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Needless to say we are worried about this declining backlog.  Recently a directive came down from the CEO to cut costs and eliminate financial waste wherever possible, beginning with needless travel.  Friday I was talking to a supplier of ours that said that Caterpillar has pulled all of their work so that this work could be in-sourced internally at CAT.


CAT is in a slowdown as well, which is pretty amazing due to all of their mining equipment.....


Continue reading below...




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“Manufacturing is not doing well and we are participating in the global economic decline, including the ripple effect at the supplier level.  Management believes that (after the election) the orders will return.  I think that is a pipe dream and my family is prepared thanks to your blogs.”


This was also an extremely interesting email below that legendary Pierre Lassonde sent me while he was traveling in Europe at the end of the week.  Lassonde is past Chairman of the World Gold Council, and one of the greatest company builders the world has ever seen.  Here is what he had to say:


Eric

Central bank’s purchase of gold is the biggest reason why gold didn’t break down to the $1,200 level. 

Their purchases annualized at over 600 tonnes per year!  That pretty incredible.

Global gold demand was down 7% to 990 tonnes (year over year), but was only down 1% in value terms. 

More importantly, central bank buying has reached a record level of 157.5 tonnes (for the quarter), almost twice as much as last year, and represents 16% of global demand.

Pierre


35 year veteran Rick Rule was asked for his expert opinion about these emails in his KWN audio which was released today.  Here is a small portion of his comments regarding Pierre’s email:  “I’m particularly interested that Pierre himself is the one who sent you that email.  I put particular credence in the facts expressed in the email, in the fact that he thought this was an appropriate time to send it, and that those facts were appropriate (content).


Certainly with regards to the big hedge fund managers, Paulson, Soros, et al, given the amounts of liquidity they have in place, I think one of their challenges is where to put the money?  What alternatives do they have to gold? 


I think that’s the same dilemma confronting some of the central bankers, those that have liquidity and foreign currency reserves.  The safe trade, the thing one would do with liquidity that one wanted to maintain one’s purchasing power in, would be to go into gold.”


This is a fascinating situation because the global economy is plunging, while at the same time we are witnessing central banks in a scramble to acquire all of the physical gold they can possibly add to their reserves.  Why are they in such a hurry to get out of paper, and how bad will the ultimate collapse be?


For what it’s worth, the German Constitutional Court just ruled that the German military will be able to use its weapons on German streets in an extreme situation, if Germany faces an assault of “catastrophic proportions.”


Rick Rule discusses both of the above emails in detail in his outstanding audio interview.  He also spoke in-depth about gold, silver, miners, the global economy, oil and more.  You can listen to his interview by CLICKING HERE.  


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The interviews with Ben Davies, Rick Rule, Egon von Greyerz, Bill Fleckenstein, Dr. Keith Barron and MEP Nigel Farage are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included Peter Schiff, John Embry, James Turk, Micheal Pento, Dr. Stephen Leeb, and John Hathaway by CLICKING HERE.


Eric King

KingWorldNews.com

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