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LBMA Closes Off Public Access To Key Bullion Bank Trading Data
Is something (abnormally) fishy in the state of precious metals manipulation? GATA's Adrian Douglas (recently famous for facilitating the emergence of whistleblower Andrew Maguire) seems to think so, after his observation that the LBMA has decided to block "access to statistics relating to the trading activities of its member bullion banks. This information has been available to the public since 1997 but as of this week it is available only to LBMA members." His conclusion: "There is a cover-up of back-door injections of liquidity of physical gold, and the LBMA now is trying to conceal trading information. I interpret the LBMA's move to secrecy as a sign that the opportunity to get real metal is closing fast." Read on for his argument...
From GATA's Adrian Douglas
The LBMA joins the gold squeeze cover-up, via GATA
The London Bullion Market Association has just taken the highly
unusual step of blocking access to statistics relating to the trading
activities of its member bullion banks. This information has been
available to the public since 1997 but as of this week it is available
only to LBMA members. (See http://www.lbma.org.uk.)
I have recently written a series of exposes of the LBMA (see
References 1-4 below) using the association's own data to show that the
LBMA's bullion banks are operating on a "fractional reserve" basis. My
analysis indicates that the bullion banks are holding only 1 real ounce
for about every 45 ounces of gold that they have sold, a reserve ratio
of just 2.3 percent
At the March 25 public hearing of the U.S. Commodity Futures Trading
Commission on precious metals futures markets I cited the LBMA's own
statistics to label the "unallocated gold" accounts of the bullion
banks as a Ponzi scheme. (See Reference 3 below.) There were bullion
bank representatives at the hearing but no one expressed an objection.
That hearing was videotaped and posted at the CFTC's Internet site but
the bullion banks have not made any public statement rebutting what I
said. In fact at that hearing Jeffrey Christian, CEO of the CPM Group,
acknowledged that what is widely called the "physical market" is in
reality a largely "paper market" trading gold and silver as if they are
financial assets and not physical metals. Christian stated that 100
ounces of paper gold are traded for every 1 ounce of physical gold.
When the LBMA first made its trading statistics available in January
1997, observers and analysts were shocked. (See Reference 5 below.) No
one could reconcile the statistics with other market data, nor
comprehend how the bullion banks could be trading on a net basis more
than 240,000 tonnes of gold annually while the global mine output was
only 2,400 tonnes. Over the years the furor over these statistics had
subsided until the end of 2009, when I commenced writing about my
studies, showing that the statistics can be reconciled with other
market data if the bullion banks are operating a fractional-reserve
bullion banking operation with a recklessly low reserve ratio. I have
also shown how the price of gold is suppressed because 45 ounces of
demand are being diluted to result in purchase of only 1 ounce of real
metal. If instead all 45 ounces were to be sourced and purchased, the
gold price would be multiples of the current price.
Typically when people are exposed in a scandal their first reaction
is a cover-up. The most notorious examples of this are the Nixon
administration, when it doctored the Watergate tapes, and Arthur
Anderson, which shredded millions of pages of documents relating to
audits of Enron Corp.
The LBMA has now commenced a cover-up with respect to the gold
trading activities of its member bullion banks, withdrawing statistics
from the public domain.
This appears not to be the only cover-up going on in the gold market.
For years the International Monetary Fund has made great fanfare of
its mere contemplation of selling some of its gold, and actual sales by
the IMF have been widely publicized. Since February the IMF has been
surreptitiously selling large tonnages of gold each month, but these
sales now are to be found only by digging through the IMF's financial
statements, and even there the recipients of the gold are not
disclosed. (See Reference 6 below.) One has to wonder why the IMF now
is trying to fly under the radar with its gold sales.
Similarly it was recently discovered that the Bank for International
Settlements didn't feel it necessary to announce its involvement in the
largest gold swap in history, 346 tonnes. (See Reference 7 below.) The
BIS swaps instead were discovered only because a market analyst dug
through the footnotes of the bank's financial statements.
These developments have all the hallmarks of cover-ups.
In June the LBMA trading statistics showed that in May 2010 the
average net daily trading in gold by LBMA member banks jumped a massive
50 percent from the month before to 24 million ounces each day from 16
million ounces each day. That translates to $7.5 trillion annually. If
an operation is running on a razor-thin fractional reserve basis, such
step changes are often fatal.
