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GATA Claims To Have Evidence Of "Massive Physical Short Gold And Silver Positions That Can Not Be Covered"
- Alan Greenspan
- Bond
- Carry Trade
- Central Banks
- Commitment of Traders
- Commodity Futures Trading Commission
- Comptroller of the Currency
- Fail
- Federal Reserve
- fixed
- Freedom of Information Act
- Goldman Sachs
- goldman sachs
- JPMorgan Chase
- Market Manipulation
- None
- notional value
- Office of the Comptroller of the Currency
- OTC
- OTC Derivatives
- Precious Metals
- President Obama
- Real Interest Rates
- Robert Rubin
- Securities and Exchange Commission
- Transparency
- Treasury Department
- Wall Street Journal
- Warsh
In a letter to the CFTC's Chairman, Gary Gensler, GATA Chairman William Murphy shares the following bombshell:
"GATA has evidence that there are enormous physical short positions
in the gold and silver markets that cannot be covered."
Even as the CFTC is meeting later this month to establish position limits in the gold, silver, and other precious metals' markets, it could be none other than the CFTC's core banks, and Mr. Gensler's former Goldman bosses, that form the very core of the biggest market manipulation collusion syndicate in the history of the commodity markets.
Because of the
decades-long interference with the gold market, we estimate that the
free-market price of gold is multiples of the current price. Growing
stress caused by burgeoning physical bullion demand is threatening to
lead to a price explosion, which will restore to the market the balance
that regulation has failed to maintain. In our view, the Comex paper
market will become dysfunctional, with "force majeure" having to be
declared as the concentrated shorts are unable to deliver on their
obligations."
If GATA is not bluffing and indeed has evidence of massively uncoverable physical positions, and should this evidence be made public, the repercussions for the price of gold will be unprecedented.
Full GATA letter to ex-Goldmanite, and Brooklandville, MD resident, Gary Gensler:
March 8, 2010
Gary Gensler, Chairman
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St. NW
Washington, DC 20581
Dear Chairman Gensler:
The Gold Anti-Trust Action Committee (GATA) was formed in January
1999 to expose and oppose the manipulation and suppression of the price
of gold. What we have learned over the past 11 years is of great
importance in regard to the CFTC’s forthcoming hearings regarding
position limits in the precious metals futures markets. Our efforts to
expose manipulation in the gold market parallel those of Harry
Markopolos to expose the Madoff Ponzi scheme to the Securities and
Exchange Commission.
Initially we thought that the manipulation of the gold market was
undertaken as a coordinated profit scheme by certain bullion banks,
like JPMorgan, Chase Bank, and Goldman Sachs, and that it violated
federal and state anti-trust laws. But we soon discerned that the
bullion banks were working closely with the U.S. Treasury Department
and Federal Reserve in a gold cartel, part of a broad scheme of
manipulation of the currency, precious metals, and bond markets.
As an executive at Goldman Sachs in London, Robert Rubin developed
an idea to borrow gold from central banks at minimal interest rates
(around 1 percent), sell the bullion for cash, and use the cash to fund
Goldman Sachs' operations. Rubin was confident that central banks would
control the gold price with ever-more leasing or outright sales of
their gold reserves and that consequently the borrowed gold could be
bought back without difficulty. This was the beginning of the gold
carry trade.
When Rubin became U.S. treasury secretary, he made it government
policy to surreptitiously operate an identical gold carry trade but on
a much larger scale. This became the principal mechanism of what was
called the "strong-dollar policy." Subsequent treasury secretaries have
repeated a commitment to a "strong dollar," suggesting that they were
continuing to feed official gold into the market more or less
clandestinely to support the dollar and suppress interest rates and
precious metals prices.
Lawrence Summers, who followed Rubin as treasury secretary, was an
expert in gold's influence on financial markets. Previously, as a
professor at Harvard University, Summers co-authored an academic study
titled "Gibson's Paradox and the Gold Standard," (see Footnote 1 below)
which concluded that in a free market gold prices move inversely to
real interest rates, and, conversely, if gold prices are "fixed," then
interest rates can be maintained at lower levels than would be the case
in a free market. This was the economic theory behind the "strong
dollar policy."
