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National Inflation Association: "Silver Short Squeeze Could Be Imminent"

Tyler Durden's picture


A press release from the NIA finally picks up where everyone else has been for about two weeks. It is too bad, that those who brought the story to the foreground are getting exactly zero acknowledgement, but such is the media world.

Full press release from the NIA (keep in mind that the NIA describes itself as "an organization that is dedicated to preparing Americans for hyperinflation."):

Silver Short Squeeze Could Be Imminent

LEE, N.J., April 3 /PRNewswire/ -- The National Inflation Association today issued a silver update to its members:

On December 11th, 2009 NIA declared silver the best investment for the next decade. In our December 11th
article, we said that it wasn't a coincidence that the very day Bear
Stearns failed was the same day silver reached its multi-decade high of
over $21 per ounce. We went on to say,
"The reason why we believe the Federal Reserve was so eager to
orchestrate a bailout of Bear Stearns, is because Bear Stearns was on
the verge of being forced to cover their silver short position."

Morgan took over the concentrated short position in silver from Bear
Stearns and gained complete control over the paper price of silver
Within weeks, JP Morgan was able to manipulate the price of silver down
to below $9 per ounce. NIA believes they
were able to drive the price of silver down through "naked short
selling," selling paper silver that is unbacked by physical silver.

On February 5th, we witnessed another sharp decline in silver prices, which NIA described on February 7th
as being "just a temporary wash out, before a huge surge in silver
prices later in 2010." Since then, silver prices have rebounded by 18%.
The temporary wash out that occurred on February 5th was predicted by independent metals trader Andrew Maguire, who came out this week exposing the fraud that is taking place in the paper silver market.

On February 3rd, Andrew Maguire wrote Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, giving him the "heads up" for a "manipulative event" signaled for February 5th.
He warned the CFTC that JP Morgan was about to manipulate down the
price of silver after the release of non-farm payroll data on February 5th.
Andrew said that the takedown would happen regardless of if employment
was better or worse than expected and the price of silver would be
flushed to below $15 per ounce. During the next couple of days, silver was crushed from $16.17 per ounce down to a low of $14.62 per ounce.

Despite all of the evidence given by Andrew Maguire
to the CFTC of gold and silver manipulation, Andrew wasn't allowed to
speak at last week's CFTC hearing on limiting gold and silver positions
held by banks like JP Morgan. Bill Murphy of the Gold Anti-Trust Action Committee (GATA) was allowed to speak (within a five-minute time constraint) and present some of Andrew Maguire's
evidence, but right when his presentation began there was a technical
failure of the live television broadcast, which was mysteriously fixed
as soon as he was done speaking. Bill Murphy
was scheduled for several mainstream media television interviews after
the CFTC hearings, but they were all abruptly cancelled at once.

A couple of days after the CFTC meeting, Andrew Maguire and his wife were involved in a bizarre hit-and-run car accident in London
where a second car coming out of a side street struck their vehicle,
which resulted in a police chase using helicopters and patrol cars
before the suspect was nabbed. Andrew and his wife were released from
the hospital with minor injuries. (NIA does not believe in conspiracy
theories but when you consider that this is a potential multi-trillion
dollar fraud that could bring down the world's financial system, it
really makes you think.)

silver market provides a window into what is happening in the gold
market. Because the silver market is very small and its short position
is so concentrated, its price is easier to manipulate than gold, but
the same manipulation is taking place in gold on a much larger but less
noticeable scale. In our opinion, the CFTC is under pressure not to do
anything about the manipulation because the lower gold and silver
prices are, the stronger the U.S. dollar appears to be. If we saw an
explosion to the upside in gold and silver prices, it would result in a
complete loss of confidence in the U.S. dollar.

believes the precious metals markets are currently being artificially
suppressed by paper gold and silver that doesn't physically exist.
last week's CFTC hearings, Jeffrey Christian
of the CPM Group admitted that banks have leveraged their physical
bullion by 100 to 1. This means for every 100 ounces of paper
gold/silver that trade, there could be as little as 1 ounce of physical
gold/silver in the vaults backing it. However, Mr. Christian sees no
problem with this because he says "it has been persistently that way
for decades" and there are "any number of mechanisms allowing for cash

Mr. Christian fails to realize is, most investors around the world
holding paper gold/silver believe they own physical gold/silver. There
will come a time when these investors don't want cash settlements in
U.S. dollars, but they will want the physical precious metals
themselves. When investors around the globe eventually call for
physical delivery of their precious metals, NIA believes it will result
in the biggest short squeeze in the history of all commodities.

physical silver market is now more tight than ever before. In the first
quarter of 2010, the U.S. mint sold 9,023,500 American Silver Eagles,
the most since the coin debuted in 1986 and up from 8,299,000 sold in
the fourth quarter of 2009.
All U.S. silver mines combined are
currently producing only 40 million ounces of silver annually. This
means the U.S. needs to use almost all of its silver production just to
keep up with the demand for American Silver Eagle coins.

Silver closed this week at a 10-week high of $17.89
per ounce and a major short squeeze to the upside could be imminent.
With the spotlight now on JP Morgan, NIA believes they will be less
likely to naked short silver at these levels and manipulate the price
down like in February. With the mainstream media blackout, it is
important for NIA members to work harder than ever to spread the word
and help expose what could be the largest fraud in the history of the



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Mon, 04/05/2010 - 19:51 | 287562 jbc77
jbc77's picture

I buy silver and gold coins a few times a year. Fun to collect and I want to leave my 11 year old son a nice little stack of metals when I leave the earth. Been in and out of SLV more times than Elliot Spitzer in a New York whore house....been readin the silver short squeeze is coming theory for years. It's yet to happen. Point is, if indeed the market is being manipulated "they" are so good at it that the squeeze will never happen. They won't let it happen despite whatever fraud is whistle blown.

Mon, 04/05/2010 - 19:55 | 287572 h4rdware
h4rdware's picture

On a long enough timeline, all fraud is marked zero.

This one is worth waiting for.

