Interview: “Are We Going To See Massive Confiscation Of Wealth By Banks!?”

GoldCore's picture

Today’s AM fix was USD 1,246.00, EUR 915.84 and GBP 744.73 per ounce.

Yesterday’s AM fix was USD 1,244.25, EUR 914.42 and GBP 742.26 per ounce.  

Gold climbed $3.20 or 0.26% yesterday to $1,246.30/oz. Silver rose $0.03 or 0.48% to $18.84/oz.

Gold rose for the first day in six yesterday and made further gains today, touching session highs near $1,250/oz today after the poor ADP jobs number saw the dollar and U.S. stock index futures fall. Overnight, Singapore gold traded sideways very close to the $1,245/oz level again and remained tied to this price in trading in London. Futures trading volume at this time of day was 55% below the average for the past 100 days, according to data compiled by Bloomberg.

Gold’s price weakness in recent days is leading to some activity. Directionless trade in recent weeks had led to lackluster trading but gold’s price weakness in recent days has led to more activity and both an increase in selling and buying.

Sellers are nervous that technical damage has been done and momentum is down. They are concerned that this could lead to further price falls.

Buyers are more focused on the long term and view the price falls as a buying opportunity. Buyers are almost solely focused on the fundamentals and are tuning out the negative short term technical picture.  

Gold in U.S. Dollars - 2014 YTD - (Thomson Reuters)

Continuing revelations regarding gold manipulation by banks continues to be ignored, for now.

The Financial Times reports today that when the UK's financial regulator(FSA)  slapped a £26 million fine on Barclays for lax controls related to the gold fix, it offered more ammunition to critics of the near-century-old benchmark. But it also gave precious metal traders in the City of London plenty to think about.

“While the Financial Conduct Authority says the case appears to be a one-off -- the work of a single trader -- some market professionals have a different view. They claim that the practice of nudging a tradeable benchmark to protect a "digital" derivatives contract -- as a Barclays employee did -- was routine in the industry,” according to the FT.

Gold bullion is due a bounce as it appears oversold. Gold’s 14-day relative-strength index was at 28.1 today and since May 29, it has been below the level of 30. This suggests a potential impending rebound to technical analysts.

The dollar reached an almost two-month high versus 10 major currencies before the U.S. government releases a jobs report on Friday. Friday’s jobs report is forecast to show employers added 215,000 jobs in the U.S., just above this year’s average. A worse than expected number is quite possible given the state of the struggling U.S. consumer and retailers. This would lead to a safe haven bid for gold.

Silver for immediate delivery added 0.3% to $18.86/oz in London. Silver reached $18.63 on May 30, the lowest since June 28, 2013. Palladium fell 0.6% to $833/oz. Palladium reached $845.24 on May 28, the highest since August 2011 due to concerns about Russian supply. Platinum lost 0.6% to $1,422.51/oz, after falling to $1,421.75, the lowest since May 12.

Interview: “Are We Going To See Massive Confiscation Of Wealth By Banks!?

GoldCore’s Head Of Research, Mark O’Byrne was interviewed on Rick Wile’s Trunews radio programme on Monday night. Topics discussed in the 30 minute interview were

- China and Russia’s gold hoarding
- Ireland and Europe’s perspective on the dollar
- Denial and complacency amongst the public
- Deflation and inflation risk
- Do not trust government ‘headline inflation’
- Ecuador’s pawning their gold to Goldman Sachs
- The importance of owning physical gold internationally
- The likelihood of deposit bail-ins in G20 countries
- Cyprus bail-in did not hurt Russians - rather Cypriot working and middle classes
- You have to be prepared. Better to be a year early than a day late
- And how this all factors into the coming restructuring of the global financial system

Transcript of First 4 minutes:

Rick Wiles: A lot of news out today about a major change coming in the global financial system and at the center of it is gold.

Mark O’Byrne: Absolutely I’ve switched off the last few days and made the weekend sacrosanct with family. The stories you alluded to are hugely important. There are more pieces in the jigsaw puzzle which is increasingly suggesting that we are approaching what we suspected for sometime, that there would be problems in the international monetary system and problems with the dollar.  