Federal Reserve Chairman Alan Greenspan understood Summers' research
when he remarked at a 1993 meeting of the Federal Open Market Committee:
"I was raising the question on the side with Governor Mullins of
what would happen if the Treasury sold a little gold in this market.
There's an interesting question here because if the gold price broke in
that context, the thermometer would not be just a measuring tool. It
would basically affect the underlying psychology." (See Footnote 2
below.)
GATA has collected reams of evidence that Western central bank gold
has long been mobilized and surreptitiously dishoarded to rig the gold
market and influence related markets and that this rigging has drawn
upon the U.S. gold reserves.
President Obama has called for greater transparency in both the
federal government and the financial markets. In pursuit of such
transparency GATA has made Freedom of Information Act requests to the
Federal Reserve and Treasury Department for a candid accounting of
their involvement in the gold market, particularly in regard to gold
swaps. In a reply to GATA's lawyers dated September 17, 2009, Fed
Governor Kevin M. Warsh acknowledged that the Federal Reserve has gold
swap agreements with foreign banks but insisted that such documents
remain secret. (See Footnote 3 below.)
As a result, last December GATA sued the Federal Reserve in U.S.
District Court for the District of Columbia, seeking access to the
Federal Reserve's withheld records of gold swaps.
Understanding that the manipulation of the price of gold is
profoundly important to all markets and the American public, on January
31, 2008, GATA placed a full-page color advertisement in The Wall
Street Journal at a cost of $264,000. (See Footnote 4 below.) GATA's ad
warned, "This manipulation has been a primary cause of the catastrophic
excesses in the markets that now threaten the whole world." What GATA
warned against has come to pass.
GATA has long implicated the New York Commodities Exchange (Comex)
as being a mechanism by which gold and silver price suppression is
implemented. The smoking gun is the excessive concentration of bullion
bank positions in the gold and silver futures markets. This
concentration enables market manipulation -- just as market
concentration was the justification offered by the CFTC in 1980 when it
acted against the Hunt Brothers in the silver market.
The weekly commitment of traders report documents the total net
short position of commercial traders in the commodity markets. The
monthly bank participation reports disclose the holdings of U.S. banks
in various markets. In a letter to GATA dated February 19, 2009, Laura
Gardy, a CFTC legal assistant, wrote, "The commission determined that
where the number of banks in each reporting category is particularly
small, fewer than four banks, there exists the potential to extrapolate
both the identity of individual banks and the banks' positions. As a
result, as of December 2009 the CFTC no longer names the number of
banks when it is less than four."
The CFTC has been investigating possible manipulation of the silver
market for more than a year, so this reporting change is disturbing to
us, as it reduces transparency and the ability to uncover market
manipulation.
The CFTC's own reports of November 2009 show that just two U.S.
banks held 43 percent of the commercial net short position in gold and
68 percent of the commercial net short position in silver. In gold,
these two banks were short 123,331 contracts but long only 523
contracts, and in silver they were short 41,318 contracts and long only
1,426 contracts. How improbable is it that these two banks attract most
of the investors who want only to sell short? (See Footnote 5 below.)
It has been possible to extrapolate that the two banks that hold
these large manipulative short positions on the Comex are JPMorgan
Chase and HSBC because of their huge positions in the OTC derivatives
market, whose regulator, the U.S. Office of the Comptroller of the
Currency, does not provide anonymity when it publishes market data. 6
In the first quarter 2009 OCC derivatives report, JPMorgan Chase and
HSBC held more than 95 percent of the gold and precious metals
derivatives of all U.S. banks, with a combined notional value of $120
billion. This concentration dwarfs the concentration in the gold and
silver futures markets and should raise great concern about the lack of
position limits on the Comex.
It is also disturbing to us that HSBC is the custodian for the major
gold exchange-traded fund, GLD, and that JPMorgan Chase is the
custodian for the major silver exchange-traded fund, SLV. It is a
significant material omission to fail to disclose to GLD and SLV
investors that the custodian banks of the two exchange-traded funds
have an interest in falling prices in the futures and derivatives
markets.
Detailed daily monitoring of gold trading reveals these patterns:
1. In recent years gold price suppression has been apparent from the
near-complete failure of the gold price to rise more than 2 percent per
day on the Comex (what GATA calls the 2 Percent Rule) while there is no
corresponding restriction on days when the gold price is falling.
