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JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low

Tyler Durden's picture




 

We are confident that in the aftermath of our article from last night "Just What Is Going On With The Gold In JPMorgan's Vault?" in which we showed the absolute devastation of "eligible" (aka commercial) gold warehoused in JPM's vault just over the Manhattan bedrock at 1 Chase Manhattan Place (and also in the entire Comex vault network in the past month), we were not the only ones checking every five minutes for the Comex gold depository update for April 25. Moments ago we finally got it, and it's a doozy. Because in just the past 24 hours, from April 24 to April 25, according to the Comex, JPM's eligible gold plunged from 402.4K ounces to just 141.6K ounces, a drop of 65% in 24 hours,and  the lowest amount of eligible gold held at the vault on record, since its reopening in October 2010!

Everyone has seen what a run on the bank looks like. Below is perhaps the best chart of what a "run on the vault" is.

The absolute collapse in JPM's eligible gold inventory, means total Comex eligible gold has fallen to just 5.8 million ounces, half of what it was in early 2011, and back to levels last seen in March 2009.

So, once again, just like last night, we ask the same questions which are even more critical today than they were 24 hours ago:

  1. What happened to the commercial gold vaulted with JPM, and what was the reason for the historic drawdown?
  2. Gold, unlike fiat, is not created out of thin air, nor can it be shred or deleted. Where did the gold leaving the JPM warehouse end up (especially since registered JPM and total Comex gold has been relatively flat over the same period)?
  3. Did any of this gold make its way across the street, and end up at the vault of the building located at 33 Liberty street?
  4. What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?

Incidentally, JPM now has just under a paltry 5 tons of eligible gold left in storage. We hope this is also the maximum exposure it faces for imminent delivery requests, because if tomorrow it receives withdrawal requests for 141,581.5 ounces +1, then things get really interesting.

 

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Thu, 04/25/2013 - 18:09 | 3499942 seek
seek's picture

I think this is more like Highlander. There can be only one, and its name is GS.

If this suits someone's purposes, they'll burn JPM to the ground.

Thu, 04/25/2013 - 20:16 | 3500515 lesamourai
lesamourai's picture

GS would see the whole world burn if they could be king of the ashes.

Thu, 04/25/2013 - 22:11 | 3500903 fockewulf190
fockewulf190's picture

They are working on it.

Fri, 04/26/2013 - 01:13 | 3501347 francis_sawyer
francis_sawyer's picture

I was kind of hoping they'd decide to bury themselves alive just to prove they could handle a shovel...

Thu, 04/25/2013 - 17:38 | 3499787 unwashedmass
unwashedmass's picture

 

wow. now there's a plan that backfired. 

Thu, 04/25/2013 - 17:48 | 3499851 Urban Redneck
Urban Redneck's picture

not necessarily, but we'll know when we know, until then we're speculating...

Thu, 04/25/2013 - 17:39 | 3499788 mdwagner
mdwagner's picture

Maybe they're the next planned Lehman and they're clearing out everything of value before d-day.

Thu, 04/25/2013 - 18:18 | 3499976 NotApplicable
NotApplicable's picture

Force majure, FTMFW!

Thu, 04/25/2013 - 17:38 | 3499791 walküre
walküre's picture

They didn't move 300,000 ounces in 24 hours. This was a longer drawdown. Question is since when and where's the bottom line?

Thu, 04/25/2013 - 17:41 | 3499806 fonzannoon
fonzannoon's picture

walk how do you know they did not?

Thu, 04/25/2013 - 18:05 | 3499926 walküre
walküre's picture

it takes several years to repatriate Germany's gold from NY ... lol

Thu, 04/25/2013 - 18:44 | 3500118 Herman_the_German
Herman_the_German's picture

Around 700 tons in seven years - what a joke ! We should repatriate everything within this year.

Anything else is a farce.

Thu, 04/25/2013 - 17:41 | 3499811 seek
seek's picture

If you look at (and believe) the daily COMEX inventory, that much really is moving in 24 hours.

THe bigger drawdowns have happened in just the past few days, but this started in January, and has been accelerating ever since.

 

Thu, 04/25/2013 - 17:44 | 3499822 fonzannoon
fonzannoon's picture

I'm sure Jon Stewart will clear it all up tonight.

Thu, 04/25/2013 - 17:41 | 3499798 FeralSerf
FeralSerf's picture

Jamie's moving it to Tel Aviv or Paraguay where it'll be safe.

Thu, 04/25/2013 - 17:41 | 3499802 maskone909
maskone909's picture

what happened to sunstreams post?  WTF are COAG's?  national guard?

Thu, 04/25/2013 - 17:41 | 3499804 IridiumRebel
IridiumRebel's picture

JAIL.

Thu, 04/25/2013 - 17:42 | 3499807 sunstreaker
sunstreaker's picture

The Financial Stability Board (FSB) develops the policy makers’ strategic response to the banking crisis and directs its implementation:

http://www.financialstabilityboard.org/

 

The FSB Plenary is comprised of the most senior representatives from Central Banks, Finance Ministries as well as from the main international bodies governing finance (FSB’s current chairman is Mark Carney, his predecessor Mario Draghi): 

http://www.financialstabilityboard.org/about/plenary.pdf

 

The FSB developed the so-called Bail-In. The main working paper is “Key Attributes of Effective Resolution Regimes for Financial Institutions.” It is candid and succinct:

http://www.financialstabilityboard.org/publications/r_111104cc.pdf

 

Equally to the point is the progress report, “Resolution of Systemically Important Financial Institutions,” from November 1st, 2012; it leaves no doubt that the Bail-In is indeed a template for many jurisdictions, amongst others those of the US and the EU:

http://www.financialstabilityboard.org/publications/r_121031aa.pdf

 

Please take a moment to browse these files!