Mon, 04/05/2010 - 20:14 | 287611 Dr. No
Dr. No's picture

I agree.  2-3 years ago the same thing was said about gold futures.  More contracts than comex had in inventory.  Nothing happened.  Go back a few years and read about Bunker Hunt.  He tried taking delivery and they changed the contract requirements and sent him the poor house.  I like Elliot Spizer's approach on this one.

Tue, 04/06/2010 - 08:45 | 288348 Gordon_Gekko
Gordon_Gekko's picture

It is not a very great logic that "since it hasn't happened in the past it won't happen in the future".

Tue, 04/06/2010 - 13:47 | 288743 sheeple
sheeple's picture

What I learned in grade school: Anything could go wrong will go wrong (also known as MURPHY'S LAW)

Wed, 04/07/2010 - 13:15 | 290051 A Texan
A Texan's picture

I think that it will happen sometime in the next year or two. The catalyst will be a financial panic, possibly originating in the area of muni bonds (many states and municipalities are beyond broke, worse than even Greece).  The panic of something going wrong will cause people to liquidate non-core holdings - including precious metals. 


Yes, I know, that will cause the price to decline. 


However, a certain number of people (and nations) will actually look upon their PMs as "core" holdings, and will ask for delivery of the actual physical metal that their paper holdings show they have.  THAT will be the day when this whole thing implodes - because in the midst of a crisis/panic, the banks (like, specificially, JP Morgan) won't have the spare funds with which to manipulate the PM markets as they do now in relatively calm times (I know, "calm" like in the eye of a hurricane).


As others have said, no fraud goes on forever.  All bluffs get called by the market.  ALL.

Tue, 04/06/2010 - 08:43 | 288344 Gordon_Gekko
Gordon_Gekko's picture

It will happen when various derivatives including futures (for everything) are discredited and vaporized once and for all as we move down along Exter's Pyramid.

Tue, 04/06/2010 - 11:26 | 288529 Slewburger
Slewburger's picture

+1 for the Exter's pyramid reference.

Wed, 04/07/2010 - 14:16 | 290195 SWRichmond
SWRichmond's picture

+ another 1.  The two pieces of essential knowledge going forward are: (financial) domino theory, and counterparty risk.  Munching some Redenbacher watching Greece try to blow up.  "White" knight arrives in 3...2...1

Tue, 04/06/2010 - 12:57 | 288668 topshelfstuff
topshelfstuff's picture

Let me add this here, since I can't find a more direct Thread at the moment. Is everyone forgetting there remains one very important item that has, so far, been Swept Under the Rug, and if allowed to remain there any longer may soon be forgotten...the Driver...what about the Driver? I'll paste below and hope ZH can find out if there is some sort of news block on this

CFTC whistleblower injured in London hit-and-run


6:39p ET Saturday, March 27, 2010

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday's CFTC hearing on metals futures trading --

-- was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.

According to GATA's contact with Maguire, board member Adrian Douglas, Maguire and his wife were admitted to a hospital overnight and released today and are expected to recover fully.

Maguire told Douglas by telephone today that his car was struck by a car careening out of a side road. When a pedestrian who witnessed the crash tried to block the other driver's escape, the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit.

The other driver's car then struck two other cars in escaping.

But the other driver was caught by police after a chase in which police helicopters were summoned.

We'll convey more information about the incident as it becomes available.

[[[ Is this where this incident ends? Where is the follow-up? Why is the Identity of the Driver secreted? Shouldn't this "catch" be of utmost importance? Notice that other autos were also damaged. This necessitates a report to their Auto Insurance Companies, including the name, address, and license number of the driver. The pedistrian who tried to stop the hit-and-run car was, """ the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit.""" <<< makes this more than a simple "Hit&Run"

How many charges do we have here [criminal, traffic violations, who is it?] , why have we gotten no Identification of this Driver, and their current status, and where is The NEWS, the Reporters. Had this been some Hollywood "bad-girl" who got a simple Ticket it would have been "In the News" for days, complete with paparazzi photos. Isn't anyone like GATA, Maquire, if not the local police, prosecutor, etc. going to make a televised update.

Tue, 04/06/2010 - 22:48 | 289322 Gold...Bitches
Gold...Bitches's picture

the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit.

The other driver's car then struck two other cars in escaping.

But the other driver was caught by police after a chase in which police helicopters were summoned.

In the USA this is what some might call a tequila fueled weekend.

Mon, 04/05/2010 - 19:52 | 287564 Segestan
Segestan's picture

Good article. There's no other out come possible. Oh , they will try and pretend and naysay the whole affair but Gold -Silver are not like any other .. these are money.. Real money.

Mon, 04/05/2010 - 20:09 | 287596 EdwardTeach
EdwardTeach's picture

This was tried before and nothing came of it due to the fact no contract can be forced to pay anything other than FRN's. There is no way to make the squeeze happen, no one wants more FRN's But that;s all they will get PERIOD.

Mon, 04/05/2010 - 20:14 | 287612 seventree
seventree's picture

Or in other words, as long as "cash settlement" is allowed in lieu of delivery, the supply of "silver" is effectively infinite.

Mon, 04/05/2010 - 20:38 | 287655 h4rdware
h4rdware's picture

The electronics industry is going to have something to say about that, when their supplier tries to convince them of the benefits of FRNs over the usual delivery with a 15% conduction to mass advantage over all other metals.

Price discovery won't require confidence, diligence or understanding. It will happen automatically and it won't be a secret.

Mon, 04/05/2010 - 20:42 | 287666 Shameful
Shameful's picture

Oh please!  How can you cling to that barbarous relic?!?!  Everyone knows paper is where it's at!  I'm sure science will quickly generate evidence (funded by the Fed Reserve) that FRNs serve as the greatest conductor for electricity anyone has ever know.  Pfffttt.  Barbarous relic.  Paper Money is king!

/sarcasm off

Mon, 04/05/2010 - 20:47 | 287662 Al Gorerhythm
Al Gorerhythm's picture

Or in other words, the supply of paper silver being effectively infinite................

Got physical????

There is a 100:1 bet on who will get it delivered first. Long (physical) odds.