2. At option expiry gold almost always falls to a point where a
large number of call options have been written, nullifying the value of
the options. Typically, the price rallies immediately after option
expiration.
3. The gold price consistently falls at 3 a.m. New York time when
the gold cartel’s traders report to work in London, and again following
the PM gold price fix, when physical market pricing has concluded for
the day, and in the access market following the Comex close.
No other market trades so repetitively.
GATA has evidence that there are enormous physical short positions
in the gold and silver markets that cannot be covered. Because of the
decades-long interference with the gold market, we estimate that the
free-market price of gold is multiples of the current price. Growing
stress caused by burgeoning physical bullion demand is threatening to
lead to a price explosion, which will restore to the market the balance
that regulation has failed to maintain. In our view, the Comex paper
market will become dysfunctional, with "force majeure" having to be
declared as the concentrated shorts are unable to deliver on their
obligations.
We urge the CFTC to report fully and candidly on these markets and take appropriate action.
Sincerely,
WILLIAM J. MUPRHY III, Chairman
Gold Anti-Trust Action Committee Inc.
... Footnotes:
1. "Gibson's Paradox Revisited: Professor Summers Analyzes Gold Prices" by Reginald H. Howe. http://www.goldensextant.com/
2. http://www.federalreserve.gov/monetarypolicy/files/FOMC19930518meeting.p...
3. http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
4. http://www.gata.org/node/wallstreetjournal
5. http://www.cftc.gov/dea/bank/deanov09f.htm
6. http://www.gata.org/node/7307
h/t Jeff
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Volcker has been quoted saying the only thing they missed in the 76-80 bull was not "managing the gold price..."
I believe the item you are looking for from Volcker is the "We probably let Gold get too high." quote.
It is a good one.
call it exhibit A. I mean what, exactly, does he mean when he says we LET gold get too high. Before you make the argument that he mispoke or meant to use other words think about what you are saying. These people are chosen for the position for the fact that they don't misspeak. Ever. And what else would/could he have been implying with the word LET. Not - it got too high. WE LET. We. And if he meant it in the meaning that he can influence it as a negative correlation with the dollar when they raise/lower rates why say it got too high? That implies there is a level that they wanted to keep it to by some management of the price. Otherwise you'd say we let the dollar get too low, not gold was too high.
You hit the nail on the head. This quote by Volcker passes unnoticed as if it's normal or uninteresting. That's the difference between a "free" market and a "controlled" market. It's no wonder that most people don't see how fucked up the picture is when it's presented by the mainstream media machine.
most people don't see how fucked up the picture is when it's presented by the mainstream media machine.
and how
+1
Uh Oh:
08 March 2010Are Traders Demanding US Credit Default Swaps Payable in Gold?
http://jessescrossroadscafe.blogspot.com/
Oh, that is pretty damn big. Thanks!
It's a great big boot in the mouth of all the "gold has no intrinsic value" yappers.
If gold has no value, then why do EU CDS' want to be redeemed in GOLD, and not EUROS, or USD or CAD for that matter?
"No other market trades so repetitively." That just about says it all.
Check the charts for the past several years. Every single massive takedown occurs during the NY market hours. It's really getting comical.
At 9:45AM this morning gold was hammered down $10.00 at the COMEX, then another $8.00 later on just for good measure right before noon. The reason? According to the consensus of our financial "free press", it was because worries over the Greek fiscal crisis were easing.
Yep. Seems there was a melding of mass consciousness at the COMEX at 9:45AM on the dot when gold traders decided all at once that the Greek debt crisis was not as serious as it was thought to be. So what to do? Everyone sell gold!
Wait a minute. Why are we selling gold?
"If the Greek situation calms down, people may not be as interested in owning hard assets," said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. "Gold is losing its momentum." No I'm not making that up. He really said that. Here's the link: http://www.theage.com.au/business/markets/gold-futures-drop-as-greek-deb...
A broken record. Blatant manipulation of the gold market every day between 8:20AM and 1:30PM EST, and lame-o reasons for it happening from the same people who are supposed to be doing the work that GATA has been forced to do for them.
