• Gold Standard I...
    07/28/2015 - 04:17
    Greece has no future, so long as it clings to the euro. The dollar won't servce you much better. A drachma will only harm the Greek people. That leaves one other option.

Belgium

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The Keys To The Gold Vaults At The New York Fed ‘Coin Bars’, ‘Melts’ And The Bundesbank





 

‘Coin bars’ is a bullion industry term referring to bars that were made by melting gold coins in a process that did not refine the gold nor remove the other metals or metal alloys that were in the coins. The molten metal was just recast directly into bar form. Because it’s a concept critical to the FRBNY stored gold, the concept of US Assay Office / Mint gold bar ‘Melts’ is also highlighted below. Melts are batches of gold bars, usually between 18 and 22 bars, that when produced, were stamped with a melt number and a fineness, but were weight-listed as one unit. The US Assay Office produced both 0.995 fine gold bars and coin bars as Melts. The gold bars in a Melt are usually stored together unless that melt has been ‘broken’.

 
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Global Conflict Intensity Spikes To 7-Year High





If it’s not one geopolitical concern these days it’s invariably another. The number of world conflicts to total world events is at its highest level in seven years and the number of protests to total world events has spiked of late after falling precipitously since the good old days of the Arab Spring and 7% periphery 10-year yields.

 
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‘Secret’ Gold Repatriation: the Banksters’ Newest Bullion Scam





Many previous commentaries have detailed the mounting crises faced by the One Bank in its own paper-bullion markets. Invariably, these “crises” are 100% self-created. This is easily illustrated by reviewing a few of its current (increasingly serious) problems.

1) No one has seen the 10,000+ tons of gold which the U.S. government claims to have been storing (on behalf of itself, and other nations) for roughly 60 years.

2) The reason why no one has seen this gold is that most of it does not exist, and of the small fraction that remains, any audit would reveal that every bar had been pledged to numerous (dozens of?) owners.

 
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Putin Invites Tsipras To Visit Russia





UPDATE: And Russia reiterates its willingness to aid Greece financially... RUSSIA WOULD CONSIDER AID TO GREECE, NO REQUEST MADE: SILUANOV

While Greek finance minister Yanis Varoufakis' comments that "we will never ask for financial assistance in Moscow," which notably does not deny acceptance of aid if offered, and Greek Minister of Energy Panagiotis Lafazanis adding that Athens opposes the embargo imposed on Moscow, "we have no disagreement with Russia and the Russian people," it is perhaps not surprising that, as Vedemosti reports, Russian President Vladimir Putin spoke by phone with the new Prime Minister of Greece Alexis Tsipras, congratulated him on taking office, and invited him to Russia.

 
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Did The Federal Reserve Make A Major Math Error When Reporting Its December Gold Withdrawals?





According to the NY Fed, 177 tons of gold have been withdawn from its vault in 2014; according to foreign central banks, at least 207 tons of gold were withdrawn from the NY Fed in 2014.

Did a Fed intern make a very glaring math error or is something else going on?

 
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Frontrunning: January 29





  • Who Doubts Yellen's Policies? Summers for One (BBG)
  • Samsung, Apple Back in Dead Heat for Global Smartphone Dominance (WSJ)
  • Islamic State purportedly sets new deadline for hostage swap (Reuters)
  • Turkey's $7.9 Billion Mystery Money That's Simply Vanished (BBG)
  • How a Two-Tier Economy Is Reshaping the U.S. Marketplace (WSJ)
  • U.S. Prisons Grapple With Aging Population (WSJ)
  • Hasenstab Sees $3 Billion Vanish in Ukraine as One Big Bet Sours (BBG) - maybe he should BTFD, pardon, "invest" in Belarus next?
  • Belarus May Seek Debt Restructuring in 2015, President Says (BBG)
 
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Get Ready For (Fraudulent) Higher U.S. Interest Rates





The U.S. government is already bankrupt. This is old news to anyone who has been following the number-crunching of individuals such as former Reagan economic advisor, Professor Lawrence Kotlikoff. The U.S. government, the greatest debtor in the history of the world, claims that it is about to (finally) raise interest rates, which have been permanently/fraudulently frozen at 0% for now over 6 years.