 

Thu, 04/25/2013 - 17:48 | 3499845 maskone909
maskone909's picture

dood this shit is fucking terrifying!!  WTF!?!?!?

Thu, 04/25/2013 - 17:50 | 3499860 UP4Liberty
UP4Liberty's picture

@sunstreaker...

Check out the BIS report in 2010 where they classify those who store monery in any bank as "UNSECURED DEPOSITORS".  Ain't that a humdinger!

Thu, 04/25/2013 - 18:32 | 3500047 MxBonanza
MxBonanza's picture

Page 4 of the last document:

"3. Resolution powers - The regime should provide for a broad range of resolution powers, including powers to transfer the critical functions of a failing firm to a third party; powers to convert debt instruments into equity and preserve critical functions (‘bail-in within resolution’); powers to impose a temporary stay on the exercise of termination rights under financial contracts (subject to safeguards for counterparties) and impose a moratorium on payments and on debt enforcement actions against the failing firm; and powers to achieve the orderly closure and wind-down of all or parts of the firm’s business with timely pay-out or transfer of insured deposits."

Here is your template, Cyprus was just a drill

Thu, 04/25/2013 - 21:46 | 3499809 UP4Liberty
UP4Liberty's picture

Hypothecate, rehypothecate and repeat to infinity...

And if all else fails, sneak it out through the tunnel!

Thu, 04/25/2013 - 17:41 | 3499810 scatterbrains
scatterbrains's picture

This must be the strains in the financial markets that BennyB was talking about today.  Is JPM about to blow up?

Thu, 04/25/2013 - 17:41 | 3499812 Cacete de Ouro
Cacete de Ouro's picture

Wohh, that's a big drop, as my ex boss used to say, its a big number!

Something fishy in 1 cahse manhattan plaza, sub basement level 5 or whatever you guys call it. As big as a football field and all empty of comex gold (not necessarily empty of gold though): maybe jamien and ben play 5/aside soccer in the vault now; 6 doors in the vault. Big doors on precision hinges. And a nice tunnel so the frbny guys can go back and have a shower in the Fed before grabbing lunxh and back to their desks. Where is the gold though.

Look at harvey the organ's stats

Thu, 04/25/2013 - 17:41 | 3499813 Devotional
Devotional's picture

I am holding one of their gold coins! so shiny ...

Thu, 04/25/2013 - 17:43 | 3499814 loveyajimbo
loveyajimbo's picture

Be a shame if Jamie ended up hanging from a lamp post... the asshole.

Thu, 04/25/2013 - 17:44 | 3499830 IridiumRebel
IridiumRebel's picture

...and a shame if he were tossed into jail where he would become the whore dujour. They'd love him to the point of not being able to walk straight again. 

Thu, 04/25/2013 - 18:20 | 3499989 Bastiat
Bastiat's picture

More likely he'd pay lots of protection or be beaten to a pulp.

Thu, 04/25/2013 - 18:52 | 3500142 IridiumRebel
IridiumRebel's picture

Don't spoil it!

Thu, 04/25/2013 - 21:02 | 3500675 Bastiat
Bastiat's picture

Sorry - well maybe the beatings could have a happy ending?

Thu, 04/25/2013 - 17:43 | 3499815 Dr. Engali
Dr. Engali's picture

I'm sure the Morgue has a plan in place to take out somebody further down the food chain.

Thu, 04/25/2013 - 17:47 | 3499847 fonzannoon
fonzannoon's picture

UBS lost the midget toss.....

Thu, 04/25/2013 - 17:57 | 3499890 Dr. Engali
Dr. Engali's picture

The Morgue will be one of the last cockroaches to die.

Thu, 04/25/2013 - 20:21 | 3500540 mayhem_korner
mayhem_korner's picture

 

 

OT...on my 3rd glass of vino, I found myself in a staring contest with your avatar.

(I lost)

Fri, 04/26/2013 - 00:03 | 3501248 cynicalskeptic
cynicalskeptic's picture

Cockroaches survive ANYTHING - even nuclear war.

Thu, 04/25/2013 - 17:42 | 3499817 Yellowhoard
Yellowhoard's picture

The end is near.

Get your affairs in order.

Thu, 04/25/2013 - 17:43 | 3499818 mayhem_korner
mayhem_korner's picture

 

 

Exclusive video from inside the vault (this is GOOD stuff):

http://www.youtube.com/watch?v=dsx2vdn7gpY

Thu, 04/25/2013 - 21:09 | 3500693 Yellowhoard
Yellowhoard's picture

Perfect.

Thu, 04/25/2013 - 17:43 | 3499820 Bam_Man
Bam_Man's picture

"Farce Majeure", Bitchezzzzz!

And no - that is not a typo.

Thu, 04/25/2013 - 18:23 | 3499997 Bastiat
Bastiat's picture

"Force Maneure" as in "we ain't got shit."

Thu, 04/25/2013 - 17:45 | 3499828 WelfareFTW
WelfareFTW's picture

as they say in poker... ONE TIME GOD!!! JPM Default sending Gold n Silver prices to the moon and exposing the ponzi schemes of the banksters!!

Did someone say Golden muthafucking crucifixes / guillotines on order for Bernank, Krugman, Jon Stewart (stick to being a partisan democrat hack jackass), Obamao...

 

a win-win-win situation if I ever saw one.

