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Is The Fed Hiding Gold Swap Arrangements With Foreign Central Banks?
There is not one asset that, over the decades and especially since the collapse of the gold standard, has received more claims of manipulation than gold. Yet evidence has always been impossible to come by. Are the interests imposing a gold price ceiling just too strong? If GATA's latest dispatch is correct, then yes, and they reach to the very pinnacle of modern financial oligarchy, represented by none other than the US Federal Reserve. GATA believes that the Fed has implicitly confirmed the existence of gold swap arrangements. As we all recall, the Fed issued nearly half a trillion in foreign CB liquidity swap lines whose primary reason was to make sure that foreign banks which were all massively short the dollar did not collapse, as the dollar skyrocketed into the end of 2008, after the capital markets became paralyzed and the dollar-short trade promptly became unwound. Could gold swaps be a comparable method for the Fed to explicitly permit foreign entities to keep gold prices low?
The other question of whether or not this confirmation needs an depth investigation over potential prior contradictory disclosure is left for the proper authorities. Of course, when it pertain to the Fed, there are no proper authorities. After all, the Fed is accountable to no one.
Dear Friend of GATA and Gold:
The Federal Reserve System has disclosed to GATA that it has gold swap arrangements with foreign banks that it does not want the public to know about.
The disclosure contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.
The Fed's disclosure came this week in a letter to GATA's Washington-area lawyer, William J. Olson of Vienna, Virginia (http://www.lawandfreedom.com), denying GATA's administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund's treatise on gold swaps here:http://www.imf.org/external/bopage/pdf/99-10.pdf.)
The letter, dated September 17 and written by Federal Reserve Board member Kevin M. Warsh (see http://www.federalreserve.gov/aboutthefed/bios/board/warsh.htm), formerly a member of the President's Working Group on Financial Markets, detailed the Fed's position that the gold swap records sought by GATA are exempt from disclosure under the U.S. Freedom of Information Act.
Warsh wrote in part: "In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you."
When, in 2001, GATA discovered a reference to gold swaps in the minutes of the January 31-February 1, 1995, meeting of the Federal Reserve's Federal Open Market Committee and pressed the Fed, through two U.S. senators, for an explanation, Fed Chairman Alan Greenspan denied that the Fed was involved in gold swaps in any way. Greenspan also produced a memorandum written by the Fed official who had been quoted about gold swaps in the FOMC minutes, FOMC General Counsel J. Virgil Mattingly, in which Mattingly denied making any such comments. (Seehttp://www.gata.org/node/1181.)
The Fed's September 17 letter to GATA confirming that the Fed has gold swap arrangements can be found here:
http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
While the letter is far from the first official admission of central bank scheming to suppress the price of gold (for documentation of some of these admissions, see http://www.gata.org/node/6242 andhttp://www.gata.org/node/7096), it comes at a sensitive time in the currency and gold markets. The U.S. dollar is showing unprecedented weakness, the gold price is showing unprecedented strength, Western European central banks appear to be withdrawing from gold sales and leasing, and the International Monetary Fund is being pressed to take the lead in the gold price suppression scheme by selling gold from its own supposed reserves in the guise of providing financial support for poor nations.
GATA will seek to bring a lawsuit in federal court to appeal the Fed's denial of our freedom-of-information request. While this will require many thousands of dollars, the Fed's admission that it aims to conceal documentation of its gold swap arrangements establishes that such a lawsuit would have a distinct target and not be just a fishing expedition.
In pursuit of such a lawsuit and its general objective of liberating the precious metals markets and making them fair and transparent, GATA again asks for your financial support and that of all gold and silver mining companies that are not at the mercy of market-manipulating governments and banks. GATA is recognized by the U.S. Internal Revenue Service as a non-profit educational and civil rights organization and contributions to it are federally tax-exempt in the United States. For information on donating to GATA, please visit here:
You can also help GATA by bringing this dispatch to the attention of financial news organizations and urging them to investigate the Fed's involvement in gold swaps particularly and the gold (and silver) price suppression schemes generally.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
And here is the Fed's September 17 response to GATA:
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Is that a rhetorical question?
That's exactly what I thought upon reading the title.
FOREX interventions are attempts at forcing and maintaining adjustments to the value of a currency, accomplished in part by central bank swaps. The ongoing need by central banks to conduct these FOREX interventions, which are no longer formally called interventions, is a direct result of the removal of gold convertibility. FOREX interventions were largely unheard of when the dollar was backed by gold.
FOREX interventions are merely a substitute for gold transactions. Of course gold is a currency, and of course central banks swap gold. They also lease it and otherwise dispose of it.
Funny, there is no way to manipulate the Yuan by speculation, only the Chines government can manipulate the value of the Yuan. Thus their CB wouldn't need to make such interventions on behalf of their currency.
Methinks that getting rid of these games is fairly easy: fix the currencies against a standard - like this there can be no speculating on fluctuations as the exchange rate won't change.
But why choose an easy solution everyone can understand when you can replace it with a difficult 'solution' only the few initiated high-priests of Mammon can 'understand'.
Speculation on currency exchange rates is an essential mechanism for rewarding countries that have sound economic policies, and punishing those countries that have bad policies (such as the US).
Floating exchange rates that are traded in an open market are also a very efficient means of determining a fair price for goods and services across the globe.
Exchange rates *must* change over time, simply because populations and economies are not static.
I agree with the 'must change over time'. However once a month would be enough. The economy of a country doesn't change once every millisecond. This is ridiculous and such trading does not represent any trading on fundamentals.
There is no such thing as a free market. Large players can set the prices for others in this environment. Large players betting massively against the currency of whole countries is a danger that simply cannot be accepted.
#78380 - I hope you realize that your "once a month would be enough" is essentially saying that you would like some kind of central control over markets.
That would really make the markets non-free and would completely destroy world trade, because then private transactions in goods and services, at secretly negotiated rates would take place most of the time, without the transparency that we really want.
