Guest Post: Gold Market Is Not “Fixed”, It’s Rigged

Tyler Durden's picture

Submitted by Adrian Douglas of Market Force Analysis

Gold Market is not “Fixed”, it’s Rigged

In 1919 the major London gold dealers decided to get
together in the offices of N.M. Rothschild to “fix”
the price of gold each day. While this was notionally
to find the clearing price at which all buying
interest and all selling interest balanced the
possibility for market manipulation and self-dealing
is inherently systemic in such a cozy arrangement.
This quaint anti-competitive procedure continues to
this day. In no other market in the world do the
major players get together each day and decide on a
price. Imagine if Intel, AMD and Samsung were to meet
each day to “fix” the price of microchips, or if the
major oil companies were to meet each day to “fix”
the price of crude oil; wouldn’t there be a public
outcry and a flurry of antitrust violation lawsuits?
The “fix’ is not open to the public, there are no
published transcripts of each fixing, and there is no
way to know what the representatives of the bullion
banks discuss between each other.

The current London Gold Fix is conducted by the
representatives of five bullion banks, namely HSBC,
Deutsche Bank, Scotia Mocatta, Societe Generale, and
Barclays. The “fix” is no longer conducted in an
actual meeting but by conference call.

The London Gold Pool that was instigated in the
1960’s was incontestably established with the sole
purpose of suppressing the gold price. Several
central banks furnished gold to sell into the market
with the aim of keeping the gold price at $35/oz.
This was overt market manipulation. How was this
achieved? The internet site


a historical fact that “1961 - Gold Pool of US and
main European central banks set up to defend $35
price, by selling at fixing to contain it”. So the
London Gold Pool sold into the “fix” to suppress
the price and no doubt the bullion bankers making
the “fix” were party to this scheme.

The London Gold Pool disbanded in 1968 when it
suffered massive outflows of bullion trying to
frustrate free market forces that were manifesting
themselves as insatiable demand for the metal.

As there is no London Gold Pool anymore does this
mean that this mechanism of selling into the fix to
suppress the gold price, that was pioneered by the
London Gold Pool, is defunct also? Absolutely not!
Analysis of the gold price data shows quite clearly
that the price of gold is being heavily suppressed by
the exact same mechanism.

Fortunately the bullion bankers added the AM Fix in
1968. This means there are two times in the day when
we know for sure that the gold price is being set in
a clandestine procedure that is controlled by just
five bullion banks.

Figure 1 Gold Market Timeline

Figure 1 Gold Market Timeline

will examine the characteristics of the prices
determined by the London Daily Gold Fixings to
demonstrate unequivocally the gold price is
suppressed. To do this let’s examine what happens in
a typical twenty-four hour period as illustrated in
figure 1. We have chosen to start and end the 24 hour
period with the PM Fix. Three and a half hours after
the PM Fix the Comex closes and gold trading is then
predominantly conducted in the eastern hemisphere
where the western bullion banks have much less
influence and the market has a much higher proportion
of physical metal trading than does London or the
Comex. The period from the PM Fix to the following AM
Fix is labeled “overnight” trading (indicated by the
blue double-headed arrow). The period from the AM Fix
to the PM Fix has been labeled “intraday” trading
(indicated by the red double-headed arrow). The
intraday trading includes most of the trading day on
the LBMA where 90% of the world’s gold trading
occurs. It would be fair to say that this is the time
of the day most influenced by the western cartel of
gold bullion banks. The “overnight” trading is the
least influenced by the gold cartel. But without
question the AM Fix and the PM Fix are determined by
a process under the direct control of five bullion

The London Fix data used in the analysis presented in
this article can be found at

For purposes of demonstration let’s consider just a
small sample of gold price Fix data as shown in Table
1. It can be seen that if a trader bought gold on the
PM Fix on 7/26/2010 and sold it on the following AM
Fix on 7/27/2010 he would have made $0.5/oz on the
trade as shown in the “Overnight” column. If he were
to repeat this trade every day then his gains and
losses are listed in the column and would sum up to a
cumulative total gain of $22.5/oz over the seven
trades. If a trader bought on the AM Fix on 7/27/2010
and sold on the PM Fix on the same day he would have
lost $16/oz as shown in the “intraday” column. If he
were to repeat this trade everyday his daily gains
and losses are as shown in the intraday column and by
8/4/2010 he would have cumulatively lost $6.5/oz. The
cumulative gain or loss is recorded for each day in
the columns labeled “Cumulative Intraday” and
“Cumulative Overnight”


