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Gold Crush Started With 400 Ton Friday Forced Sale On COMEX
On The Forced Sale...
Via Ross Norman of Sharps Pixley,
The gold futures markets opened in New York on Friday 12th April to a monumental 3.4 million ounces (100 tonnes) of gold selling of the June futures contract in what proved to be only an opening shot. The selling took gold to the technically very important level of $1540 which was not only the low of 2012, it was also seen by many as the level which confirmed the ongoing bull run which dates back to 2000. In many traders minds it stood as a formidable support level... the line in the sand.
Two hours later the initial selling, rumoured to have been routed through Merrill Lynch's floor team, by a rather more significant blast when the floor was hit by a further 10 million ounces of selling (300 tonnes) over the following 30 minutes of trading. This was clearly not a case of disappointed longs leaving the market - it had the hallmarks of a concerted 'short sale', which by driving prices sharply lower in a display of 'shock & awe' - would seek to gain further momentum by prompting others to also sell as their positions as they hit their maximum acceptable losses or so-called 'stopped-out' in market parlance - probably hidden the unimpeachable (?) $1540 level.
The selling was timed for optimal impact with New York at its most liquid, while key overseas gold markets including London were open and able feel the impact. The estimated 400 tonne of gold futures selling in total equates to 15% of annual gold mine production - too much for the market to readily absorb, especially with sentiment weak following gold's non performance in the wake of Japanese QE, a nuclear threat from North Korea and weakening US economic data. The assault to the short side was essentially saying "you are long... and wrong".
Futures trading is performed on a margined basis - that is to say you have to stump up about 5% of the actual cost of the gold itself making futures trades a highly geared 'opportunity' of about 20:1 - easy profit and also loss ! Futures trading is not a product for widows and orphans. The CME's 10% reduction in the required gold margins in November 2012 from $9133/contract to just $7425/contract made the market more accessible to those wishing both to go long or as it transpired, to go short. Soon after we saw the first serious assault to the downside in Dec 2012, followed by further bouts in January 2013 - modest in size compared to the recent shorting but effective - it laid the ground for what was to follow. One fund in particular, based in Stamford Connecticut, was identified as the previous shorter of gold and has a history of being caught on the wrong side of the law on a few occasions. As baddies go - they fit the bill nicely.
The value of the 400 tonnes of gold sold is approximately $20 billion but because it is margined, this short bet would require them to stump up just $1b. The rationale for the trade was clear - excessively bullish forecasts by many banks in Q4 seemed unsupported by follow through buying. The modest short selling in Jan 2013 had prompted little response from the longs - raising questions about their real commitment. By forcing the market lower the Fund sought to prompt a cascade or avalanche of additional selling, proving the lie ; predictably some newswires were premature in announcing the death of the gold bull run doing, in effect, the dirty work of the shorters in driving the market lower still.
This now leaves the gold market in an interesting conundrum - the shorter is now nursing a large gold position and, like the longs also exposed - that is to say the market is polarised between longs and shorts and they cannot both be right. Either the gold bulls - like in a game of tug-of-war - pull back and prompt the shorters to panic and buy back - or they do nothing, in which case the endless stories about the "end of gold" will see a steady further erosion in prices. At the end of the day it is a question of who has got the biggest guns - the shorts have made their play - let's see if there is any response from the longs to defend their position.
On Inventories...
Via Mark O'Byrne of Goldcore,
Gold futures with a value of over 400 tonnes were sold in hours and this is equal to 15% of annual gold mine production. The scale of the selling was massive and again underlines how one or two large banks or hedge funds can completely distort the market by aggressive, concentrated leveraged short positions.
It may again be the case that bullion banks with large concentrated short positions are manipulating the price lower as has long been alleged by the Gold Anti Trust Action Committee (GATA). The motive would be both to profit and also to allow them to close out their significant short positions at more advantageous prices and possibly even go long in anticipation of higher prices in the coming weeks.
Those with concentrated short positions may also have been concerned about the significant decline in COMEX gold inventories.