It appears that a run on the bullion banks has commenced.
There is a cover-up of back-door injections of liquidity of physical
gold, and the LBMA now is trying to conceal trading information.
There has been much debate about how investors, politicians, and
regulators didn't see the 2008 financial crisis coming, and lack of
transparency was cited as a key reason. Clearly those who have been
manipulating the gold market are trying to skulk deeper into darkness.
They have a lot to hide.
Investors could have been blindsided by the events of 2008, but
anyone who misses the writing on the wall about what's going on in the
bullion markets is just foolish. The bullion banks have sold far more
metal than they can deliver, and more and more customers are asking
them to deliver. This has led to back-door bailouts and cover-ups.
Anyone who has "unallocated" bullion should be very concerned. The
LBMA itself describes owners of "unallocated bullion" accounts as
"unsecured creditors." That means that the account holder has no
collateral or title to any bullion.
Bullion bank unallocated account agreements require the bank only to
settle in cash for non-performance. That means when the physical
squeeze that is evolving takes gold and silver prices to multiples of
the current price, holders of unallocated metal accounts will not get
any bullion, nor will they be compensated at the prevailing market
price.
I interpret the LBMA's move to secrecy as a sign that the opportunity to get real metal is closing fast.
----
References:
1. Adrian Douglas: Proof of Gold Price suppression -- Gold and the U.S. Dollar:
2. Adrian Douglas: Price Suppression Follows Inevitably from Fractional-Reserve Gold Banking:
3. Adrian Douglas: It's Admitted to the CFTC: London Gold Market Is a Ponzi Scheme:
4. Adrian Douglas: Jeff Christian's CPM Group Explains How to Make Paper Gold:
5. The Grand LBMA Expose: A Collective-Mind Analysis:
http://www.gold-eagle.com/gold_digest/baron907.html
6. Adrian Douglas: IMF Can't Explain Gold Sales Now Without Revealing Squeeze:
7. Adrian Douglas: Mysterious BIS Gold Swaps Are Likely a Bullion Bank Bailout:
»
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Hi Croc I don't know if you're still following this thread ? The common denominator between the Mac & Gold is the USD. Macdonalds never drops the price of a Mac. So looking back on Mac prices they move forward in stair step fashion. When ingredients are cheap the margins are fatter on the fixed price of the Mac. As the cost of ingredients goes up the Mac get lighter/smaller, but the fixed price remains the same. Macdonalds will keep on shaving their widget until the Mac becomes so small it is better suited for a Barbie Doll tea party. At this point Macdonalds has to take the fixed price up stairs to the next level and begin the stealth inflation charade all over again. When the Mac moves up one step Gold should also take a step. Again the common denominator is the USD. If Gold lags then it seems to be suppressed.
Eating one or two of those Macs might boost your blood sugar enough for you to seriously discuss economics.
Maybe not.
We seemed to be moving along there pretty well until you went all second grade on me.
I'm anti GMO food so you won't find me there. But seriously, the Big Mac price is a significant indicator, don't you think?
I'm anti GMO food so you won't find me there.
I just had a couple of organic Buffalo burgers and they were goooood.
But seriously, the Big Mac price is a significant indicator, don't you think?
Perhaps. What, specifically, do you believe the Big Max index is telling you about gold?
I think he has a point. The ingredients are less than in the past, I believe is what he is saying, in dollar terms.
It's telling the same thing a 1963 quarter is. The diminutive 1963 quarter is 6.25 grams of .90% silver and .10% copper.
Silver $18.20 an ounce, copper $3.21 a pound. The conversion comes to $3.29 melt value.
In dollar terms your getting less bang for your Mac. In metal terms, the value of five 1963 quarters would be enough to gorge a family of three on a $1.25 dollar face value.
At least, I think that's what he's saying. Doesn't say much for the time elapsed purchasing power of a dollar ;-)
Agree that productivity and innovation deflates prices over time as it should but lets take a shorter time span, say from golds most recent bull run. Over a span of 10 years, USD still buy's 200% Nasdaq, 100% DOW, 100% S&P, 100% house, about 90% food, 40% oil but only 20% gold. So gold bugs can deservedly brag that gold has been the best performing asset class over the last decade but then have the gall to say it's being manipulated down in the same breath. I'll say it again, there could be a good argument that gold is actually being artificially propped up.
gold has been the best performing asset class over the last decade but then have the gall to say it's being manipulated down in the same breath.