Table 1: Sample of Gold Fix Data

2 shows the cumulative gains/losses for “intraday”
and “overnight” daily trades since the start of the
current bull market in April 2001. This chart is
astonishing. The cumulative price change between the
AM Fix and the PM Fix in the last 9 years is negative
$500/oz while from the PM Fix to the AM Fix it is
positive $1,400/oz. What this means is that if a
trader had each and every day purchased gold on the
AM Fix and sold it the same day on the PM Fix he
would have lost $500/oz. If he had instead bought
gold every day on the PM Fix and sold it the
following day on the AM Fix he would have made
$1400/oz. (these calculations exclude fees and
commissions). One could go further and say that if a
trader had shorted gold on the AM Fix and covered the
short on the PM Fix and then bought gold on the same
PM Fix and sold it the following morning on the AM
Fix and repeated this every day over the last 9 years
the trader would have made $1,900/oz; a buy and hold
strategy by comparison would have gained only
$950/oz. ($250/oz gold price in 2001 to $1200/oz in


Figure 2: Cumulative Intraday Change & Overnight
Change 2001-2010

change in price between the AM Fix and the PM Fix are
cumulatively making a trend which is increasingly
losing money in a very strong bull market! Clearly
the fixes are not being set to “clear the market” but
are being manipulated to suppress the gold price. In
figure 3 the same chart as figure 2 is shown but with
the right-hand scale inverted.

 Same Chart as Figure 2 with Right-hand Scale Inverted

Figure 3: Same Chart as Figure 2 with Right-hand
Scale Inverted

this shows is that the more gold rises over night in
essentially Asian markets the more it is sold down
into the PM fix. This was exactly the modus operandum
of the London Gold Pool but now it is being done

 Cross-plot of Cumulative Intraday

Figure 4: Cross-plot of Cumulative Intraday Gold
Price Change & Cumulative Overnight Gold Price
Change (2001-2010)

4 is a cross-plot of the cumulative intraday gold
price change against the cumulative overnight gold
price change. The chart shows that the cumulative
amount that gold has declined between the AM Fix and
the PM Fix at any time in the last nine years
displays a linear correlation with the cumulative
amount that gold has risen from the PM Fix to the
following AM fix for the same period. The correlation
coefficient R
2 is
0.95 which is very close to a perfect correlation of

This shows that someone is consistently selling down
the PM Fix and the amount of the cumulative sell down
is almost perfectly linearly proportional to the
cumulative amount by which gold trades up overnight.
That can not happen by chance.

 UP & DOWN Days for Intraday & Overnight

Table 2: UP & DOWN Days for Intraday &

2 shows the total number of up days and down days for
both the intraday and the overnight trading from 2001
to 2010. There is a striking contrast. In fact there
is almost a mirror image where the number of up days
overnight is very similar to the number of down days
intraday. The probability of getting this contrasting
result at two different times in the same 24 hour
period, in the same commodity market, and over a 9
year period is approximately one in 2.6 x
other words it is practically impossible for such a
divergence of data to occur by chance, let alone for
the divergence to have a nearly perfect correlation.

This is in fact a very sophisticated market
manipulation that is conducted to minimize the
chances of being noticed by a casual observer. In
Table 1 it can be seen that gold is not
systematically sold down the day following an
overnight rise. It is programmed and executed over
several days which is why it is only clearly revealed
by looking at the cumulative changes over time. In
figure 5 it can be seen that the AM Fix data and the
PM Fix data appear to almost overlay. This is because
the average difference between them is managed.


Figure 5: AM & PM Fix

6 shows the daily difference between the AM Fix and
the PM Fix charted as a percentage change from 2001
to 2010. It shows that a staggering 88% of the data
fall in the minus one percent to plus one percent
range. Equally surprising 98% of the data lie in the
minus 2 percent to plus two percent range. This also
can not happen by accident. The gold price has
increased 400% in nine years yet the percentage daily
price range between the AM and PM Fixes remains
locked largely in a 1% band. This is why the AM &
PM fix price data appear to overlay in figure 5
because the daily variation is tightly controlled.
This could only be achieved by market interference.


