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Russia Buys 22 Tons Of Gold In May
Ten days ago we reported the most recent data on gold reserve holdings as presented by the World Gold Council, where we pointed out that Russia had purchased 27.6 tons of gold in the most recent reporting period, bringing its total to 668.6 tons. It appears Russia is only getting started. According to the latest IMF data, in the period between April and May, Russia added another 22.5 tons, bringing its May total to a fresh record of 703.1 tons. As BusinessWeek reports, Russia "has added gold every month since at least February." At the same time, The International Monetary Fund’s gold holdings fell by 15.25 metric
tons (490,286 ounces). "Reserves of gold at the IMF were 2,951.58 tons at the end of May
compared with 2,966.83 tons at the end of April, data on the IMF’s
website show." Good thing the world's bailout cop is doing all it can to keep gold
prices low by transacting in the open market instead of in prenegotiated transaction. Again, per BusinessWeek, this “is an indication that they will continue to sell the remaining
137.5 tons on-market as opposed to via off-market transactions with
other central banks,” said Daniel Major, an analyst at Royal Bank of
Scotland Group Plc in London. “Indeed the decline in gold sales from
European central banks and purchases from India, Russia and China in
recent years demonstrates gold’s growing popularity with central banks.” Well, all Central Banks except those that are printer happy of course, and are now loaded to the gills with toxic debt that will continue to impair their currencies until the bitter Keynesian end.
Central banks have been adding to reserves and gold-backed
exchange-traded fund assets have advanced to a record as investors
sought an alternative to currencies and a protection of wealth from
Europe’s debt crisis. Gold traded at $1,243.45 an ounce at 4:16 p.m. in
London and reached a record $1,265.30 on June 21.
While the paradoxical IMF's agenda is all too clear (sell gold, get cash, but help the CB's by keeping price low), that of Russia is even clearer- never mind all time record gold prices. Buy. In that, Putin's country is a spitting image of the GLD, which has added almost a hundred tons of gold in recent weeks, price considerations be damned.
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Gold is hovering at its inflection point, it is waiting for silver to hit its cross ($18.61) and Platinum too ($1533).
T minus 15 minutes and counting.......
FOFOA has a new article, luv it!
Recommending reading by sheeple....
Thanks bro!
And the cross is lined up, 11:11 PST.
Your move PPT.
Bawknee rang the dinner bell. "Eweben Eweben, Pathipid standawd time! Gwoup meedeen, gwoop meadeen!" Timmah was busy playing Nintendo, LawWrench was passed out on the hammack, and BS was already sloshed on Malibu and coffee. BS ran into the room. "Timmah, go and wake LawWrench up, then come have a seat at the table." Bawknee was already sitting at the table obediently. Timmah muttered something under his breathe, "Timmah, timmah, timmah..." hit pause, and ran outside. "TIMMAH!" He screamed! LawWrench awoke. "Who? What? Huh?....Oh, what time is it?" "Timmah." Said Timmah. "Oh, ok, I'll be in in a minute. Have a cold one ready for me when I get inside, and tell BS to go ahead and start." Timmah ran off once again muttering under his breathe. He grabbed a Coke out of the fridge, but not before shaking it up. He slammed it on the table and sat down.
"Ok, I'ma go ahead and start." Said BS. "Today we have a decision to make. Either we do a ramp job all out that gains us 3% in equities..." Outside you could hear LawWrench yell, "RAMPJOB!!!" ...."Or, we keep the market where it is. If we do the rampjob..." Once again LawWrench yelled, "RAMPJOB!!!" "...If we do the rampjob, gold will need to move to roughly $1288, which would be an obvious break to the upside. Silver would move to the top of its recent range. Questions?"
"Ith it indoubably pothible to gain a wampjowb widout dee notithabawl epects ob gowld an silbel mobeen simoltaniouthwee in deth magnitood?" "What??" BS asked. Timmah rolled his eyes, "Timmah!" "Ith der anyofel weigh to moob da markeths wifoud mading obious dee cowiwacion ob gowl an silbel?" "Ummm, well, we have down it before, but that guy Durden from Zer Hedge caught us manipulating trades. We do not want to show his credibility. "Timmah was visibly angry at this news. "TIMMAH!" He said as he slammed his fist to the table. Just then, LawWrench came in.