It all comes back to gold ultimately. Gold has been at the cornerstone of our monetary system for centuries and its only in recent years that it has been demonetized. It looks like we heading back to some form of quasi gold standard and all the signs are pointing in that direction now.

Rick Wiles:
What are you hearing in Ireland about the fate of the U.S. dollar?

Mark O’Byrne:  A lot of people are lulled into a false sense of security, there is a lot of complacency. Most of the media is basically suggesting that everything will be fine ... trust in the politicians ... trust in the ECB ... trust in our great leaders ...

And there is only a minority of people who see beyond that and instinctively they know some things are wrong. Some people have an understanding of events from a historical perspective and they realize intuitively things are not as kosher as is being suggested.

In terms of the dollar, we are very dependent on the U.S. - we have huge multinationals based here, including huge tech firms and many immigrants based in the U.S. and our economy is very dependent on exports to the U.S. and on the U.S. economy.

I think there is a lot of wishful thinking. There is a complete failure to look at the fundamentals of the U.S. economy especially the $17 trillion national debt and $100 to $200 trillion in unfunded liabilities.

There are very few people or companies that are asking questions about this and we have done and say that these are real, real risks and you need to take actions to protect yourselves and your families, it’s probably similar to America, the minority of people are aware and the vast majority do not understand the risks.

The whole propaganda recently is the Keynesian propaganda that we need to print money and if we keep printing money and we kick the can down the road, everything will be fine. But anybody knows anything about economic or monetary history knows that this is not a recipe for a sound economy in the medium and long term and ultimately it leads to some form of monetary disaster.

Rick Wiles: So Ireland has so much riding on the U.S. dollar and the U.S. economy and most of the people including your leaders and the news media simply are putting the blinders on their eyes saying we don’t want to look at what’s going on with the U.S. dollar.

Mark O’Byrne: Yes. It’s a form of denial and people are putting their heads in the sand.  

It’s a similar to our property market here, I don’t know if you know but we also had a huge property bubble here . A few of us back in early 2000 were warning about the property bubble and we were just completely shut out of the media and dismissed as doom and gloom merchants and the usual pejorative things where people are being called names at instead of looking at the substantive points people are making.

It is safer to look at the research, let’s look at the evidence, instead of engaging in childish name calling. People were sidelined and dismissed - subsequently, the property bubble burst and prices fell between 50% in Dublin and up to 60-80% in the country outside of Dublin. There has been a bit of recovery in the past 2 years and a bit of recovery but I think we are entering a mini bubble again in Dublin. Its just complacency on every level. Ireland is a tiny economy of 4 million people and what happens in …

Transcript of Last 4 minutes:

Rick Wiles: Mark I feel that there's another way of financial trouble coming in the next year and what I'm seeing is a number of nations getting into place the mechanism to do with the so called bank bail-ins - what we first saw in Cyprus when the ECB just reached in and stole billions of dollars from the people, just took it out of their bank account and now countries all over the world have been implementing regulations that will enable their central banks to do bank bail-ins.

Do you think that we are going to see this in the next year or so or are we going to see massive confiscation of wealth by banks?

Mark O’Byrne: The short answer is yes we will. The timing is of course is uncertain but I believe we will see it, even potentially in the coming months. I have expected them in recent months, but the authorities have managed to kick the can down the road, further than we thought.

Bail-ins will happen. We did a huge amount of research on bail-ins. When it happened in Cyprus, many of our clients got on the phone asking us questions regarding bail-ins, including from our U.S. clients.

We put our hands up and said we honestly don’t know. We don’t think so as we are not aware of any legislation in place.  But we do not know and we will go and do some research and come back to you.  So we did a huge amount of research on it. We hired outside consultants and we also brought in an academic one of the most trusted financial academics in Ireland and he reviewed it and wrote the foreword to our piece.

Basically we came to the conclusion that absolutely this is a real risk …
You have to be prepared. Better to be a year early than a day late.

The good rule of thumb is the old Wall Street adage - you out 10% of your wealth in physical gold coins and bars and you hope it does not go through the roof as if it does, then it means that the economy and the rest of your investments are not doing well.

It is a classic hedge and a form of financial insurance and it is vitally important that everybody own at least 5% or 10% of their wealth in gold or maybe even a little bit more given the circumstances that we have spoken about today.