Mon, 04/05/2010 - 23:54 | 288012 Gold...Bitches
Gold...Bitches's picture

Or in other words, as long as "cash settlement" is allowed in lieu of delivery, the supply of "silver" is effectively infinite.

Untrue.  As long as people think the piece of paper they have is actually tied to a specific piece of metal it can continue indefinitely.  Once enough people realize the ponzi scheme of fractional reserve gold/silver and take delivery the game is up.  More information keeps seeing the light of day.  It will happen and in a timeframe for me to take full advantage of the gains.

Mon, 04/05/2010 - 21:33 | 287762 Sam Clemons
Sam Clemons's picture

Yea, I don't see how you can "squeeze" someone that has the ability to create infinite FRNs.  Once stripped of that ability, it could happen.  Or, once the physical shortage gets so bad there is no way the fraud is not visible to the most blind person.

Tue, 04/06/2010 - 08:43 | 288346 Gordon_Gekko
Gordon_Gekko's picture

What if nobody wants FRN's anymore? 

Tue, 04/13/2010 - 01:17 | 297606 SILENCE DOOGOOD

  You mean like China? The second that idiot said: This has been going on for decades and I'm not worried since there are so many other mechanics such as CASH SETTLEMENTS..... This was an incriminating statement which sets all allegations in concrete... There are naked short positions and Mr. Andrew has stepped forward to make it known, however, there is more important news worthy information that needs to go before the media... eg. Sightings of Elvis walking on the strip of Vegas, Brittany Spears may be pregnant, Sandra Bullock will divorce her husband but my all time favorite is geithner going to China to slap their hand for manipulating the Yuan. The only question left is who will slap Obama's hand for not going live to talk about the greatest scam in U.S. history.... Should the day come that Mr. Andrews whistle blowing on jp morgan is ever broadcasted on government controlled bloomberg news, then, and only then I will have some hope that all those who hold paper contracts of Silver and Gold will demand physical control of their metals and yes of course tell those who want to make cash settlements to shove it up their asses!!!!!!!!!!  The jig is just about up, you can only prop up the dollar and sell what you don't have for (only a season and after that season all who have decieved shall stand before the courts of our land and may the Good Lord have mercy on their souls, the last time I checked, TREASON carries the dealth penalty) As far as FRN'S go, NO ONE WANTS FRN'S and if they do then they deserve exactly what they get!!!!!!! 

Mon, 04/05/2010 - 20:14 | 287608 Crime of the Century
Crime of the Century's picture

NIA is a strange outfit to say the least. I have enjoyed some of George's YT videos, but the whole Jon Lebed association, and the Internet "wars" that have sprung up around them keeps me distantly amused. Not a serious organization imo.

Mon, 04/05/2010 - 20:17 | 287616 pitz
pitz's picture

Yeah strangely enough, the Wikipedians (as dumb as they usually are) won't even allow an article about the "National Inflation Association" to be posted on the Wikipedia website.


Mon, 04/05/2010 - 23:10 | 287937 Lord and Master
Lord and Master's picture

While i have not dug down in all the nitty gritty evidence on them, NIA seems extremely fishy/ fraudulent.  Just watch these two videos.   In the first, this guy Jon Lebed comes off like --erm-- a shy, angry (yes shy and angry), devious, uneducated, thuggish?, sociopath... He like gets this devious angry look in his eyes when the Fox host (Cody Willard?) presses him on certain important points... Idk its pretty funny really.  Jon Lebed shouldnt limit himself to two-bit internet scams.  I say he should send in this video and his resume to the USTreasury -- hes got just the right combo of deviousness, sociopathic tendencies, shyness, quickness to anger, and poor communication skills (mostly a result of deep deceit) that  is highly valued in the administration and among Geithner's charges.  Anyway, here are the two videos…


See what I mean about the shy angry look he gets?  Its like dude- chill the F out… you are making a HORRENDOUS impression.  If you are planning on making such a HORRENDOUS impression, just stay home and keep your scamming behind the scenes.   But he wanted the limelight of a mainstream news show, EVEN if he wound up making a ridiculously bad impression.  Though if Timmy was watching that video, he must surely have liked what he saw.  Try also a google search for “”.   When you type the period after the word inflation, google autocompletes with the word “scam” lol.   And yes the George guy, though also a scam artist it would seem, at least has something of a human side, and he puts some heart and decent information into his videos.  Both Jon and George fall short in the IQ department—in terms of higher quality thinking—and you can tell this from their diction, among other things.   Though when it comes to scamming wits, just from long practice they must be top-notch thinkers by now. 


Mon, 04/05/2010 - 20:20 | 287624 non-anon
non-anon's picture

In 2003-2004 I finished reading the book "Creature from Jekyl Island", this opened my eyes to the corruption. I bought 212 ounces of silver around $8 spot price from NORFED. I took warehouse receipts for my physical silver stored in their warehouse. Fast forward to 2007, the FED raided "Liberty Dollar" and confiscated all the precious metals in the warehouse, including my physical silver. I wrote to the Fed. Prosecutor that I want my silver back with no reply. Now Van Nathaus and some other Liberty Dollar personnel are being brought up on charges of "counterfeiting". NORFED and Liberty Dollar had been in business since 1998 and the FED decided to bring charges in 2007. The court case has been in continuance since then with no end in sight. Keep your physical metals in a safe place, not in a bank deposit box, not anywhere where you can't get to it fast and no one else can.

It was chilling when Mr. Christian defined "physical metal" as also including paper. They can twist meanings to whatever they want, when they want without us being the wiser!

Mon, 04/05/2010 - 20:49 | 287682 Hulk
Hulk's picture

Great story, reinforces my strongly held possession beliefs. Good luck in recovery,good that it wasn't a large position

Mon, 04/05/2010 - 20:27 | 287638 glenlloyd
glenlloyd's picture

The manipulation will continue to work until it doesn't.

As for Mr. Christian, no one wants settlement in worthless dollars.

Mon, 04/05/2010 - 20:33 | 287646 Pladizow
Pladizow's picture

I agree with most of what the NIA has to say.