Thu, 04/25/2013 - 17:46 | 3499833 maskone909
maskone909's picture

 

The FSB is also working to address barriers to information exchange amongst relevant authorities, since these have the potential to thwart the development of resolution strategies and plans and their implementation in a crisis. JESUS FUCKNG CHRIST
Thu, 04/25/2013 - 17:46 | 3499834 PontifexMaximus
PontifexMaximus's picture

Who could ask for immediate phys. delivery of 141'582.5 oz.?

Thu, 04/25/2013 - 18:17 | 3499870 ziggy59
ziggy59's picture

Someone that was stack-a-lack'n

Thu, 04/25/2013 - 17:56 | 3499875 seek
seek's picture

Anyone with $200M or so. This isn't a big number for a lot of the larger investment banks, and is a trivial number for a central bank, bullion bank, or sovereign.

Thu, 04/25/2013 - 18:06 | 3499924 mayhem_korner
mayhem_korner's picture

 

 

But you know Ben is going to turn on the Quick and Easy spigot and help the Morgue rebuild the coffers.  The complex cannot afford a distressed JPM - it would create an unstoppable chain reaction.

Thu, 04/25/2013 - 22:16 | 3500922 FreeNewEnergy
FreeNewEnergy's picture

I appreciate your comment, but need to point out that Ben can only print FRNs, not gold (yet, though he has gnomes working on it). When the gold is gone, rising rapidly in price, it's not so easy.

"I'm tellin' you it's not so easy, especially when your only friend, talks, looks, sees and feels like you and you do the same, just like him."

--Jimi Hendrix

Thu, 04/25/2013 - 19:34 | 3500298 Kirk2NCC1701
Kirk2NCC1701's picture

A: HSBC. Deliveries to HK, Shanghai. Mostly Shanghai.

Thu, 04/25/2013 - 17:46 | 3499836 semperfi
semperfi's picture

JPM better hurry up and invade Syria

Fri, 04/26/2013 - 00:29 | 3501290 XitSam
XitSam's picture

Hey! What happened to North Korea? Just a couple weeks ago they were talkin' smack ... bomb this, invade that. What up, Kim?

Thu, 04/25/2013 - 17:47 | 3499841 The Abstraction...
The Abstraction of Justice's picture

The States can wave goodbye to that gold. The ship is headed for Israel.

Thu, 04/25/2013 - 20:01 | 3500441 Crash Overide
Crash Overide's picture

How is Israel doing on their APPL holding?

Thu, 04/25/2013 - 17:46 | 3499843 Mine Is Bigger
Mine Is Bigger's picture

Hi Tylers,

It's totally unrelated, but the Nikkei's English Website is running a story about a U.S. financial firm, called MRI International Inc., losing "billions of yen in client money."

Thu, 04/25/2013 - 17:58 | 3499887 IridiumRebel
IridiumRebel's picture

"Japan's securities watchdog is investigating an American financial firm touting high-return medical-claims-backed investment products over the possible disappearance of Japanese clients' money."

Thu, 04/25/2013 - 18:23 | 3499998 knukles
knukles's picture

What?

"high-return medical-claims-backed investment product"


Thu, 04/25/2013 - 18:39 | 3500091 alien-IQ
alien-IQ's picture

As Don King would say: "Only in America". (immediately followed by a big shit-eating grin and the obligatory waving of his pocket sized American flag.)

Thu, 04/25/2013 - 17:52 | 3499858 LuchadorChumba
LuchadorChumba's picture

¿a dónde fueron el oro? Just where did all the AU go? Escucha... I tell you...

Oye, many of the ZH luchadors and luchadettes are biting their nails over concerns about how your well intentioned, but nonetheless stolen booty will be divied up, now that there’s new reflections of mas fuerte luchadors climbing into the ring. You think that you can ride the capes of major luchadors and not eventually become a victim yourself? There can be only one top goat! Let us for a moment contemplate how you convince yourselves you have not been parasites!

What the ‘aware’ have been calling ‘reality’ in the luchadors temporal realm is NOT reality. Perception es todos, and your attention, which is controlled by my language and media, instruct you how to think. I create the ring which limits los palabras (the words) that your thoughts are constructed. The ‘fundamentality’ of su ‘Fundamentals’ are nada but alleged subroutines swirling in su cabesas, embedded y unquestioned as ‘real’. That’s why ‘nothing’ happens, and nothing will happen until the ‘Wills’ that you have given your power to decide it’s time to change your perception uno mas vez. I make the rules of the ring, and you never questioned until now? I print the money, I made gold a pseudo-spiritual tool which has no more intrinsic value than fiat$. Aye aye aye…I can purchase your soul with fiat AND gold! Look at you scrambling! Only a few of me fav luchadors can sit at my right hand, for if you wondering where all the gold went, you need to look no further than my wonderous gold belt pendejos.  

But don’t worry amigos, this ‘part’ of the game is almost over. I promise the pain will be exquisite.

I've got a big trick up my chonies for you.

Viva El Luchador!

www.askchumba.com

 

Thu, 04/25/2013 - 17:57 | 3499882 maskone909
maskone909's picture

can you translate that shit hommie?

Thu, 04/25/2013 - 18:20 | 3499985 ziggy59
ziggy59's picture

Zackly? Maybe it means BTFD

Thu, 04/25/2013 - 21:12 | 3500702 Ralph Spoilsport
Ralph Spoilsport's picture

Hey /\/\ocker, didja hear that DJO was bangin' Skarlet, Crone's Disease and all? Bet he made some Reverse Speech tapes of that shit. Also, Thoreau died in that piece o' shit sailboat he bragged about. Disinfotainment FTW!

 

RAMS says toodle-ooh.

