Precious Metals

In a recent survey not a single major central bank could provide an example of an accurate “a priori” recession forecast. The silence from the Federal Reserve, European Central Bank, BOE, BOJ and the Bank of Canada is deafening.

Over the weekend, in its latest quarterly presentation, the Bank of International Settlements made what may have been a very premature assessment that China is now contained. Judging by events in the past 24 hours, the reality is anything but.

The world doesn’t realize it, but record global silver coin demand is warning that big trouble is coming to the financial system

· Central bank rate decisions take focus this week, with the Bank of England, Swiss National Bank, Reserve Bank of New Zealand Central Bank of Russia all set to announce their latest decision on interest rates

With Draghi's Friday comments, which as we noted previously were meant solely to push markets higher, taking place after both Europe and Asia closed for the week, today has been a session of catch up for both Asian and Europe, with Japan and China up 1% and 0.3% respectively, and Europe surging 1.4%, pushing government bond yields lower as the dollar resumes its climb on expectations that Draghi will jawbone the European currency lower once more, which in turn forced Goldman to announce two hours ago that it is "scaling back our expectation for Euro downside."

But Gold and Silver I figured were dead in the water until the Fed announcement on December 16^th and they both showed signs of life from the long side on Friday.

As a consequence, on the back of the rate decision and press conference, EUR/USD soared after touching intra month lows in the build up and falling below the 1.0550 level to then break above 1.0900 and sustaining the strength through to the end of the week.

After a full generation of systemic crime in the silver market and thirty consecutive years of supply deficits, there will be a reversal in this market, and that reversal can come in only one form

Yesterday's market swoon which unwound all of Tuesday's gains on concerns about a hawkish Fed and fears about terrorism in the US, are now completely forgotten, and have been replaced with the latest daily round of pre-ECB euphoria, driven by hopes that Mario Draghi will announce even more dovish details to Europe's Q€ 2 than just a 10 bps rate cut and a boost to QE more than €10 billion, both of which have been already priced in.

In Part I , readers were presented with the inherent criminality and fraud of the crime-euphemism known as “fractional-reserve banking.” In Part II , readers saw how the banking crime syndicate has exploited the opportunities that this institutionalized fraud presents and turned our entire financial system into a teetering Ponzi scheme about to suffer its final collapse.

“Do not believe in anything simply because you have heard it. Do not believe in anything simply because it is spoken and rumored by many. Do not believe in anything because it is found written in your religious books. Do not believe in anything merely on the authority of your teachers and elders.” - Buddha

The prevailing view in the gold community is that banks are speculators who bet on a falling price. 

Here's a little ditty on signs of the looming cashless society that the banks are foisting upon the boiling frogs of America.

Even despite the saturation criminality that readers have already seen, many will still argue that we “need” these Big Banks, and that we even “need” fractional-reserve (no reserve) fraud.