The plunge in New York Comex’s gold inventories since February is a reflection of increased demand for the physical metal and concerns about counter party risk with some hedge funds and institutions choosing to own gold in less risky allocated accounts.
Comex gold bullion inventories have slumped 17% already in 2013, falling to just 286.6 metric tons of actual metal on April 11, the lowest since September 2009.
This means that futures speculators on Friday sold a significant amount of more paper gold, in an hour or two, then the entire COMEX physical gold bullion inventories.
Interestingly, the drop in Comex inventories would be the biggest for a whole year since 2001, when bullion began its secular bull market.
Absolutely nothing has changed regarding the fundamentals of the gold market and bullion owners are advised to again focus on the long term and the vital diversification benefits of owning gold over the long term.
Although some Federal Reserve policy makers said that they probably will end their $85 billion monthly U.S. bond purchases sometime in 2013. The key word is ‘probably’ and it remains unlikely that the Federal Reserve will stop their debt monetisation programmes any time in 2013 or even in 2014.
Even if the Fed did end them, ultra loose monetary policies and negative real interest rates are set to continue as are competitive currency devaluations and currency wars - two other fundamental pillars supporting the precious metal markets.
Buyers are now presented with another very attractive buying opportunity. We always caution against trying to “catch a falling knife” and buyers should hold off until we get a few days of higher closes or a weekly higher close. Alternatively, they should consider dollar, pound or euro cost averaging into a position at these levels.
Sellers should consider holding off as if contemplating selling they may have missed their opportunity and if they have to sell they may be best placed holding off until prices bounce or recover. Sellers are now disadvantaged both in terms of price but also in terms of premiums that have spread on some physical bars such as one kilo bars.
In the course of gold’s bull market, vicious sell offs like this have often presaged material weakness in stock markets and this may occur again.
Gold’s ‘plunge’ is now headline news which is bullish from a contrarian perspective. Less informed money is again selling gold or proclaiming the end of gold’s bull market.
The smart money such as certain hedge fund managers, high net worth individuals, pension funds, family offices, institutions and creditor nation central banks and will see this vicious sell off as an absolute gift and will accumulate again on this dip.
A long term allocation to physical gold bullion to hedge systemic and monetary risk remains vital.
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Fiat is up because fraud loves company.
Business is dead, so is fraud-fiat.
Don't worry, faggots named Ben Bernanke will print some new anti-justice wallpaper to prolong.
This "market" has legs like an Iraqi war vet.
It is food time. Please invite me in.
This is all less confusing to me than a month or so ago -
JPM, etc. is short metal – and needs the price to get back down – close to $1300 to cover. If gold doesn’t fall back down, there’s no way they can cover – and no way they can make good on their obligations. Poof, its gone. If JPM, etc. go under, there will be none left to buy UST.
People who think they bought physical metal and try to take possession will get letters from the bank saying “sorry folks, we tricked you fair and square – we know you bought gold from us – but here are some Chuck-E-Cheese game tokes instead – of equal if not greater value. Our attorneys consider this matter resolved. Thank you”
What this tells me is not to “buy more gold” but rather start preparing seriously for a total deflationary “sudden stop” collapse
Now we're cookin baby,
Hit me harder bitch,
Hahahahaaaa,
I think they may add the word, "Monkeyhammered" to this year's national spelling bee.
Sinclair said many months ago, BE PREPARED for moves as volatile as $100-300.00 a day, or an HOUR.
Before this ends.
Then we have the 5 day Gox graph over at the mountain waving like the arm of a belly dancer trying to seduce me in at around $97.
Is there a stampede from Paulson's HF now?
There's no need to hurry and buy. When the rout ends, the price will simply sit there for a while. So if you insist on being a stacker, light up a spliff, chill out and wait for the bottom out. Where will it bottom out? Lower.
I can assure you O'Byrne is on Bath Salts.
He will be eating gold today, his toes for dinner, and munching his arm for breakfast. stay clear...
