GATA Presents New Evidence Of The Fed's Gold Price Supression Scheme, Combing Through Oddly Unredacted FOMC Minutes

Tyler Durden's picture

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SWRichmond's picture

I had never seen that before, thank you so much for sharing it, it was well worth the hour.

At 52:40, the speaker quotes a passage from a book authored by Volcker that reveals how Volcker himself admitted to concocting a fraud, while at the Fed, to keep Mexico afloat during the Mexican debt crisis: they would "transfer the money each on the day before the reserves were added up, and take it back the next day".  Isn't this basically what Dick Fuld was doing?  Hell, he might have learned the trick from Volcker himself.  It's OK to lie about reserves when your motives are pure.  What's the difference between Repo 105 transactions (reserve fraud) and Volcker's trick (reserve fraud)?  A difference only of method, and barely that. 

Shameful's picture

Fraud only exists for the little guys.  Am I the only one thinking that Fuld won't go to jail, maybe not even to trail?  IIRC they can use SOX to nail him to a wall, as CEO's need to sign off on the internal controls to prevent this kind of thing from happening.

I fully expect him to disappear, sudden illness and death or "suicide".  No way is he going to get on the stand, he probably has enough info to lock of most of Wallstreet and the big sections of the regulatory structure.  Volker didn't get punished for fraud and I would be stunned if Fuld did.

MarketTruth's picture

Agreed, and virtually everyone on ZH knows that the SEC, CFTC, etc are just fronts as they protect the Big Fish/Government. They love to bust small timers (little snacks) so as to seem like they are actually doing something. These types of action is very much akin to the Miami-Dade drug enforcement agency of the 1980's.

Flud will go free or if he does turn, he will be suicided just like the Washington DC madam.

velobabe's picture

lennon someone junked me

i am mortified

i may killl myself

life sucks

i am scared

ok it is dlst

day light saving times

jeff montanye's picture

hang in there.  i think intoxicated females should get a pass (it's a prejudice, i know).

Anonymous's picture

..behind her mothers trailer in a shed? Sorry I could'nt resist.Senator Vickers wife was seen on tape joking she would kill him if he cheated. I would do it for money. JK JK ...OK for free.

Anonymous's picture

IRS goes after Sac. CA. carwash for .04 cents. Get ready for the shakedown by those with corrupt power!

http://www.sacbee.com/2010/03/13/2604016/irs-suits-pay-visit-to-car-wash...

Ned Zeppelin's picture

Fuld walks back to Greenwich and gets back in the hot tub, no problems, nothing. This is going nowhere in terms of prosecutions.

Anonymous's picture

THREE QUESTIONS:

-Are there P&S figures for Fed gold? If they have discretion to buy/sell the US gold supply do they have discretion to report that activity?

-If at some point in history we elected an administration whose principal goal was the radical and permanent transformation of American government and society, who cared not for Clintonian political consensus love but strove to get the football over the goal line at any cost....just suposin' here...given their objectives why wouldn't that administration sell off the family silver/bullion supply? Especially if they were, you know, pressed for cash...

-What happens if China decides to lift the Fed's offer on a big block 'o bullion...and then sit out Treasury auctions for a while after that?

Rusty_Shackleford's picture

Check out the rest of Mr. Parks' videos on his Vimeo channel.  Fantastic stuff.

Anonymous's picture

Gold is a wonderful story !

At this point, I want to thank all members of the NY Fed for their continued effort to intervene on behalf of the general public and keep the gold price that low for so long.

This enormous effort has helped so many of us to get into the strongest position thinkable, not only to protect our assets but even gain dramatically in the coming downturn of the US empire.

Gold is portable and the only currency recognised worldwide as real money. Once the fiat "money" is in gold bullion, it's out of any governments control.

God bless the NY Fed !

Freedom to the people !

Please:
Everybody re-think their negative position about the Fed.

Its THEM who have created this fantastic investment opportunity and its open to everybody now.

ED's picture

I cant imagine any government wanting to relinquish a purely fiat monetary system.

I keep thinking there must have been Some benefit to the victims of this system (general public) - accelerated economic development - but to the detriment of erosion physical assets - environment etc. Am I totally off-base the think this?

There have always been those that have benefited disproportionately no matter what system of governance/economy has been practiced. It's human nature that must change in order to plot a different route to our historical business-as-usual approach. wepollock (youtube) is speaking about this still.

Anonymous's picture

So now its proven.

That makes me a buyer now, as its obvious that this surpression scheme will loose its intended effect and result in the gold price going ballistic as soon the mainstream gets this message.

In addition, the Chinese WILL be forced to buy asap the IMF portion outstanding, which does another part to spike up the price much faster than they hoped. No, the world is NOT waiting for China to buy gold........ what a shocker for Bejing !