Figure 6: Intraday Percentage Price Change

inescapable conclusion is that some entity or
entities are deliberately suppressing the gold price
between the AM Fix and the PM Fix and that this
suppression is calculated to proportionately counter
the cumulative gains in price achieved in the Asian
markets that trade at some time in the period after
the prior day PM Fix until the following AM Fix. Such
a consistent manipulative effort would necessarily
involve entities with access to large amounts of
gold; this implicates central banks as they are the
only entities with large hoards of gold and
furthermore they have a motive for suppressing the
price of gold which is to hide their mismanagement
and debasement of their national currencies.
Furthermore the five bullion banks who conduct the
Fix would have to be complicit because by definition
they are responsible for determining the clearing
price on the Fix so they must be aware of the impact
on price of the selling activities of the entity or
entities who are offering gold in such large
quantities that it causes such price aberrations. As
the central banks do not trade themselves it is more
than likely that some or all of the banks involved in
the Fix also act on behalf of Central Banks. What is
irrefutable from this analysis is the gold market is
not “fixed” it is “rigged”!

The suppression of the gold price is achieved in
three main “theaters of war”:

1) The LBMA unallocated gold dealing is a fractional
reserve operation with a reserve of probably less
than 3%. This is largely a paper gold market that
masquerades as a physical gold market. Palming off
the unsuspecting investor with unallocated gold with
a very low reserve ratio prevents the investor’s
money from chasing real physical bullion which
inherently acts as a price suppression mechanism (see
my recent article
Proof of Gold Price
more details).

2) For the investors who insist on having physical
bullion it is important to suppress the price to
dissuade them from thinking it is a good investment.
As demonstrated in this article this is done by
selling gold into the PM Fix to counter the rise in
the price that occurs in the physical markets of
Asia. This is exactly the same tactics as employed by
the London Gold Pool of the 1960’s.

3) The large bullion banks, most notably JPMorgan
Chase and HSBC sell short on the Comex inviting other
commercials to join in the short selling binge to
create frequent waterfall drops that wipe out
speculators and serve as a cold shower for those who
are bold enough to make leveraged bets that gold
prices will rise.

Additional and complementary measures include the
establishment of largely unbacked Gold Exchange
Traded Funds (ETF) that serve to divert demand away
from the real metal. OTC derivatives that are used to
hedge the essentially naked short exposure that
exists by virtue of the fractional reserve nature of
the massive unallocated gold market.

The London Gold Pool failed due to insufficient gold
to meet demand. In those days the paper market was
not as dominant. By contrast it is through selling
massive amounts of paper gold that the gold cartel
has managed to keep the lid on its current price
suppression scheme. But therein they have unwittingly
planted the seeds of their own demise. I estimate
that 45 ounces of gold have been sold in unallocated
accounts for every one ounce that exists in the
vaults. When just a fraction of these investors ask
for their gold there will be a run on the bullion
banks of epic proportions. When 45 claims go looking
for one ounce of physical gold the rise in bullion
prices will be breathtaking.

If you own unallocated bullion you likely only have a
claim to about 2.3% of what you think you own. The
window of opportunity to get your investment to be
100% bullion is closing rapidly.

This article has shown that physical gold is being
dumped into the PM Fix to contain its price in a
covert version of the 1960’s London Gold Pool. The
result of the failure of the London Gold Pool to
suppress gold was an appreciation of the gold price
from $35/oz to $850/oz; a similar percentage today
would carry gold to almost $30,000/oz. This is not a
price forecast but an indication that when free
market forces have been frustrated by market
manipulation for a very long time the equilibrium
price can be many multiples of the suppressed price
and the rise is typically rapid when the suppression
is overcome. There are many growing signs that
suggest the
gold manipulation scheme is coming
The onset of an epic “gold rush” is fast

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VK's picture

Rigged markets. What's new? Starve the beast, don't play by their rules. Get out of the markets. If you like Gold, take delivery. If you have money in the bank, pull it out, go to a Credit Union. If you have stocks, sell them. The only message these scoundrels will understand is when the retail investors leave entirely leaving them to cannibalize each other.

merehuman's picture

Yeah. VK has it right! Keep what little self respect you have and quit trading with the enemy. Cheers to that.