If I tie a weight to a helium balloon but the balloon still manages to rise off the ground does that mean that the weight does not exist?
a 5kg rated helium balloon lifting 10kg's tells me someone or something has over inflated it.
a 5kg rated helium balloon lifting 10kg's tells me someone or something has over inflated it.
Well, if you're going to cherry pick specifications for particulars in my analogy then you can ostensibly "prove" anything you want to whether it's true or not.
You have changed your tune from, "how can something that is rising experience drag?" to "how can something which has no lift get off the ground?"
Check your premises. Therein lies your inability to understand the situation.
The premise of the argument remains in the lack of sufficient evidence and motive to prove manipulation to the downside. It has however morphed into a substantial argument to prove the contrary. Motive? I have no idea.
Here's my take on the recent "weightless" like gold rise. From the late 90's, gold rose with a declining dollar due to inflation to meet a globally expanding economy. Add a 911 event followed by a couple of wars and gold starts acting like a hedge against uncertainty. As soon as all classes started to peek (housing 06/2006, Equities 10/2007, Oil 07/2008 and Gold 03/2008) they quickly deflated accordingly by at least 50% (gold-25%). Some have rebounded but not back to their previous highs, except for gold. This could be explained by the global economic meltdown and gold acting again as a hedge against uncertainty and nothing is more uncertain than the capital destructive nature of de-leveraging. But what's confusing is that it's recent all time high was not confirmed by other commodities based on fundamentals.
So in a nut shell, gold has acted MORE than it should have without resistance. Unless someone can quantify uncertainty, than who can argue it should have appreciated any more than it did? Personally, it looks exhausted to me.
PS. I was being cheeky with the balloon analogy.
The GATA argument is not based on the idea that gold has "behaved" in a particular way which indicates manipulation. GATA clearly states that they believe that bullion banks are dealing gold on a fractional reserve basis.
Do you or do you not believe that bullion banks are dealing gold on a fractional reserve basis?
Do you or do you not believe that dealing gold on a fractional reserve basis undercuts demand and thereby results in a lower gold price?
Mass of hellium, depends which, one is about 3 or 4 amu. Mass of air is about 14.5 amu so the same volume of air as 5 kg of hellium would be 18.1 kg. Looks to me it is possible that 5 kg hellium lifts 10 kg of weight.
ozzi just misses WHY the economy changed in the last 10 years.. it isn't like the 90's with a little here a little there.. and it all evens out in the end.. except the dot com bubble which looks like GS's little test run before attacking the world's economy
ozzi, I think your question is answered by this comment - #61 pretty well.
Gold is supplying the liquidity the dollar needs, and has been for some time.
"You CAN have a strong dollar and high gold prices simultaneously."
Actually the dollar (and interest rates) move inversely to the price of Gold. The higher interest rates the lower the gold price and vice versa. The weaker the dollar the higher the price of gold etc.
However if you manipulate the Gold price downward you can have your cake and eat it to. You can maintain low interest rates for prolonged periods of time and allow your economy to live in a credit induced mania for longer than you would normally. Kind of like cocaine and other stimulants allow one to drink for several days straight, or so I'm told. In either case things don't end well.
http://www.gata.org/files/gibson.pdf
We have historically low interest rates, historically high nominal gold prices but a relatively strong dollar. I believe there are a set of circumstances that float gold, USD and UST's together and that is they are all safe havens. Once confidence is restored in the economy, one of these have to give quicker than the other.
you can draw any scenario to fit anything... say the USA prints a new $500 trillion tonight, goes and carpet nukes the rest of the world... their currencies go to shit, USD looks better then theirs and gold is the only real store of value and becomes priceless in comparison
play with the formulas all you like, but do not forget that gold IS money
We have a relatively strong dollar... Thank you for the amusement!
Notice its on a downward trend? Who is holding up the drunk? Oh yea, another drunk(euro) Looks even worse, but them germans are good drinkers and can come back for more. The dollar s life support needs new batteries or an energizer bunny. It reminds me of the time i heard bernanke, paulson and the great intelligence on fire Bush telling all of us repeatedly that "The Fundamentals of the Economy are Sound!! Yea, Bush can hear that sound while having a drink and coke and try and ascertain the meaning of "Fundamental" sure that its a fun and mental thing . good nite america who is thedumbestamongus
"We have historically low interest rates, historically high nominal gold prices but a relatively strong dollar."