And the selling by the Fed also will stop soon, because the remaining reserves are urgently required for the new currency regime awaiting the US. One may assume that the true gold reserves of the US are far below 4000 tonnes, not as falsly claimed over 8000 tonnes.

Its ll clear.

Gold goes ballistic.

Anonymous's picture

Gold will go over US$ 1400 by end of April latest.

Mr Lennon Hendrix's picture

Hollywood Futures index to open around 4/20.  By May first, gold should be testing that range.

Hollywood Futures Index, here to "Pump you up, yeah!":

http://www.youtube.com/watch?v=HHZhw94C5vQ&feature=related

faustian bargain's picture

If the economy recovers without collapsing further (which is not a foregone conclusion by any stretch), those using gold as a hedge will have nothing to worry about. "Happy days are here again" and all that bubbly stuff.

And also in that case those who are "all in" will merely have to wait a little longer for the even-larger crash that will happen even sooner than the RE bubble popped after the dot-com bust.

chumbawamba's picture

You, along with other less than impressive intellects, fail to consider that this may be the end of fiat currency, if not for a good long time then forever.

You don't even have the faintest concept of what's truly happening here, and yet you boast to be more informed than everyone else.

Good luck with that.

I am Chumbawamba.

aurum's picture

I second that comment..we are witnessing the end of fiat money..for the unpteenth time..fiat currencies always fail..no one can argue that point.

chumbawamba's picture

ZH comments are buggy.  My reply was to the masterbaiter, not to FB.  Seems MB deleted his comment and my reply, no longer having an anchor, chose the nearest message to attach itself to(?)

I am Chumbawamba.

35Pete's picture

The markets can remain irrational longer than you or I can remain solvent. 

One wonders if an "irrational market" is often a "manipulated market". 

 

Hephasteus's picture

Little miss buffet sat on her tuffet

Eating her "curves" and "waves".

Along came a spider and sat down beside her.

And said... Stop it or imma cut you bitch.

merehuman's picture

Market has been open for an hour now, but 0 movement. Is there a holiday?

Mr Lennon Hendrix's picture

maybe the earthquake?

No joke, there was a 6.6 earthquake about 12 hours ago off the coast of Japan, near two nuke power plants.

Strong Quake Jolts Northern Japan:

http://e.nikkei.com/e/fr/tnks/Nni20100314D14JF177.htm

Anonymous's picture

Daylight Savings Time. Everything is f'd in the US.

merehuman's picture

as it turned out they opened 1/2 hour late.

swamp's picture

1p ET Sunday, March 14, 2010

Dear Friend of GATA and Gold (and Silver):

GATA Chairman Bill Murphy was formally invited Friday by the U.S. Commodity Futures Trading Commission to speak at its meeting in Washington on Thursday, March 25, to examine futures and options trading in the precious and base metals markets.

The CFTC’s announcement of the hearing can be found here:

http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html

GATA’s appeal to the CFTC on position limits in the precious metals futures markets can be found here:

http://www.gata.org/node/8405

The CFTC’s invitation results from GATA’s long prodding of the commission to investigate the anomalies of the precious metals markets, particularly the concentrated short positions held by JPMorgan Chase & Co. and HSBC, and from the prodding done by dozens of GATA supporters who have heeded GATA’s requests to contact the commission. The CFTC’s hearing likely will be the first time the gold and silver price suppression schemes have been raised at a formal and open U.S. government proceeding.

The CFTC says its hearing will be open to the public and broadcast via the Internet and a listen-only conference call.

GATA has put great effort and expense into reaching the CFTC on this issue and into suing the Federal Reserve in federal court for information the Fed acknowledges concealing about its gold swap agreements with foreign banks, agreements that likely are at the heart of the gold price suppression scheme.

Information about GATA’s lawsuit can be found here:

http://www.gata.org/node/8192

We’re making good progress, actually doing things to liberate the gold and silver markets, even as the gold mining industry’s nominal representative, the World Gold Council, remains silent about anything that really matters to the precious metals despite its annual budget of around $60 million. So again we ask for your financial support. Sending a small delegation to the CFTC hearing will cost money, as will getting the attention of the news media there. Prosecuting the lawsuit against the Fed will cost money. And quite apart from that, much effort and expense go into keeping the precious metals price suppression issue alive every day.