Rick Wiles:
Alright and your company GoldCore in addition to offering the sale of gold krugerrands, American eagles, maple leafs, gold sovereigns and so forth you also have storage facilities around the world - Australia, Singapore other places, so our listeners could if they're interested in storing some gold in different vaults around the world, they could work through you?

Mark O’Byrne:
Yes, absolutely that is what we specialize in. For U.S. citizens, we advise you should take delivery and have some gold in your possession and we deliver and some gold in storage in the U.S.. In addition, given the world that we live in, it’s nice to have some offshore in a location that you can get on a plane or a boat to -  if need be. Its worst case scenario stuff and we hope it does not come to pass. It’s great financial insurance to have. Zurich and Singapore are two of the favourites among gold investors and two of the safest places.  There is great faith both in Zurich and Switzerland given its history and its respect for private property rights and similarly in Singapore which is fast becoming a new global precious metals storage hub.

We basically believe if you own gold you need to own it in the safest way possible and that is why we work with the safest counterparties in both Zurich and Singapore and we work with a lot of U.S. clients in that regard.

Rick Wiles:  Alright, my guest today was Mr. Mark O’Byrne from GoldCore in Ireland and the website is Mark thank you appreciate you being on Trunews today.

Mark O’Byrne: Absolute pleasure Rick, thank you for having me on.

The full interview can be listened to from the 36th minute here

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boeing747's picture

A 5x5 Public Storage on Canada side near US border shall do the trick. No bank safety box, it can be locked up by fdic.

3rd Pig's picture

The whole world had its money stolen, on Sept 11th 2001 at the ‘World Trade Centre Bank’ (The world’s biggest bank, gold vaults included) they just didn’t tell us at the time.

What we are witnessing today is the LAUNDERING of our money – so now it becomes their money, see... they even have receipts.

What they should have said was...

{Pulp Fiction Script} Scene One: Diner

Pumpkin:  Everybody be cool this is a robbery...

Honey-bunny:  Any of you fucking pigs move... and I’ll execute every mother fucking last one of you




CitizenPete's picture

It's different this time... 




Flash back final scene: Morning, Diner:  dialog changes -- 

PUMPKIN Everybody be cool, this is a robbery! HONEY BUNNY Any of you fuckin' pricks move and I'll execute every one of you motherfuckers! Got that?!
mogul rider's picture



gold pump 2.0 is alive and well.

Lemme guess you think buying gold will save us all.....

You just happen to have a newsletter and some phys to sell....


Holy fuck - you bastards have no morals. You' are the fucking enemy not the banks

UP4Liberty's picture

From Jim Sinclair in 2013 via

It's all "LEGAL".

The_Prisoner's picture

What is loan origination if not wealth confiscation?

are we there yet's picture

Bankers, politicians, lobbyists, and lawyers have many salvagable body parts worth money in the transplant business. Who says they are worthless.

are we there yet's picture

0% savings interset in a stealth inflation is the same as a bail-in.

kurt's picture


When are we NOT going to see massive confiscation by banks?

Frilton Miedman's picture




Are we "going" to see massive wealth confiscation by the banks?

WTF was 2008?

The day Glass-Steagall was abolished & the CFMA was signed to allow TBTF's absolute omnipotence over futures markets was the guarantee banks were going to rob us blind, continually.

Last go 'round was real estate, pick the next medium, DXY...let's start a pool and see who gets the next fabricated "crisis" correctly.

My guess, oh I dunno, maybe treasuries ... anyone else, please, chime in.



kchrisc's picture

2008 was mostly "backdoor" action.

The next time around will be right thru the front door.


"I guess I'll have to move the guillotine to the front yard."

Frilton Miedman's picture

Agree, right directly in front of us....and after the fact, it'll be sold to us as some convoluted pitch about the "free market" or "destructive, job creating capitalism".

It frustrates and bewilders me that Bart Chilton has been unable to get the 5% CFTC position limits implemented to date, the banking roundtable has been able to stall it for years, despite being signed into law.

Begets the question - wtf does any single trading entity need to own greater than 5% market share of any single commodity protected as "proprietary" secret?

We know the answer....which makes us Rats in a Cage if this discussion doesn't go mainstream soon.