Johnny Bravo's picture

Yeah, that 3% of the market going away will sure "stick it" to the "big boys" with 97% of the market!

SteveNYC's picture

401(k) assets and other retail assets form a much greater portion than 3% of the markets. To think that a all-on withdrawal of retail participation will have no effect is a shitty attempt at helplessness.

tmosley's picture

Copied from my challenge in the last gold thread you were trolling:

You wanna man up about it, JB?  I'll tell you what, one year from today (August 12th, 2011) you can give me one American gold eagle for today's price from APMEX, including delivery, which comes to $1297.84.  You can cover this bet at any time you wish, but I will deliver payment (say via paypal, or a similar service), which will be credited to your account upon my receipt of the gold.

This bet is perfect for you and your fellow gold trolls, because it rewards or punishes based upon how right or wrong the given party is.  Know that I will only accept physical delivery of an American Gold Eagle.  This means that even if spot is $250, and you find that you have to pay a $7000 premium to get physical bullion, you still must pay it.  Of course, if spot is $250, and an eagle is available for $50 more than that, you will profit handsomely.

What do you say?  Are you man or coward? 

Johnny Bravo's picture

Sorry I missed your challenge.

Gold is 1300 with delivery right now?  GD what a ripoff!  You're losing 8% out of the gate.

How about I give you 92 dollars and you give me a hundred dollar bill?  LOL.

I'll do it as many times as you want, right now.

Holy shit.  Somebody is losing 8% the second that they buy gold.  That's what's crazy to me.  Why not light 8% of your dollars on fire?

You COULD just buy GLD, and not lose 8% today.'s picture

Wow, you used a lot of words just to say that you're wimping out.

tmosley's picture

Such ignorance is to be expected from a fool like you.  You get the premium back when you sell it, numbnuts.  No-one gets spot when they sell a premium coin like an AGE.  They get something like spot+$100, more if they sell on Ebay. 

But seriously, take the bet, or live the rest of your life knowing that you are a coward.  Which is it going to be?

Johnny Bravo's picture

Sell it to who?

Who is going to give you 1300 bucks for something valued at 1220?

A fool?

And now, somebody who claims not to be concerned about short term price is making a bet based on short term prices.
Wow, what a hypocrite.

I'd take your bet, but how can I be certain you'd even pay or be here in a year?  It's essentially not worth doing because there's no guarantee that you'll even honor your deal.

Who would I sue when you lose your money, your screen name? 

tmosley's picture

My god, you're stupid.  Look on Ebay.  That is the MARKET PRICE for and American Gold Eagle.  1220 is the price for an ounce of gold hidden away in a vault somewhere in the middle of a 400 oz good delivery bar.  You can't take delivery at that price.

And who said short term prices?  I said we would settle in a year.  That is medium term. 

Paypal is a perfectly reputable service for transactions such as this.  I will send you the money via paypal, and you can take it out of your Paypal account upon my receipt of the gold.  I can send you my full name and contact information via email if you choose to accept the bet.

As an alternative, if you don't feel comfortable doing that, we could simply make it a theoretical bet, and the loser must close his Zerohedge account and never post again.  Now THAT would be worth it for me.

Johnny Bravo's picture

I'll take the bet on the zerohedge account.  You'll just come back under a different name though, I'm sure... 

But yeah, I'll take THAT bet.  I'm not sending anybody on the internet my personal information.

If somebody comes to my house, they'll get shot in the face, but I'd rather not have things come to that.  I don't think that you would, I just don't trust strangers.

tmosley's picture

Ok, sounds good.  

I give my word that if the cost in dollars of one American Gold Eagle delivered is less than the amount posted above, I will abandon my account, and never post on Zerohedge again (though I may continue to read if I so desire), not as Tmosley, or as any other person.  I will endeavor to have Tyler ban my account if possible.

The bet will be set if you make a statement similar to the one above.

I will bookmark this page.  My only regret is that I will have to put up with your shit for another year.  But then, maybe the price will go boom or bust before that, so one of us can choose to concede at that point.

Narcolepzzzzzz's picture

You'll just come back under a different name though. I'm sure...

Like changing his name from Master Bates to Johnny Bravo?

israhole's picture

"If somebody comes to my house, they'll get shot in the face, "-Johnny B

I don't think you'd shoot anybody, or that you even have a gun.  Pussy.

israhole's picture

"If somebody comes to my house, they'll get shot in the face, "-Johnny B

I don't think you'd shoot anybody, or that you even have a gun.  Pussy.

mojine's picture

I'd like to make the same bet, J.B.