Sure but this is an artificial state. For now interest rates are low, the Gold price is high and the Dollar is still "strong". My point (actually GATA's point) is there is HUGE downward pressure that is building up on the dollar. Rising Gold is a thermometer showing just how much downward pressure that exists. Gold will rise and rise and rise until SNAP, the dollar collapses and the system goes back to equilibrium. The reason the system hasn't snapped already is the gold suppression scheme of the Central Banks who are trying to protect the Dollar.
The question is how does this play out?
. If I had some bullion stored at the comex or any other place unaudited I would be driving there now looking to pick it up in person with my Posse. Will the depositors feel the same?
. Will the complete lack of transparency take all sane private individuals out of that market. Or do they recognize it's all paper and not give a rats ass?
. If everyone sane bails who is JPM etc. going to feed off? Will they buy up all the physical themselves?
. Will the London Price fix no longer be trusted and instead the price will be based on the ETF's?
. Will this essentially destroy the price temporarily until a trusted exchange can be established?
. Will the Ferengi traders on fleabay, kitco etc. demand higher than normal premiums if this all blows up regardless of the spot price?
Will the Ferengi traders on fleabay, kitco etc. demand higher than normal premiums if this all blows up regardless of the spot price?
In a free market no one can successfully demand an undue premium. The going price is the price.
PS: I always thought that the Ferengi got a bad rap.
Thanks for saying that -- saved me the time. I sell on eBay and I can tell you that retail is established there for lots of things that used to be scalped, precious metals being only one of them.
"In a free market no one can successfully demand an undue premium. ..."
Except in the credit derivatives market over the previous seven years.....
Except in the credit derivatives market over the previous seven years.....
The greater economy has seen no free market in operation over the past seven years, nor for some time before that.
Maybe Paper Gold and Silver is just too indicative of a market in which very little physical metal is allowed to be sold.Makes one wonder just how much physical the banks,hedge funds and institutions actually have and how short they are and what price they would have to pay to cover their positions.Will anybody really know if the figures are not released,however how reliable are these figures in the true state of play in physical Gold and Silver ?
GOLD is forever... FIAT - Finally It Ain't There...
Fix It Again Timmy,
YGTR, as in You Got That Right! Everybody worried about making money, when gold will KEEP what you have, at a minimum.
I had 5 minutes of TV today. Heard Tmmy claim there wont be a double dip, just slow steady growth. Probably in debt, no thats going up fast. Huh, I wonder what hes talking about. Jobs are still leaving the country and states, cities and counties are laying off. Must be a differnt world he is living in. His nose is growing longer....yea, that must be it.
Wikileaks should gift their website to Marla.
Please proceed to discuss.
It has loser qooties. Stay clear.
WRONG !!!!!
Wikileaks just drop the bomb by releasing Thousands of classified documents.
Should make interesting reading for a few weeks.
Check yourself for qooties bugs.
Yep, just a few days after the Administration promised Pakistan another half billion in aid, we are finding out via wikileaks that the Pakistanis have been undercutting US efforts in Afghanistan for years.
The Administration claims that the leaks will harm national security and cost the lives of American servicemen. The Administration's motive in thus characterizing the situation can be easily surmised and so no leaks will be required in that area.
Afghan War Diary, 2004-2010
Summary
25th July 2010 5:00 PM EST WikiLeaks has released a document set called the Afghan War Diary (AWD), an extraordinary compendium of over 91,000 reports covering the war in Afghanistan from 2004 to 2010.
The reports, while written by soldiers and intelligence officers mainly describing lethal military actions involving the United States military, also include intelligence information, reports of meetings with political figures, and related detail.
The document collection will shortly be available on a dedicated webpage.
The reports cover most units from the US Army with the exception of most US Special Forces' activities. The reports do not generally cover top-secret operations or European and other ISAF Forces operations.
We have delayed the release of some 15,000 reports from the total archive as part of a harm minimization process demanded by our source. After further review, these reports will be released, with occasional redactions, and eventually, in full, as the security situation in Afghanistan permits.
