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CME Raises Gold Futures Margins By 6%, Hikes Silver Margins For Second Time In Under A Week
If at first you don't succeed at killing the higher beta stock short hedge, try again. The CME has just raised its margin requirement on silver again, bringing maintenance margins up from $6,500 to $7,250, after hiking it less than a week ago for the first time and preventing silver from surpassing $30. Of course, why the CME is raising it more after the spot price of silver is now far lower than where it was at the first raise is a good question, but is most certainly due to the exchange's "risk mitigation" concerns, and has nothing to do at all with the intent to continue killing PM prices. Far more importantly, the CME has finally relented and also raised gold margins, as we had expected. The new maintenance margin is up from $4,251 to $4,500, a minimal increase just to allow the CME to have the option (and making speculators well aware of this) of hiking rates again at any point it so chooses. All in all, all is now fair in fighting excess record liquidity. Look for a second round of imminent margin hikes in cotton, sugar, coffee and wheat, as the exchanges are suddenly very concerned about what retail margin collapses may mean for the non-existent wealth effect.
From the CME:
h/t Slim Beleggen
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with the daily volumes on gold and silver surpassing the yearly production one has to wonder for how long can they keep it on...i think the pack seems to be awaken (we are just not told yet)... in my humble view, at this point, they can keep this game going for a few months at the very most...(there is no gold or silver TO DELIVER)...with these kind of volumes all is needed a few of these guys deciding they had enough dancing and make sure they have a chair because the music will stop at some point...PM will be exploding.
ALL NEW WORLD here we come...
Let's wait and see the Dec delivery. JPM and HSBC are trying to pummel silver price down close their naked shorts for Dec. However, only a few longs have been knocked out.
Are we still waiting for the CFTC to enforce "contract limits"?
This paper "price discovery" mechanism is a perverted joke!
Hey, that's my favorite kind of joke!
Pucker up...
http://crashjpmorgan.files.wordpress.com/2010/11/banner_crashjpmorgan_ec...
Try all they want.
This time, the beach-ball is not staying down. It's a physical thing, not a price thing.
Churn, they've got more tricks up their sleeves. Stay strong, stay long!
ORI
http://aadivaahan.wordpress.com
Asia wins again
Wow. These bastards are really fleecing long-term investors who have a sizeable portion of their retirement funds in precious metals.
Considering the recent 10% drop, to see this happen is really telling.
They'll be fine as long as they don't sell. This is going to put tremendous pressure on the physical market. This is a gift.
Wow. These bastards are really fleecing long-term investors who have a sizeable portion of their retirement funds in precious metals.
Correction: Long term investors don't car about increased margin requirements and consider that a buying signal. Regulations can't stop a bull market. Only short term investors are getting fleeced.
??? Wouldn't this affect the bears more than the bulls?
Why are long-term investors holding with full margin?
The bears, aka JPM and HSBC have more money to short with....
I say "Thank You CME!!!!"
JPM and HSBC have unlimited access to paper money printed by the Fed. As a result, some longs can be kicked out because of margin calls.
What does POMO stand for ???? seriosly wtf ?
up on the board, oil and copper, it's the only way to stop runaway inflation, which as we all know is non-existent
100 dollar oil and that ten percent limit down on equities is irrelavent
I think with so many People hoarding physical Gold and Silver that it is taking too much Money out of the System. People are not putting Money where Bernanke wants it, in the Banks at .005% or into Stocks. They are taking Money out of the System and Hoarding physical Gold and Silver, this denies the Banks the use of the Money in Savings Accounts to gamble with. The Money is also out of the Stock Market. Exactly opposite what Bernanke wants.
To get the Money out of physical Gold and Silver they need to crash Gold and Silver prices. If of course people will sell what they have accumulated.
I wonder just how many people are on the physical gold and silver train right now. Do you think we have even reached 2% of the US population who actually own physical G&S? I´m sure there are ever more getting on the train, but the vast majority are still clueless.
This is one of the few points on which I disagree with the ZH conventional wisdom- that "the vast majority are still clueless". In the past this was true, but it is changing big-time now. In the last month I have seen:
1. My leftist (an accurate description, not used a slur- 30 years ago the guy traveled traveled to central America specifically to fight for the left in the war in Nicaragua) statist father-in-law just bought gold Eagles from APMEX to protect his retirement. He is last person I would have thought would do this
2. My aunt who doesn't own a TV or follow the news at all recently asked me about buying gold or silver. She has somehow, despite a self-imposed media blackout, discerned that her savings are in danger.