TeethVillage88s's picture

#1, They looted US Corporations & Businesses partly through mergers, Issuing Junk Bonds, Leveraging the Businesses, and then closing factories, laying off workers starting in 1978,... is that correct?
#2, Executives looted US Corporations by getting bonuses for laying off US Workers, moving off shore, forming Tax Havens, Outsourcing, forming Shell companies...
#3, Then Dot Com scam/High Tech Public offerings, which were just a typical financial stock scam for suckers.
#4, Housing Scam, Derivative Packaging of Tranches of Sub-Prime Housing, Ninja Loans, Lair Loans, with Greenspan Low Fed Interest Rates after 1999 & 2001.
#5, they are taking Savings Interest, CD Interest, Money Market Interest Earnings from everyone on Fix Income or who has Savings... It is a trick to fool everyone into thinking Stocks or Equities are the only way to go.

I guess Stocks are the next Bail-Out. But doesn't make sense since wealthy people have US Dollars and Stocks in Private Banks, right? TPTB will defend the Fiat Currency since they are in US Dollars... unless they have time to convert it to precious metals, commodities, or forex.

But look at FRED Charts for Housing and you see plenty of time for Wealthy to get out of Housing REITs, sell Reits to small investors. Housing fell in Oct 2005 until today it is still slumping.

Treasuries are Slumping since like 2008. No bubble in Treasuries, right? But as a Bail-In or Bail Out it has to be only 2-3 things. Government should start mining, drilling & refining resources as a Bail-Out alternative. Uncle Sam Petrel (gasoline). US Commodities production & sales.

Pickleton's picture

I'm gonna go with inflation.

kchrisc's picture

The irony, if one understands how fraudulent-reserve banking works, is that they have ALREADY stolen it. They just can't much anymore pretend to return it.


"My guillotine to a bankster: 'I am not taking your head, just making a deposit of it in that basket there'."

kurt's picture

You never said whether we're going to go with the clean, sharpened, well oiled guillotine or the horrendous, dull, dirty, fly ridden version? Either way, consider this my resume. My ancestors were executioners, a long family tradition though we used the broad axe and you can trust me.

Ace Ventura's picture

"There is great faith both in Zurich and Switzerland given its history and its respect for private property rights ...."


Unless you hail from the good ol' USSA. In which case, Uncle Sugar is granted full access and visibility to whatever it is you are storing there. I'm with slightlyskeptical on of assets way beyond your physical reach, in a foreign land no the exact opposite of what one should do if a SHTF scenario is expected.

are we there yet's picture

Even a lowly self storage unit requires your drivers license and they call your emergency contacts As I found out at 4 seasons storage when I paid a year in advance. Privacy of any sort is difficult.

neidermeyer's picture

Should have just stored your crap in an abandoned foreclosure. Zero paperwork.

crazytechnician's picture

Yawn. Buy some bitcoin and forget about it.

Pickleton's picture

Yea, because a govt that can take money from your bank acct somehow cant take it from your bitcoin acct.

Meanwhile, back in reality.

MrFailSauce's picture

Buying of bitcoin is easy, selling...not so much.  See: Mt. Gox

JustUsChickensHere's picture

Try Over The Counter (OTC) via as escrow.

Avoid exchanges... they CAN be attacked by .gov

Leaving your money (BTC or USD) on an exchange like MtGox is just plain stupid, and in the case of MtGox had the entirely predictable outcome.

Own it  = hold it... for Gold and Silver....  for BTC ... hold the private key (of a paper wallet)  .... same result as Gold and Silver and almost as clearly physical... well the paper is physical. (make three copies, and store in different locations just to be sure)


crazytechnician's picture

"Buying of bitcoin is easy, selling...not so much" WTF ?

For every seller there is a buyer .......

FinalEvent's picture

Wow, you even got downvotes!

This place is degrading.

crazytechnician's picture

Yeah , it's normal - the ZH Flat Earth Society hunkering down in their damp bunkers fondling a few eagles whilst waiting for the government to shut down the internet and power grid - to stop bitcoin.

TheReplacement's picture

Turn off the internet routers and DNS servers and you very well should forget about it.