Just because *you* think trading every millisecond is ridiculous doesn't mean that it is.
There isn't, and there has never been, any kind of "trading on fundamentals" alone.
It's all about speculation: speculation on future fundamentals, speculation on future events, speculation on interest rates etc...
If you think that you will somehow eliminate or reduce speculation by increasing control over markets, you are mistaken - remember the Soviets already tried that.
As for there being no such thing as a free market because deep pockets can set prices - well, nothing is perfect, but I haven't heard of any plausible alternative.
I have found the Freedom of Information Act is anything but
Hand in hand with the Privacy Act.
...Truth in Lending....
...Truth in Lending....
Does the Pope wear a funny hat?
Thanks for publicizing this. I cannot imagine where all of this is heading. Time to buy more ammo.
I just ordered 500 rounds of 2 3/4 #4 buck and a thousand rounds of .223. I hope I pass the background check for my weapons. Clearly a "cart before the horse sitiation".
Mmm... background check? I'd look for guns from private sellers first -
no ownership records - and I'll be damned if I'll list any on my tax return next year, either! Bring back the Guillotine!
nothing new
http://www.youtube.com/watch?v=vT-JoCvveYY
"Yet evidence has always been impossible to come by."
On the contrary:
http://www.moneyweek.com/investments/precious-metals-and-gems/is-the-gol...
(demonstrating that 20-day gains of 1% could be had for a period of 24 years just by trading Au at the same time every day).
N.B.: This article was picked up by Jesse @ Cafe Americain in Jan. 2009
Could someone provide a high-level discussion of the ultimate ramifications if these swap arrangements exist. Thanks.
This example is about as factual as you can get: The Federal Reserve leases American's physical gold for 1% APR to Goldman Sucks. Goldman sells it and depresses the price, which makes the U.S. Peso appear stronger than it is, since the Canary in the Mine has been silenced. Goldman invests the 1% cash somewhere at a much higher return.
Eventually American's gold is gone, but it is still being carried as a PAPER ENTRY.
Now the CROOKS at the Federal Reserve do a GOLD SWAP with Germany, who has PHYSICAL gold. Germany receives American's gold, not knowing it is only PAPER. Goldman leases the gold - in Germany that is NOW American's gold - for 1% and sells it into the market depressing...
Problem: Both the gold in America and Germany is nothing but PAPER, with the PROMISE by Goldman to return it. Of course, they CAN'T since that amount of gold is not available and attempts to PURCHASE anywhere near that amount in the open markets would drive the price to the moon.
Soon it will be discovered that America has NO GOLD and the CROOKS in this country sold that of others, as well.
Some countries also shipped their gold to America for storage. It is STRONGLY rumored that this gold was also LEASED.
Gold and silver SCAMS are going to put every other FINANCIAL SCAMS into chump change category. It is estimated that EVERY ONE OUNCE OF GOLD has as many as FIFTY TO ONE HUNDRED CLAIMS AGAINST IT, in the form of Paper Promises.
Just watch this space...
Scary......this would put the whole subprime MBS scam on the back burner for sure. Follows the trend. If it has value, it must be securitized !!
Reminds me I bought a quarter oz. Eagle for a hundred in 1991. If I've got 50 guys claiming it , this mother must be worth $5 grand by my calculations.....which may be off a bit.
Hope I can find it.
Ok, but why does GS take the risk that gold will not go higher? My understanding is that GS makes its money on risk free trades (HFT, selling overvalued MBS, etc.). This sounds like a huge risk. Why would they do it?
For one, their partner, the FED, has a printing press.
But from a larger perspective, the basic premise is fighting Gibson's paradox, or the idea that low interest rates can be maintained through supression of the price of gold. Wall Street has a huge interest in the maintenance of low interest rates.
and to dig even deeper on your point, low or falling
gold prices make u.s. paper look attractive by
comparison....
in general when investors feel that risk is too
high relative to reward they will prefer to
hoard their money rather than invest....in an
unrigged market, gold serves the role of safe
harbour....
so whether the fed wants low interest rates or
not, above all they want their and treasury
paper to sell...so make gold look bad et voila...
for the time being low interest rates are desirable
so the gold cartel consisting of gs, db, ms, et. al.
run out every day selling naked gold shorts or
leased gold....you can see it plain as day....
the majority of the time they sell between 8:30-9:30a
et but that is by no means a hard and fast rule...
the recent imf gold sales will be conducted to
rearrange gold reserves to prevent a comex
collapse....the cover story is that the imf is
doing it for the starving children in africa but
the amount of money is so trivial as to be a laugh....
...when imf sells gold (and that is still a big
fat IF despite the announcement) it will signal
an impending disaster in the gold market....not
because of price suppression but because gold
is so scarce that the crooks have to actually
sell their own stash (if they have it) to continue
the fraud...
so this imf gold play is huge red flag that there
are deep troubles within the gold cartel....
There's no risk until investors begin demanding physical delivery of their bullion. Unless that happens JPMorgan, Goldman Sachs and all the rest of Satan's little helpers can play Ponzi with gold too.
The bet is that investors will be satisfied with a slip of paper insuring that they own physical bullion, and there is no need to personally safeguard the bulky metal.
Of course they will accept slips of paper instead of the real thing. They also accept slips of paper for their deposited dollars, called a Certificate of Deposit.
People are so frightened that this all might be a scam that they won't accept anything less than a (Gold plated) government promise that it isn't a scam, backed by the Federal Government Good Housekeeping Seal of Approval.
What was that saying about one born every minute?
I don't think people are so frightened that this is all a scam. I think most people haven't a clue what to think.
I agree with you about the guarantee. In this country people may not trust the government, but they believe in it's authority.