If this smash has you in a panic, it means you had no business in this game. If you are using food money thinking of hitting it big in gold, you are in the wrong business. What business should you be in if you meet this criteria? Bank robbery. Long ski masks!
The creation of USD is not going to decrease in any known time frame, and thought of such thing really happening would crash everything.
In fact we all know that TPTB can only keep blowing up the fiat balloon bigger and bigger hoping it doesn't burst on their watch. The alternative is steal everybody's wealth, start a world war, go to a gold standard of sorts...or accelerating printing.
And with a permanent deficit the printing must be in acceleration....likewise Japan in spades....
There is no solution that doesn't involve something that isn't disaster....
There is NO solution.
When you suppress prices below the market price... You create shortages.
Economics 101.
As long as people stick to their paper-assets there wont be any sort of shortages.
Gold up, fraud loses.
(shh. Nobody sees fuck-all)
The key is the US Dollar - being held down currently.
http://bullandbearmash.com/chart/spot-dollar-weekly-falls-tests-channel-...
When US Dollar resumes the climb (Euro, Yen, GBP and CDN resume the slide), US equity markets are going to fall hard.
I'm still amazed how quickly the "end of gold" articles and news pieces come out so quickly after these events. Are they already written and just hanging out in a giant media shared folder somewhere?
Yes.
Seriously. I used to have a lot of "ins" in the media. There's a pre-written template.
Reasons I don't like the Keynesian Wall Street investment types: CS Lewis warned about those who would throw out natural law and try to create their own "death of God" morality. You must have natural limitations to money and other such things, law demands it.
In my opinion, everything that we think is going on isn't what's really going on.
There is something far more sinister afoot.
When it happens, we'll have an a-ha moment for the ages.
Team Satan knows something. Buy the Satanic Dip!
What's going on is basically 2008 for Japanese government bond holders.
You peel away layer after layer like an onion and sometimes you cry. Buy the onion dip!
No big deal. It's just a few 1%ers selling some gold to pay for their Obamacare tax increase. 4/15 right?
I think I'll hedge with nuclear bombs 'til this all blows over.
Hey Joe Weisenthal,
What does Jamie Dimon's cum taste like?
ABN AMRO issued a letter to their gold contract customers of failure of delivery, and that instead the bank will pay account holders in a paper currency equivalent to the current spot value of the metal.
hmmm....rang around most of north uk (15.25) no physical gold /silver to be had for cash...some not even willing to take a online order??
so is anyone going home or staying at the office to watch the overseas funride..
bernakeflea and co. just snorted what was left of my dry powder. moneychagers are running rampant. nothing left to do but drown dont care for this slave system anyways sionarra mf ers
no shortage of gold at this point of time in Dubai however no silver being sold. Despite www.gold.ae advertising silver for sale no orders being processed to check out. Interesting.
JPM is backed by the FED and unlimited printing. They are not worried about their short silver positions at all.
If you order online at this point you are a sucker. Who knows if and when they will deliver. This instability means to me that I better buy with cash in hand for gold in hand.
I think the paper price will remain relatively low, but premiums will gradually go up and there will by a slow disconnect between physical and paper prices.
If this continues, I think I'll soon have to remove the prefix from my handle.
lolz
My dealer is selling at a 13% premium. He is well know nationally in Kanukistan.
Have been doing the roller coaster ride since 2008. Nothing scares me anymore. Send the shit to 0. I WILL BUY MORE because even dumb ass middle class plebs like me can see that the whole financial system is held together with spit and string.
Canadian government has been cutting government spending for 2 years now. The lefties/authoritarians are raging mad - they are "destroying" Canada we are told. Yah? How come they still can't balance the budget?? Maybe because we owe more than we can pay? WE ARE BROKE AND THIS WILL NOT END WELL.
Wake me up when Gold is $1000 and silver is under $20.00 so I can start buying in tranches.
Keep stacking... oh... and blow me Bernanke.
the global monetary base is exploding as we speak. one day gold will come back with a vengeance. expect to see a dow-gold ratio less than 1 in a few years.