Hear , hear.........My guess is that the CRIMEX hammers gold down about 75-80% of the time.It is a very obvious pattern. I just wish I could get myself to trade it ?
You'll get burned by the steam they have to let out of the boiling pot every so often. Go long and wait for these rats to back themselves into a corner.
I wonder how much money it would take? What if every reader on Zero Hedge buys $100,000 in gold. Do you think that $1 billion would be enough to expose the fraud? I'm in!
big problem here
as i would bet some here ,, no names but they PO PO gold ,, are setting on shit ,, will not recognize the shit ... and could not spring for a oz of gold ,, so they have nothing to protect ..
these are the lemmings , the pied pipers of the status Que,, waiting for the bottle with a government tit attached
here is my humble opinion, what do you guys think?
For me the issue and question should be on the definition of hedging.
If the banks are short, how is the cftc confirming they are hedged?
The root here is the banks don't have the legal metal but might claim OTC or other derivatives are their hedge.
If I am not mistaken it is against the rules to use OTC positions as hedge for futures, right?
Why isn't anyone taking this angle?
I'm sick of simply hearing about how big the shorts are.
I'm sick of simply hearing about how big the shorts are.
Yeah, but, its freaking huge!
it's simple, the massive commercial shorts, are not hedged. the losses, are the price paid, in paper, to continue the suppression.
some might even call it the cost of doing business.
The shorts are really big you know.
I wonder if John Paulson had paid Sir Alan a larger “consulting” fee he would have found out the truth and taken delivery like Greenlight instead of GLD which will never deliver. It will be seized by the USG.
Gensler is a Goldmanite. Can we expect him to really go after the cartel?
hahah! that means if and when hyperinflation hits the party some banks are gonna get REEEEEAAAAMMMMEDD!!!
I just downloaded GLD's price history from Yahoo Finance to verify what someone posted at LeMetropoleCafe about a month ago.
GLD first traded on Nov 18, 2004, when it opened at $44.43. Today it closed at $109.88, up $65.45 since its inception. During trading on the NYSE, the total change on all trading days (close minus open) was DOWN $1.08. In other words, all of the gains came overnight (open minus yesterday's close). This is so skewed that any imbecile can see what's going on. Idiots, on the other hand...
SLV is up $3.99 since inception ($12.90 to $16.89), with net losses of $7.88 during NYSE trading but net overnight gains of $11.87.
While I do watch real-time charts every day and can see the obvious manipulation --- there is the other side of this that is still not explained.
Price Fixing does cause shortages -- However -- There is no shortage that i can see in the physical market -- at least not on coins. Anyone can go to tulving or apmex or gainsville and buy all the gold they want right now with low premiums.
I know coins are not big enough gold sources for central banks or countries to buy -- but nevertheless, one would think that there is no gold to be found based on some of these stories.. I don't know what the real answer is -- I can see with my eyes that the Gold price is manipulated down -- but I can also buy all I want -- something does not add up..
The Chinese gvmt told their people to start buying gold. Our gvmt doesn't care that much what we do. Now is the time to buy gold if you haven't already.
So your point is the Chinese govt is more caring than the US govt ???
Gimme a break. Sorry to let the secret out, but govt doesn't gives a shit about its constituency regardless of nationality... That goes doubly so for the ChiCom govt.
The fact remains, the Chinese have just recently advised their people to buy gold. Why? Tell me the fuck why? I liken it to building community bomb shelters in the '50's. They mean to survive something, and aren't squeamish about advising their people to take shelter in gold. Give me a better reason.
Link: http://www.youtube.com/watch?v=YPXncTuwFIE
Chinese government would probably have a relatively trivial job of confiscating much of the peoples' gold, if they ever wanted to. How much easier to increase reserves than to utilize the purchasing power of a whole nation?
But yes, I'd guess the PRC government is mostly about perpetuating its power, same as the US. And the oligarchy is about playing both ends against the middle.
there's lots of gold, for the right price.silver? silver purchases, are limited, at several mints. also long wait times, for delivery. silver is the canary in the coal mine. coin shops, are charging $5 over spot per oz. there is not enough silver, for everyone in the world, to have 1 oz. and we use it up, faster than we mine it, depleting reserves
I believe the answer is that few large investors take physical delivery. It's mostly us little guys taking delivery of coins. Institutional investors usually hold bullion in pooled accounts. Even allocated bullion is suspect: a few years ago, Morgan Stanley was fined for running allocated accounts that weren't backed by physical, and they were charging storage fees to boot! There are anecdotal accounts of $200+ premiums being offered to cash settle COMEX contracts instead of taking delivery, and Adrian Douglas of GATA estimates that the LBMA is running a fractional reserve operation that is effectively short 50K tonnes of gold.