"Ok, so rampjob it is, let's go!" He sat down and opened his coke. The weaponized chemicals spewed everywhere; Timmah giggled, "Timmah!". "Damn it Timmah! Go get a napkin and clean up this mess." Timmah slumped into the kitchen, holding his breathe and muttering, "Timmah, Timmah Timmah!"
"Lawee, id isthint dat simpol, expwain it to him Bennie!" "Did I ask you anything!" Bellowed LawWrench. "I don't need anything explained to me. Timmah, where is that napkin. I am waiting!" "Larry, look," BS leaned forward, his eyes were slits. He said sloppily, "You and I both know what will happen if we let up on the"...his voice cracked..."metals." "I don't care! Nobody has figured it out this far! You think they will now?! Timmah!!!" Timmah scurried back to the table and threw napkins everywhere as he sat down. "You call that cleaning up? Clean it up!!!" "Timmah!!" Screamed Timmah. He stared at LawWrench. "What? Whatcha gonna do?"
"Ok ok enough." Said BS. He looked kindly in Bawknee's general direction, as he was having trouble with his motor functions. "Bawknee, will you please clean up the Coke." Bawknee smiled. "Ohkayee." "Bawknee after you are done get me a coke....and don't shake it up." Bawknee finished cleaning and went back into the kitchen to retrieve the drink.
"Ok, now, lets discuss..." BS poured himself another drink, coke and Malibu this time. LawWrench's mouth watered as he watched. "Rampjob or not, and we know what LawWrench thinks.." LawWrench interrupted, "Huh, what? Rampjob...yes, yes." BS looked towards Timmah, "Timmah, what say you?" "Timmah." He said, matter of factly.
BS had a tough decision to make. All would have to agree that a rampjob was in order (clause 4 article 5 section 6 of the PPT rulebook dictates all parties must confirm a rampjob). BS also knew that the time was nigh to either break equities in hope of another QE, or merely let the doelarr slip and head into another bout of inflation. At this point it was a lose lose situation for him and the group, but he wanted to choose the lesser of the two evils. He thought deeply as he sipped his drink.
"Damn it, Bawknee, where's my COKE!!!"
Just then the phone rang. "Bawknee get the phone." BS said with a gentle tone. "Hewo?" "Damn it, where's my rampjob!" "Who ith dith?" "It's me Baawknee. Now go get someone who knows what they are doing, if any of you know what you are doing!" Bawknee scurried into the living room. "Bennie, Woyed ith on da foone." Bawknee's eyes teared up as he was still traumatized from the day before, when Lord Blankcheck had tied him to the clubhouse tree and sprayed him with black paint. Bawknee had told him he was working on revising the bill to replace the bank tax with TARP (taxpayer) monie, but Lord continued anyway, until the rest of the gang showed up and enforced Lord's wishes on CONgress.
"Lord, it's Ben." "Bennie boy what the hell are you waiting for?" "Lord this isn't a simple decision..." "Decision? Don't make me collapse the market again!" BS was a little tired of Lord's threats, but didn't want to upset him; he knew Lord was capable of committing complete market suicide, and did not want to call his bluff right now. "Look, just give me till 3:30." "You think you can ramp 3 full starting at 3:30? Good luck!" BS heard the phone slam down from the other side. BS tried to hang up the ol' rotary phone several times, each time he missed. "Wet me help you wit dat." The two's hands touched as Bawknee steadied the phone onto the clip. They smiled at each other. "Thanks Bawknee."
"Whadhe want?" LawWrench took a swig of his Coke and raised his eyebrows. "Lord wants a rampjob." "The question was rhetorical! We all want a rampjob, and if you had done it earlier, we could have gotten it done by now!" "Timmah." Said Timmah, he was in agreement. "I know, I know." Said BS. He rubbed his brow. He really did not want to do it. He was sick and tired of pretending he didn't know they whole financial system was leveraged on gold, but his economic philosophy dictated it.
It might just be me, but I think these are great fun to read. Bravo!
Dupe
Ruh ro....support broken...big down side move coming unless they go full bore ramp job.....
Gold catches, so does silver.....
Platinum does not.....you will need all three, boys....
Now it does! This could be interesting, we may see a 3% gain across the board going into the close....
Flash crash, and this could be huge.
+1! XD
You'd think that GLD and Russia adding physical would put a lot of price pressure on gold. Would love to know where the gold is coming from and how "real" it is. After all we have all heard about Sprott and the IMF. Who knows maybe the IMF is just selling to Russia then.