Relax it will be back up soon enough. More currency printing is comming and inflation is still well in check compared to what is being printed/digitized. Some volitility is to be expected. We are still early in the gold game for it to go parabolic. With Japan printing is should have soared and that is exactly why it was crushed, on purpose to keep people away. Japan is starting it's decline but it will not free fall. My instinct was to buy when Japan announced printing but I said wait Fed does not want that.
Gold is going to be a currency one day and not a commodity like it is today. The sell off is not going into stocks it is on the sidelines. With IRA contributionsand gold profits taken,Oil down the market should ramp up just like the banks/Fed want. Long everything for the short term.
Gold is going to be a currency one day and not a commodity like it is today.
I disagree it is going to be a reserve, the actual currency will be something less valuable and more plentiful as long as it can be redeemed for physical gold by the issuer. I still say the best option is a balanced basket of items to use as reserve with gold, silver, platinum as only part of the overall reserves. If you allow for redemption of currency back into physical you can limit how much one is allowed to have of each, keeping runs on any particular reserve in check. You just recycle the money out and add new into circulation as the reserves expand or contract.
All so take a look at kitcos gold lease rate chart and data. The data says the 1 yaer lease rate is 0.00% and right beside it says an INCREASE of +0.590% so......the rate was increased from Negative -0.590 % to end up at ZERO.....
The silver lease rate data for the 1 year lease on silver also shows 0.00% and the data beside shows an increase of +0.570% so silver one year lease rate just came UP from NEGATIVE -0.570% TO END UP AT 0.00%
SO THE SILVER AND GOLD LEASE RATES HAVE BEEN AT NEGTIVE .590% and NEGATIVE -0.570% FOR THE bANKSTERS FOR THE WEEKEND.......
TAKE AT LOOK AT THE LEASE DATA AND LEASE RATE CHART AT KITCO SITE.
They are very decietful and you have to go over their charts and data carefully as they RARELY match and are always trying to decieve you.
Kitco is a laughing joke.
Ps Fuck You Lew.
Lease rates on short leases have been negative for a year or more. This is nothing new, it's part of the gold price suppression scheme and a way for the CBs to funnel money to the bullion banks and control gold prices.
If you look at the one-year chart, you'll see they've been climbing since September. Arguably this was a signal something was up, because it means the CBs are actually charging to use gold, which takes it off the market. Coincidentally this aligns with the gold repatriation requests. Given that this starts costing money to the bullion banks who've rehypothecated the leased gold god knows how many times, it's not shocking that something broke in the gold market mechanism. Indeed, the firesale may in fact be a stealth rescue of on or more BBs that got caught in this trap so they can unwind positions.
This also means things are about to get super, super interesting. This likely is the start of a gold run on a fractional reserve paper gold system, and FOFOA's theories could be coming true.
Tried to get on APMEX.com, the pages are timing out. Can't complete an order. IT IS ON.
Cash & Carry only. There is a lot of counterparty risk to buy through mail order. Who knows which bullion dealer is still solvent after this drop?
Tulving's inventory is almost completely gone, but they're still showing AGEs at a $63 premium (and rising.)
When is someone with a spare $billion going to buy?
So this is what Baumgartner felt like!
Crimex has 3M ounces of gold registered as deliverable.
GLD traded 3M ounces of paper gold in first hour of trading this morning.
One has to conclude that Crimex gold inventory is pathetically inadequate at these prices, and is vulnerable to completely being wiped out at any moment.
"GLD traded 3M ounces of paper gold"
Guess what - nobody demanded physical delivery!!!
funny how those guys know all these details, I have never seen the tickets......would pay a dime to know who was the other side of teh phys. trade. but there was no phys. trades happening, only gary gensler trades.
Beautiful gold and silver coins transcend this present financial age. #digItup.
To those who are still accumulating, you're buying a confirmed downtrend, and will probably get knocked even more. The premises to buy is absolutely sound, but timing is way off. Perhaps wait until the downward momentum stalls instead of rushing in to average down?