How to make a slave: (only 3 simple ingerdients are required)
1. Contol food supply - how many Americans get their food from anywhere other than the supermarket?
2. Control information - how many Americans get 100% of there information from main stream media?
3. Maintain a threat of violence - Obey or you'll be fined or put in jail.
As long as Americans are fed and their TV is on, the US government can do anything they want to their slaves.
when a few more hi-rollers >>Demand Delivery things will happen very fast... Question >> what is better than 100 Silver Maple Leafs ?
Answer >> 110 Silver Maple Leafs...
Ah, a trick question. 100 engelhard (or whoever) silver rounds are better because the premium is less and the silver content the same. Nice looking coins too.
That may be so Frank but silver will be used for day to day trade and they need to be very recognizable to the normal Joe - Liberties or maple leafs will be the most easily tradable and will give Joe the confidence that it is a good currency.
I highly doubt anyone would refuse a .999 1oz silver coin just because it's not a maple leaf or liberty. If we ever get down to using pms as currencies the important thing will be purity and weight. I'm not talking some lump of silver with a stamp on it I mean actual coins which are clearly marked and well made. Then again I buy acetaminophen rather than tylenol and some people insist on paying 3x more for the tylenol brand so maybe you are right.
Point taken Frank , it was a minor quibble.
The paper ponzi schemes are about to go bust. If you don't hold it, you don't own it.
OK - Assume everyone wakes up and the price of gold goes to $10,000 an ounce because there is a real shortage. What effect would such an event have on
A) Other commodities where there is not an actual shortage;
B) Currencies of the world, which are no longer based on gold reserves.
C) The ldaily life of the average citzen of the world or the USA?
everything would reprice, to the one true monetary unit. gold + 1000% = currencies - 90% the shortage is only the wake up call, the value is relative
Say this is true - gold to $10k+ an ounce.
How long until:
1. Dark Ages II or
2. Revolution or
3. WWIII?
What other outcome is there? I feel they hiding the truth to help themselves before one of those 3 outcomes hit the fan.
why does it always have to be WWIII? cant it be a multitude of small regional skirmishes instead one worldwide big us vs them?
This "physical delivery" story is about the only thing more non-sensical than investing in gold. (its a weak LT investment, always!)
There are 90% of Gold investor who are also just PAPER. They DONT WANT physical delivery. Do you think some major pension fund or hedge fund WANTS DELIVERY?
Then you are stupid. Delivery has major problems (costs, storage, theft, control, etc). And dont say something stupid... like "have it delivered to a bank". If the bank has "custody" then it is no different than paper. They will "lend" it to shorts for a fee.
So now that you understand basics of markets (paper longs and short balance, few want "physical delivery")... please return to the kids table.
-BBH
Things are always a blast at the kids table! The bestest part is that we don't even pays taxes on our profits cause we are so stupid and naive that we forget to leave a paper trail. All the other kids like that we actually know what we have too, and it can't be taken away without breaking into our piggy banks! Now get us some beer, biatch.
Yeah if I wanted to take delivery of $1M of gold, I would need ~900 toz's. Yeah that would cost WAAAAY to much to store. A small high-end safe you can buy for ~$400 would have ALOT of room left over.
Do you even think before you post?
About that safe... DON"T forget the anchor bolts!!! Seriously, I know a guy who had a safe whose house got broken into and they just took the whole damn thing and opened it later. If it isn't a total nightmare to remove it is not safe at all. Hidden is good too.
before you go putting a million bucks of gold in a $400 safe,
watch this:
http://www.youtube.com/watch?v=nBhOjWHbD6M
Yeah, CB's don't take delivery do they..... numb nuts.
Like I said - KIDS TABLE.
Do you guys understand there are about $100T in globally managed assets?
And you're going to "take delivery" on $1M and put it in a $400 safe?