If they can pull off a global confiscation they can turn off some power to a relatively small number of devices.  You would have to be a blind idiot to put all your faith in something that isn't real.

FinalEvent's picture

Numbers are real.

Math is real.

They have to turn off the entire global electrical grid to halt bitcoin.

Once electrons are flowing again, bitcoin is back to life.

Just like a bank holiday but then with remaining funds.

TheReplacement's picture

I think you don't understand the state of technology very well.  International data must travel through some bottleneck of a cable.  Turn off the switch or router on either side and poof, no more international bitcoin transactions.  Of course satellite links could still be up but those are limited in number and controllable as well.  Firewalls could be put in place (if they are not already) that could block bitcoin traffic.  Another option is something like a mix of trading algos and what happened with Mt. Gox.  And, we know they can do it.  MTM attack.  They get your bitcoin traffic on the way out, rewrite it to cause the transaction to either fail or simply suck the bitcoins out of the ether as they fly by.  There are a few options with that but in the end, if they want, they could confiscate all the bits and bytes and you are screwed because it is not real and you do not hold it.

If TPTB can pry your money from your cold living hands by confiscating it directly from your bank (meaning the banks are part of TPTB) then they can certainly do just about anything they want.  Content providers and ISPs all have to play ball with TPTB and they need either need the traffic or more ZIRP paper.  They obviously don't care which it is since we know they all already cooperate with the NSA to spy on everyone, including you when you make bitcoin transactions.  We know they can remotely do anything they want to your phone or other device.  Your bitcoins are not safe IF they decide they want them.  The only way you can be pretty sure they don't have any access is if you work with paper bitcoins but that sort of defeats the purpose doesn't it?

Finally, there are some freaknuts on the left who really truly believe that the population of the earth should be no more than 300M.  That would require the removal of nearly 7B people.  You should read about them when you have a chance.  A great way to start that apocalypse would be to shut down the power globally.  That can be done in more than one way and perhaps they do have the means - EMP.  At that point gold would probably be worthless but at least it would still be pretty and you can use pretty shiny metal for fishing lures to catch your dinner. 

In the end, if  you hold it, you own it.  If you don't, you don't.

JustUsChickensHere's picture

You seem to not realise that the Bitcoin network can be routed via any underlying transport - so I2p, or Meshnet or almost any other approach can re-instate service.

Some of these can not really be blocked.

Ok... the simple Internet is easy to choke off - which is what you are saying... but the darknet(s) are only stoppable by a global EMP and/or global destruction of all communications technologies.  If that happens, we have more issues than resurrecting the Blockchain ledger. 

crazytechnician's picture

Yeah but if you are a fully fledged card carrying member of the ZH Flat Earth Society then to understand that would be around 60 points above your average IQ level of these members.

TheReplacement's picture


Please explain how bitcoin transactions will work when the root DNS servers are offline and international data links are either off or firewalled and every packet is being captured, rewritten, and retransmitted as they see fit.

Please look up chokepoints and bottlenecks.  Then look at how traffic flows globally.  Networks can be shutdown and bitcoin is not magic.  Bitcoin cannot work if there is no network.

That reminds me, for no particular reason, would you like a flaming stuxnet?  Imagine a virus that hunts blockchain servers, infects them, and then hoovers your bitcoins up when you connect.  Pretty awesome idea if I do say so myself.

When you work all that out to an intelligent end we can talk about IQ levels. 


crazytechnician's picture

bitcoin does not require root DNS servers. And if they switch off the internet to stop bitcoin , that would cause far more disruption than it would be worth. Think about Air Traffic Control , power station grid synchronisation , telephone ,  Fiat financial networks , ATM , POS terminals would all be disrupted. Maybe you should dump the Tin Foil Hat and move into the new paradigm.

Rock On Roger's picture

You've never had a shit in the outhouse, have you?

crazytechnician's picture

My shit goes into a fosse , then a sand filter and then safely out into a river. I can safely say I have shit in the outhouse. In fact my first shit cost me 7 grand in materials and it was very satisfying.

slightlyskeptical's picture


Anyone reccomending you store your gold thousands of miles from where you reside is in more denial than those who hold no Gold.

SHTF your gold better be within a few miles but preferably within a few meters or you will never see your gold again.