I hear about the idiocy of averaging down in stocks on this website all the time. The same concept goes for any other tradable instrument.
1357? -$125? -9%? cmon now this is getting ridiculous.
Best way to win at musical chairs is to not get up, even when they turn the music up to 11.
Lots of dealers out there selling; Gainesville, Provident and others who will sell even at these firesale prices.
No investor capable of submitting orders like this would do it unless they are either forced to or want to move the market. Either way, allowing it clearly demonstrates what a joke the paper markets are.
I am expecting this to recover during the week; but from an insider...
From what I know $1485 target was met by April 13, on schedule. Next target is $1320 to $1360. Next target is $1240 to $1260. Next target is $1135 to $1185. Next target is $1050. Next target is $997.
Bank holidays imminent now?
Things are not adding up. If we were in a normal deflationary world, yes PMs would be falling fast... but we are in a QEInfinity world and a world of sovereign default. The fact that millions of ounces have been sold on Friday and are continuing today says that something else is up.
The Fed is going to increase to $190 bn per month
this is now a day trade..they have hyped it up so that every tom, dick, and harry with a computer is selling short...I am sorry but people who own gold do not sell....they buy for the long term...the fundamentals are still there...this is a raid...a corrupt raid...but hey...there are no laws anymore..the game is rigged...but when the game is over...gold will be the winner over any fiat...any fiat.....period...
I suspect they are positioned (whoever started this shitstorm) to ass rape all the shorters next. Give them the muppet treatment and siphon more wealth out of the pockets of the investors into theirs. I've said it before just don't play the game. Set up your own parallel trading platform using an iteration on bitcoin and fuck em in the holes they breath out of. Done correctly you'll pull all the players on the sideline back into the game and real price discovery should be attained if you limit things like how big a short or long call can be placed based on market size share of the smaller participants to even the odds.
Gold is down, Silver is down, Stocks are down OH MY!!
dogs & cats living together... mass hysteria...
today is the day to remove TF Metals from the blogroll, tyler
the guy is a shill and a fool and he's not helping his followers one bit
in fact he's leading them to the slaughter & you shouldn't be promoting his site in any way
If it wasn't snowing so heavily I'd walk to the bank and buy some PM now. Just to see if Scotiabanlk has any for sale.
Scotia Mocatta is a ripoff. RBC has much better prices. ( I could be wrong, but this was the case when I bought PMs 2 years ago).
Doing some calcs, these mining companies need to drop by 40-50% on this.
Deflation bitchez!
HA HA HA HA HA HA!!!
i just love being right. Suckers.
Comex only has 9.2 million ounces registered and eligible, so it should not be possible to sell 13.4 million ounces as this article claims. What am I missing here. Is it naked shorting of Comex gold?
http://www.cmegroup.com/trading/energy/nymex-delivery-notices.html
Just got back from coin store...NO gold for sale and silver was $31 per eagle/maple/philharmonic. Of course I did not buy since I'm fully invested in the SPY (wink wink)
someone out there is lying big-time -
+
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/12_Ma...
or
http://krugman.blogs.nytimes.com/2013/04/15/gold-does-not-glitter/
+
WTF?
Gold.
Nothing is like the way it was, much has moved beyond. Roland Deschain = Dark Tower series...
First, George Boy and his klack sell, Cyprus, ahm, the leveraged HFs, who else is dropping the metal, Slovenia? Whatever.
Second, the stressing of the system continues a pace. K/P at every point. The long march through the institutions that started in the 50-60's is coming to fullness.
Third, this and bitcoin are too close for comfort. Interesting isn't it?
Fourth, where exactly do you go when you really want to avoid the economic winter that is forecast? FDIC? ST T/B? Physical gold/siv? What?
Oh and do you really think that the global elite really cares squat for the state of the world politcally, culturally, socially, economically???
OPTIONS?
The Golden Rule.....
Buy when others are afraid, Sell when nobody is afraid. No need to panic.