Thu, 04/25/2013 - 17:50 | 3499859 caimen garou
caimen garou's picture

gold eating termites, goldmites?  ha ha ha ha ha

Thu, 04/25/2013 - 20:12 | 3500499 cynicalskeptic
cynicalskeptic's picture

There are such things as paper mites.  Even if you let loose a gazillion genetically engineered super paper mites they wouldn't be able to consume paper currency at the rate its being created.

Sat, 04/27/2013 - 12:21 | 3505578 FeralSerf
FeralSerf's picture

Software "Bugs" can devour mega bytes of digital money very rapidly though.

Thu, 04/25/2013 - 17:51 | 3499864 sitenine
sitenine's picture

Forgive my ignorance, but isn't vaulted PM irrelevant in our brave new world? Won't they just settle in fiat when they run out? I mean, shit, who the fuck wants the barbaric relic anyway? Buffet taught me that gold is a non-producing asset, and Krugman schooled me in the importance of Keynesian money printing. So fuck delivery! Give me fiat!!!

/sarc

Thu, 04/25/2013 - 18:04 | 3499918 auric1234
auric1234's picture

If you demand the FIAT, maybe they settle in gold.

Someone should try that with FIAT Futures (aka Treasuries).

 

Thu, 04/25/2013 - 19:36 | 3500313 Kirk2NCC1701
Kirk2NCC1701's picture

Pre-1971 fiat or post-1971 fiat? /s

Thu, 04/25/2013 - 17:52 | 3499867 mt paul
mt paul's picture

new age alchemy

turn paper into gold..

Thu, 04/25/2013 - 17:53 | 3499868 Cacete de Ouro
Cacete de Ouro's picture

Woo, part deux.

Harvey hasn't updated stats yet. So what Tyler was sayin' was:

JPM reduced inventory 260792 ounces from eligible. That leaves 141581 ozs in JPM eligible.

And Scotia reduced by 89784 ounces, 36000 reg, 51000 eligible.

http://www.cmegroup.com/delivery_reports/Gold_Stocks.xls

When will insurance Clauses kick in?

Note to Dimon and Matt Zames. Mothball this assholes!!!

Fuck you!

Thu, 04/25/2013 - 19:04 | 3500189 NotApplicable
NotApplicable's picture

He has now.

Thu, 04/25/2013 - 17:56 | 3499876 PUD
PUD's picture

Maybe they could put the whip to the 6yr old children in the Amazon basin and provide them with free mercury?  If it's good for JPM then it would be good for all other immoral goldtards who have no conscience.

Thu, 04/25/2013 - 17:59 | 3499891 IridiumRebel
IridiumRebel's picture

NOBODY RESPOND. LEAVE LIONFUCK TO SELF-POSTING. DO NOT ENGAGE LIONFUCK.

Thu, 04/25/2013 - 18:02 | 3499910 PUD
PUD's picture

There is nothing you could possibly say. I have presented the truth and you don't care. You're as immoral as any banker or wall st grain trader that would splurge on a 5 star dinner after making a killing that saw half a million go hungry. I understand you better than you think

Thu, 04/25/2013 - 18:04 | 3499915 IridiumRebel
IridiumRebel's picture

crickets

Thu, 04/25/2013 - 18:13 | 3499953 IridiumRebel
IridiumRebel's picture

Slavery and the Link to Chocolate

Slave traders are trafficking boys ranging from the age of 12 to 16 from their home countries and are selling them to cocoa farmers in Cote d'Ivoire. They work on small farms across the country, harvesting the cocoa beans day and night, under inhumane conditions. Most of the boys come from neighboring Mali, where agents hang around bus stations looking for children that are alone or are begging for food. They lure the kids to travel to Cote d'Ivoire with them, and then the traffickers sell the children to farmers in need of cheap labor (Raghavan, "Lured...").

The horrendous conditions under which children must toil on the cocoa farms of the Cote d'Ivoire are even more jarring when the facts are juxtaposed with the idea that much of this cocoa will ultimately end up producing something that most people associate with happiness and pleasure: chocolate. The connection serves to illustrate that the existence of misery in one part of the world and joy in another part are no longer divorced as nations are connected together in a globalized web of trade. Thus, the pleasure that people from various nations around the world are deriving from these chocolate confections could possibly be at the expense of child slaves in Africa. The problem of child slavery then is not simply a faraway abstraction with no immediate implications for anybody else except those who are directly affected, but rather it is an issue that everybody around the world should be concerned about and demand action to eradicate.

Although news of child labor abuse in Cote d'Ivoire has only recently garnered public attention, these situations did not arise suddenly. Many interlocking factors have contributed to both creating and perpetuating conditions that have led to this form of modern slavery. In order to better understand the situation, this case study will explore the different aspects of Ivorian child labor and the cocoa trade. The case study will begin by providing an overall review of the problem. Afterwards, the case will examine some of the causes and effects of the situation, as well as efforts developed as a response to the abuse.


Thu, 04/25/2013 - 19:41 | 3500328 Kirk2NCC1701
Kirk2NCC1701's picture

You couldn't take your own advice, to DO NOT RESPOND. Pussy!

Thu, 04/25/2013 - 19:45 | 3500349 IridiumRebel
IridiumRebel's picture

Technically that was pointed at everyone else. I never intended for myself to be included. BTW, I am 6'3 280, a former college football player and can lift a VW Bug should the right situation need me to do so. Everyone is tough on the internet. In real life most would not say such things to my face. If you knew my job detail, you would be more....careful....with your words. You, Spock and Bones can get back to your captain's log. 

Thu, 04/25/2013 - 19:54 | 3500394 Stares straight...
Stares straight ahead's picture

(Translation: 90 pound wimp)

Thu, 04/25/2013 - 23:09 | 3500957 IridiumRebel
IridiumRebel's picture

times three

remind me never to go "tough guy" on this site.