123,
it was a risk free tarde until the Chinese started following their instincts and bought a pile of the
Barbarous Relic. Amazing isn't it. The CBs and their
lackeys around the world deride Gold but do all they
can to manipulate it. If it has no value then they
should get out of the playpen.
regards
Gold is worth less than you think. There is no escape from dealing with your neighbors via gold, guns, and ammo. Cigarettes, nylons, coca-cola and batteries will warm their hearts and keep you safe.
Okay. So should I attach the nylons to the batteries in the coca-cola to warm their hearts? When do I offer them cigarettes? Damn! it's a nuisance having to deal with my neighbors.
We should go back and watch a few MacGyver re-runs...
nYLONS ??!!!!!
Yeah. I live next to a dude like that also.
LoneStarHog, you should write for the FT ;)
anyways, where on this earth is the actual gold & how much is there? it makes sense that Hong Kong is getting their gold the hell outta dodge, I mean London. What other countries are making plans right now to get their gold out of NYFed & London? I wonder. I'm keeping a keen eye on the news.
Great explanation, L-S-H-; thanks much!
I previously posted a link to an article by Axel Merck on the consequences of permanent gold backwardation. If I can find it I'll post it again for you.
Sorry. I meant Antal Fekete. Here's the article:
http://www.gata.org/node/7716
Must read article! (I purchased more gold the week after I first read it)
A most precient argument indeed, but in practical terms, when gold becomes as important as you might think in real terms versus paper....as Nixon was forces to realize previous to August 15, 1971 when he closed the gold window, how do you protect your stash having been identified in its use? Can you afford an army to protect your interest or stay up all night with the also important guns and ammo? If gold is outlawed, only outlaws will have gold.
A most prescient argument indeed, but in practical terms, when gold becomes as important as you might think in real terms versus paper....as Nixon was forces to realize previous to August 15, 1971 when he closed the gold window, how do you protect your stash having been identified in its use? Can you afford an army to protect your interest or stay up all night with the also important guns and ammo? If gold is outlawed, only outlaws will have gold.
Dude - FOFOA told us about guys like you. Human "fox urine" who aim to keep people from protecting their wealth at any cost. "They'll confiscate it", "they'll kill you for it". What will you come up with next? Oh wait - I don't care. Yes, protect yourself and your family. Know your neighbors and be ready to share. Have a freaking plan so you keep your head as others are losing theirs. I have read much on the subject as well, and anybody who rejects storing wealth in PMs solely because of FEAR has a lot more to be afraid of.
You remind me of someone who used to haunt the Yahoo financial message boards, usually among the mining stocks,..
he called himself Tommy Two Times..Two Times.
Go Ben!!!
http://upload.wikimedia.org/wikipedia/en/3/3e/Zimbabwe_%24100_trillion_2...
We could use that bill to pay the national debt and our unfunded entitlement liabilities combined.
Heading? IMF needing one long overdue accounting entry for some guys in present admin to later-on become cleared in a legal sort of way.
Whenever the Fed discloses information it does so to obscure information. Too many secrets.
i'm looking forward to gg's response.
LOL! Well, I have nuthin' much to say since as far as I am concerned this is more like a statement of fact than a question. Seriously, does anyone expect the Fed to come out and openly acknowledge its criminal activities? The only way is to try, shame and punish the Fed members in public courts in city squares.
"Yet evidence has always been impossible to come by."
The same way that the "evidence" of AIG being bailed out to indirectly fill GS with looted taxpayer money to the gills has been impossible to come by?
+1
Hi DH and all that helped on the Kindle book recommedations...long travels and no sleep. Miss the gang here--truly--and like you I have a real life but ZH is a family I truly enjoy being a part of. Watched the close today in the markets with 14 hours of flying to destination yesterday and 3 hours of sleep last night. And these silly west coast hours --just groggy all day. I started in the biz in LA at 5 am in the 80's. I hated it then and it sucks now. Today, I was watching after hours at 1:20 PDT and thought the market was still open. Hmph.
I will be reading my Kindle book recommendations and hoping my shorts and puts get to work. Looked like a nice 2 close reversal today on the NDX. On a serious note, I am out here for medical treatment so I will not be back on my options observations of the markets in true form unless something really changes soon healthwise. No pity please--just wish me well. Until then, best to all of you!
No pity, good luck.
Get that stuff resolved now while there is a system up and running to do so.
TY kind teacher...love your input into our freedom forum.
...the evidence is there, but as usual, no one touches the scumbags...teflon scumbags. And even before the counterparty list was released in Feb, there was such a foul odor from Paulson's claim that AIG had to be saved (not receivership aka free taxpayer money for AIG and friends) with an 85 billion immediate "loan" two days after denying Lehman of a six billion dollar loan, and knowing that AIG was the biggest writer of Lehman CDS's.
No doubt
Aaah, the natives are restless and the days of the feds free ride may be actually coming to an end, gotta love it.
I have been looking around craigslist at different areas to get a feel of what apartments/houses are going for in different parts of the country. I have no real need for this information just a kind of out of curiosity thing.
Anyways. In almost every major city I looked, I found loads of these. http://charlotte.craigslist.org/apa/1389256434.html I'm not a lawyer or real-estate expert but something about that last paragraph just doesn't jive with me.
Any thoughts?
The listing has been "flagged for removal" ?????
What did it say?
I found one similar not looking very long.
So, you’re looking to rent? Are you sure you want to do that?
Homes are at their cheapest prices in years, the Obama administration is offering an $8,000 tax credit, and RLSTATE.com LLC is giving 20% of the commission that they receive in representing you on your purchase right back to you (subject to your lender’s approval and Federal/State/local laws).
What can this do for you? Consider this: if you purchase a $100,000 home, you can have 8% in equity when you move in even with 100% financing!
So, how can you take advantage of this?
Call Bill Martin at RLSTATE.com. He’ll get you pre-approved for a mortgage and, then, we can go shopping for the home of your dreams.
http://charlotte.craigslist.org/apa/1389632643.html
The one I posted before said credit would not be checked and you could get 100% financing. I don't know if these are individuals trying to scam people or just the same irresponsibility that got us here in the first place.