You'd think, huh? I guess JPM et al are doing their level best to keep it down.
Yes, my question is: where did the IMF get all its gold from? And why on God's green earth would they want to trade it for any variety of fiat bux? Also I would like to know if buyers are getting physical delivery or is this more "store credit" at the IMF.
Steaming ,
You can bet your ass, Russia is not taking IOU's from the IMF.
They are smart like a Fox.........
22.5 Tons?........Had to be IMF, no one else is stupid enough to dump it.
One of the latest WGC reports noted that for some time, Russia has been a net purchaser of gold mainly by buying up all of their domestic production.
Changes not any aggregate demand or supply data, but does remove their domestic production from the "rest of the world" calculations by and large, and thus inferencess regarding IMF positions.
While I do not doubt that Russia is buying local production like China, doesn't that impact the % of gold available for GLD and us little guys? I can accept that Russia is only buying local production, but that takes the supplies off the market and puts a higher % on the GLD buying of total world production. The problem is there is a limited production here and several large players and a host of smaller ones are all buying. Seems to me that would move the price up, and probably a bit more then has been seen.
Russia = Real (probably)
GLD = fake, fake, FAKE!
That said, in today's tight physical Gold market even Russia buying what it is should put pressure on the price...my guess is that the paper Gold market is close to breaking and it most likely will not survive 2011. Yes, we're THAT close.
I'm inclined to agree that the GLD purchase are not real. It may be we are that close to the snapping of the system. Personally I hope there is enough juice in the con mens tank to take us into 2012, but then I'm glad that it's gone on this long and given me a chance to get in. Remember buying my first gold bar at 940 and thinking "Man this stuff is expensive!", now would love to get teh chance to buy at that level again...
About 7 years ago, I remember paying $900 for a Platinum Eagle. I walked away kind of angry, that I had overpaid for an oz of Pt.
Fortunately I got over it!
Sounds like you got over paying the expensive Gold oz at $940...
u got the right name....shame on you...want to get it at 940 again...what about bonuses for TGL, christian whatever (the guy who keeps scaring everybody saying the gold will crash)...think about them too....they are taking the other side of the trade allowing you these cheap prices....otherwise...well will see where it will go, when in the words of blankfein aka "the trader/the scalper" they will not provide liquidity...its coming soon...none will sell...and everyone would like to buy...price discovery here we come...
GLD's custodian, HSBC, USA., is the second largest holder of Comex short positions in both gold and silver.
Whappa Pazoola Batman!
GLD encumbered by and with it's own custodian mayhaps?
Waddaya waddaya GLD's trustee give approvals, if so?
HSBC shorts held as thier own account or on behalf of other Nefarious Powers That Be? Who be meeting their variation margin outflows? Who be getting the juice on the long side?
'Nuff to make a good spy novel.
I tend to agree, but I thought the same thing in 2008, so what the hell do I know?
Well, other than the fact that I knew enough to sink 50+% of my earnings into silver.
is 1250 the "IMF" bottom? [just like Brown bottom 10 yrs ago]
+1
good one --- the new bottom
damn! those Russian spies are GOOD....
http://www.nydailynews.com/news/galleries/anna_chapman_one_of_the_allege...
She could waterboard me any time!
what's with cookie monster? does that mean she likes furries? time to go rent me a grover costume
The report by the UN blasting the dollar and urging a move to SDR is telling in this regard - does the pre emption doctine apply to fiat/monetary policy
What's not clear to me is why would anybody (countries) be selling gold.
I can understand dealers who buy and sell with margins up and down. But when governments can print money, why sell gold?
Any thoughts?
The US (and US establishment) has a vested interest to see gold prices down. Even Summers has written about the importance of the US to keep gold prices down. Strong gold is a direct attack on the dollar system.
Other nations that would be sellers are going to likely be in the US sphere of influence. Selling gold to keep the price down is in the US interest to keep the con of the dollar alive and well.
i dont think thats true...its just bullshit to steal the gold from whoever got it and then change the rules...
First thing that comes to mind is they (reserve currencies) must ensure confidence in their fiat. Any increase in gold erodes that confidence. They don't want to do it but they have to do it: it's literally life or death.
On the flip side, other countries who might wish to elevate their currency to reserve status builds it gold reserve to indicate to the world they have hard stuff as backup.
Ah, directly to the Heart of the Matter! Bingo!