Thu, 04/25/2013 - 20:08 | 3500481 BigJim
BigJim's picture

And that's why serious people - I mean, people of serious moral character, like PUD - have never suggested using chocolate as money.  Because of, you know, the children.

Thu, 04/25/2013 - 20:12 | 3500495 gonetogalt
gonetogalt's picture

BBC did a piece on this a while back. My takeaway was that a job was better than street life or starvation for these mainly AIDs orphans.  

My observations from around here is that 'slavery' is often no more than an undesirable job in a society with inadequate 'safety nets'.

Thu, 04/25/2013 - 20:28 | 3500564 Almost Solvent
Almost Solvent's picture

Someone has to make the free Obama phones

Thu, 04/25/2013 - 18:19 | 3499980 IridiumRebel
IridiumRebel's picture

http://www.worldcrunch.com/culture-society/slavery-footprint-how-many-ex...

ZURICH - Let me just say up front that I separate my household garbage. I bring the empty bottles to the glass collection point – okay, maybe sometimes a little grudgingly – and I recycle paper, plastic, cardboard and batteries. Lately, I’ve been making a concerted attempt to use public transportation. When I buy cosmetics I make sure the label says No Animal Testing. Ever since a friend of mine told me about the illegal and brutal fishing of tuna, I’ve crossed that fish off my personal menu. I buy only seasonal fruit and vegetables. I’m the first to agree that I could be doing more for the environment, but all in all, I think my efforts for the earth and my fellow humans are pretty respectable.

Or I did think that – until this morning when I took a test on the Slavery Footprint website. Slavery Footprint is a non-profit organization that for years has been working to stamp out modern slavery. And I will tell you that the result delivered quite a smack to my self-image as a good person. Because what the test reveals is how many slaves have to work – without our being aware of it – for us to have the goods we take for granted in everyday life.

Things like our smart phone, music system, iPod, laptop, but also clothes, sports equipment, shower products -- not to mention food. The 11-question test is simple, but the result is shattering. It turns out that my lifestyle keeps 56 slaves busy. And after Christmas shopping it might be even more.

Thu, 04/25/2013 - 18:21 | 3499995 PUD
PUD's picture

That is very admirable of you! you earn my respect. This is what i am hopeful I can get across to these goldtards who willfully or out of ignorance support modern slavery for their own personal gain. I will take that test too. Thank you

Thu, 04/25/2013 - 18:34 | 3500058 IridiumRebel
IridiumRebel's picture

I actually love research, but I reiterate my post from the other day. I hold gold so that my child may not become a slave. If everything were "fine" with our monetary system, I would not hold gold. This is quite obviously not the fact of the matter. I sincerely apologize if some mercury and blood is spilled, but I gotta look out for number fuckin' one. 

Thu, 04/25/2013 - 18:35 | 3500077 ether
ether's picture

Seriously?

 

You're still here?

 

One last time...

 

Your argument that gold "hoarders" contribute to child-slavery and environmental destruction is retarded.

 

Increased prices create better labor conditions, that bring higher skilled (Adult) workers into the marketplace, and provide greater incentive for modern extraction technologies that don't use mercury and yield more metals from ore.  Gold will ALWAYS have industrial uses, and will ALWAYS be mined regardless of whether or not people choose to "hoard" it as wealth protection.  You have some delusional idea gold is some useless relic, but if it weren't "hoarded" it would only be sought after even more for industrial uses.  

 

Gold "hoarders" are doing more to end children working in mines than your psychotic internet ramblings will ever do.

 

Your entire moral argument is nonsensical, aside from being totally hypocritical.

 

You're either a troll, a satire account, a propaganda agent, or fucking retarded.

Thu, 04/25/2013 - 19:16 | 3500228 Irene
Irene's picture

I vote for fuckin' retarded.

Thu, 04/25/2013 - 20:54 | 3500648 akak
akak's picture

My bet is on a fucking retarded troll propaganda agent, with borderline sociopathic tendencies and severe Assburger's Syndrome.

Thu, 04/25/2013 - 21:14 | 3500726 Ralph Spoilsport
Ralph Spoilsport's picture

PUD been pullin' his pud too much and has drained too many of his precious bodily fluids.

Thu, 04/25/2013 - 19:03 | 3500182 alien-IQ
alien-IQ's picture

You really should be careful with your perpetual proclamations of "presenting the truth". That's been the siren song of every snake oil salesman in history. people tend to be repelled by such claims and become immediately suspicious.

If what you are presenting is the truth, then it should be self evident and need no proclamations on your part.

As Shakespeare once wrote: "The lady doth protest too much, methinks."

Thu, 04/25/2013 - 22:51 | 3501026 semperfi
semperfi's picture

I think I just figured you out - you are made of anti-particles.

Thu, 04/25/2013 - 18:02 | 3499913 McMolotov
McMolotov's picture

Yeah, this is where his argument falls on deaf ears. I, like many people, hate children as well as the planet.

Thu, 04/25/2013 - 18:39 | 3500096 a growing concern
a growing concern's picture

Lol. We don't need no water let the mother fucker burn.

Thu, 04/25/2013 - 19:56 | 3500406 WmMcK
WmMcK's picture

I don't drink water, fish fuck in it.
-- W.C. Fields

Thu, 04/25/2013 - 19:29 | 3500277 Bastiat
Bastiat's picture

WC Fields?

Thu, 04/25/2013 - 17:59 | 3499896 mayhem_korner
mayhem_korner's picture

 

 

You recovered quickly from yesterday's annihilation.  You must be sitting on a stack of cortizone.