However, I am some what skeptical of their intentions - especially when it comes to their stock recomendations.

I think their founders include:

1. Jon Lebed, the only minor (15 years old) prosecuted by the SEC for a Pump-&-Dump stock manipulation scheme.

2. and some guy who calls himself George-4-Title and makes You-Tube videos out of his car.

Mon, 04/05/2010 - 23:23 | 287963 Lord and Master
Lord and Master's picture

Here's the book on NIA-- Lebed is a sociopath scammer to the core.  Maybe he can be redeemed one day, a long time from now... MAYBE.  George is less of a sociopath, and maybe less of a scammer (neither of which is hard to be when compared to Lebed)-- George is the public face of NIA therefore.  Both Lebed, George, and NIA provide some quality info though-- it has a "street" edge to it tho, since neither is educated super well... i.e. they are nice stories from the field...

See my post above for two videos which give a real good idea of NIA...

Incidentally what angers me the most is that when i see their logo i keep reading "PIA" because they use an "N" that looks like a greek letter "pi" ... in some sense, i find this the least forgivable aspect of their enterprise, that they do people with IQs 30 - 50 points above theirs this disservice (of causing them to repeatedly see "PIA", instead of "NIA"

Mon, 04/05/2010 - 21:45 | 287783 sneering nihilist
sneering nihilist's picture

The bit on american silver eagles and total us mine production surprised me so I did a little poking around. -- kinda looks like the makings of a blow-off top

then I went here:

notice two of the five main categories of silver demand are in terminal decline and will probably level out close to zero in a decade or so.  I doubt that anyone is expecting a rebound in the use of silver for photography.  Silverware? Seriously!

Jewelry is a wild card. Some fucking retarded celebrity on TV might wear some silver and spark a craze that could send demand soaring.

The developing industrial applications for silver are exciting and I expect long-term growth here.  This is why I am long silver.

Mine production shows continuous growth.  what's going on with scrap is kind of interesting.  It would seem that higher prices would bring more scrap to the market, yet the opposite is happening.

The overall supply and demand for silver looks fairly stable and healthy.  If silver does pop I doubt it would be because of real supply problems.  



Mon, 04/05/2010 - 21:46 | 287787 THE DORK OF CORK
THE DORK OF CORK's picture

After reading this article I had a uncontrollable urge to break out my new Silver maple leafs and stroke them gently.

Unfortunetly Elizabeth is in her 2010 incarnation and is therefore looking slightly worse for wear.

If only those good people of the Canadian mint could jettison their conservatism and engrave a portrait of Helen Mirren for the 2011 range - my life would be complete

Mon, 04/05/2010 - 23:04 | 287927 Uncle Remus
Uncle Remus's picture


Mon, 04/05/2010 - 23:56 | 288015 Gold...Bitches
Gold...Bitches's picture

After reading this article I had a uncontrollable urge to break out my new Silver maple leafs and stroke them gently.

Give in to the urge.

Tue, 04/06/2010 - 00:25 | 288059 Mr Lennon Hendrix
Mr Lennon Hendrix's picture
Billy Squier - The Stroke:

Mon, 04/05/2010 - 21:53 | 287802 Postal
Postal's picture

Keep the dream alive. I get paid in two days. *shudders*

Mon, 04/05/2010 - 22:02 | 287815 jory
jory's picture

Global silver production is 680 million ounces per year.  Plenty of silver floating around out there.  Plus every ounce of gold ever mined is available for sale.  $6 trillion worth vs. only $875 billion in US dollar currency.  US dollar currency is more rare than gold.  That makes Goldbugs shiver.


Mon, 04/05/2010 - 22:06 | 287824 Shameful
Shameful's picture

What about credit money? What's the yearly max production of electronic fiat money?

Also what's the cap on monetary creation each year?  Do we have a lumber and cotton prospectus to see how much money they could print up per year?

Me shiver?  Hell I hope the dollar gains all kinds of value.  Gold to $20 I say!!!  I want to walk into a foreign country with a roll of quarters and be treated like a rock star!

Mon, 04/05/2010 - 22:27 | 287853 jory
jory's picture

Goldbugs typically have visions of grandeur (ie treated like a rock star).  That's because they generally haven't fared well in the fiat money chase.  They hate the system because they were unsuccessful.  As failures, they blame their shortcomings on the system instead of their own inadequacies.  Sad really.



Mon, 04/05/2010 - 22:45 | 287888 Shameful
Shameful's picture

So is that a prediction of $20 gold and a mighty unshakable dollar?  Will my dollars make me wealthy?  After all they must have appreciated so much under the noble leadership of the Federal Reserve.  So oh mighty and wise benefactor tell me what the best investment is?  Perhaps Treasuries, surly yields cannot rise on such a powerful and amazing asset, after all there is never inflation over the reported number.  Give me a prediction I can work with.

Tue, 04/06/2010 - 00:06 | 288021 SWRichmond
SWRichmond's picture

ohboy a new radical paperbug troll

Tue, 04/06/2010 - 00:05 | 288026 akak
akak's picture

It is highly amusing to watch a dishonest and disingenuous paper pusher (is there any other kind?) engaging in multiple strawmen arguments.

At the risk of asking a rhetorical question, why is it that the most comments are consistently posted under ZH articles dealing with gold, and why is it that the most hystetical pro-establishment, anti-financial freedom propaganda is consistently brought to bear in regards to any blog mention of the precious metals, here or almost anywhere?

Ron Paul answered that question best: "Because gold is honest money, it is disliked by dishonest men."


And you, Jory, are one the most classically and obviously dishonest of posters.


Tue, 04/06/2010 - 00:11 | 288034 SWRichmond
SWRichmond's picture

Francisco's money speech:

"Then you will see the rise of the men of the double standard--the men who live by force, yet count on those who live by trade to create the value of their looted money--the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law--men who use force to seize the wealth of disarmed victims--then money becomes its creators' avenger. Such looters believe it safe to rob defenseless men, once they've passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.