As may be noted, on balance for the last number of years, countries in the aggregate have not been sellers, but buyers of gold. You know, adding to that barbaric relic for their own accounts which they continue to horde away, whilst claiming "it of the dubious value".
Note for example, why Greece, the proud owner of 112 tonnes of gold representing 73.2% of reserves, has not sold any to defease its obligations but has resorted to recirculating an endless supply of fiat currency.
Why? Gold is thus, by demonstration of the very behavior of central banks, valuable whilst fiat currencies, not. Gresham's Law.
The value in the shorting of Paper Gold to the central banks is that thereby the illusion of the fiat currency retaining value relative to a recognized benchmark, is preserved.
Indeed. Why sell gold when one can print infinite monies? Further, Larry Summers once wrote a paper on Gibson's Paradox which expounded upon the idea that if the price of gold were maintained at a low level, it would be beneficial for economic activity through lower inflation expectations, interest rates, etc.
Let's all just go figure, eh?
If you were a giant fiat ponzi scheme like the US - why wouldn't you sell gold? You get to prop up your system with that last little bit of funny money. And if you believe in the fiat, you don't believe in the gold, and it's not like you actually have enough to make a difference anyway.
If you are a reserve surplus nation, why wouldn't you sell your soon-to-be-worthless banknotes for gold? Or bullets, food, resources, etc.
'- why wouldn't you sell gold?'
because was the currency for 6000 years until 1971, and in 1971 there was no discovery of gold in Mars or Tora Bora....gold is still in limited supply...the emperor just has no clothes...and for 40 years none was willing to say it...now the emperor is getting older, weaker and the young princes are willing to flex the muscles...will see what happens, but just because what happened in the last 40 years, if i had to bet would not bet against 6000 years of history...people and things have not changed that much...as much as we like to think they have...
Very, very interesting. Sounds like from the looks of things that a financial war is starting. We have soooo much debt, I am sure that we will win.
Hah! I guess we should all get more credit cards to max out and triple mortgages and lease 12 cars and overleverage margin accounts and then we'll all win and be rich.
So the IMF will sell into the open market, but they won't sell to Eric Sprott.
What exactly is the difference (rhetorical)?
The difference is that IMF sales (India) have been journal entries. India was a repository for IMF gold. Eric Sprott wants PHYSICAL DELIVERY of his gold. If the IMF sold it to him, THEY COULD NOT DELIVER!
This is also why China could not purchase the so-called IMF gold, as China would have expected PHYSICAL DELIVERY.
How many times can the IMF sell the SAME gold and claim that they still have it?
yeah. we all know what a "creative" banking system Russia has. Needless to say right up there with the Aussie dollar and Canadian dollar getting clobbered I hear there's "quite a lot of selling in the Russian market" today.
Found this piece over on Jesse's site.
Rickards on Russia, Au, & USD collapse (skip to page 95 [19 of 42 in pdf]
http://www.jhuapl.edu/urw_symposium/proceedings/2009/Authors/Rickards.pdf
excerpts at the Cafe:
http://jessescrossroadscafe.blogspot.com/2010/06/jim-rickards-on-economic-war.html
http://www.jhuapl.edu/urw_symposium/proceedings/2009/Authors/Rickards.pdf
I sell gold [my country's] simply because it is not mine and I am told to do it; also because I have my own personal gold and income streams that preserve my wealth and provide cash when needed - Timmy.
I mean perhaps I'm overstating the intelligence of everyone here but what I'm saying is "we're Russia and we'll take 25% interest rates on our debt so long as we have "our" gold."
Russian 'spies,' goldbugs and the struggling dollarWas the alleged Russian spying, in part, a commodities or currency play?
by Heidi N. Moore, contributor
"The problem with all the gold buying, of course, is that it often reads as a global central bank reproach to several currencies, but particularly toward our troubled U.S. dollar. As the World Gold Council wrote in a February report on gold, currencies and the money supply, "gold exhibits a strong negative correlation to the dollar."
This is where central bank currency moves could get sinister. Rickards wrote a paper, "Economics and Financial Attacks," and created an imaginary Pentagon war game describing a crisis situation in which Russia used its gold reserves to create a new global currency and destroy the value of the American dollar. In the May 2009 paper, Rickards suggested that U.S. intelligence agencies would do well to track the gold reserves of other countries -- just in case."
http://wallstreet.blogs.fortune.cnn.com/2010/06/29/russian-spies-goldbug...