The data is provided in CSV and SQL formats, sorted by months, and also was rendered into KML mapping data.
thanks for the links.. the main site has been getting slammed
Indeed.
I'm not sure what Adrian is talking about. At http://www.lbma.org.uk/pages/index.cfm?page_id=51&title=clearing_-_most_recent_figures is the latest discussion about turnover figures and at this page http://www.lbma.org.uk/pages/index.cfm?page_id=50&title=clearing_-_statistical_table the full figures from 1996 to Jun 2010 are available.
I can't find anything in their press releases page about it either. Can Adrian please provide the direct link to where LBMA says they will not be providing turnover figures publically anymore.
I'm going to guess there's been an addition of a username and password to the page.
China physical retail demand > GLD (paper or not). Forget CCP CB wanting 10,000 tons... that's just retail.
Danger Room!!!
Military-funded research is already behind some of the most cutting-edge regenerative science. Extreme projects, like bone-fusing cement and muscle-growing cell scaffolds, are rolling into human trials thanks to a $12 million Pentagon grant earlier this year, and Darpa-funded scientists have made rapid strides toward regrowing human limbs.
But the military’s not done yet: The Office of the Secretary of Defense is soliciting small business proposals for two new projects to transform the regeneration of damaged tissue and cartilage, which afflict 85 percent of injured troops in Iraq and Afghanistan.
The first program would, if successful, replace skin grafting that transplants tissue from one’s own body, or a donor, to an injured area. Instead, medics could use “an advanced topical delivery system” that spurs the regeneration of damaged, degenerated tissue. Grafting poses plenty of challenges, not the least of which is adequate supply — especially when, as the solicitation notes, degenerated musculoskeletal tissues “represent the most common cause of pain and disability worldwide.” Skin grafts are also vulnerable to rejection and infection.
Military-funded researchers at the University of Pittsburgh are already testing a spray-on regeneration technique, to deliver stem cells and epidermal progenitor cells that stimulate the body’s own repair systems. Because a topical solution would be easily applied, the solicitation notes, a patient could receive sustained low doses to stimulate ongoing recovery.
Cartilage injuries, though, are even tougher to treat. Because cartilage plays a key role in facial features, damage from traumatic injuries can cause “severe psychological problems,” not to mention pose challenges for eating and breathing. Prosthetic devices limit functionality, and engineered cartilage is prone to scarring and deformities.
The military wants a better approach, and they’ve got some lofty goals. The technology should “elicit little if any scar formation,” maintain complete structural integrity and be fully functional. That’s a little tougher than topical stem cell ointment: the solicitation anticipates some combination of “biomaterials, tissue engineering, [and] cell therapy.”
Read More http://www.wired.com/dangerroom/2010/07/pentagon-pushes-for-near-perfect-regenerative-medicine/#ixzz0ukRrf4QK
Ran a little off the golden rails there, didn't ya?
This has no golden rails ... discipline...
Do you need thread compliance for benefit?
Yes we do. No spam please.
+100... No Spam... Bitches!
WTF is that geopol?
geopol, you usually have great posts, but this one is a bit OT.
Holy shit,,,,,I didn't have the intention of traumatizing everyone...
Let me try a new header........OT..................
..And take the BITCHES thing to the dry cleaners..It's old..
Geo, if they were working on generating gold I would worry!
The reason gold doesn't circulate (at its minted face value) is because this would imply a reverse squeeze on all taxation, provided the fiat remained (and was also considered at par (legal tender)).
Put a mixed purse on the table. The money (gold) pays for the goods, the fiat settles the taxes. They both serve their purpose. But the squeeze would be intolerable.
Exactly...well put. What few (and most on ZH) realize is that your central government and your central banks walk hand-in-hand down this road. Fiat does for governement what oil does for OPEC. Repeal the legal tender laws (aka enforce the constitution) and leave it up to the people (real markets) to decide and it's game over.
They walk hand in hand in so many places. Some judges are now throwing out titles conditioned by MERS.
The pollution is worse than this. If there are any 'legal eagles' here, I would appreciate a response to: Is a "TWP" equivalent to a "township", in all manners, considering the derivative nature of "real estate" to "land"
I sense a great 'calm before the storm', and if/when this fiat (US dollar) breaks, lots of things will become very different in a hurry.