3. College students I work with were shocked to learn from me last week that pre-1965 dimes and quarters contained actual silver and had a "melt-value". I was shocked to learn that they rather uniformly do not trust our currency, understand that its value is headed for the toilet, and were VERY receptive to using something else as a store of value... they just didn't know what they could do about it and knew that gold was out of their price range.
I think people are waking up and we are on the cusp of a sea-change. Position yourself with physical and ride the wave, my friend.
So long as our democracy is a tyranny of the majority [or minority of corporate interests (they're actually the same, but no one wants to talk about it)], your ability to prosper from your intelligent decisionmaking is bound and gagged. My guess is that the only thing PMs will provide is the opportunity to take advantage of a small window of barterability and, most importantly, a ticket out of here to greener pastures. I don't think they're going to provide the panacea of wealth many expect... but they may just end up protecting the most important investment of all, you.
lemmings buying at cliff edge
Thank you for your invaluable insight and five word posts.
Just like everything else, there is a consolidation of real wealth. The cash for gold ads are telling... basically, demand for liquidity shook out plenty of already mined gold in small quantities per person, but I'm guessing sizeable volume. J6P has not the foggiest notion of gold as a store of wealth... hell, I tried to get some people together at my firm (professionals of over 20 years with sizeable net worths) to split an order because of the purchase requirements and I couldn't get any takers... that was at gold ~$1250 and sub ~$20 silver... of course, they also talk about apple stock fairly often...
.... but JPM and HSBC still can't deliver physical PMs...and lawsuits have been filed.
This is really where they want to go with this?
Yes, I think you hit the nail on the bulbous head. Here's the thought process: smaller players speculating get squeezed out by new margin requirements, big boys come in a cover shorts and (because they aren't mutually exclusive) begin to build a long position. Big boys won't pull their PM's via delivery because it would crash the system. They know the inventory isn't there. So they have continued paper PM accumulation. Just like the old times. Oh! But wait! They don't have physical! That is something that concerns me and you and other PM holders using our sheeple rubric.
Actually, this is all part of the dying process which will come for the paper markets. You can see where this is going: ummarginable paper gold and silver. In other words, you take this to its logical conclusion, and you obivate the need for a paper futures market.
Bring it on.
G
Yep. Take delivery. Consider lower prices as an invitation. "Show me the metal."
Give me the metal.
talk shiny to me...
crash comex buy pm
CME needs to be eliminated.
+1, G.
Exactly right. CME will be the victim of unintended consequences as they try to give cover for the short-silver bankstas.
+1 come and short my fucking physicals banksters
Good luck with that
Silver down -14% so far
Ain't it great? I just bought 40 more American Silver Eagles at $22 each.
Gimme more!
Evil Empire strikes back: adds to short positions on PMs, then covers some as weak longs are forced out by sudden hikes to margins.
I look forward to the day when the rumored buyers of size take delivery and make JPM bleed from every orifice.
Possibly this coming Dec? :)
It's all I want for Christmas :)
The 21st good for you?
http://crashjpmorgan.net/
Is December 21st the delivery day when the "sheets are pulled back"?
GATA predicting this since 1999
http://gata.org/about/history
they have little choice. physical is now being sought out at mine sites. banks have told customers that they don't have any. vietnam has given up on its import restrictions as they proved unworkable. there will be no confiscation this time. there is little or no patriotism to back it up this time round.
the best way to say no to them is get physical.
The best way to rub their face further into the mud would be to close down bank accounts with both JPM and HSBC. This is war and we have to take it to their doorstep.
China keen on Ag too -
http://www.youtube.com/watch?v=PqFpl31UwPI
Good point.
US Silver just sold forward 500 000 ounces at $27.50
CME is just following orders from it's master (JPM or Rothschilds and ASSociates, Inc.) most likely. Back in 1980, when the Comex pit was "very short" and most likely the likes of JPM...they were getting burned...so Comex instituted a change in rules, that being you could only sell. They are "sore losers" and always will be. Nothing new here, but it does sort of show that certain elements in this market are probably getting burned. Being on the wrong side of a trade is so hard for for those poor babies.
If I recall correctly, position limits don't apply to JPM and HSBC. I also wonder if they put up any margin...and if they do, it's probably just "printed", anyway. In a really free market, rules should not be changed mid-game, oops...my mistake...this is Amerika.