This is very similar to 2008. Just let the dust settle for a couple of days, and then start picking up the bargains. We all know once money velocity turns up that gold will move back up again. No bull market has ever ended without making new real-dollar highs.
By MDB's logic .... Jon Corzine .... should be knighted .... as a one man economic miracle maker !
I'm shorting 100,000 futures contracts of Pink Unicorns for June 2020. That's 10,000,000 underlying unicorns, bitchez, and they have every bit as much existence as next year's wheat crop and Fort Knox's gold, which is to say, none whatsoever.
cheers..open a bottle,put on the tin foil hat and party!!!
15th April 1912…. 101 years ago, Today! the Titanic sank!...just saying??jpm...
The sinking of the RMS Titanic occurred on the night of 14 April through to the morning of 15 April 1912 in the north Atlantic Ocean, four days into her maiden voyage from Southampton to New York City.
http://en.wikipedia.org/wiki/Sinking_of_the_RMS_Titanic
who saying history dosent go round in a circle....cheers
The Titanic was carrying 400 tonnes of gold.
And who owned the Titanic? Why, that would be none other than JP Morgan.
Oh the irony....
Who are the big buyers?We know all about the panic selling but it will be interesting to see who the big players are that are still accumulating on dropping prices.There can't be a seller without a buyer so someone is even buying tonnage and wasn't even worried about it dropping some more.Jim Rogers says that he's going to wait it out but will eventually buy back in.Personally,I'll wait until tomorrow to see if there's a second big bar down and pick up a little more.
demand for physical gold removes gold from the market, less available supply triggers margin calls, mostly longs, the longs capitulate, price drops, physical buyers swoop in to buy more, causing more margin calls, rinse and repeat.
with all the hand wringing, buyer's remorse and regret attending just the latest engineered take down of the precious metals and the accompanying outright theft of deposits in Cyprus following the template of the MF Global evaporation of more than $200 billion in customer allocated and segregated accounts last year not to speak of all the other egregious malfeasance involving Peregrine Investments, Knight Capital among many others, the short sighted myopic analysis embodied in the article above fails to address
#1. the systemic corruption and failure of fiat based fractional reserve banking which has left hollowed out zombie banks whose insolvency and continued existence is completely dependent upon the artificial resuscitation of massive and continuous infusions of electronic digital entries from the Federal Reserve and other international central banking systems.
#2. a massive Federal debt presently more than 100% of GDP and estimated by the Wall Street Journal to be ultimately more than $100 trillion coupled with unemployment estimated at 22%, a hopelessly bloated and unsustainable federally subsidized welfare state in which there are presently 1/4 children in the US actually living in poverty and 50 million people on SNAP governmental assistance coupled with equally unsustainable and obscene military expenditures.
#3. the inevitable and unavoidable devaluation of the US$ primarily due to the ultimate collapse of the US Treasury bond yields as the purchase of US debt is systematically jettisoned by foreign sovereign investors (presently in process) leading to the sudden repatriation more that 60% of total US denominated currency which is presently in foreign investment, creating inevitable and sudden and destructive hyperinflation.
#4.the existence of more that one quadrillion dollars in notional derivative counter party contracts directly tied to the US bond markets which we are already seeing unwind acting as a financial black hole destroying assets and capital worldwide and the primary reason the bankers, hedge funds and IMF are looting the public treasuries of sovereign nations and now private account holders as well.
#5 as to gold itself, more than 500 tons of ETF traded paper contracts were sold by the bullion bank cartels to effect just the drop in the paper price of gold last week of more than $60 followed by another 400 tons just today to start the waterfall of stops with the acheived aim and message of further massive sell offs and ultimately breaking the gold bull, this while China just added 400 tons of gold to its growing stockpiles just last month. Just last week, the US mint has actually started to ration the purchase of silver eagles which continues to expand exponentially very month to the tune of tens and tens of millions sold.