What is funny is that 96% of the general public does not understand this situation... and they don't care.. I explained this at some parties ... and not one person there was up on the subject.. but they do know about Linsey Lohan / who's who in the NBA ..
JJ I hear you. I travel here there in the US and (occasionally?) pound the drum for gold, doom for the economy, etc. No one gives a shi'ite or else I get blank stares and silence.
Well, when they mention that some Lohan is off to jail or some NBA guy does this or that, well then I will give THEM a blank stare... Maybe mumble, gold, gold, gold as I slink off for another drink....
Whats a "Lohan". Must be on TV. The old lady watches the attention grabber. A persons "attention" is very important. I know where mine is most of the time.
me too!
(wait, you meant robo's posts, right? :^)
"what's a Lohan?" - priceless!
Our FED will "ignore" gold as China, Russia, India, SA, etc. buy. No reason to get anyone alarmed. Price suppression is the most unbelievable gift to our BRIC countries and anyone in the world that sees our debts/deficits unsustainable just like Japan and Europe.
It reminds me of UK a decade ago.
+++ as posted a few comments back.
the question becomes: is this a US/Euro bluff to the BRIC/world, or is it just a matter of time before the reserve currency changes without US consent?
those "that know more" cite that the US reserve currency value is in the zillions to the point that it cannot be changed. i'm not one to believe that anything 'cannot be changed' if the right players want that change, and are patient.
i *can* see, with high probability, that the current 'drivers' can still beat the hell out of any market they want for short periods of time (maybe a couple of years), so anyone with the 'nads' to *stay* long PMs will do fine. it may get really ugly before the dust settles.
or ... 'they' may simply win. again.
I've been following GATA for a long time now. Made a boat load selling my stocks and other paper in 99 and buying physical. But I think that a scenario regarding the paper gold/silver market is missed. I think that the hot shots playing the paper market just made it a casino game like everything else. But once they started playing with it, it was like the sorcerers apprentice finding his masters staff. It was a lot of fun making paper profits fiddling with such a tiny market, but they didn't know what they were f'ing with. Everyone, even those who should know better got in on the act...until a couple of old grizzled wizards pointed out that the foundation of the entire ponzi scheme of leverage was pyramided off of the gold stock. And this activity has seriously weakened the already overloaded foundation.
Just my two cents.
Cheers,
A perfect analogy.
I am really new to the gold world and always have this question: what if the US government decides to confiscate all the physical gold again (not an unlikely event given what's going on now)? Any help would be appreciated.
they won't. they didn't in 1980, why would they do it now? Plus, it's a international "free" market.
Gold is dense (unlike Silver) and is easy to hide. Stay under the radar.
If they make it "illegal", what are they going to do to you - torture you? As far as I'm concerned, I took my gold to the sea and threw it in, as an act of self-cleansing against all worldly goods. I'm zen like that. Or perhaps it was stolen, I can't quite remember now. Anyway... what gold? I don't have any. Prove it. You might be able to prove I once bought some, but not that I still have it.
I REALLY HATE it when I go out boating with PMs, they just seem to always fall out into deep water. Or did I leave it at that McDonalds on top of the ceiling panel there in the Men's?
Just SO HARD to remember anything anymore, Mr. IRS guy.
Does that mean I get some free health care soon? Maybe even a bailout too?
Gold? What is gold, Messrs@.gov?
I spend like a drunken sailor when i have it. Best yet i gave one ounce silver to about 300 people in my community. Hardly any of them know me or will see me again but i am sure i affected their life somewhat. Perhaps made them curious about the nature of money. That was my hope plus the good feeling plus enuf of all i needed always came.
merehuman! Great comment!
More proof, if any were needed, of the power of giving.
Control over giving is a wonderful power to have. Most of mine goes to my kid (or grandchild(ren)) when the time comes.
But, I have begun to think that 1/10th oz Gold Eagles and Silver Eagles are great little gifts that get minds working... It took me awhile to see the power of fractionals (Gold Eagles).
I ALWAYS like reading your posts. Shine on, you human diamond!
This seems to have been deliberated to death about the old FDR event. Regardless of what or what did not happen in the past (general consensus was they didn't knock on doors for coins or really bother private citizens at all) , the current government has enough power to enact pretty much any law it chooses.