"CME is just following orders from it's master (JPM or Rothschilds and ASSociates, Inc.)"
Rothchilds are out of shorting the gold market - since 2004 they abondoned the London Pool which they created...
Goldman hold most of physical out of London...
this time JPM seems to be on their own (holding the proverbial bag)...will not bet my money on them...perhaps, they might survive in the form of a new entity doing smt else like leasing bikes a booming new business in US.
If you believe the Rothschild are out of the PM market you can also believe in Santa Claus. These bastards work from behind the scene.
to buy not sell -that's their trade. if you sell short hoping silver is going at $22 you might as well hope it will go $2...game is over
Selling silver short at $22 is for JPM & HSBC only. When they loose, as they will, the American taxpayer wil be paying for it.
The Rothschilds left when there was no more physical to be looted.
Just left a pile of IOUs.
The physical squeeze is on, particularly Silver, they can't escape it now.
If the spot market is determining price, all this will do is decrease OI and volume on the CME. A good part of yesteday it looked like the spot to DEC spread was compressed to 20 or 30 cents. I say "looked like" because my spot feed is not as good as my futures feed -- but it was certainly smaller than usual.
GIVE ME PAPER SILVER ON MARGIN!
JPM's silver short position is no doubt hedged through derivatives with AIG as counterparty or the Third Bank of Bumblefuck. The Bennie or Sheila's got their back.
Yep. It's what you can't see in these situations that can hurt you the most. The tail is probably wagging the dog, because, the tail is five times the size of the dog, and the risk has all been carefully and quietly transferred onto the taxpayers books.
We need a Congress who has the guts to raise the margin requirements on the Federal gov't.
Saw a chart on Bloomberg TV looking at leverage. Households - 4x, Banks - 10x, US Gov't - 78x
There is nothing subtle about these latest moves from the CME. Expect more of the same if the Fed keeps pumping more liquidity into a system that can't/won't put it to productive use.
Close the Fed down and all their owners and crony banks will wind up too. Then we can start a new financial system.
The bastards ( read JPM , HSBC, The Rothschilds and their ilk are hammering silver down. Me thinks they will do it for a few more days at least and then start to cover back- maybe around $22 for they do know that they have to exit their shorts
The bastards ( read JPM , HSBC, The Rothschilds and their ilk are hammering silver down. Me thinks they will do it for a few more days at least and then start to cover back- maybe around $22 for they do know that they have to reduce/exit their shorts
The thing is, if they have an infinite supply of paper money, they won't have to exit the shorts....
This whole thing stinks to high heaven. We need to write to the CFTC and have them enforce contract limits!
Hey, I'm all for driving out the fake longs. I say we hike margin requirements to greater than 100%, so we can leave just those of us with physical silver versus the paper shorts. From there, the real bloodbath will begin. It would allow those of us with real faith to accumulate every ounce of silver held by weak hands (as the price of silver falls below a dollar an ounce), and smash the shorts in one final battle.
Let's just end this already.
I know I should keep better track, but Tulving.com is currently offering only 9 silver products for sale. I'm sure there was more last week.
And, of course, all of this makes great short-term trading oppotunities for those who get to know about these changes before everyone else.
every cloud has a silver lining
cloud seeding to cover naked shorts?
make it rain baby!
of course "it goes with out saying massively reducing liquidity in the marketplace can cause even more massive price volatility."
Customers please take your PMs out of the vaults and do not lease them back to the dealers. That is all.
You bet there was more last week - Kitco had their full range of bullion available, this week everything except the huge bars are "only shipping to the US", meaning their head office in Montreal is effectively sold out
APMEX has:
2010 Silver Eagles: 102,930oz
2011 Silver Maples: 22,525oz
2010 Silver Maples: 7,495oz
2011 Silver Wolf: 29,299oz
That's $4,800,000 worth of silver.
Come on guys. There is way too much silver still available.
$5 mil of silver available from one of the largest bullion dealers in North America - no offense, but thats chump change - 1 single sophisticated private investor could buy that out in 1 single order, $5 mil might have been a lot back in 1950, but not today, we deal with trillions! now.
$5 mill is probably the inventory held at every single car dealership in every single village, town, city throughout the country, and there are how many car dealerships? 10's of thousands?
Whoops, misread you comment, nevermind.
Romanko: He's being ironical re: that being a lot of silver at APMEX.