"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion--when you see that in order to produce, you need to obtain permission from men who produce nothing--when you see that money is flowing to those who deal, not in goods, but in favors--when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed. Money is so noble a medium that is does not compete with guns and it does not make terms with brutality. It will not permit a country to survive as half-property, half-loot.

"Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal looters upon an account which is not theirs: upon the virtue of the victims. Watch for the day when it bounces, marked, 'Account overdrawn.'

"When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, 'Who is destroying the world? You are.

Tue, 04/06/2010 - 00:17 | 288046 akak
akak's picture

A noble speech, which I was thrilled and mesmerized to read at the tender age of 19.

I have utterly no doubt that our paper-pushing defender of the status quo, Jory, would just sneer at, mock and dismiss it, as he clearly is suffering from Stockholm Syndrome and has thrown in his lot with his oppressors.  Instead of Tanya posing with a machine gun, though, I picture him joyfully (and desperately?) clutching a sheaf of Citi and JPM stock certificates, of course along wth shares of SLV and ETF.

Tue, 04/06/2010 - 00:22 | 288054 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Oh my.....that was pathetic.

Tue, 04/06/2010 - 01:26 | 288122 Gold...Bitches
Gold...Bitches's picture

They hate the system because they were unsuccessful.  As failures, they blame their shortcomings on the system instead of their own inadequacies.  Sad really.

Oh my.  You have it all mucked up.  Its from being successful and accumulating FRN's that are in excess of what is needed for living and wanting to preserve what I've got in purchasing power and not see it inflated away by the printing press.  That's why I buy gold/silver.

Tue, 04/06/2010 - 03:38 | 288199 Nout Wellink
Nout Wellink's picture

Jory, answer a very simple question for all of us:

If gold is such a bad investment, then why are central banks holding tons of it?

Tue, 04/06/2010 - 03:50 | 288202 akak
akak's picture


Don't you know you aren't supposed to mention that inconvenient little fact?

Next thing we know, you'll be challenging Keynesian itself!  Heresy!

Tue, 04/06/2010 - 08:25 | 288327 Miss Expectations
Miss Expectations's picture

If I may:

If gold is such a bad investment, why when are central banks pretending to hold tons of it?

Wed, 04/07/2010 - 01:54 | 289456 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Damn!  Ok, well....shit, touche.....three card monty then?  Shit Miss...and did you make that name up to say this comment or what...destiny I do believe ;)

Mon, 04/05/2010 - 22:28 | 287855 What_Me_Worry
What_Me_Worry's picture

Only $875B, huh?  Are you forgetting the national debt, SSI and Medicare liabilities, Fannie and Freddie obligations.  Now socialized health care.  The amount of liabilities backed by the USD is beyond comprehension.

There is much more implied USD floating around than every other cache of precious metal in the world added together.  That should make every US citizen shiver.

Mon, 04/05/2010 - 22:36 | 287874 jory
jory's picture

Try buying your groceries this week with "implied liabilities" of the US government.  It takes cold hard cash to live in this cruel capitalistic country.  Even the gold coin buried in your back yard can't buy anything without first converting it to cash.

Goldbugs are such pessimists.  That's one reason why they are so unsuccessful in the fiat money game.  Negative thinking produces negative results.


Mon, 04/05/2010 - 22:48 | 287895 Shameful
Shameful's picture

Ok you are officially my favorite paperbug!  I love your spirit!  "100 trillion in unfunded liabilities?  Massive unsustainable deficits?  Structural breakdown of the economy and taxation?  Don't worry man be happy.  The dollar will see you through.  Nothing is more better then dollars,  paper is the bomb!"  God why can't everyone be like you, please short PMs and tell your friends lets get this train rolling!

Mon, 04/05/2010 - 23:17 | 287951 jory
jory's picture

Who's short precious metals?  Nobody except the primary dealers and they are fully hedged.  Goldbugs think the large short positions by the dealers is a conspiracy.  They are just making a market in futures contracts.  They will sell you a contract at a premium and hedge by going long physical to lock in their profit.  Goldbugs only look at one side of the transaction and then start jumping up and down yelling conspiracy!

Gold is over bought, over owned, over hyped and over priced.

Mon, 04/05/2010 - 23:50 | 288003 Lord and Master
Lord and Master's picture

One of the many beauties of gold these days is the false notion of it being “overhyped” as an investment.  Let me explain what I mean.  Every good trader has some element of contrarian thinking in his analysis—based of course on the notion of “alright well if everyone is a buyer here, asset X cannot be CHEAP at this point”… and of course every good or great investment is bought when it is relatively or even extremely cheap (by definition I suppose). … so you will hear traders and analysts saying things like “you know, id like gold, but there is so much NOISE in the market.. these days about it… everyone is talking about it… so—therefore I am inclined to be somewhat less bullish of it.”  Dennis Gartman is someone who ive head say that a lot.  He will say “everyone is asking me to do an interview about gold… that’s all im asked about these days… therefore I am inclined to be less bullish of it” … He used to say that in 2009… granted I haven’t heard him say that in a while about gold, and to his credit obviously .  In any case, that is an example of a contrarian mode of thinking of course… and it is OFTEN ENOUGH a good mode to be in when thinking about and sizing up an investment----- UNLESS, of course, that investment is vying as a currency.  But these days, gold IS of course vying as a currency.  THEREFORE you have to adjust WAY UPWARD your noise threshold for said investment, because a CURRENCY is mentioned 50% of the time in all financial discussions!  By which I mean-- when you turn on CNBC these days you will of course hear—“AAPL closed at 136 DOLLARS, Oil is trading at 86 DOLLARS, ABC Corp made a Tender Offer for XYZ Inc. valued at 2.5 billion DOLLARS” i.e. All things start to become price in said investment when said investment is vying as a currency.   We might turn on the tv one day and hear AAPL closed at 15 grams of gold, Oil closed at 8 grams, tender offer was valued at 250 million grams, etc… When some other type of investment THAT IS NOT VYING AS A CURRENCY (take for example shares of a retailing company) is talked about by everyone then yes sell immediately, it is (probably) overhyped….