Just go on craigslist like I did and look around. You'll find what I'm ttalking about.
Pretty neat how the USD, which tanked after the FOMC, miraculously rebounded +.50 from the 76 level.
Indeed - neat. Pretty much coincided with the market selling-off, swinging about 1.7% in about 90-minutes. Also "neat".
Yep. God bless America and the free market capitalist system. It's what our boys are fighting for over there in Afghanstan or whatever.
Too bad the leadership of our political & financial systems are unworthy of these service members commitment & sacrifices and would never answer the call to stand themselves.
Brings to mind Rush "anal cysts" Limbaugh and Dick "five deferments" Cheney.
Fully agree with all the statements above. BTW, manipulation can last only so long (seems like it can last only for just a few minutes/hours in case of the terminally ill USD these days) - Dollar hitting the shitter again.
I'd take Cheney anyday over Pelosi...
Talk about choosing the lesser of two evils!!! That's a tough one. I'd have to hold my nose and flip a coin, praying it landed vertically.
+1
Don't forget he can run 4 miles a day on his 4D knees Pat Buchanan.
Robin Cook, Britain's Foreign Secretary under Tony Blair (similar to our Secretary of State) announced in a press conference in the week before Christmas 2008 that the International Terrorism is a fabrication; a hoax and there is no evidence of any coordinated international terrorism effort. In the same press conference, he said that Al Queda literally means database. And who owns the database? The CIA. It is a database of names of mujahadeen fighters used by the CIA in the 1980's Afgan war against the Soviets. The CIA calls on these fighters to conduct terrorist acts. There are always Muslims involved to use as fall guys. Al-Queda is a client of the CIA, and CIA continues to work with Al-Queda today. The story was rapidly removed from the Internet within days of its appearance.
Robin Cook died in 2005. He suffered a massive coronary on the side of a mountain weeks after publishing a piece in the Guardian newspaper describing Al Qaeda as a creation of western intelligence. Cook resigned as Foreign Secretary in protest at Tony Blair's complicity in the Iraq invasion. His resignation speech in Parliament was the first to ever receive a standing ovation from all members.
Dr David Kelly revealed the WMD hoax to the BBC and was found "suicided" in the woods near his home.
It appears to be dangerous for allies of the USA to publicly question US complicity in terrorism.
In other news this week, Sibel Edmonds confirmed that the supressed testimony she provided about wiretaps involved US Pentagon and State Department officials planning with Turkish and Israeli officials the invasion and occupation of Iraq - in the summer of 2001. That's before 9/11 gave them the excuse they needed.
this doesn't happen to be the London Banker by chance?
http://londonbanker.blogspot.com/
either way goddess bless sibel edmonds
The same. I can't blog in my current position, but I can't resist the occasional comment on Roubini's blog and here at ZH.
Dude, you're missed!
The Power of Nightmares....
amen and amen
i know i will sound like a broken record but 9/11 was a complete us intelligence operation....the cia
used military grade nanothermite created at skandia labs in early 2000 to destroy the world trade centers using
controlled demolition techniques....
for those interested in the details see ae911truth.org
al quaeda was indeed a us intelligence fabrication....tim osman, aka osama bin laden, was a former business partner
of george bush....they had a falling out in part due
to failure to deliver the pipeline across afghanistan
and iraq so the bush crime syndicate stepped in to
take care of matters themselves.....
saddam hussein was a former business partner of daddy
bush during the 1980s but things went south so
daddy bush intervened in kuwait to get at saddam....
enron, the bush crime syndicate, bin laden, hussein,
carlyle group, halliburton etc are intertwined together
in a massive fifth column against the usa....
the rockefeller cabal are at the top of the apex
with webster tarpley placing the british crown
at the uber pinnacle....
the 9/11 event was also needed to bring in nazi
style legislation such as the patriot act, dhs,
tsa, and a host of other tyrannies....
this flu epidemic was another technique to justify
concentration camps and detention centers....another
giant hoax played on the world's stupidest people....
so how is this on topic? well hitler declared
that gold was absolutely forbidden and unnecessary
in his 3d reich...a belief shared by his financiers
grandaddy bush - prescott....the removal of gold
was an advancement of totalitarian objectives because
he who controls the money controls the people...which
is why our consitution forbad central banks and
specified the dollar in terms of gold and provided
for the free and unlimited minting of money (gold)
by the people....
the people fighting gold are the very people who
are subjugating this country for the new world
order which daddy bush proclaimed on 9/11/1991....
Leave the Queen out of it. She is far too sensible and grown up ever to be involved in anything you suggest, nor would she feel the need - her family "arrived" several centuries ago. She embodies frugality, duty, honour and service, attributes common to so many of her contemporaries, and conspicuous by their abscence from virtually all the band of pirates currently in charge.
Furthermore, I think you attribute an intelligence as well as organisational skills to a group of powerful people which they undoubtedly do not possess. My experience is that anything involving government is invariably cocked up and in the case of 9/11 somebody would almost certainly have ordered the wrong fuses.
i suppose you have high tea with the queen to
know about her personal sensibilities??
her status has no bearing at all on what might
interest british royalty especially in the control
of a colony or exercise of power and prerogative...
the organizational skills of the cia are legendary...
their destruction of jfk and continued cover-up
of his murder make machiavelli look like a pixilated
sunday school teacher...
nanothermite does not find its way from a highly
secure usa lab to a demolition site by accident...
your knowledge of government security operations is
grotesquely puerile...
It is a database of names of mujahadeen fighters used by the CIA in the 1980's Afgan war against the Soviets.
Right. This isn't news to anyone paying attention to what used to be called 'cold war' politics. That it never made it into American MSM is a totally different issue. To mangle an old saying: the CIA sleeps with dogs. Americans get fleas.