Put your money where your mouth is or STFU!

I have (and have had) the same screen name and real life nickname everywhere and would never change it.

Find it on ebay and check the feedback.

ColonelCooper's picture

There you go again, JB.  Missing the point of the post AND getting combatative right out of the chute.  My God what a Fucker you are.

3% + 3% +++++ eventually adds up to something.  Gotta start somewhere.

Funny thing is, for what a partisan douchebag you tend to be, my guess is you'd cheer on the "Yes WE Can" crowd, but ridicule a grassroots movement against the banksters???

Fucking Douche.

Johnny Bravo's picture

"getting combatative right out of the chute."

"what a Fucker you are"

"Fucking Douche"

And there we have it, a hypocrite in form and practice.

Let me ask you something... do you think it MATTERS if you leave the market?  Do you think that you, or even all 200000 people on zero hedge will make any bit of difference in world markets where 6 billion people trade?

Also, you seem to forget that it was the BUSH administration that bailed out the banksters.  You know, TARP, passed before Obama was even elected?

I guess facts elude you totally.

Johnny Bravo's picture

And here I am, having the stupidest person alive responding to my posts.  That's what I get when I come here.

I suppose that it will be worth a laugh later.

ColonelCooper's picture

Holy strawman argument Batman.  Who brought up Bush? Or Obama?  Not me.  I'm no Bush fan.

I'm talking about a guy who simply says that he wants to break the system by getting the fuck out, and encourages others to do the same.

You ridicule him for being ineffective,

"YES WE CAN" motherfucker.  You just don't get it.

Johnny Bravo's picture

"Funny thing is, for what a partisan douchebag you tend to be, my guess is you'd cheer on the "Yes WE Can" crowd"

So you used Obama's slogan, but you weren't talking about Obama.  Okay.  That makes sense.

Johnny Bravo's picture

Also, the word partisan implies that you're talking politically.

jomama's picture

incredibly sexually frustrated again, as we can see.

mojine's picture

... "That's what I get when I come here."

I forgot. Why DO you come here?

DavidPierre's picture

Adrian Douglas

Bill Murphy

(2 week Free trial)

Chris Powell

Jim Willie

The Golden Jackass

Just my short list...

Read the BEST... Junk the REST

Tearsinrain's picture

You are right about that. FOFOA has been bookmarked. Brilliant essay on confiscation, or the possibilities thereof, and the "types" that bring that message for their own gain.

DoChenRollingBearing's picture

FOFOA is the man!  

+ $1210 to all of you just above!

Johnny Bravo's picture

Okay, so if it's "rigged" or "manipulated" as the people here claim... 

1.  How would buying physical gold (as opposed to paper gold) make any difference in the price that you receive for it when you go to sell it, except that it is less liquid?

2.  Why would you keep buying an asset that you claim is manipulated downward?

Doesn't make sense on even a basic level of logic... 

Okay, here come the replies:

"gold is real money.  when the United States becomes Zimbabwe, it will be 54000 an ounce."

"I screw TPTB every time I buy gold!  Then I bury it under my porch next to the canned ham!"

"Gold bitchez!  Derrrnnnhhh!!!!  *hits chest, bites ear*"'s picture

Hey, it's I Don't Know History or Economics but I Sure Can Type an Insult Boy!

Nice to see you.

Johnny Bravo's picture

Yeah, and how many history and economics classes have you taken?

And no, I don't mean in middle school in 1934.'s picture

In post #518804 Bravo said:

Without inflation, there would be no growth.  Without growth, there wouldn't be a growing economy.  It's simple really.

Inflation = growth.  Deflation = recession. 


In post #518860 Bravo said:

Inflation IS growth.  Without inflation, prices would never increase, and neither would profits.


In post #518870 Crockett said:

There was price deflation in the United States throughout the nineteenth century. So you believe that the American economy was smaller in 1900 than it was in 1801?


In post #518887 Bravo said:

Looks about even to me in terms of inflation versus deflation:


In post #518959 Crockett said:

Yes, it looks "about even" but there was a slight deflationary trend. But let's give you the benefit of the doubt and say it's "about even" -- that there was no net inflation or deflation. Where does that leave you?