Since they are so vulnerable to their governments (for mining and environmental permits) and their banks (mining being the most capital-intensive business), even mining companies that recognize the gold and silver price suppression scheme are reluctant to support an organization such as GATA that seeks to make trouble for governments and banks. That may explain the World Gold Council’s uselessness. For the most part that leaves our cause up to individuals. So if you’re inclined to help financially, please visit:

http://www.gata.org/node/16

We’ll strive to see that you’re glad you helped.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Careless Whisper's picture

MR. ANGELL. Let me run this by again. You mean a country owns gold and has it stored in the Federal Reserve Bank of New York and if they ship it out, that's an export?

MR. TRUMAN. And in the balance of payments accounts it also counts as an import, so it washes out.

CHAIRMAN GREENSPAN. The Federal Reserve Bank's basement is a foreign country. When they move it out of the basement into the United States, it's an import. Then, when they ship it out again, it's an export.

MR. ANGELL. That makes sense!  


Dayum, those guys got some good chronic.


Anonymous's picture

Tyler this needs to be re-posted Monday. Nobody is reading on Sunday.

merehuman's picture

Thank you. A good read. Hi ho Silver

Mr Lennon Hendrix's picture

You took the words right outta my fingers.  Cheers!

Anonymous's picture

I have been lurking here for a couple of weeks and I've finally decided to buy some gold. I was thinking of getting a couple of 1oz Eagles. There is a place here in town that sales them for about $175 over market plus sales tax. Is that a good way to go or do you guys buy them from one of the advertisers here?

goldfreak's picture

$175 and tax is way too much. See Apmex, they have decent prices. Krugerrands are 1 ounce and sell for about $50 over spot.  And they shouldn't be charging you tax, especially if the totwal purchase is over $1000

SWRichmond's picture

+1 for APMEX; larger orders often use Tulving.

Anonymous's picture

Every country is different. In canada, bars are not taxed while coins are.

Anonymous's picture

Do not buy(or sell) in a State where sales tax imposed. Check before you buy.

dumpster's picture

no to high  ,, go to colorado gold or tulving .. 50 or so over spot .. or zip on down to coin shop should get a better deal

Rusty_Shackleford's picture

That is too much.  Nothing wrong with supporting the local little guy, but try not to spend $50 over spot tops.

 

APMEX is top-notch.

 

http://www.apmex.com/Product/57011/2010_1_oz_Gold_Eagles.aspx

Anonymous's picture

Tulving is good but has high minimum purchase requirements.

CNI-(California Numismatic) has the best prices I have seen...and they have been around a long time. Google them for their website-- $2,000 minimum purchase w free shipping.
Also, they seem to have the lowest prices on silver too.

Best of luck to all.

MarketTruth's picture

In order of preference, have researched this for MANY years:

www.Tulving.com
(Advantage: best prices, min is 20/au & 500/ag, you get $15 back for electronic transfer and free shipping too. Free shipping when you want to sell to him)

www.GainesvilleCoins.com
(Advantage: No min, price break for bank transfers versus credit card)

www.Apmex.com
(Advantage: They accept personal checks)

www.ColoradoGold.com
(Advantage: They accept personal checks)

JMHO DYOD

Of course the above is for normal consumers, not for those seeking to purchase COMEX or other contracts and take physical delivery. Also, 'very large' orders may be handled directly from JM Matthey, Sunshine Minting or A-Mark... though check with Tulving too as 'very large' is dependant on one's meaning and financial prowess.

SilverIsKing's picture

I've bought from Blanchard.  Good service but had to wait a bit.  Tulving and SuisseGold have been the best experiences and lowest price.

http://www.tulving.com/

http://www.golddealer.ca/

Anonymous's picture

Buy the bars rather than the coins. Much less markup.

http://bullion.nwtmint.com/index.php

Hulk's picture

Try the goldline advertiser here on ZH.

(never tried them, so you may want to test the waters

with a small purchase first)

Fifty bucks over spot, not bad. 175 over spot, BAD

Anonymous's picture

The gold market rigging will end this month, too many dogs cornering the Fed now.

From now on, it will be seen as plain stupidity to sell of more gold that is so urgently needed for the US. There is no justification for it anymore as the game has been EXPOSED !

Hello Fed, ANYBODY LISTENING & HAVE BRAIN ?

ANYbody ?

Gosh !

Gold goes parabolic. The GAME is OVER. OOOOVER !!!!

Mr Lennon Hendrix's picture

As goes gold, so goes ZH.  TD, the club is about to go expo parabolic, hear that?

Anonymous's picture

What hasn't the fed tried to manipulate? Interest rates, stock prices, currencies, real estate, and yes gold.

That is the purpose of the fed!

The illusion must be believed for the fed to have any power.

Anonymous's picture

The bottom has just fallen out of the market for tin foil hats.

swamp's picture

That, or, we conspiracy theorists can abdicate our tin foil crowns and place them on the heads of Ben, Volcker, Greenspan, et al who are the real source of "conspiracies".