$5 M silver may be chump change, but don't try putting it in yer pocket
Assay, Delivery, Handling and private storage costs of that much silver are significant
I'm surprised that you didn't add "You can't eat it!" also.
Your loathing for the personal physical posession of precious metals is rather obvious here by now, even if your reasons for that loathing are not.
And yes, I did junk you --- as I do all kneejerk, flippant, one-liner precious metals haters.
Assay silver Eagles? You're a doofus.
Delivery problems? Like, go get it dude.
Storage? No problemo. Build your own vault.
It's like owning a Rolls and bitching about your parking place. Make one.
ATG, your imagination is probably about as massive as your dick.
And you obviously have no resources of your own.
That is bugger all.3 weeks ago a mystery couple purchased $42,000,000 of Gold in one go.Buy Silver and Gold and bury the bastard bankers.
Good sarcasm. Though I'm not sure others are getting your joke. That said, surely you understand that 5 million dollars of silver is a crumb.
GG
Anyone consider that APMEX's inventory transparency is inaccurate and just a marketing tool? JUST throwing it out there.
I highly doubt that.
Just two hours later:
2010 Silver Eagles: 99,208oz
2011 Silver Maples: 22,400oz
2010 Silver Maples: 7,470oz
2011 Silver Wolf: 29,284oz
FYI: You can view the inventory by viewing the source page. Look for a line like this. The last number in the series is the inventory. The following is the inventory for 2010 Silver Eagles:
<input name="ctl06$ctl00$Products1$Repeater1$ctl01$txtQty" type="text" maxlength="4" id="ctl06_ctl00_Products1_Repeater1_ctl01_txtQty" onkeydown="updatebuttonKeyDownmoz(event,this, 'ctl06_ctl00_Products1_Repeater1_ctl01_btnAddToCart', 99208);" onkeyup="updatebuttonKeyUpmoz(event,this, 'ctl06_ctl00_Products1_Repeater1_ctl01_btnAddToCart','57010','E.P', 99208);" style="width:30px;">
Considering APMEX is audited by Grant Thornton LLP of Enron fame, their bank is JP Morgan Chase and they reside in a former federal reserve bank, I would put very little faith in the numbers they provide.
Ich wusste das nicht. Good point though.
I'm begining to think JPM is poised to profit no matter what way the market moves. APMEX rose from a coin dealer to an exchange in a year, in less than 10 years they managed to relocate themselves to an federal bank with a fishy "federal" bank backing them and a fishy accounting firm...fishy fish fish...
I know its over ! "FOR SURE" !
The Chevy "Volt" (hoho) just won (hehe) motortrends (LOL) car (mf,mf) of (wait for it ---wait for it) "2010 CAR OF THE YEAR". Bwaaaaaaaaaaaaahaaaahaaaaahaaaaahaaaaaahaaaaaahhheeeeeeehheeeeeeeeehooooohooooo !
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hack-hack, gruuummm hack-hack ..................................
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http://money.cnn.com/2010/11/15/autos/motor_trend_car_of_the_year/
ROTFLMAO
Have a good day !
Of course it did, with the IPO coming the government and the unions had to pump up the volume a little to get the price action requried. These pricks are no better than the silver whackers.
No biggie though, these POS hairdryers will make nice pylons on the interstate highway as their batteries fail in the fast lane.
Christ I CAN'T WAIT!
News at 6 - environmentalists die in battery failure on interstate
LOL's
$42,000 economy cars with GM PO price, size and type increased with 30.5% defacto unemployment while the market dives?
Hmmmm
Credit for batteries?
http://cwcs.ysu.edu/resources/cwcs-projects/defacto
http://usnews.rankingsandreviews.com/cars-trucks/Chevrolet_Volt/photos-e...
Crash JP Morgan, buy silver!
I smell blood. This is a panic move by the CME.
agreed
margins arent going to matter in the long run as everyone will be bringing in wheel barrows of cash to get physical soon.
the jigg is up !
They are trying to correlate the dow drop with the price of Gold to stop the stampede
When you see Gold/Silver turn against this "THAT" is the time to "LOAD" the boat !!
POMO and PPT at full throttle...............
Munis in big trouble ! PZC and others down over 6.1 %
http://finance.yahoo.com/q?s=PZC&ql=0
Me too, Quinvarius--blood and fear.