As for the rest of what you posted, I'm sure the CIA has lots of strange bedfellows as bad as Al-Queda. Making the leap to the CIA working Al-Queda like a finger puppet to order terrorist acts on American soil is implausible.
Did the CIA support a system in which the on-the-ground actors would bite the hand that feeds them? Yes. Absolutely. Cold war was over, CIA wasn't interested in funding wars with Russian enemies, so warriors with no prospects and their bombed-out countries are abandoned.
This is all common knowledge. Robin Cook isn't some kind of flashpoint for this information. Responsible journalism and their tiny audience has had this information for years.
What?!?! You mean the Fed hides gold swap information? What next, Americans find out the Fed has this thing called an off-balance sheet with many tens of trillions being hidden that is being GIVEN AWAY to their bankster buddies.
Ughh, what doesn't the Fed manipulate. Hope they bring down their own house. I would love love love to watch them implode themselves. Let's all file Freedom of Information Acts against them!
thanks for a great post...lots of questions..like one of the posts above i would really like an explanation of the mechanics of the potential market manipulation
"There is no better way to undermine confidence in government's funny money than to let real money run free."
Robert K. Landis
Hasn't anybody heard, the government has a new plan to liquidate the nation's gold reserves:
http://www.theonion.com/content/video/u_s_to_trade_gold_reserves_for
At Criminal Enterprises University, we approve this message.
ROTFLOL +10
those irishmen, they love gold!
"I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks"
Now that's my kind of criminal enterprise.
Federal Reserve = University for Criminals
Sweet, illicit profits!
One day I pray the US will be rid of those slimy banksters at the fed.
Nothing new here-but a good post. Everyone suspects COMEX, the FED et Al. are broke on gold. Gold paper=80. Real gold =1. Even Barrick had to shut down it's shorts after Hong Kong demanded all it's gold in Physical. China lobbed a grenade at the gold market and gold raced up to 1020 in a week.
Maybe if the dollar reboots, gold will take a swan dive for 6 months. Use that opportunity to load up on coins, bullion(if possible) and maybe goldmoney.com or something. I'm not sure what is safe, but GLD is a scam.
For future reference - could I get some solid referrals for the purchase of gold coins. Never owned any and kind of curious - do coins cost more than bars due to minting costs? I don't have a clue, but would like to understand. Thanks.
APMEX.com
All you need and more.
Have run about 75K through them over the past few years over 50 seperate transactions without a single hiccup.
When it comes to "bullion" grade coins (NOT-numismatic/collectible) there is no significant premium over bars for the "minting" of the coins.
Gold is gold.
These are a fantastic value and a really nice coin.
http://www.apmex.com/Product/157/Austria___Hungary_100_Corona_Gold_Coin_...
So these would be a "fantastic value" because of the low spread against "bullion" price? Not sure if I am phrasing that correctly? And one more question - does condition of coin matter? I think I read someone post that he "was turned off by the condition of the coins when he ordered random years". Thanks in advance.
Retail coin / 1 oz bar purchase is widely available. Always at a small premium over the spot metal price.
My experience with Tulving has been outstanding.
Depends on what you're planning to do with it. If you're looking for small quantities (enough to give to a farmer to feed the family for a couple of weeks if "it all comes apart") then you could try to find a local retail place. Shop around for the markup (the place I go is 10%, not bad, you might be able to get 5%) and availability (entirely your preference, but I stick with US Eagles in various weights - 0.1, 0.25, 0.5 and 1 oz.)
If you're looking to buy large lots for an investment then you're out of my league entirely but the advice offered by these chaps above sounds pretty good to me.
for bullion look at goldmoney.com run by james
turk....
Glad to know you lurk here James.
The mint will "temporarily" suspend gold sales again until the price recovers
Price recovers? Ah let's sing their theme song again.
http://www.youtube.com/watch?v=ry4iwzS4Na0
Gold should have been knocked down to 958 2 days ago if it was obeying it's masters.
A spectacle. The response letter is mostly gubmint mumbo jumbo recycled for each FOIA nutjob that requests the truth. Lawyers write all this bullshit and keep it peppered with references to some law that restricts them from disclosing this-that-or da udder thing.
Fact is, these Fed public servants are experienced at the The Big Con when it comes to market manipulations. Secrecy is the perfect tool. They probably hired a bunch of ex-Lehmans to tutor on real-time opaqueness.
In the end, after all this shit has been shat, they'll have a storage fire and claim to have lost the records of these particular transactions.
I wonder if any of those records are kept in a skyscraper? If you know where, better keep an eye on the level of insurance on that building or for a change in ownership.
Just sayin'...
lol....neil bush could help you out on that one.
If people stopped trying to FOIA everything and actually did their own research...
This is no mystery. The Fed has customer businesses with central banks that involve gold and other services. It also has swaps approved by the FOMC as disclosed on its balance sheet. A random FOIA on "gold swaps" could easily return information related to either of these, i.e. but having nothing to do with gold swaps. FOIA does not attempt to interpret your results for you. I see no proof of gold swaps from any of this evidence.
I also seriously doubt the claim that the Fed is short gold. Gold is valued at a very low price on the Fed balance sheet. Its' own balance sheet would be worth so much more if it valued using HIGHER gold prices!
Not so much.