Tue, 04/06/2010 - 01:34 | 288128 Gold...Bitches
Gold...Bitches's picture

apparently youve never been in a war zone or in a country that has had a recent failure of their currency.  Check out Zimbabwe, where many ONLY accept gold for basic foodstuffs like bread etc.


Continuing the canard of 'you cant eat gold' is just willful ignorance 

Mon, 05/03/2010 - 18:29 | 329813 SILENCE DOOGOOD

 Actually there are several cities across our "use to be great nation," that will accept Ag./Au. in trade for goods, food, auto work, and even gas without converting to paper. If I were a store owner or gas station/auto shop owner I would gladly use the current spot price in exchange for goods / services provided. I'm not sure how legal it is but it is done, just as the possibilities of lets say JP Morgan and or others selling naked shorts. The big draw back right now, regarding buying food in a store somewhere in Los Angeles Ca. is that they take the spot price of the day and allow a person to pay with silver coins (90%) or fractional gold and if you have any change coming back it will be in frn's or that crap the mint started putting out after 64 ( so if you pay with 90% U.S. coins, make sure you spend the entire amount of spot trade for the day) but yes, a man or woman can purchase goods in S. Ca. and in some Southern states without converting your PM's....


Tue, 04/06/2010 - 00:29 | 288064 swamp
swamp's picture

"Plus every ounce of gold ever mined is available for sale."

Let's start with those sunken ships. And that gold recently dug up in Scotland and from archelogical sites. I doubt the gold in the Cairo museum is for sale. Moving on, there's all kinds of lost gold. 

Oh, there's gold emobossed stationery.

Gold is consumed. It is used in electronics, manufacturing.

AND, people eat it. YES. Have you not heard of silver and gold foil petit cake desserts? And it is used extensively in Ayurvedic medicines as remedies for conditions thought not treatable in the West. The Rishis consider gold solidified sun rays.

And it's real money. For thousands of years spanning nearly all cultures, geographic zones and and economic structures, gold is money.

Mon, 04/05/2010 - 22:31 | 287859 Convection Fry List
Convection Fry List's picture

Yep, it's true... I read it on the Internet.

Hit me with another 1,000 shares of ZSL bartender...

Mon, 04/05/2010 - 23:14 | 287943 AR15AU
AR15AU's picture

Now ZeroHedge just needs a YouTube channel...

Mon, 04/05/2010 - 23:17 | 287950 Trifecta Man
Trifecta Man's picture

I can just see it now.  The CFTC will one day announce that "the naked short positions on gold and silver have been .... contained."

Mon, 04/05/2010 - 23:22 | 287961 monopoly
monopoly's picture

You guys just keep ranting and raving while I keep buying physical gold and silver. Any one who think this country is on the right track in anything right now...deserves dollars. Time will tell.

Food bank lines get longer...and we stand in line to buy an Ipad. Nothing broken right, rigghhtt...

Mon, 04/05/2010 - 23:26 | 287967 jory
jory's picture

That's another common Goldbug fallacy.  Goldbugs think everything negative is  bullish for gold.  Goldbugs really aren't that bright.


Mon, 04/05/2010 - 23:33 | 287979 THE DORK OF CORK
THE DORK OF CORK's picture

Hey I'm brighter then the average Dork but the jory is still out on that.

Mon, 04/05/2010 - 23:55 | 288000 Burnbright
Burnbright's picture

See I have no problem with you disagreeing with us "gold bugs" but then you had to make an ass out of yourself. As far as I am concerned you are the dip shit here. Oh and there is over 2 trillion with a T in circulation, not 800 billion.

And if you were right about gold being over bought or hyped then why is it that less than 2% of money is actually invested in it. Or for that matter why does no one on the street even know what the price of gold is? Or even what gold is in general.

Tue, 04/06/2010 - 08:32 | 288333 Miss Expectations
Miss Expectations's picture

I remember what my sister said to me 3 years ago:

You're buying gold? GOLD? Really?

Tue, 04/06/2010 - 00:18 | 288043 Lord and Master
Lord and Master's picture

I am a Goldbug (for now) and have a 150 IQ, and in a sense I agree with your statement that goldbugs are not that smart.  This is my higher explanation of what I mean:  Gold and Silver (or at least metals generally, silver etc) are the People's money, because they are safe, workaday, not ambitious, boring (in the sense that to the degree that they are simply wealth preservation vehicles they have no return (these days PMs are the opposite of boring but thats because everything else has hugely negative returns (these are (relatively) special times))).  There is a certain elite condescension towards gold and metals-- and that is as it should be perhaps.  Paper money is for flights of flancy, for the heights and intricacies of extreme intellect.  All sorts of games and contracts and eventualities can be invented with it-- and more than that... The less intelligent of the earth can be stolen from through the illusive vehicle of paper money.  Paper money is the illusive means by which the intelligent rapacious spirits of the earth can steal from the unintelligent, common sort of people and herd animals.  Paper is more wicked and evil than gold, and therefore perhaps more intelligent or sharp-witted at least, though arguably less healthy.   And why should the masses not be stolen from?  At least a little bit?  There should be a stupidity tithe, and that is what paper is for… anyway I could go on, in a similar vein, but alas, I tire…


But over the next decade (give or take) anyone with half a brain is in the PM’s and that should be obvious to anyone with a quarter of a brain.  Paper and gold are reversing—owning gold is how you steal from the rest of the world now.  I am intelligent and rapacious—therefore I own gold.  Every time a new dollar is printed, as an owner of physical gold, I STEAL (in the sense that I do so without lifting a finger) a tiny bit of wealth, a tiny charge of value, from the recipient of that dollar…. AND every time a new dollar is printed, I simultaneously STEAL a bit of wealth from every dollar holder on earth (in proportion to the number of dollars he holds)….  Mr Bernanke I bid you, fire up the presses again, my rapaciousness wants to soar again…  and feel the stupidity of the world beneath it


Tue, 04/06/2010 - 01:09 | 288110 Trial of the Pyx
Trial of the Pyx's picture

very nice, thank you

Tue, 04/06/2010 - 02:35 | 288165 docj
docj's picture

Bravo. (claps politely)

Tue, 04/06/2010 - 07:01 | 288281 nuinut
nuinut's picture

Exactly. Would have been very close to perfect if not for the arrogance.