Thu, 04/25/2013 - 18:04 | 3499922 PUD
PUD's picture

I am totally victorious. I have the truth as my weapon and facts for armor. You have nothing not even integrity 

Thu, 04/25/2013 - 18:06 | 3499933 mayhem_korner
mayhem_korner's picture

 

 

Are you knowingly borrowing from Ephesians 6, or are you obliviously paraphrasing Scripture?

Thu, 04/25/2013 - 18:11 | 3499944 PUD
PUD's picture

A little. I do that from time to time. However I am an anti theist so I don't come from any religious point of view. I despise religion as much if not more than miners and goldtards

Thu, 04/25/2013 - 18:12 | 3499958 alien-IQ
alien-IQ's picture

If you "despise" gold, then how would you define "money"? What precisely is money to you?

Thu, 04/25/2013 - 18:16 | 3499972 PUD
PUD's picture

Money can be anything any two people agree upon as a means of commerce. Could be a tally stick or a bitcoin. There are many 21st century alternatives to what we currently have or the barbaric antiquated destructive metals. i've proposed a real world commodity basket approach where-by a unit of money would be tied to a basket of real world goods across all borders. It is sound, backed, non dilutive and real. You and the criminal banking cartel would never even consider it because you can't scam it to enrich yourself. I've written extensively on this

Thu, 04/25/2013 - 18:23 | 3500004 alien-IQ
alien-IQ's picture

and how precisely would this "basket of commodities" manifest itself? Do we lug around wheel barrows full of grain? Do we keep chickens on a leash? Or is it represented by a piece of paper that is neatly folded into wallets and printed by a government body that sanctions and sets the value of your "non dilute" basket of unicorn semen?

Thu, 04/25/2013 - 18:26 | 3500016 PUD
PUD's picture

Of course not. it would be as it is now. paper or electronic units of money that are linked to a very broad basket of real world goods. The value of each unit of money would be tied to the value of each of the baskets components.

Thu, 04/25/2013 - 18:30 | 3500044 alien-IQ
alien-IQ's picture

And WHO prints this money that some magical force protects it from manipulation? What are these components in your magical basket that are impervious to the machinations of the central planners? How is the price of these magical items set and by who?

Yes, money can be anything two people agree to ascribe value to, it just so happens that for the better part of 5000 years, humans the world over have agreed that gold and silver is money. You seem to be convinced that you are wiser than several thousand years of history. How nice it must be to be so wise as yourself.

Thu, 04/25/2013 - 18:38 | 3500088 PUD
PUD's picture

The money would be issued (spent into the economy) by government. It would be non debt based ie: no bond sales. It could be created as needed and literally spent into the economy on productive ventures. There would be no need for banks except as middle men to process transactions. Banks would be utilities

Thu, 04/25/2013 - 18:40 | 3500103 ether
ether's picture

You already revealed yourself as a Shitcoin enthusiast a few nights ago.  My guess is you're around 23, a fresh holder of shitcoins, and doing your part on the interwebs to bash gold in the hopes libertarian people will start wanting their money to be held in the ether rather than in their hands.

 

Disingenuous troll.

Thu, 04/25/2013 - 18:52 | 3500140 alien-IQ
alien-IQ's picture

Look man, I'm all for idealism. I am often criticized as being too idealistic. But you have really gone way past idealism and strayed into the realm of utter fantasy and have in the process completely ignored history and human nature. It is because of that that nobody, and I mean N-O-B-O-D-Y. with even one toe on the ground, the slightest amount of basic knowledge of monetary history and two functioning brain cells will ever take your suggestion as being anything more than the delusional ramblings of a person who has wholeheartedly chosen to ignore reality. Sorry.

I'm done here. I got a lobster to cook. Good luck to you...because it sounds like you're gonna need it.

Ciao.

Thu, 04/25/2013 - 18:37 | 3500087 Abi Normal
Abi Normal's picture

Ah, PUD, you are a pannist, go hug a tree!

Thu, 04/25/2013 - 20:22 | 3500548 knowshitsurelock
knowshitsurelock's picture

Here's how you do it.  IOU's.

http://www.youtube.com/watch?v=7GSXbgfKFWg

Thu, 04/25/2013 - 22:22 | 3500944 FreeNewEnergy
FreeNewEnergy's picture

Don't FEED THE TROLLS! DAMMIT!

Thu, 04/25/2013 - 22:31 | 3500965 akak
akak's picture

But it's so hard to resist when they beg for it with those big, sad puppydog eyes, like a baby seal just waiting for the club.

Thu, 04/25/2013 - 18:29 | 3500037 outofideas
outofideas's picture

Your silliness knows no bounds. Commodities which can be consumed, will be consumed. You are asking me to trust that a currency backed by seeds, or copper, or coal is actually any more valid then a currency based on thin air.  Does your currency devalue if the weather is bad one year and you get 20% less grain? Does your currency reflect the base value of your copper when China builds a new dam?  At least with a fiat system (or a debt back one) I only really have to watch on party to know how much to trust it, with a basket I have to watch hundreds of store houses and hope their are correctly inventories and assayed? Shit, I can't even get a simple weight in at Ft Knox, and that shit is compact and in one place (in theory anyway).

All your rants and grandiose plans assume the world is filled with good people, and all sociopaths, cheaters, and liars have been shot and eliminated from the human race. You keep falling into the same trap most -ism's do, forgetting to account for human nature.

Thu, 04/25/2013 - 18:35 | 3500066 PUD
PUD's picture

That is why it would have to be a broad basket. Things even out. If the oil component went high then corn would be depressed as the economy shrank in response to the high oil. lumber would fall under high oil off setting it further...etc 

There would be a formula and it could be refined over time to the changing face of economies

Thu, 04/25/2013 - 18:44 | 3500114 outofideas
outofideas's picture

You really must be loving the ganja. The broader the basket the less likely it is to be properly accounted for and the more likely it is someone will be playing games with it.