 
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Saxo Bank: The Syriza Victory Is A Disaster For Europe





The Greek election result was worse than expected - the anti-austerity vote is massive, but it could be an empty gesture as Greece in reality has little choice: Comply with the Troika or leave the EUR. Saxo Bank's Steen Jakobsen doubts the latter will happen with the same vote as the Greeks are tired of austerity but not of being European. However, game theory dictates that some solution will be found which is sub-optimal for all parties, but the risk it will take longer than market have nerves for. There remains a consensus that “things will be ok...” but the early comments indicate the positioning is already starting...

 
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David Stockman: Woodrow Wilson's War & Why The Entire 20th Century Was A Mistake





"My humble thesis tonight is that the entire 20th Century was a giant mistake. And that you can put the blame for this monumental error squarely on Thomas Woodrow Wilson - a megalomaniacal madman who was the very worst President in American history... well, except for the last two."

 
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"Cheerful" Dutch Financier Becomes 4th ABN Amro Banker Suicide





Following the deaths of 36 bankers last year, 2015 has got off to an inauspicious start with the reported suicide of Chris Van Eeghen - the 4th ABN Amro banker suicide in the last few years. As Quotenet reports, the death of Van Eghen  - the head of ABN's corporate finance and capital markets -"startled" friends and colleagues as the 42-year-old "had a great reputation" at work, came from an "illustrious family," and enjoyed national fame briefly as the boyfriend of a famous actress/model. As one colleague noted, "he was always cheerful, good mood, and apparently he had everything your heart desired. He never sat in the pit, never was down, so I was extremely surprised. I can not understand." Most believe that the suicide is not related to his work at the bank, but a former colleague had noticed that on his Facebook recently changed its job title to "former." Chris leaves behind a son - who had recently been cleared of cancer.

 
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Remembering The Currency Wars Of The 1920s & 1930s (And Central Banks' "Overused Bag Of Tricks")





“No stock-market crash announced bad times. The depression rather made its presence felt with the serial crashes of dozens of commodity markets. To the affected producers and consumers, the declines were immediate and newsworthy, but they failed to seize the national attention. Certainly, they made no deep impression at the Federal Reserve.” - 1921 or 2015?

 
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Banksters’ Bullion - Crisis At New Extreme?





Another day goes by. Another day of the West’s (the One Bank’s) economic terrorism against Russia: an overt attack on that nation’s currency, and thus the economy itself. As noted in the commentary which preceded this; such economic terrorism against the ruble damages Russia’s economy, on a percentage-for-percentage basis.

 

Another day of defiance: by Russia itself, and (increasingly) the Rest of the World. We now know that part (and perhaps most) of the motive for this escalation of Western terrorism against Russia is gold.

 
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Germany's Bundesbank Resumes Gold Repatriation; Transfers 120 Tonnes Of Physical Gold From Paris And NY Fed





A month ago we asked the following question: who in addition to the Netherlands has been quietly withdrawing their gold from the NY Fed. Was it Belgium? Or did the Dutch simply decide to haul back some more. Or did Germany finally get over its "logistical complications" which prevented it from transporting more than just a laughable 5 tons in 2013? And most importantly, did Germany finally grow a pair and decide not to let "diplomatic difficulties" stand between it and its gold? We now know the answer, and it was, indeed, the latter with confirmation coming from the Bundesbank itself. As the German Central Bank announced earlier today, after withdrawing an embarrassing 5 tonnes of gold from New York in  2013, its rate of repatriation soared, and in what appears to have been just the past two months, has transferred a whopping 85 tonnes of gold from 80 feet below street level at Liberty 33 back to Frankfurt!

 
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