Tue, 04/06/2010 - 01:38 | 288132 Nout Wellink
Nout Wellink's picture

In fact, the dollar and paper currencies are overhyped. They can print them into infinity, now what makes you think of that? They HAVE to print, print, print, otherwise the Ponzi breaks down...... Start reading Von Mises, it will give you a bright insight.

Mon, 04/05/2010 - 23:32 | 287977 jory
jory's picture

Goldbug thinking:  Long food lines = Bullish for gold.  Interesting logic.  Let's see.  The food line patrons are buying gold instead of food and so they have to eat in food lines to stay alive.  Makes sense.  Just proves you can't eat gold, right?  

Tue, 04/06/2010 - 00:06 | 288028 SWRichmond
SWRichmond's picture

We will just keep relentlessly buying physical and taking delivery, whilst having sweet dreams of that 100:1 leverage working in reverse for each ounce we buy, and of you with a mouthful of FRN's.

Tue, 04/06/2010 - 00:09 | 288032 akak
akak's picture

I absolutely revel in the discomfort and dismay that hysterically pro-establishment shills such as yourself demonstrate by your trolling forums such as this one, cluelessly thinking that your desperate, pro-bankster propaganda and puerile quips will be given even the slightest bit of credence or consideration.

Now back to your paper Titanic, shill ---- there are SO many deck chairs to be rearranged!

Tue, 04/06/2010 - 00:17 | 288045 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What will we trade for land to grow the food when the doelarr is not in use?  Women?  GOATS?  WOMEN and GOATS?  Goatwomen?  You better have a stockpile of goats and women.  GOLD BITCHES!  Get some.

Tue, 04/06/2010 - 00:25 | 288061 airbornepara505
airbornepara505's picture

I am glad moronic jack-holes like you are out there playing the game as a pawn of the banks! Because some day dumbshits like you are going to be crying because all the dollars you could ever own are going to be worth 1/100th of 1/10th of a gold oz. Your idea of a risk adverse asset is to put depreciating dollars under you pillow. As far as I am concerned you have a low self-esteem because you would rather play the bankers borrow and spend game and like a sheep waiting for the riskiest chance to be slaughtered by massive leverage you keep betting on the stock market.


You may post here and without civility criticize the importance of gold, but you really have no respect or knowledge for the metrics of gold's performance as an asset. If you're rolling in all those dollars you made since March of '09 why don't you go do something like feed the homeless instead of pretending like you have no interest in gold by posting pessimistic comments here on the trade.





Tue, 04/06/2010 - 00:43 | 288074 akak
akak's picture

Well said, ABP!

Except I would not have used the "Respectfully" at the end myself, as I have zero respect for lying, sneering paper pushers who troll forums such as this one in a futile attempt to stear the independently-minded and seekers of truth and honesty away from inconvenient facts and stories and back toward the pro-government, pro-establishment fold where mindless herd animals such as themselves feel comfortable.  It outrages them that we hold gold, because it is a giant "FUCK YOU" and vote of no confidence in the corrupt and manipulative paper Ponzi schemes of their masters.

Tue, 04/06/2010 - 00:26 | 288020 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Shorting silver will be like standing ontop of an active volcano about to blow.  Might as well get a few hundred miles away and watch it at a safe distance.  "They" know this.  Morgan and his Market Manipulators will move to the other side of the trade at the last minute.  Afterall, it's all about the benjamins, baby!  "What you can't have now/Leave in your will!"  They KNOW THIS!

"I'm wit Mo' sippers, watched by gold diggers (uhh)
Rockin Bejor denims, wit gold zippers

We see through, that's why nobody never gon' believe you
You should do what we do, stack chips like Hebrews
Don't let the melody intrigue you (uh-uh)
Cause I leave you, I'm only here
For that green paper which lead you"

...."Hide bills in Brazil"...

"SQUEEZE OFF TILL I'M EMPTY, don't tempt me
Only, to Hell I send thee, all about the Benji's"


Tue, 04/06/2010 - 00:42 | 288075 Hysteria
Hysteria's picture

PLEASE do not quote from the NIA again.  This is not a legitimate organization.  The NIA was setup by a known stock pumper, Jonathan Lebed, working with a Youtube channel.  Citing the NIA is like citing Kevin Trudeau.

Please see this expose on the truth behind the NIA:

I am not saying that the metals market is not manipulated; I have most of my own personal wealth in precious metals now.  However, be careful about citing this NIA: it is founded by a scammer dealing in pump-and-dumb securities fraud, and using it as a reference degrades the legitimacy of Zero Hedge hugely.

Tue, 04/06/2010 - 01:32 | 288127 tigerbaby
tigerbaby's picture

wouldn't the collapse of dollar result in a economy and trade contraction to such a degree that there won't be much to trade for with PM?

it seems that "things" would become more rare faster than PM in that case (compare to now)?

is it more cost effective to
1) trade dollars for things now
2) trade dollars for PM, and then trade PM for things later

Tue, 04/06/2010 - 03:16 | 288186 akak
akak's picture

"is it more cost effective to
1) trade dollars for things now
2) trade dollars for PM, and then trade PM for things later."


The problem is that if one has a significantly large amount of dollars, that would translate in most cases (food, clothing, etc.) to a virtual mountain of "things".  Whereas with gold (and to a lesser extent, silver), a large stockpile of wealth can be converted into a small and compact pile of metal.  Hence the historical, and still applicable, "store of value" aspect of gold and silver.

Imagine trying to store even $10,000 worth of food and clothing in preparation for an expected fiat currency collapse --- that would be a LOT of food and clothing to store properly, keep dry, refrigerated or frozen, etc.  Lots of hassles.  But $10,000 worth of gold would only be a bit more than half a pound, or 400 grams, of metal ---- easily enough to hold between your thumb and index finger.  $100,000 worth of gold (and I was just holding that amoung a couple of weeks ago --- not my own, unfortunately!) could still be held in one hand, and would only weigh about 6 pounds.  This is where gold shines as a practical and un-inflatable store of value.