"Revaluation of the gold certificates on the books of the Fed would result in a debit or credit to the account of the US Treasury. Unless the law were changed, it does not appear that the Fed has the authority to revalue its gold certificates; and if they were revalued, the gain, if marked to the current market price of gold, would accrue to the Treasury and not the Fed."
http://cumber.com/print.aspx?file=/content/commentary/090809.asp
The point of this, true or false, is they have hocked the gold. I also wonder if this could be true. But why all the secrets if this is normal trade and business for the Fed? Every time they say no to this stuff they get three more suits. The fact is the secrecy stuff is causing the fed to lose confidence by the people. Look at these comments. You see anyone but you saying this stuff is deniable? The more they withhold the less the trust.
former vice chairman alan blinder told the
american people on network news in the 1990s
that the last job of the fed is to tell the
american people the truth....
the last regime with such an official policy
was the ussr and before that nazi germany....
and now fed can lie officially because it is
covered by state security.....what kind of bank
needs protection of national security??
well folks, i thought you would never ask....national
security functions began not with the state but
with banks - in particular the bank of england...
thus the cia is a servant of the banking interests - not
the political administrations...of course the
banksters have created plausible deniability with
their trumped up phony cold wars and terrorist wars
but the cia in fact serves the banksters who
desperately struggle to maintain control of the
country and the world....
the cia murderd jfk on orders of the oligarchy
headed by the rockefeller cabal...the reasons
were many but they all related to the fact that
jfk was too big for his britches - he didn't
take orders well and he outwitted the banksters
when his father bought off the mob in chicago....
nixon was also destroyed because he got too
uppity and independent...they trotted out that
claptrap about the imperial presidency by which
the oligarchists meant that nixon did not consult
with or follow orders as given....kissinger was a
complete fucking brutus along with alexander "i'm
in charge here" haig - hitler's spiritual son...
Next move to get the Robots to blow up is for gold and the dollar to rise together.
it will happen when the market eventually collapses.
it's happened at least a few days in the past year.......
While trade is conducted based on currency rates, Federal Banks are not involved in profiting between themselves.
Trade naturally creates imbalances, even in the physical amount of one nations currency that ends up in another.
Especially in the times we are living.
Federal Banks resolve this by simply swapping gold.
A Federal Bank determines it would like to remove $500 million of American currency from their circulation.
The contact America and 1 million ounces is credited at the unchanging base of, let's say $500.
The currency is destroyed.
At some point America is prepared to buy it back based on a currency bubble of the our theoretical foreign government. Again, based on a unchanging $500 equivalent, the gold is destroyed.
The gold itself is never moved but on account and the respective reserves just print a new batch of money.
As was true in the days of the gold standard, problems arise between Federal Reserves when the amount on account exceeds the amount available.
Naturally it is a bigger problem for poor countries, which is where the IMF comes in, and it provides a distinct advantage to the currency appointed the world's reserve -a designation that is unfair because of the sheer amounts that float upon the carry trade. Oil, to name just one, is traded in US dollars so when OPEC sells to Poland,
it's transacted in USD.
Lots of $ fly to OPEC so Poland can float a great deal of USD and OPEC holds a lot of US gold on account. Even in retail commerce the USD is so ubiquitous it often not necessary to carry the local currency but only to be knowledgeable about the prevailing rate of exchange.
The balancing element is military force. Look at the physical locations where the US maintains a large military force (but is not at war with) and just go ahead and keep assuming that this force is provided free of charge (or is even "intrusive") because it's only intent is to "protect US interests".
The ship is beginning to sink. Oh what will the the history books say about this matter.
GATA has a pretty good grip on this matter.
How about that, there is a law under FOIA that allows the holder of the information to lie to the general public, you know, people like me.
Yes, that would be sweet. Gold decoupling from the dollar. The boys at the FED and CRIMEX would collectively shit a brick.
The question is how many bricks can they shit?
Only a fraction of what they're obligated to!!
But that's ok because they can satisfy delivery on the COMEX with GLD.
http://www.gata.org/node/7586
And the music keeps playing and we all keep dancing and the chairs keep disappearing and the markets keep a marching and the presses keep a printing and the Asians keep exporting and the Arabs keep drilling and the chairs keep disappearing. . .
Is that what you call "Goldbricking?"
Well, folks, support HR 1207. The Fed is, and always has been, an abomination. And the best disinfectant for the FRB is the light of day, aka a full audit. The sooner we do it, the better, because, mark my words, the Chinese are gearing up to partially back their currency with PMs.
Talk about freaky internet powers:
While reading this post I rec'd an email from Rep. Alan Grayson, requesting my comments on HR 1207 ahead of the hearing Friday at 9am!
Who's running this thing?
Sorry for topic change. Confirming what we all knew last fall.
King Says British Banks Got Within Hours of Collapse in 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=afWmri7ru8QM
i like history lessons (i am being serious).
and was any firm properly positioned (o/s of jp and a couple of other hedge funds).
the funny thing is on the desk we thought we were close to a "bank holiday".
when i told my family this they didn't thought i was more nuts than usual.
Let me guess, he still has his job? It's hard (understatement!) when the guys you work with drink their own kool aid (and the stuff the street is dispensing)
I have read all your stuff. You make good calls. You are through, risk adverse and timeline is greater than t+20 mins.
it was the pictures that helped me figure it out....
I have a similar story. In my case, I told everyone what was obviously coming and I was mocked and derided. When "it" happened, everyone was so embarrassed that the only thing that could be done to save face was to remove me from the picture. Can't have the evidence they were warned walking the halls.
I was pressured to leave and I eventually did. With me gone, they could fall back on the socially and corporately popular story that no one knew it was coming.
Lizzy,
the first reports I know of of a bank run last fall were around christmas in Germany in the state run TV.
There and in Switzerland people emptied their accounts and within a few days the banks would have run out of paper to refill the ATM's.
At the same time all available gold bullion was bought; the coin and bar dealers I checked were out of inventory.
Officially there was no problem, than a bank rescue was pushed through the parliament in two weeks and the "non-problem" disappeared from sight. Now German savings are guaranteed with German taxpayer's money.
The wealthy elite of the world own almost everything. They do with it as they please and they do not care who gets hurt in the process. It's been that way for 1000 years.