Read this. Concerning the Spies info...They could have just read ZH instead of relying on "spies"
http://news.goldseek.com/GATA/1277823532.php
Thanks. I check ZH and GATA daily. But I was thinking the same thing about what spies could get from public sources. I posted links to the 2005 Goldrush 21 conference the other day and if any foreign "agent" attended that as had been mentioned...well that was enough to get an idea about the manipulation and it was already 5 years ago.
http://www.gata.org/
So now it may be that the IMF is backstopping via physical bars the London and COMEX contracts? Once that is gone....
Reminds of me of that emergency bar selling from a central bank about two years ago to cover a contract. Looks like the paper game of 100 to 1 (100 paper to 1 actual gold bar) is starting to come unwound.
The question I have is, will the US and Co suppress the price of gold to the death? Are they willing to sell/lease every last ounce they have to keep the price down and the ball in the air a little longer?
After all if there is manipulation and it explodes (like GLD not having physical, or the US hitting a wall for leasing) it will rocket the price of gold up and shatter the confidence of fiat currencies particular the dollar. The amount of illusionary wealth that would be lost would be epic. A whole generation would be totally wiped out.
I think so. For many politicians and their bankster owners, well, let's just say you can chalk it up to fear of dying at the hands of a lynch mob.
There is some truth to that, but the smart boys already have diggs in other countries, the suckers and lackeys will be left behind to take the pitchforks and tomatoes. After all they cannot continue the game forever, so it appears both we and them are using this time to prepare for the price pop.
+ $1240
Smart guys like us, Shameful and Gordon, are preparing, in as many ways as we can.
Gold, other PMs, guns & ammo, overseas assets, stocking up on food, etc., etc. is not all that expensive, well depending on how much you are buying...
...
I have helped convince a family member to buy gold! One more in our club.
I would also say that the executives in the bank and the politicians suppressing gold prices would also have "insider trading" information and would know what a screaming buy gold is/was. That being the case, as long as they had theirs there would not be that much pressure to let it go higher until they needed the cash...
I think I said, in 2003, that when the Fed loses control of the POG, it is all over in a heartbeat.
Yes, they will defend to the death. Recall that in the late 60s, France attacked the Gold Pool and the BW accord and tried to reestablish a gold-backed currency.
Being actually OFF the gold standard at all is a 40-year experiment. We read in the history books about these things where currencies go to 0 in one paragraph. Problem is that paragraph stretches over a half-century sometimes.
+1
Maybe Russia is out to destroy JPMorgan and HSBC? Could they force JPM and others to cover thier short positions on gold?
No.
No need. All they need is for physical and paper gold to diverge.
As in the Rickards paper, and as originally proposed by Another, all it takes is for a large entity to bid for physical gold. Game over.
Paper gold will then run quickly to zero, mines will be nationalized, holders of physical gold will see everything in the world (hyper)deflate against their gold.
Another said:
ZH forum: Freegold
The NEXT DAY, the House of Saud falls.
Why do you guys really think we have all those bases there?
We will enforce the petrodollar at the point of a gun if we have to. We will march across any nation that tries to use another currency for this commodity. In fact, we already have.
We will defend THIS until we can no longer do so, even to the point of "crashing the world." We will try to ensure we are atop the resultant heap. That is the mentality.
Which is exactly why Saudis probably would not go it alone.
They have recently been meeting with Merkel, Medvedev, etc.
Being largest oil producer these days, Russia could do this, as per Rickards quotes above (#444905).
Russia has full intentions of returning to superpower status and I fear they are intent on making the financial sector the next battle ground. Now is the time for one nation to step up and announce a 100% gold/silver backed currency. The only reason no nation in the fiat brigade has not done so is they #1 do not want to anger the U.S. Fed cartel & #2) They are entirely too deep in this paper experiment. Russia on the other hand would have no reason to not consider this.
It may be just the sort move that could return investment to Russia and take a leg out from under the U.S. financial dominance. I hope the Fed is paying close attention because it could be the end of us. The folks at the Fed are entirely too short sighted.
While I would like any nation to go to gold, I don't think they will unless/until the fiat system totally explodes and the people refuse money that is not backed by something.
The first nation to make the conversion will be the target of all others. In effect they are going straight in a crooked world. This would only be possible if the system was broken because of the threat of economic reprisals or attempts to pull enough gold out of the system to break it off a true backing. I like the idea to kill the Fed, but I think the political reality will force a different timing. But that's just my opinion and I could be wrong, hopefully I am.