At least one guy dreamt of "winning the lottery" and taking a 1/1000th of 1/1000th position of global assets in gold.
Another kids table member said, "CBs take delivery". Ah, the kids. They dont study. Most CBs hold their assets in the Fed's vault. Nice try though.
Back in 1980 1oz of gold bought 10 shares of S&P500. Today it buys 1 share. OH, and the SPX has paid 2-4% divs EACH and EVERY year since then. 30-yrs of divs add up to ALOT.
Gold has about 5% long-term annual returns. Good investors earn 15-25% long-term annual returns. Good investments earn EVEN MORE. The future looks very similar to this.
Damn manipulating bastards, PLEASE PLEASE let me win the powerball just so I can take delivery on 75-100 million dollars in physical from Crimex.
Where and what type of gold should one buy? I was looking at 5 gram and 10 gram bars from the Perth Mint.
I know it's not much, however a little here and there will add up.
I was looking at 5 gram and 10 gram bars from the Perth Mint.
nothing wrong with that at all.
Where's Gordo anyway? He's waaaay late to comment here.... oh, bet he over-filled the limo again and is stuck on the freeway with 2 flat tires...
God damn it Frank,
i got a little (climate-warming-induced) cold.
But that one made my snot come out of my nose at supersonic speed.
Thanks a lot.
Hello it isn't just gold. haven't you figured out when the boys are shorting. something jumps up in europe, but always opens down in the US. I've been watching natural gas and that is worse.
this is every market!!
Go GATA
GATA at them
And tell me how i can sue these institutions for the losses incurred.
The US government is rotten & corrupt to the core.
Gold will not rise because of inflation (or deflation?).
Gold is rising because of the loss of trust in government.
Our leaders are all failing us worldwide. They lack competence and have only their own re-election in mind. We are without leaders and being robbed by the banking industry.
What we need is blood on the streets and much more suffering.
America is has de most dumbed down population on earth.
People in Iceland, Indonesia, Greece, they start to riot because they have GUTS & common sense.
American has pussys only. Citizens who enjoy being slaves.
Government Sachs.
Show me the evidence and show it to the market and then we'll discuss...
GATA and other goldbugs should be cheering government orchestrated gold "manipulation"; by selling its gold the US is draining $ reserves and securing the purchasing power of the dollar. Why complain? I thought inflation was bad?
Back in the day, Fed governor Wayne Angell explicity recommended buying and selling gold at certain price points in order to manage dollar liquidity. Nobody threatened him with jail time.
GATA and other goldbugs should be cheering government orchestrated gold "manipulation"
Yes, let's all assist in redecorating the walls of the prison, and contribute to a "Fahrenheit 451"-like destruction of any evidence of the truth. After all, markets based on lies can go on indefinitely, and will guarantee prosperity for ourselves and our children forever.
There is evidence at the end of Murphy's letter that he cannot spell his own name, which is somewhat disturbing considering the amount of money involved.
premeditated malevolence loves to hide behind the incompetence label.
aw shucks we're just a bunch of dumb fucks who don't know what we're doing.
the sheeple buy it every time since they can't fathom the concept of an infiltrated govt that plans to execute them after the wealth is harvested. the term is kahal, a govt within a govt. see chapter 14: the moveable govt.
http://www.muslimamerica.net/cz/index.htm
This site is full of tin foil hatters and fools.
Gold up 1% = "Gold SURGES because it's the only thing on the planet that matters."
Gold down 1% = oh, the conspiracies of HFT naked shorts are artificially keeping the price of gold down.
What a bunch of slow people. You guys deserve to lose your money when it happens.
Why is GATA still around?
I mean, this type of shit happened with nickel on the LME just a few years ago.
The LME forced the longs to lease to the shorts to cover their shorts and forced them to repay over time.
That's what will happen here as well.
Silver is the most undervalued assett. Buy physical silver only. I find that http://www.999bullion.com is a great way to start hoarding silver.
Sure,someday the real price of gold will manifest itself,but only AFTER they have declared gold to be illegal to own/trade/profit on.
That is how these devious scumbags operate,but I don't care,I shall continue to shun the dollar in all forms and collect physical gold-it's my little way of saying "FU" to them and their rotten dollar system.
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