They needed to do something to cool the market down and as expected they have done just that. In fact this could now turn nasty. Nobody said this was a level playing field but when you have a coordinated action of fraudster banks, regulator (CFTC) and exchange (CME) lined against the small time investor you have to say this is a fucking totally sick joke.
Which is why I'm buying more and will continue to do so. Keep suppressing it you fuckers at some point you are going to get a silver spike the size of the Statue of Liberty rammed up your crooked arses!! Fuck you!!!
I don't believe the CME will let the system crash. Nice thought, though. More like a wet dream (I miss those). HOWEVER, these moves will continue to undermine it as an exchange. That will make it irrelevant. Buying physical at your local coin shop will have 0 effect on what goes on at CME (if that's what the "buy physical to crash CME" cheerleading is referring to.)
Physical buying propogates through the system until some big warehouser or mint tries to buy directly from the COMEX and demand delivery, because they can't get physical anywhere else.
Thousands of people buying up silver will, in fact, crash the system sooner or later.
Buying physical at your local coin shop DOES have an effect. A few weeks ago I went to one, and as I was walking in there was an armored truck waiting and a guy rolling a dolly out the door with several $100s of face value silver coin - all that the shop had collected for the past week. What do you think happens to that stuff? It goes to a smelter, who melts it down and purifies it (coin silver is only 90% pure) and make 1,000 oz. bars out of it that are later purchased by industrial users or COMEX or the firm that make coin blanks for the Mint's Eagles. Cut off that supply by buying $5 (approx. 3.6 ounces) or $10 (approx. 7.2 ounces) of face every week from a coin shop, and you'll help to choke the banks. Little old you or me alone won't do squat, but 100,000 of us buying a mere 1 ounce per week will have an effect. 1,000,000 of us doing that will deplete supplies by 52,000,000 ounces per year, a HUGE change in the market. 50 million Chinamen buying a tenth of an ounce per week would have 5 times that effect.
Quantity has a quality all its own.
Pardon me whilst I go and buy some Ag.
Hey A Texan,
"Quantity has a quality all its own."
I'll take that one into my quote-bank. Nicely said.
ORI
http://aadivaahan.wordpress.com
I dunno...buying opps at 23-24 ag, wishing for less than 20, but hope is not a strategy..make my day. i could give afuck about what happens in the 'nana 'nana exchange rates...could say alot more but pressed for time..in closing..fuck a bank!
Raise the margins to 50% in all commodities like fuckin stocks...then we see some real fireworks as the tide goes out.
Give me physical or give me death
Seriously, as the situation gets more and more perilous for the Evil Empire, anyone not expecting this kind of manipulative BS is either delusional or simply inexperienced.
What we cannot have is a defeatist, top-calling attitude where the EE wins. They can change the rules but not the fundos. Support is holding and will get stronger with any additional selloff. Keep the faith.
Keep the faith.
+1
This is starting to feel like price controls via the CME, there is serious blood in the water. Does anybody remember if the margin requirements got raised in 2008 druring the big selloff?
Buy the weakness.
If interested, lots of updated thoughts at:
www.tfmetalsreport.blogspot.com
Sorry for the spam but I'm out of time for today so I can't re-type here.
I love your blog Turd, thanks for the info.
Keep up the good work, Turd. It's God's work you know!
Turd - rarely do you talk out of your arse - today is no exception. Keep the faith - let silver find a bottom and buy more. Wallet reloading.
$23-$25 is still top of channel. They haven't even hurt the trend yet.
http://2.bp.blogspot.com/_H2DePAZe2gA/TOHRFdQCm_I/AAAAAAAAPFY/nWr37SGHLgs/s1600/silverweekly.png
Weekly chart by Jesse not me.
dum de dum - buy
dum de dum - buy
dum de dum - buy
I just love the smell of elmer fudd cooked longs in the morning.
I'll buy all the way down as I have always done. Yum, thanks JPM and HSBC for making my day.
Great panther, First majestic, yum, party, party party.
Christ it's a field day in the silver and gold trenches so many delectable treats to buy buy buy.
Dear all, even we from Croatia (I guess many have no idea where that is - it is not part of Russia) understand what this game is about. Many are hoarding PM even in such small country. I know we are not large number but point is that hoarding of PM is GLOBAL and banksters are counting probably last months in the game. Getting physical is harder and harder. And white shoe boys on COMEX and LBMA better prepare CV-s and start to look for new jobs. Our banksters and brokers are learning fast from yours and even more creative. President (Governor) of Central Bank of Croatia is resisting idea to offer people chance to hedge themselves against this crisis. We are not allowed to buy bullion and still they claim to the world that we are free country. Our "Ben" openly stated to several companies that tried to offer bullion to Croatian citizens that: "This is not in my interest and i will not allow it because people will move money into PM over night". Even he can not stop this process with his communist approach.