2% own half of world's wealth10% control 85% of global wealth
Yawning gap remains between assets of rich and poor, report says
The Helsinki-based institute said the study reveals the glaring gap of the wealth mass between countries.
http://www.shunpiking.com/ol0309/0309-WD-globalwealthstudy.htm
And so the poor shall remain poor. Are the poor happy? Who needs material wealth when you are contented? I've seen some pretty happy looking bushmen on the old TV. They looked a whole lot better than most of the limp dicked douchebags on Wall Street.
- Says "at our bank, every transaction is recognized on the balance sheet and the income statement because we use mark-to-market accounting and this is not the case at every bank." Guess that's all we need to know.
The following link purports to describe the general rational for a decade plus of opaque gold price suppression, namely as an avenue of deception to artificially lower bond rates and overall commodity prices, elevate the dollar, and exaggerate the relative viability of US and other developed economies. Also, Wall Street benefits by running inside the track.
http://www.gold-eagle.com/gold_digest_02/murphy013002.html
The gold suppression dam is clearly cracking, if that dam breaches in any meaningful way, it would hinder western CB goals, whatever they may be, certainly not status quo supremacy via opaque and myopic manipulations.
Support HR1207 and S604. Scroll down two posts here to find more info.
http://www.dailypaul.com/
I've called my congressmen . . . everyone should
exactly
There is absolutely no evidence in any of these links of anything whatsoever. All the Fed is saying is that GATA has no legal right to know what they are doing.
Seriously people, read this post and the links. Its like me asking for Bill Gross's bank account statements and having his lawyers say no because I am not legally allowed.
This is so far from news, and an utter waste of time to read.
The author of this piece has nothing new, continues conspiracy, and posts lots of links knowing 98% of people wont read them yet still get as worked up as everyone posting here is. Go read them, and then at least you will realized you never need to waste another moment reading anything from GATA again as its all bs fake land.
have a nice day
Want some evidence, skeptic? Scroll down and follow my link to a Reuters story about a class action lawsuit Morgan Stanley settled. The truth can be seen if circled with enough circumstantial evidence.
Right.
The FED is feverishly manipulating every financial market in existence, but it just so happens they have absolutely no involvement in the PM markets. A rapidly rising gold price would not raise any concerns as to the value of the dollar and would not concern them in the slightest.
Yeah. That sounds reasonable.
Your ideas are intriguing and I wish to subscribe to your newsletter.
go back to your cia-fed cubicle and eat another
helping of shit....
the fed for many chairmen including greedscam
has stated that it is fed policy to suppress
the price of gold....his statements are available
in congressional testimony....
resign your cia post so that you can read
uncensored informaiton....
furthermore, there is absolutely nothing in the
fed which should be off limits to citizens...the
money manipulated by the fed is the people's money....
and that is precisely the position which the
constitutional authors maintained - authors
who loathed central banking but knew that he who
owns the gold makes the rules - which authority
they put in the hands of the people....
gata has every legal right under the sun to know
how the money of the people is being debased
and manipulated....as a psychologically disturbed
sycophant of power you can go fuck yourself...
i am not so psychologically diminished that i
await for the orders of my "betters" to tell
me what i can know and not know....i am my own
man and will order my life accordingly...fuck
the powers of tyranny which you so abjectly
worship...
it is truely amazing how many people continually think that this is a nation of laws and that everyone here and every organization here, dutifully, observe these laws and operate fully under them. GATA is stupid for thinking that the FED will ever tell them anything about what they are doing. After all, they don't have to. The idiots at GATA are like karl denniger, who somehow thinks that everything that happens can be straigtened out if we just get to the bottom of these problems by getting the right people in place to take care of these constant problems. Needless to say, that GATA or any of these organizations such as this, will ever come to the conclustion that the game is rigged and that there is nothing short of bloody rebellion will ever change that. Nope, they are too busy wetting their whistles at the FED operated barski, and between drinks, they continually bitch about how bad the game is rigged. Maybe one of these fine days, they will truely understand who and what they are dealing with. One can only hope, but I sincerely doubt it. They bitch about the music being played but at the same time, they get up every morning, put on their zuit suits, go to work, and take the plunge into the sewer known as american finance. They complain but at the same time they derive sustenance from the beast. They write their news letters and tell us how bad things are, yet they continually do their trading, etc and make their living off of the situation. They have tunnel vision and only see a small part of the conspiracy, and so they continually point out some small nuance of that part of the conspiracy while neglecting the other parts of the conspiracy. They are blind but think that they are helping out by pointing out some grand scheme about the FED cheating and attempting to keep the prices of gold low etc. They waste the time of any thinking amerikan with this tripe. To GATA I say this. Arm yourselves and get in the street. A man cannot serve two masters. You must make up your mind whose side you are on. It is the only way. The men of GATA are like Lott's wife in the Bible story. When God told Lot to get out of the city of Sodom and take his wife and family with him, after some discussion he finally did. On the way out of town the Angels of the Lord told Lot and his family to not under any circumstances look back at the city, once you leave. But she just couldn't do it. She took a peak and immediately became a pilar of salt. Such are the ways of the men of GATA. They have their feet in two camps. They complain about the way things are and how things work, but they also make their money off of this wicked system. They could be told to quit and never go back to this system but when leaving, many of them would look back, having fond memories mixed in with bad ones. Ladies and gentlemen, the system is broken, it cannot be repaired. Telling us that the FED is crooked is silly at best. We know this. What other proofs does GATA bring to me, to enlighten me in this day?
Your witness counselor.
H.R. 1207; case closed. When 290 corrupt politicians co-sign on a bill, there is certain blood in the water.
Michael Moore's new movie should be called "Capitalism a.k.a. Fuedalism: A Love Story"
Feudalism: control by an entrenched minority esp. for its own benefit : social, political, or economic oligarchy.
Feudalism aka American Capitalism
http://www.mindmined.com/public_library/nonfiction/david_f_feudalism_aka_capitalism.html
Skim through the chapters of this online book, especially the Chapter 6 link at the top of the page to see what the Trilateral commission has done.
