty billion dollars in dividends they paid no us a tax in taxes this is not a scrape and that's because they bamboozled this it ministration previously they always paid taxes and in this case they did not why is that because the c.e.o. of general electric played

a couple of rounds of golf with the commander in chief because it was the heart crony deal the first of all a lot of these corporations haven't paid taxes in decades and you and i both know that do that and secondly those that have done all that in particular in two thousand and two thousand and ten weren't paying taxes they were doing so because the market crash and they were able to claim losses but they're still paying dividends and people are still getting those dividend checks they're still paying a maximum fifteen percent you know c.b.s. new york times poll shows that a majority of americans and seventy six percent. favor the buffett rule they think if somebody is making a million dollars a year like mitt romney does or or fifteen or twenty or thirty million dollars a year like mitt romney does that instead of paying thirteen percent income tax on it they should pay the thirty five percent the mitt romney secretary pays i don't don't think impressions are there really no it was argument absolutely not and i would like to address that issue the people who feel that way they should also say to this administration and perhaps the next one how are you spending this money i

mean tom if they were to seize all of that money they'd probably just waste it there's no accountability he says in his shoe about a contrary miss why should paris hilton in the wall aramis a lower tax rate on money that they literally. fell into their laps and they got sitting around the pool when you know paris hilton in her bikini why should she pay fifteen percent maximum income tax whereas the guy who's digging up the street in front of their new york city is going to pay up to thirty five percent it makes no sense well you know merican that's just not true and you know it because that guy who's digging up that street that hard working proletariat as it were when he or she invests their money they're going to appreciate that lower tax rate rather than to get raped and david and i know that's what he second point working people are investing their money in for a one case which are tax deferred until they retire this is this is this is this ng money this is a tax this is a tax rate for the rich david you and i both know this is because attack on the

middle class tom and don't let them fool you ok saying they are in essentially. the middle class who are slowly reliant you have all these seniors who rely on that money they're going to be taxed right into the poor house it's not right it won't why don't the david if i did you know you're a senior who's making twenty or thirty thousand dollars a year on your investments you're not going to paint thirty five percent income tax . we're going to the second the second part of this argument that the president's been making is we have to close these tax loopholes and i think they do and even i'm sorry we're out of time here but i think we could agree that we need to close tax loopholes ok. the only tax loophole is what section one fifty two which allows the illegal aliens to claim dependents in mexico ok david thank you you thank. coming up tonight on the rest of the show the u.n. releases a startling report on the world's population growth what do they say is needed to

keep us from wiping out the planet and ourselves also the effects of the foreclosure crisis often go over looked at one particular group of americans and see who they are and who have really been hurt the most and no one is able to squirm his way out of his open marriage jam or the latest obstacle facing him for a lot more challenging. let's not forget that we had an apartheid regime right here in the us. i think rocket bombing is beatable and one well.

we have a government says they're going to keep you safe get ready because you give them your freedoms. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big picture.

who's screwed our planet in a new report just published the united nations is warning that rapid population growth which will likely see the number of humans living on the planet explode to nine billion by two thousand and forty will condemn billions more to a life of poverty the un's high-level panel on global sustainability choir cautions in their report we run the risk of condemning up to three billion members of our

human family to a life of endemic poverty by twenty thirty the un estimates the world will need to produce fifty percent more food forty five percent more energy and thirty percent more water to sustain more people on the planet. one key is energy because without energy can't produce food or distribute water nowadays and needing to produce forty five percent more energy from fossil fuels to sustain nine billion people might be impossible as more and more scientists admit the peak oil has been reached worldwide so what does all this mean for our crowded planet and what can be done about it eli clifton joins us now from our studios in new york he's the national security reporter at think progress you know i welcome. thanks for having me great great to have you with us how and why is this population growth and the demands for water and energy and food associated with a national security issue for the united states well i think first of all when we when we talk about these numbers while we are talking about

a population increase of seven to nine billion by two thousand and forty perhaps what we need to really be looking at as being the most interesting increase here is actually in the size of the global middle class which is going to increase by three billion by twenty thirty now that's really what's going to drive a lot of these these increased demands for food and energy and water and then to go to your national security question this is the type of discussion we need to be having now is how are we going to address these increased demands which are going to strain our our natural resources and the global economy in ways that it really hasn't been tested before and in fact i believe was the world watch institute did the math some years back and found that if everybody in the world. is six billion of us seven billion those whatever it is now everybody in the world live the lifestyle of a poverty level family in america as i recall the number of the threshold they were using was like fourteen.