Having said that I would strongly consider moving to any nation that adopted sound money, even Russia.
Shameful,
"The first nation to make the conversion will be the target of all others."
IMHO< if they did, WHY would they care?.
The first to do it would have SO MUCH CAPITAL inflow, it would be mindblowing.(Trillions)
Russia, China,would have no problem being top dog knott on the pole, and Russia has said that's exactly what they want..........
They are getting entry in the WTO, in Sept, if they did this,.....they could LEAD the WTO.
Sure some capital would flow in. But we have to remember, there is a risk factor. IE is the nation serious about he gold/asset standard. Also the level of propaganda would be epic, against their market and them. I daresay that if any nation did it right now, that Osama Bin Laden would be found in the country, with dozens of ICBMs, trying to resurrect Hitler, so so the tale would go...
Remember every country is involved in the fiat scam, no more so then the US. Messing with that is like messing with the mobs money, they will push back.
How about a group of nations, rather than just one?
How about most of the rest of the world, excluding the '$IMFS Anglosphere'?
Exorbitant privilege blowback.
Now that is possible, but we must remember two things. 1. Any action on that scale would be telegraphed a million miles away. 2. The Anglosphere would do anything, including full total war to prevent that from happening. We must remember that during the Us leadership is full of lunatics. Hell even Cheney was trying to bait Russia into a nuke exchange. As no policies change from administration to administration I must assume that the current regime is every bit as bloodthirsty and crazed. The leadership of the US will see the world burn before they willingly lose their grip. Because of this I'm convinced the rest of the world will let the US thrash and rail and try to stay out of the way of it's death throes.
Why take on the crazed maniac on PCP? Why not wait for his heart to explode and then move on?
I would consider Russia reluctance to tango with our "marching orders", having us scrap the missile shield & buying Gold like mad is a healthy telegraph shameful. Possible no?
I'm not saying the world won't prepare. Russia wants to stand back up. I have an ingrained bias against Russia, but I can see we are the bad guy here. But it's one thing to grab a gun and hid in your house while the maniac terrorizes the neighborhood, it's another to walk out and face him head on.
I don't think anyone will willingly face the US Establishment head on, huge military and no morality. Now the US might force a fight by kicking their door down. I actually think the US will force a conflict, maybe WW3. However to me this event will be a cover for the big boys to clear the last bit of loot and melt into the background. After all the US would lose, and it would unite the world against a common evil. Then the same power brokers can reemerge from their palatial foreign estates and move to greener pastures. The serfs, us poor unfortunate fools, will be left to hold the bag. One of the many reasons I'm looking for an exit.
Don't remember this?
The demise of the dollar - Business News, Business - The Independent
Agree. It's not as if an attempt to go back on gold hasn't occurred since the Fed. Late 1960s France.
We collectively attacked their currency and even perhaps went so far as to foment revolution.
russia is simultaneously buying gold while pushing for a new international currency. if that new currency is at least partially gold-backed, they'd want to build their supplies first. the US govy is doing the same thing by chasing their citizens into gold, which they can later confiscate with the excuse that they will need it to effectively participate in the new global unit. you wouldn't be unpatriotic and hide your gold from uncle sam when he needs it to participate in the new currency, when the dollar implodes, would you?
OT: Will there be another epic battle to keep the ES above 1040? Should be an interesting last hour.
Russian thugs
Gold has been trapped in a $40 channel for weeks
But only $20+ off all time highs.
It won't go down; they won't let it go up...this is why the Gold chart is so full of triangle consolidations and parabolic spikes.
It's not up to them. The chain is going to break but not for another week or two.
Nooo!!! CNBC is talking central banks and gold!
Ben's Helicopter has been grounded today.
The financial systems are slowly falling apart, they decided to fall back to the next hill.
It appears only Douchinger is selling
Don't move!
it looks like this week is repeating last week (at least so far) in the Gold market. Yesterday's action was tremendous in that over the last 10 years "reversal days" to the upside were nonexistent and never "allowed" until now. Gold is certainly showing it's safe haven status and the cabal looks to be losing it's choke hold.
If Gold were to hold here or even rise the remainder of the week it would be a sign that the only selling is coming out of New York while the rest of the world is buying for delivery.