What is actually occurring is the long expected and inevitable decoupling of the physical metals from the highly leveraged paper futures sold on the COMEX where 100 ounces in paper contract are sold for each one ounce in actual storage vaults. The COMEX was subject last week to the unprecedented withdrawal of millions of ounces of gold by JPMorgan, Scotia Mocatta, and HSBC further draining its already depleted and rapidly emptying vaults. Soon the COMEX and LBMA will cease to exist and there will be (a) no gold or silver available at any price and (b) no effective dollar evaluation or price discovery in regard to the precious metals.
At this point the settlement banks presently being formed by the BRICS will likely impose their own evaluations regarding gold presently estimated at $7,000 and $70 to $100 for silver. This is all in process at this point and the idiotic and contemptible attempts to break the gold bull market along with the insipid and transparent propaganda concerning an "economic recovery" and the abatement of monetary easing by the Federal Reserve is a smokescreen for the obvious and engineered economic collapse which is about to explode, wiping out private savings, retirement accounts and what remains of a decimated economy especially in the US. The filthy capo Juden Soros and the flying monkeys at Goldman Sachs are in concert hammering the gold and silver futures prices while they too are accumulating the metals hand over fist. Who wouldn't at this point possessing even a shred of common sense and the resources to do so.
YardFarmer,
Dead on, esp this.
#3. the inevitable and unavoidable devaluation of the US$ primarily due to the ultimate collapse of the US Treasury bond yields as the purchase of US debt is systematically jettisoned by foreign sovereign investors (presently in process) leading to the sudden repatriation more that 60% of total US denominated currency which is presently in foreign investment, creating inevitable and sudden and destructive hyperinflation.
In agreement on all points.
Re: Soros. Funny how he made those really negative comments on gold about a week ago. I'm sure he would never try to manipulate the market.
I know I'm flipping paranoid, but,
1. Just got back from the bank. Made a sizable deposit (customer paid, finally).
2. Chatting with cashier about gold being down today. She said she hadn't seen any reports.
3. She shows the deposit slip to next cashier over, who then looks down and smiles.
I just hate being paranoid. I hate even worse that I have to use the bank at all.
If you're making "sizeable" deposits IN A BANK, you're not paraniod enough.
16.00 $1358.40
16.41 $1374.70 we going up??
17.00 $squeaky bum time???
http://www.kitco.com/charts/livegold.html
Ouch. That's gotta hurt but Krugman FTMFW probably hurts even more.
very few comments about cyprus being told to sell its gold as it relates to this dive.
its my understanding commodities and gold often have large 'last waves' do to the feelings regarding 'scarcity' in commodities.
if/when any kind of final reset of the fiat system occurs, the money printers- to stabilize it all- will briefly go back onto a gold standard: "US $ at 4000/oz, euro, neue deutschemark, yuan, yen. but before then i am sure the cb's need to stock up on bars. EZ is taking it from other countries and centralizing it in the country that matters, china still needs to buy a bunch more, not sure how the US is accumulating, maybe that guy who walked around my neighborhood during a garage sale asking if he could buy 'extra gold" (what is 'extra' gold???) true story.
if US has 8100 tonnes, thats maybe 400billion frn's worth, and there are what 20T frns floating around? thats a 40 to 1 ratio. inflation takes out half, gold declared $10k to the oz. that'll bring it down to only 4 to 1 backing by gold. covering the EZ, US, China takes care of like 80% of global gdp. the great reset, the kontratieff winter, the 'e' wave down....truth is stranger than fiction
FUCK THE COMEX.
THIER PRICE IS NOT OUR PRICE
THIER PRICE IS NOT OUR PRICE
THIER PRICE IS NOT OUR PRICE
say these magic words and our world changes.
with these paper contract dumps isn't there supposed to be somebody buying these shit contracts? Who? Nobody. What an absolute scam this entire illusionary economic system.
Just once per year, they should make all paper futures settle in physical. That would stop this garbage. Meanwhile, I ordered more gold today. Thanks!
Fractional Banking == Fractional Gold Lending
I guess they are in effect saying that Gold is money, just Gold lent out 9 times is no longer GOLD.
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