Tue, 04/06/2010 - 04:54 | 288224 Zamboni
Zamboni's picture

Look at the 200% jump in Eagles production over the past two years alone:

Previous production record was 11m SAEs in 1987.  Then 2008 we suddenly saw 21m, then 30m in 2009.  And 2010 is on pace for 40m. 

Another sign of the dollar's coming collapse. 




Tue, 04/06/2010 - 05:04 | 288228 Zamboni
Zamboni's picture

Sneering Nihilist, I just saw now that you posted the same chart above as I just did.

It's worth looking at those charts again, folks.  10m SAE production in 2007, 20m in 2008, 30m in 2009, and on pace for 40m in 2010.  And this is *without* widespread public understanding that SLV et al may not be backed by real silver.

Tue, 04/06/2010 - 06:07 | 288257 godfader
godfader's picture

I don't understand why ZH associates itself with tinfoil head nonsense like that. If we want to read up on garbage like that we all know where we can. Why litter ZH with this kinda junk?

Tue, 04/06/2010 - 06:45 | 288272 Alethiometer
Alethiometer's picture

To anyone ignorant of what the "National Inflation Association" (NIA) truly is, just go to youtube:

and follow the saga. 


Basically, John Lebed, whom was convicted by the SEC in the late 90s for pumping and dumping small cap stocks/penny stocks, made a foray into the youtube community in an attempt to aquire front men to run a new "scheme."  The new "project" (NIA) was to assert itself as a bastion of truth in the economic turmoil from 2009 onward.  Lebed aquired a few youtube assets: George4title, visionvictory, manoftruth, etc.  and set about bringing legitimacy to his movement.  The true purpose of the NIA is to essentially mirror the website's history of compensated penny stock recomendations, which are really pump and dumps.  It gets people onto the newsletter roster, and sends out hot tips for stocks (which are presumably already heavily bought into) for <$1 (hey, even the little guy can make a killing here, right?).  The site mixes videos/articles with banal economic analysis (meant for the ignorant masses) with the get-rich-quick stock picks overlayed with a honeyed "just trying to get my slice of the pie" mentality.

As you can see in the video series, many of the same "recommendations" from found their way onto NIA.  Strange.  I couldn't see any of the savvy members of zerohedge taking this seriously anyhow, but it sure is fun to investigate and expose liars and scam artists.

What I find truly funny is the shear hypocrisy of the site.  It supposedly stresses strong moral character, and a return to the "good old days" when things weren't sullied with malfeasance and tomfoolery.  Of course, then it goes into how going big into their stock picks is helping everyone, and eventually (when the stone age returns) we'll return to a bimetallic gilded age where everyone is happy.  Poppy cock.  Who controls "money" is key, not what it is made of. 

Tue, 04/06/2010 - 07:17 | 288290 godfader
godfader's picture

Why is this nonsense being pumped on ZH then?

Tue, 04/06/2010 - 10:36 | 288451 TruthHunter
TruthHunter's picture

" Check out Zimbabwe, where many ONLY accept gold for basic

foodstuffs like bread etc."

I've heard  Dollars work there just fine... so far. Will any

paper win the race to the bottom, though?

I own a little silver, not as an investment, but industrial material

If the new use  I''m working on pans out, it will do more for

the price of the metal than any monetary use.

Tue, 04/06/2010 - 22:55 | 289328 Gold...Bitches
Gold...Bitches's picture

I've heard  Dollars work there just fine.

Yeah, thats fine... if you got dollars.  But the point of what I posted was the refutation to the many arguments that 'you cant eat gold', well, as a matter of fact you cant eat FRN's either.  However, gold in all circumstances, and in all places, and all times, functions as money.  Same cant be said for paper, which as Voltaire said, always returns to its intrinsic value, or zero.  Why else does the US military pack the fighter pilot survival pack with quarter ounce british gold sovereigns.  So they can go to a numismatist exhibition when they get shot down behind enemy lines?

Tue, 04/06/2010 - 11:49 | 288563 primus
primus's picture

PM's along with most other phsyical commidites are the only investments that are not a 'promise to pay'. The value is inherient. That is why I like them. Gold and silver have stable and constant value.

Just 2 short years after the big meltdown in the stock market, how could anyone consider stock certificates or any other paper safe? Jory sat there and watched how fast these things lost value. I can't see how anyone could possible advocate against anyone keeping a sizeable portion of portable wealth on hand in this day and age.

Tue, 04/06/2010 - 22:33 | 289312 apberusdisvet
apberusdisvet's picture

The current corporate fascist regime, if it gets an extension into 2016, will definitely throw an impenetrable financial curtain around this country (already 1/2 way there), leading to eventual PM confiscation.  There are too many signs to realistically ignore.  In regards to the Maguire revelations, I note with interest that the Gov't trolls are already out there; many recent articles in the last few days that only fools buy gold and that gold is in a bubble that is about to pop, and that the USD will always be the currency of last resort.

Wed, 04/07/2010 - 02:04 | 289461 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So Max Keiser is killing it and he cleared some shit up for me.  We have until $20.92 to buy silver (this is its nominal high), because that is when JPM should be done unloading their shorts (more specifically the shorts they inherited from Bear Sterns).  Once that happens, the whole market should capitulate, and then silver to the MOON (we have our own Argonaut, GET THE FUCK IN THE BOAT PEOPLE!) followed by gold and oil.  By my calculations we will reach $20.92 at mid summer, then the market should capuitulate for 2-6 weeks, depending on how bad peak oil is right now, and then KABOOM!  Anyway, my two sense...I could be wrong. MB anyone?

Also, a low of $8.88 during the "crisis".  They are saying something.  They are saying 'We will run this town for infinaty'.  I cry ISIS!  Then I go to war with these damn JPM "M"arket "M"anipulators.  Join me!  BUY SILVER!

War Is My Destiny:

Fri, 04/09/2010 - 04:08 | 292805 mark456
mark456's picture

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