You said: Inflation IS growth.  Without inflation, prices would never increase, and neither would profits


Without inflation, there would be no growth.  Without growth, there wouldn't be a growing economy.  It's simple really.

So are you still insisting that there was no progress in the United States during the entire course of the Industrial Revolution? If there was no growth or profit, what specifically do you think made it so industrial and so revolutionary?


In post #518965 Bravo said:

Also, the industrial revolution didn't really take off until the end of the 19th century.  You see a huge amount of inflation in the early part of the 20th century.

Johnny Bravo's picture

And what does that have to do with anything?

It's the truth, first of all.  (Prove it isn't, which you never did and can't.)

Second of all, how many economics and history classes have you taken in the last 20 years?


I'm enrolled in five ECON, FNCE, ACCT classes, and one HIST class this semester alone.

That would be six this semester alone, as opposed to your zero.'s picture

In post #518965 Bravo said:

Also, the industrial revolution didn't really take off until the end of the 19th century.  You see a huge amount of inflation in the early part of the 20th century.

The Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, transport and technology had a profound effect on the socioeconomic and cultural conditions starting in the United Kingdom, then subsequently spreading throughout Europe, North America, and eventually the world.

Johnny Bravo's picture

What is the difference between "didn't take off" and "didn't occur"

"Didn't take off" (it really started increasing)

"didn't occur" (didn't happen at all.)

GD you can't read, or something.

And what about the MASSIVE advances that occurred from about 1880 forward?  Those arguably changed the world far more than anything in the 1700s or 1800s.

And please, use something academic to cite your sources.  I'm not saying that you're wrong, but it's not like wikipedia is an accepted source anywhere.  I could go on there and change that right now if I wanted to.

I'll ask again.  What was the last economics or history class you took?

It's only the third or fourth time I've asked now.

Johnny Bravo's picture

Yeah, I'd delete my post too if I realized that I was totally wrong in every argument I made in it and above it.'s picture

The delete post was meant to be in response to a different comment so I removed it.

Yeah, I'd delete my post too if I realized that I was totally wrong in every argument I made in it and above it.

So when are you going to delete your posts that claim no one made a profit in America until 1913?

ColonelCooper's picture

Do you really think your classes now are worth more than mine twenty years ago? 

Okay, here it comes:  Go get some fucking zit cream.  Kid.

Johnny Bravo's picture

"Do you really think your classes now are worth more than mine twenty years ago?"

First of all, did I say that they were?  You're arguing against an argument I never made.  Wow.  

Second, yes.

Global economics is much different than it was 20 years ago, dumpster.

Second, I wasn't talking to you, I was talking to the guy who said I didn't know anything about economics or history, when I'm taking SIX classes that have to do with the subjects.

How many did he take?  I don't know.  I've asked him several times

redpill's picture

Taking classes?  HAHAHAHAHAHAAH

Johnny Bravo's picture

They're essentially free, paid for by trading.

How much did you make on gold since the beginning of the year?

Oh wait... nothing.  Damn.

redpill's picture

Nothing is free.

But my foreign dividend-yielding non-USD denominated gold mining stocks have done quite well for me this year, as a matter of fact.  Thanks for bringing it up, I think I'll have another cocktail in celebration.  As for physical holdings, it's not the gold that changes in value, it's the value of the currencies it's priced in that constantly change, minus of course the lovely suppressive interference described in this post.  But maybe you haven't gotten to that chapter yet.

Any other ignorant assumptions you want to make?

From now on maybe you should just start waiting to be called on before you open your mouth.  Isn't that how it works in your 6 classes?

fredquimby's picture

About 14% if I am being conservative. Buy the dips eh! or check @spotgoldprice to get a bead on the current gold price...

merehuman's picture

ha ha. Taking classes, oh my god. Most of the folks here have life experience, age , time and experience make a hell of a difference.

Shools and what they teach, oh shit , your better off not going or take a few beers with you!  Much love to you, i envy your naivety and ability to get lost in the play. Ah yes, youth is so wasted on the young

Hulk's picture

Groundhog day again here at zh

Buried canned ham in the backyard biatchies!

lewy14's picture

Ground penetrating radar, bitchez!

Moneygrove's picture

Ground penetrating radar , only works till like 8 ft !!!!