You also exhibit the arrogance of a 16 year old who thinks he just invented sex.  There has been no field in the human experience more experimented with the money as it the basis of civilization. Trusted money eliminates the need for trust between the parties of a transaction and counterparty risk in the most basic transaction, it enables commerce and by extension it took the human race out of its tribal limitations, where trust was based on knowing who you trade with. It is beyond arrogant to think that it hasn't been tried and failed for the simple reason of having to trust the basket watchers.

Now, if you want to talk about a energy based currency, and the technology to make it viable you might be on to something, but again get cracking on way to store energy in a easily usable unit for both daily use and commercial use.

Thu, 04/25/2013 - 22:20 | 3500936 therover
therover's picture

"get cracking on way to store energy in a easily usable unit for both daily use and commercial use"

Isn't gold made via a supernova...which is a massive outflow of energy. So in essence, gold is a store of energy ( not up on physics but isn't there a theory that an outflow of energy is transferred somewhere else which then stores that energy ? ). Gold is also used in daily use as well as commerical use.

 

I THINK WE HAVE A WINNER ! 


Thu, 04/25/2013 - 19:19 | 3500241 Bastiat
Bastiat's picture

"That is why it would have to be a broad basket."

No way that would work. Broads are too volatile.

Fri, 04/26/2013 - 08:02 | 3500546 BigJim
BigJim's picture

 ...i've proposed a real world commodity basket approach where-by a unit of money would be tied to a basket of real world goods across all borders...

Aw Jesus Fucking Christ, I keep hearing  stupid twats like you wank on about 'tying' a unit of money to a basket of 'real world goods'. You think you were the first to propose it? LOL, the interwebz is full of idiots like you saying exactly the same thing. Do you even understand what tying a monetary unit to a real world thing actually entails, fuckwit? Money wasn't tied to gold; it was gold. The notes floating around were just more convenient ways of transporting it and exchanging it and and were supposed to represent weights of physical gold. This works wth gold because the accessible amount of it is ever increasing; this is why gold is the only commodity that is not a commodity, it doesn't get consumed; it's one of the qualities that makes it the best money mankind has invented/discovered.

When people talk about the petrodollar, do you think the dollar is somehow 'tied' to amounts of oil? No, retard, it means the (now unbacked) US dollar has global  demand because oil-producing states demand it.

How the fuck would you 'tie' a monetary unit to a basket of 'real world goods'? What does that even mean?

It's one thing to be ignorant. It's another to be such a pompous, moralising, ignorant shitstick. 

Thu, 04/25/2013 - 21:40 | 3500802 Pareto
Pareto's picture

assclown!  we already have a basket of goods, its called the CPI.  and no two people in the world can agree on that fucking basket!

Thu, 04/25/2013 - 23:22 | 3501112 Lord Drek
Lord Drek's picture

P...Paul Krugman?

Thu, 04/25/2013 - 18:16 | 3499971 mayhem_korner
mayhem_korner's picture

 

 

That explains why you stated that 'truth' is your 'weapon'.  Truth is never a weapon, just a defense.  But you would have to have your morality grounded in something to understand that.

Thu, 04/25/2013 - 18:19 | 3499981 PUD
PUD's picture

Not so. The truth is a powerful offensive weapon.

Thu, 04/25/2013 - 18:25 | 3500008 mayhem_korner
mayhem_korner's picture

 

 

Truth is never the aggressor.  It only needs to stir when attacked, which is constantly.

Thu, 04/25/2013 - 18:29 | 3500031 PUD
PUD's picture

Suit yourself but I refer you to the "new atheists" like Dawkins and Harris and Hitchens who took the truth fight to the enemy. That is truth and reason on offense and that is my style as well

Thu, 04/25/2013 - 19:23 | 3500258 dogbreath
dogbreath's picture

Yeah,  Dawkins and Hitchens brought a religous fervor to atheism never seen before, winning all kinds of new converts

Thu, 04/25/2013 - 19:59 | 3500422 James_Cole
James_Cole's picture

Suit yourself but I refer you to the "new atheists" like Dawkins and Harris and Hitchens who took the truth fight to the enemy. That is truth and reason on offense and that is my style as well

"new atheists" AKA insufferable zealots. If you're an atheist good, but don't turn it into a 'thing,' please.

Fri, 04/26/2013 - 01:30 | 3501352 The Joker
The Joker's picture

Listen douche, people who don't believe in theism don't call themselves atheists.  That is a label that implies a common belief system, created by theists.  People who don't believe in theism are many who believe or don't believe in many different things, most of which they don't have in common.  You are nothing but a bookworm, spewing out words about concepts you know nothing about.  So naive. Keep reading son, you have a loooooong ways to go.  HA HA HA HA HA HA HA HA HA HA HA HA HA

Thu, 04/25/2013 - 19:48 | 3500363 Kirk2NCC1701
Kirk2NCC1701's picture

These PUD and MDB responders remind me of one of those wind-up toys: All you gotta do is wind them up and point them away from a wall.

Thu, 04/25/2013 - 20:10 | 3500486 Calmyourself
Calmyourself's picture

+1 for the wind up toy comment. -100 for calling that hag with Max Keiser a MILF, you need to get out more or your 90..

Thu, 04/25/2013 - 20:09 | 3500488 HeavyShadow
HeavyShadow's picture

Yes, at least that's true I guess. I find you pretty offensive. Make my eyes bleed.