"Is The Fed Hiding Gold Swap Arrangements With Foreign Central Banks?"
Why that's just none of your business.
the chinks are requesting that their gold be sent to their new facility at hong kong airport. I would sincerely like to be there on the ground and watch as those pallets of gold are unloaded off of the transports and put in storage. frankly i don't think the rothschilds will allow one oz of their gold to leave the city of london. if these individual nations start accumulating the gold that is rightfully theirs outside the city of london, this would demonstrate to me, a nationalistic trait, one that is dead set against one world government.
I remember growing up in the '80's. Played Dungeons and Dragons for a bit, but there was this fascinating game called Twilight 2000 - an RPG set in the beginning of the 21st Century in a Max Max type environment. Society has collapsed into loose bands of people trying to feed themselves and scrounge for resources...governments the world over collapse.....
Whoda thunk 25 years later we'd be in a position to think something like that could really be coming....
games like that, were created to condition your mind for what was to come. where do you think the creators of such games as that one, get their ideas. take the movie telefon with charles bronson. here we have a movie about men and women who have been brainwashed with multiple personalities and they have the ability to function in the real world but when they are told some phrase or something like that, they are set off, and go to perform the task that they were assigned and then they commit suicide. would you think such a thing would be impossible? it is not. where do you think the creators of movies in hollyweird come up with many of their ideas. hollywood is nothing less than a large brainwashing platform. to be perfectly blunt, i think that many of our presidents are like this. last weekend i saw a medal of honor ceremony at the white house and president obama read what happened that day on some hill , far , far away in some God forsaken land somewhere , and a man died being a hero for nothing of course. I started crying as the president read the report. he showed no emotion. how can this be? he is not all there, that is why?
the hard money and fiscal restraint folks have
been warning of that scenario long before....
they have been made to look like kooks because
their worst fears never came to pass....the
reason for the delayed reaction is that the
enormous capital base of this country took so
long to dissipate that people thought that they
were looneys....not so...
zuit suits?
Zoot suits.
http://www.boldlyrics.com/lyrics/150846
Does anyone remember the class action lawsuit Morgan Stanley settled in 2007 where they were selling their clients "physical" silver bars stored safely in Morgan Stanley's vaults and available for delivery, but no silver was actually being bought (until delivery was requested)? The lawsuit was spawned when Morgan Stanley repeatedly ignored an investor's request to know the serial numbers on the silver bars they were storing for him. Although Morgan Stanley settled out of court for $4.4 million, they admitted no wrong doing citing their actions as merely the STANDARD INDUSTRY PRACTICE. This is yet another instance of Wall Street firms engaging in tactics to keep physical demand for precious metals from being realized in the market, thus resulting in an artificially lower price than would exist if the demand were realized. Read the reuters report here:
http://www.reuters.com/article/bankingfinancial-SP/idUSN1228014520070612
"Standard Industry Practice". Thank you.
Apparently the COMEX is so intrinsically corrupt that it's normal.
Without information on the swaps, it's impossible to know the buying, selling, swaps, etc.
I've been in the gold vault at the NY Fed. Through my WHARTON contacts, I've seen the gold. It exists! They reside in thin, chain lockers that belong to various countries. When Nixon took us off the gold standard, we essentially closed the window, not allowing foreign countries to TAKE their gold (We hold it for them-convenient, huh?). And don't think about getting through security (Not as easy as Die Hard2), and yes, it is far, far below the bedrock in Manhattan (though you can hear the subway cars rattle the floor a tad). And also don't think about running off with gold bars. Gold is dense. If you drop it on your foot, the doctors will have to amputate your feet. That's why the "bankers" wear steel boots when they "swap/trade" gold bars between countries.
I have no idea if the market is being manipulated. Probably. We probably bombed Iraq because they wanted to trade in Euros than dollars. Ooops-we can't bomb everyone else now! (But then, everyone else doesn't have the 3rd largest reserves of oil either). But the elites, the Rockerfellers, Bilderbergers, Skull& Bones, Masons, Illumaniti, Vatican, -whateverthefuk, the organization without a name, wont allow the Fed or gold trades to be audited. NO FREAKING WAY.
I too have been in the gold vault of the New York Fed - as a young central banker many years ago. Your physical description of the vault is largely correct. It is very, very secure.
The New York Fed only holds the gold of foreign central banks and the IMF. The gold you saw was all foreign owned, most of it lodged in the New York Fed before and during WWII. It has been kept there because it makes international settlements in gold between nations more convenient than shipping it around the world, with the security risks involved in transport. As I recall, the largest deposit there belonged to the Soviet Union at the time I visited. Apparently the Fed was trusted as custodian even during the Cold War.
The New York Fed is not custodian for US gold reserves, which are held in Fort Knox. When gold was demanded under Bretton Woods, it was delivered by physical transfer from Fort Knox to the appropriate wire cage in the vault for the foreign central banks at the New York Fed.
The boots worn in moving the gold are made of titanium, which is the only metal strong enough to resist the crushing weight of a dropped ingot but light enough for freedom of movement.
i have an email from the fed stating the same
point about gold holdings of the fed - ie...
it holds custodial gold but no sovereign usa
gold....however it stated that it owns NO gold..
which begs the question - if it owns no gold then
why does it appear on the h.4.1 as an asset? and
if it is an asset of the fed then why does it appear
as an asset on the annual reports and audit of
the treasury? two entities cannot own the same
asset at the same time....
which calls for an audit of fort knox....the fed
audit is important but of no consequence without
a complete total physical audit of fort knox....
many stories circulating including from former
congressmen that much it not all of the gold
was dissipated through the london gold pool and
other games during the 1960s to present....
whether our worst fears are founded or not is
immaterial....prudent financial management ALWAYS
calls for annual audits of any organization of
public consequence....the government and fed
should be no different.....
they can easily shut me up with a complete and
verifiable audit....