If it were a prize fight, New York is the tired old heavyweight throwing haymakers while the rest of the world is only throwing jabs, biding their time and probing for weakness. They already know where the weakness is, what they don't know is just how weak the shorts really are.
The inventory numbers are pitiful and potential for a cash call has never been greater, once this cash call arrives the delivery window will shut tight.
Were the COMEX or any other paper exchange to fail to deliver, the entire paper system will collapse.
Know that demand will explode once a physical default is understood, what is not commonly believed is that the REST of the system will also have a "run".
This "run" will be out of virtually everything paper based. A default of physical metal will call everything into question including central banks and sovereign treasuries. I really don't believe that even those who expect a default understand just how big this will be.
Gold and Silver are absolute peanuts compared to the paper markets but will act as the firing device for the nuclear like situation. Governments will be hamstrung, banks will topple from all directions and markets far and wide will not open.
Some think (Jeff Christian for example) that a default is not a default because settlement will be done in cash.
Cash in lieu of metal is not settlement anymore ...(you cannot make settlement for an asset by "paying" with a liability). Those who believe a default is not possible or has little meaning if it does occur are simply nuts.
A default will increase demand for physical exponentially and that demand will come from somewhere...think paper balances.
The coming physical default will feed on itself at a time when the "paper shorts" have never been more short nor inventories more fragile.
Human nature is a very funny animal, tell someone they can't have something (delivery of metal) and they only want it all the more like sharks to a bleeding corpse. I
You should have either already acted and own Gold, Silver and miners or you don't. If you have acted and do have metals positions, the important thing now...is to do nothing!
That's right, DON'T MOVE, you are where you need to be and can only make an error by trying to trade.
The coming default is assured and time is now the only variable. You are already a winner in a huge way whether you know it or not, don't snatch defeat from the jaws of victory out of fear, greed or any other reason, Just sit tight and believe in your common sense as it is as rare as your Gold and Silver positions.
Bill H @ Lemet
It is a good time to brush up on basic Infantry tactics - the stuff soldier's learn- the stuff that might have saved Custer. Many basic principles. It is worth having some sense of them. Would be worth coming up with some basic plans - scout out areas near your town that have a high, rocky edged plateau -with good view of surrounding areas - and with several ways to exit. Maybe plan with a group of friends to drive multiple vehicles up there - park them in a tight circle. Know where streams and rivers are. Basics like charge a gun, flee a knife. when running away from staedy fire - zigzag randomly - so they can't simply correct their fire. If a car is blocking the roadway - hit it on end that doesn't have motor, so it will spin out of way. Try driving with your head down.
There are books on amazon with basic infantry tactics. Maybe Tyler could get one of the ZH regulars- with Soldier experience - to do a nice post outlining these basic principles.
LOL...sorry, don't play Call of Duty.
"Brush up"??? You mean the type of stuff the soldiers who will enforce martial law are practicing every day and have utilized under live fire weapons free?
Be shore'in an' a laggin' lassie, but nobodies a charged a gun nor fleed a knife in many a moon.
The idea is not as much fighting against Armed Soldiers - or XE type mercenaries - I am simply talking about having enough knowledge to set up basic security measures against the people in your area, when there is growing disorder. You won't be facing disciplined, trained soldiers- you will be facing the yahoos who hang out at the seedy part of town. They are not trained, and not that smart - and, if you have some common sense, you can survive some of the encounters. Any folks who are skeptical that this might not be useful to "brush up" on - well, here is my take: If I had asked you seven years ago - would be facing all the crazy financial/political/oil-leaking chaos that we are facing daily now - would you have been able to see where we have arrived at today? No, some of you didn't see this coming - so ask yourself, what the fuck else haven't you seen coming? Do you, by some braindead mecahnism, think that, OK, a lot of shit has happened in last two years, but nothing else will. Right. See you around.
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It is a good time to brush up on basic Infantry tactics - the stuff soldier's learn- the stuff that might have saved Custer. Many basic principles. It is worth having some sense of them. Would be worth coming up with some basic plans - scout out areas near your town that have a high, rocky edged plateau -with good view of surrounding areas - and with several ways to exit. Maybe plan with a group of friends to drive multiple vehicles up there - park them in a tight circle. Know where streams and rivers are. Basics like charge a gun, flee a knife. when running away from staedy fire - zigzag randomly - so they can't simply correct their fire. If a car is blocking the roadway - hit it on end that doesn't have motor, so it will spin out of way. Try driving with your head down.
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