Thu, 04/25/2013 - 18:25 | 3500010 Yellowhoard
Yellowhoard's picture

Go fuck yourself, papertard.

Thu, 04/25/2013 - 19:57 | 3500412 Room 101
Room 101's picture

Well then may God bless you and keep you.  We ask this in Lord Jesus Christ's name.

Amen.

Thu, 04/25/2013 - 19:08 | 3500208 rubiconsolutions
rubiconsolutions's picture

So exactly what are you doing hanging around the Zero Hedge comment board for anyway? The love of money being the root of evil and all that, right? Zero Hedge is about money and investing but you certainly have enough time to post endlessly judgmental detritus without adding anything substantive to the conversation. Matthew 7:1 there pal. Or is it pud? As in short for Peptic Ulcer Disorder: A stomach disorder marked by corrosion of the stomach lining due to the acid in the digestive juices. In other words, you're just heartburn.

Thu, 04/25/2013 - 18:06 | 3499935 Roosting Chicken
Roosting Chicken's picture

That's almost a good idea, except I think they should charge them for the mercury.

Thu, 04/25/2013 - 18:09 | 3499941 PUD
PUD's picture

I'll hope that your children are never in that position.

Thu, 04/25/2013 - 18:24 | 3500003 Roosting Chicken
Roosting Chicken's picture

You see, the problem with youth today is they never got the whip enough.  They've become entitled useless spoiled brats.  Every child need a good whipping, builds charactor. 

Thu, 04/25/2013 - 21:09 | 3500246 Bastiat
Bastiat's picture

Bullshit.

I'll expand.  I'm not saying kids aren't spoiled brats.  But it has nothing to do with fact that they haven't been whipped or beaten. It has to do with the incompetence of their parents.  Biggest errors?  Self esteem enhancement, insulating/protecting them from consequences and environmental feedback.  Overprotection.  Inconsistency, lack of guts to set clear boundaries. 

Fri, 04/26/2013 - 08:04 | 3501697 francis_sawyer
francis_sawyer's picture

Peanut allergies... Trophies for 6th place...

Thu, 04/25/2013 - 18:10 | 3499945 alien-IQ
alien-IQ's picture

You sound like a person in desperate need of a serious bitch-slapping.

Thu, 04/25/2013 - 18:12 | 3499959 PUD
PUD's picture

Really? Because i champion a cause and try to raise awareness in this den of thieves?

Thu, 04/25/2013 - 18:16 | 3499974 alien-IQ
alien-IQ's picture

No. It's because you are an ignorant uninformed asshole.

Of course, I mean that in the best possible way and with all due respect.

Thu, 04/25/2013 - 18:19 | 3499983 PUD
PUD's picture

Solid argument there skippy

Thu, 04/25/2013 - 19:07 | 3500202 Abi Normal
Abi Normal's picture

Your heart is in the right place, but as the old saying goes:

the road to hell is paved with good intentions...

that is the major problem with you bleeding heart liberals...it becomes a mandate.  you people are all about power and control over others lives.  I got news for ya tho:

Your control over my life ends and your front door!

Fri, 04/26/2013 - 06:12 | 3501528 The Abstraction...
The Abstraction of Justice's picture

I do not believe for one moment about his 'good intentions.' When asked if he opposed me buying platinum, which is used to create the clean burning of fossil fuels, he dismissed me as an evil hoarder. His argument then, is that all PM are somehow inherently evil, and the only thing we should accept is government issued money. Just another totalitarian intent on wiping out the masses.

PUD is the reincarnation of Lenin.

Thu, 04/25/2013 - 18:23 | 3500006 Meat Hammer
Meat Hammer's picture

PUD, I think what you're doing to give a voice to those kids in the gold mines is nothing less than extraordinary and I'm sure that they will consider you a hero and a champion of their cause for the heroic way in which you......

buahahahahahahaha...spit...cough.....chortle....hahahahahahahahaha......hack....hack.....spit....wipe chin.  

I almost held it together.

Fri, 04/26/2013 - 03:26 | 3501425 Gold Eyed Cat
Gold Eyed Cat's picture

LMAO Meat. 

Pud is just a sad panda because he has no stacks.  Also, remember in the 90s when they closed down all the Beneton and Nike plants that had child labor?  Well, all those unemployed kids who could no longer go play factory with their friends to make money so they could eat dinner... they got sold by their parents into sex slavery.  Pud is just trying to BTFD.  If he gets a bunch of buff little kid gold miners fired he can pick them up on the super cheap. 

Thu, 04/25/2013 - 20:03 | 3500452 drexlraw
drexlraw's picture

You're a champion of a cause? Sure you are..I should have known by your coscise and coherent reasoning. Billy Goat Gruff is coming,troll..

Thu, 04/25/2013 - 20:04 | 3500453 drexlraw
drexlraw's picture

You're a champion of a cause? Sure you are..I should have known by your coscise and coherent reasoning. Billy Goat Gruff is coming,troll..

Thu, 04/25/2013 - 20:03 | 3500454 drexlraw
drexlraw's picture

You're a champion of a cause? Sure you are..I should have known by your coscise and coherent reasoning. Billy Goat Gruff is coming,troll..

Thu, 04/25/2013 - 19:29 | 3500265 Roosting Chicken
Roosting Chicken's picture

He sounds like one of tree huggers that sit in tree on a piece of plywood.  I wonder how many trees have been cut down to print all that paper money.

 

Edit:  I looked it up.  It's not made out of trees, it's made mostly of cotton.  I did not know that.  I'm sure there are no issues with children or poverty stricken families harvesting cotton for millionares.  Never mind Monsanto and GMOs. 

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