Pickleton's picture

it’s nice to have some [gold] offshore in a location that you can get on a plane or a boat to -  if need be

Made me raise an eyebrow too.   This is for the uber rich that travel by private plane like you travel to work in your car.  The kind of people that get past closed borders and dont wait in customs lines.

For the rest of us peons, keep it close or you might as well just give it to me.

The Longest Call's picture

Amen!  Assets outside reach are not assets, often liabilities.  Retirement gold under your pillow??  Yes:

Xploregon's picture

This is very interesting. Thank you. I followed the link and, associated links within Perpetual Assets. Are you involved in this?

If you have physical metals, could this vehicle serve the same purpose as life insurance to cover estate taxes?

Xploregon's picture

So what do all ZHer's see in your chrystal ball(s?) in the future for insurance companies solvency?

usednabused's picture

I see you getting fucked by those insurance companies. Do you really need someone to tell you how ponzi schemes operate? And dont think for one moment that insurance isnt a racket and a giant ponzi, cause it sure as hell is.

dontgoforit's picture

The 'name' companies will find a way to survive.  They have some serious assets.  My friend died recently.  His wife held 4 life policies.  Three paid out within 6 weeks; one is still haggling with her over some BS details.  I had $300k with NY Life and needed some liquidity some years ago and cashed in.  The check came within 10 days or so, but they acted like I was holding up the bank when I called and asked to cash-out.  Term life only now - cheap and will cover the missus if I clock out before the retirement plan is set.  If the ponzi ends with a bang or a whimper, none of our planning is going to make much difference.  Prepper stuff then.  Gold I'm not real keen on - it makes you a target.  Guns/ammo, food stash and water source are primary.  Assuming the pace of life continues on for another 20 years without Armeggedon, insurance is necessary for an estate plan, just in case.

Xploregon's picture


Wow! Your like my mental doppelgänger ! Your thinking is almost zactly as mine. I'm just worried that life insurance still might fail and seeking a back-up or plan "B". One poster herein above, "The Longest Call", led me to one possibility, an IRA LLC to hold precious metals.

Comte d'herblay's picture

"Going to SEE"????


What do you call the quadrillions of FRNs that Paulson, Geithner, Bernanke, Lew, and J-Yell have been giving to them for doing nothing???

That's not the strict def. of confiscation, but why would they have to confiscate what they are being and have been handed each month for the last 6 years??

g'kar's picture

Greed seems infinite for these fucks, they couldn't even begin to spend what they've stolen and they still want more.

Xploregon's picture

Double post. Sorry.

Xploregon's picture

A little OT but related question I'd like to ask my fellow ZH readers- Considering this articles topic and the overall economic conditions, would you continue to pay the annual primium (17k) of a high dollar life insurance policy (1million) or would you think it foolish or wise to take one out at this time for the purpose of paying estate tax to preserve assets to pass on for your childrens benefit?

Consider these thoughts- Will the dollar value of a policy still be there in 15-20 years? Even with a A+ rated insurance company, will they even be able to pay out in the future? If not, what alternative would you use? I'd really like to know your sincere thoughts and opinions. Thanks!

DerdyBulls's picture


The current exemption level is currently indexed for inflation and sits at $5,340,000. Will the assets above that amount continue to grow and exceed the pace of inflation such that the policy value less costs to own pays all the tax liabilities? Obviously no consideration was given to state tax implications here and who can know the height of the estate tax bar in the future. If I had to guess I would say it will be lowered, unfortunately. I'm investing in real estate with my son, he manages and in addition to gifting via increased interests in the properties held, he manages which also increases his percent ownership over time.

Xploregon's picture

That's a great plan between you and your son. My son is in the military and my daughter is to young to participate in business. I too am heavy in real estate. I 'm considering both state and Federal estate taxes in my calculations for estate tax. I'm also considering asset inflation. I agree with you that the Estate Tax bar will be lowered in the future as our governments become more desperate and greedy. Gifting IS a viable method of reducing a taxable estate but, gifting is also expensive in its own right due to having to establish estate values each gifting year due to the necessity to get appraisals. Estate tax is a form of double taxation in my mind and, is a destroyer of small business continuity and family heritage.