Keep in mind all of the US gold coins that existed back in the 30's. Now very little of our coinage is gold. I wouldn't think they start a mandatory cash-for-gold program for jewelry. So if you are truly concern about confiscation, have your gold bullion turned into a giant Mr T. chain collection. For extra protection, constantly state you pity the fool who tries to take your gold.
I would think forcing retirement account holders to buy USTs would be a more profitable enterprise for our government to extract "wealth" from its loyal citizens. Once they get to the point of being in such grave shape as to consider something drastic confiscating gold just wouldn't cut it. They would need to go bigger. Much bigger!
"... have your gold bullion turned into a giant Mr T. chain collection. For extra protection, constantly state you pity the fool who tries to take your gold.'
LOL! That's a classic....
"Once they get to the point of being in such grave shape as to consider something drastic confiscating gold just wouldn't cut it. They would need to go bigger. Much bigger!"
its more likely that in the future they will just make it impossible to be a gold dealer so there wont be any place for people like you or me to go to buy gold
My cat, dog, hamster and goldfish all told me that gold was evil so I gave it all to the homeless and pan handlers.
The silver I made into a giant boomerang and it never came back.
The tinfoil hat is not protecting me any longer so stop yelling!
You do not understand what money is. Until you do keep your stupid comments to yourself
stone cold, does the room get quiet when you enter? Do folks jump for joy when you arrive? just asken , maybe i will write a book on "How many ways to be an asshole". Thanks for helping out.
Seems they draw the net tighter!
Hope everyone has some gold and some popcorn as we continue to watch preparations being made for the end of the monetary system as we know it!
Cheers!
+++
just had an 'aha'...
go long popcorn. can't lose.
Disclosure: Long physical silver
I try hard not to form an opinion based on market manupilation by large investment banks. If what is alledged by GATA is true then all the more better for my holdings and future prospective purchases. But what rankles me is these banks can also manupilate the market on the upper side. Why are they always bent on shorting the market? Surely with their access to leverage and other exotic derivatives don't you think it would be easier to manupilate on the upper side by creating a bubble.
They work for Uncle Ben so that he can keep the fiat Ponzi going.
Price of PMs and confidence in Fiat is inversely linked.
I have said this before. The easiest way for GATA to take down this Ponzi is to buy some GLD or the like, demand physical delivery, then sue. Even if they dont get the gold or silver, they will make a profit by seeing their physicals decouple from the paper Ponzi, kinda like the Goldfinger plan, Operation Grand Slam. There is rumor of a lawsuit in the works by GATA.
You know, the PM's may well be where the rubber meets the road, where fantasy collides with reality. One cannot run PM's like fiat currency indefinitely like a Ponzi. All Ponzis come to a mathematical end. Two years seems like a reasonable time frame.
Fine, but you'd probably need tens of millions of dollars to do that.
the infinite ponzi continues...
I think if everyone read about the London Gold Pool and the Nixon shock the manipulation skeptics will be silenced forever. It is just a repeat of history. This time it will be more dramatic. The fiat currencies (faith-based currencies) are doomed.
seems relevant ... (last week - 7/20/10)
Dr Paul - ever vigilant.
http://www.youtube.com/watch?v=qYarAu7udWU
Does anyone know who the congresscritters were who attached that provision to the Health Care Reform bill that stipulates reporting sales of gold of $600 or more must be reported to the IRS? Evidently, the bill passed. Is it possible to know who the responsible parties are who tacked this provision onto the bill? I think they might not do so well in the midterm elections if this information can be publicized.
Rust never sleeps...flip the lights on and watch the cockroaches run.
In my best Doctor Evil voice..........
BWHAA.....HAA...HA....HA.
LBMA sez finreg this aholes.
if this is true and banks are using 45* leverage and usatisfied paper holders are " unsecured creditors" where does this leave those big funds long gold through etfs/ etns ? that kind of leverage is unsustainable and is remiscent of the Sub prime cdo debacle we have just been through. surely this a bubble that will have to burst . Just another example of the confidence trick that is banking and once confidence is removed
gold and silver are shiney, FRN's have nothing on that.
GATA's Adrian Douglas
The things this guy writes makes Bennie Bernanke's hair fall out...
Adrian is correct.If even 10% of paper gold holders converted to physical the short squeeze would be huge.