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Interview: “Are We Going To See Massive Confiscation Of Wealth By Banks!?”
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 www.goldcore.com 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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Life insurance is for kids. If you are single you don't need it. If your spouse is capable and no kids, you don't need it. If you are totally flush with cash then sure buy a policy. If you have kids that need to be brought safely to adulthood without you or your spouse, then sure you need it.
Insurance had been completely corrupted by (drum roll please) government regulation. You should only buy exactly what you need and no more. I would say $250,000 for each minor child if you are in the top 10%.
In 15 or 20 years, the whole nature of money will have fundamentally changed. We cannot forecast reliably more than about 12 to 18 months. We are in an incipient global socio-economic collapse scenario. Nobody knows exactly when it's going to happen, but everybody but the unwashed zombie sheeple knows it is coming. Consider this a tsunami alert...
Good luck,
;-D
Good advice thanks! One of my major fears is that the insurer will go tits up and refuse to pay and, that the state fund backing the insurance would be overwhelmed with similar claims.
We all know that if banks or any major TBTF bank go bust, no way does FDIC have the cash to back the losses. If it's a bail-in, it's a moot point anyway.
Insurance companies with their investments and assumed vulnerability to market decline or collapse seem quite vulnerable to bankruptcy. Remember AIG?
The costs are certain. The benefits are not. Good luck.
That's a valid fear, because bail-outs are fixin' to become bail-ins. ;-D
The first thing insurance companies look for is a reason not to pay.
I've worked for insurers ... they don't need a reason , they'll make one up if they need to make their numbers for the quarter. You'll eventually get paid but expect a 3 month wait.
Oddjob- I'm hearing you loud and clear. I've seen (and experienced) it many times.
Khee, yeah, kinda like that scumbag neighbor of mine that trashed my chainsaw.
OBTW: The government's daily operating expenses are rising at an exponential rate while it's revenues are flat at best. They are like big bully addicts that will turn mean when their fix is not readily available. IMHO, when the bail-ins start, so will the unrest. That is when everything will unravel and this house of cards on the beach will see the full force of the social tsunami that I mentioned above.
When the acorn stops rotating, it's time to head for the hills... ;-D
“Trillions of dollars are transferred from the public treasury to bailout bankers. Hundreds of billions in social cuts are imposed on workers, cutting across all sectors of the economy” (Petras, J., 2013). Governments are instrumental to extract money from the population via taxation and transfer it to the rich via the banking system. What they are doing, with help of the IMF, to Greece, Portugal, Ireland, or to Cyprus, or Spain, and what they hope to do to Ukraine, Egypt, Thailand, Venezuela or Libya, they have been doing to developing countries yesterday with exactly the same medicine.
Overdrawn - I remember when I used to frequent FreeRepublic between 1998 and 2003 that " My God these people are purposely setting up a God and Clods society." Damn I wish I had been wrong... There will never be a permanent "ruling class" of the world. The world will continue to globalize it is evolution. However, the world will eventually be managed by willing citizens not rulers.
Expect WW3 as the only solution to undue the termites now controlling the globe. Think of a complete infection of termites in a home. What does one do with the home? it gets burned down and the land is reutilized. This isn't what I want but what my opinion is based on observation.
Undue blame to the USA in the article is the only minor contention I have with it, because at the top of the pyramid is international bankers mostly in Switzerland with Rothschilds at the head of the table, not the USA government. Ultimately, the government can throw off the bankers and issue its own currency but that will not happen outside of a lot of real nasty shit where 1/3 of the global population dies.
This human behavior tends to mirror cycles in particles in physics of collisions and biology in a pitri dish to looking out your window at predatory birds and outcomes of populations. I was given a compliment by someone here on ZH by email a few months back I took humbly. He said I reminded him of Buckminster Fuller. I didn't know who he was. Fuller encouraged people to look at particle physics and nature to determine what would happen. I am pleased to say this is VERY true. No matter what any government says all they do is delay evolution and get a snapback effect, the theory of reflexivity by George Soros whom I once admired but no longer do for his recent meddling in international politics.
As for confiscations, I had that happen to me by the State of NH. They wire tapped $7k for a retro-active law they put into place regarding Unemployment Insurance. This happened in 2011 and what most people don't know is the state went bankrupt. As this government continues to do so (trillions of offshore wealth but that isn't part of the USA anymore) it will also make laws retro or not to criminalize the population to make up the deficit difference on public services. The people that caused this will never face a tribunal or court. They are in for a pound all the way. They might not like there fate if WW3 goes off but they are overconfident they will survive that too.
It looks to me the US government has been conquered by the international bankers. Also another world war will not stop them. They get more power after each one which is why they fund and start them.
If the nukes start flying the party will be over for most complex life-forms for atleast a couple of million years. Don't forget it's not just bombs that will go off , every nuclear power plant on the planet and all of it's spent fuel containment will go up in flames too. ELE.
>>>If the nukes start flying the party will be over for most complex life-forms for atleast a couple of million years
You're being an alarmist.
I'd guess that in 20,000 years, tops, mutant Australians will be repopulating the Northern Hemisphere like gangbusters.
A new cycle of evolution would have to occuur , the likeliness of humans ever walking the earth again would be extremely unlikely unless nature followed the exact path it used to get where we are today.
Dinosaurs were very bullish and dominant when the went extinct, too.
dupe
+ 1,000
It is clear that the political elites are the ruling class, and conspire with sociopathic oligarchs to screw the people. Therefore, the people need to vote against the fundamental concept of career politicians. The only solution that I know of is Demarchy and Sortition.
“In a final count by Corporate Europe Observatory, the advisory groups in place during the time when the European Union was going through the banking reform process, were more or less as dominated by the financial lobby as before. Three fourths of the non-governmental advisors expert groups had links to financial corporations.”
http://failedevolution.blogspot.gr/2014/06/totally-dominant-lobbies-in-d...
Serious question?
Nothing personal, they just want the money..................
unless you take wanting most of us dead or imprisoned personally....................
The way the banksters obviously see it is that all fiat money is theirs. They created it - and they only "loan" it out to the rest of us (at interest).
If and when they want/need it back - they can and will take it back.
Going to?
Yup, pretty much every dollar I earned prior to 2008, that I did not convert into something else, has already been confiscated.