Rock it Croatia, we salute you! Thanks for the report from your trenches.
2nd that!
3rd that!
4th that!
Sounds like your central bankster needs a "Nicolae Ceaucescu" moment in the city square.
Bok, Mujo. Lots of members of that great lost white tribe in the neighboring countries as well... ;-]. The Nicolaes, banksters, apparatchiks and other sundry life forms never left, just turned their coats and kept on looting -- with only the manageable expense of having to cut in a new generation of wannabe oligarchs.
While I am not in the region at the moment, I am pretty sure you can find physical PM for sale to your northeast.
Since the CME group owns the comex exchange you know they've got their hands involved up to their elbows underwriting whatever sick fucking business JPM & HSBC are doing to suppress the price of Gold and Silver.
Then they have the nerve to claim that raising the margin requirements is not to blame for the $2.0 per oz plunge in the Silver price after they singled it out after trading hours.
Bart Chilton needs to stop talking and start swinging.
i have never witnessed so much desperation....buy physical silver....the paper markets be damned....
of course this latest action will be of no help to those who really need silver since their leverages have just gone down thus increasing the cost of doing business....you can slosh inflation around to different shells but you can't kill it fraudulently....
Copper should be the big story of the day! Down almost 6%.
You can never read the financial pages and still be aware there are ads to buy your gold in the sports section. You can not watch TV or use the internet and still see guys in Statue of Liberty costumes waving 'we buy gold' igns on the curb and 'we buy gold' signs in the window of just about every jewelry store. You damn near have to live in a cave to not see people are trying to suck in every loose ounce. People are not too stupid to fail to wonder why. Those that are a little more aware just see the tightening of margin as a desperate last ditch effort at manipulation. They might as well piss on a forest fire.
Why are you all so angry?
Did you all lose your last shirt with overleveraged silver longs? Did nobody of you look at the chart during the last few weeks and noticed how it was overdue for an agressive correction like this? Even if you plot it with a logarithmic y-axis it was so obvious!
So obvious you waited until silver was -14% to post it;
Margins were increased at 1980 peaks also
http://www.jubileeprosperity.com/prosperity/ahooga/
Ok guys, now I need someone to explain me this: spot (physical) gold traded at the brazilian exchange (BM&F) opened a +15% spread to comex-traded gold.
I'm long but I honestly don't know what to do right now. If this spread closes, I'll get pwned, but it's keeps widening over the last 1-2 months.
So, governments still realize that people transferring wealth out of paper fiat and into things having inherent value are a imminent threat to their corrupted monopoly on power and control?
...Just as in Rome's time.
Watch them go to any measure to crack the PM market. For this independence movement on the part of the subjects can not be tolerated for any significant period of time.
The wealth of our working class has been tranfered to China. The Chinese are about to buy siver. So now we can get some of it back..hi,ho,silver,my way.
Let them hike the margin to 100%. I'm really keen to see what a GLD & SLV collapse will look like...hahahahaha.
SILVER & GOLD, SILVER AND GOLD..... Burl Ives never sang so well..... SILVER & GOLD, SILVER & GOLD...... If you don't like this song just step back and let us SING "SILVER & GOLD" "SILVER & GOLD" LA la la la......
This ATG character is like having a fly buzz around during a meal (A PEST) I don't understand what ATG is doing here unless ATG is connected with the C O M E X sent to propagate anti P. M. sentiment..... Lets see. How does that go again, "I hate those barbaric relics of the past" "Why should we send good men deep into dangerous mines (placing their lives in jeopardy) digging up these barbaric relics from one hole (mines) only to place them in another hole (vaults), it's just plain idiotic" OK. My question is; When has any banker gave a damn about any one's life? Oh yeah right, they care about the lives of those who search in mines for Silver / Gold...... Strange they never gave a damn about the investors that they burned with their naked shorts (people that lost everything they worked hard for and now wonder where they will live tomorrow. What they will have to feed their families because they lost everything while the banksters made billions at our expense...... They call it, "Doing God's Work" Yeah, OK... Good looking out.... Lloyd, Jamie and all those who came before you.......