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After Saudi Arabia Crushes The US Shale Industry, This Is Who It Will Go After Next
Whether it is to cripple the will of Putin and end his support of the Syria regime (thus handing the much desired gas-pipeline traversing territory over to Qatari and/or Saudi interests), a hypothesis first presented here in September and subsequently validated by the NYT, or much more simply, just to destroy any and all marginal producers so that Saudi Arabia is once again the world's most important and price-setting producer and exporter of oil, one thing is clear: the Saudis will not relent from pumping more oil into the market than there is (declining) demand for, until its biggest threat and competitor - the US shale patch - which recently had become the marginal oil producer, as well as its investors - mostly junk bond holders gambling with other people's money - are crushed, driven before the Saudi royal family, and the lamentation of their women is heard across the globe.
That much is known.
But what neither the Saudis, nor the US shale companies, and certainly not their investors who lately seem to get their investment advice from the no longer Nielsen-rated Financial Comedy Channel, know is even if every last US shale company is Friendo'ed, there is an even more insidious group of drillers and oil extractors behind them, backed by an even greater monetary bubble and an even more clueless group of sources of cash, just waiting to step in and become the next marginal oil producer.
China.
According to Global Times, the slump in oil prices "has triggered a flurry of Chinese investment in oil wells, in a bid to get a high return from the black gold."
Cutting to the chase: once the US funding for local shale runs out, as companies - some already levered 5x, 6x, or more can no longer even remotely service their debt and not even Fed's ZIRP is enough of an impetus for yield chasers to throw more good (other people's) money after bad - start filing for bankruptcy en masse, who will step in continue the extraction? Why China of course: Global House Buyer, a Beijing-based services provider to Chinese overseas investors, said on Saturday that the company now has presented an investment opportunity in oil wells in Texas, US, to Chinese investors.
According to the company, the project, involving six oil wells in an area of 2,240 acres, is located in Crockett County in Texas. Cooperating with local developers, the project is expected to attract a total of $4 million investment at the first stage, with the minimum investment of $100,000 each.
The annual return could reach more than 12 percent, the company said.
Or, if Chinese sources of funding rush in to maintain oil supply at its current levels, or even boost it, into a world where demand is plunging (and, poetically, driven by a plunge in demand out of China itself), that annual return could reach 0, -12% or, most likely -100% as yet another series of investors with hot central bank money is wiped out.
Of course, nobody ever anticipates lower prices: "The return is based on our prediction of future oil prices," Liu Bin, general manager responsible for the US investment at Global House Buyer, told the Global Times on Saturday. Liu predicts that the current oil price still has room to rise, which will generate higher profits for the project.
What Liu seems to be unaware is that the current low price of oil which enables him to find investment opportunities in the Texas shale is precisely due to supply and demand being where they are, and unless supply collapses to keep up with dropping demand, oil prices will never go up.
But why bother with the details. For now Liu, and many of his competitors, is merely eager to demonstrate his ability to generate 12% returns on the back of a surging price driven by... his incremental pumping?
According to Liu, the oil wells have been in operation since 2012. Currently, the total output per day is about 170,000 barrels, and they still have more than 10 years of drilling capacity with a stable output.
"Investing in the oil wells could be read as another sort of real estate investment," Shi Ruixue, CEO of Global House Buyer, said.
Because the Chinese clearly have a tremendous sense for undervalued real estate investments. "Investing in oil well is a market-oriented activity, and it is understandable why investors are flocking to the oil sector, as the oil prices are still at a low level, Han Xiaoping, chief information officer at energy portal china5e.com, told the Global Times on Sunday."
And now comes the Friday humor:
"Chinese investors have gained more experience about risks after the financial crisis in 2009. It is a good timing to invest in oil projects as the prices are still low. But if the prices move further down, it will pose risks to oil investment," Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Sunday.
He Shaohua, a potential investor who has invested in housing projects in the US, told the Global Times that he planned to invest $100,000 in the oil wells, as it is good to diversify his investment.
In other words, just as US junk bond investors in energy companies swear to never repeat their mistake again, at least those who still have "other people's money" to invest, here comes the next patsy, one who has just as deep pockets if not deeper, and who will assure that the US pumping action does not stop for a very, very long time.
We hope we don't need to explain happens to the price of oil as China storms in to restart the deserted US shale rigs.
However, one thing we can't wait to find out, is just how will China react when it learns that just as it was preparing to celebrate, that it will need to deal with yet another marginal source of production (and funding), one who will surely engage in output competition for the next 12-24 months, until the latest batch of hot money, just off the central bank printer, runs out.
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Actually a better political policy would solve the problem of food prices. Just mandate a years extra food for the animals be stored and wala you have cheap food.
Notto mention the farming community vote
Shape shifting Jooos...
Don't quite get what you're referring to, fuckface. Go peddle your anti-shit elsewhere.
Others know exactly to whom and what I refer.
Rumors of the saudi royals being crypto jews.
I have heard similar rumors about Gaddafi, Cameron (claims to descend from Moses), Mahmoud Ahmadinejad, Fidel Castro and Nicolas Maduro.
Don't forget the Eskimos.
They're a sleeper cell of face-eating crypto-Jews.
Link please.
More hot money...chasing return in a ZIRP-bound world. It will be another of many "aaaaaaaaaaaaaaaannnnnnd it gone moments" after the the Saudi"s crush the price down to $30/bbl or less.
It’s all relative, and all funny money. These oil investments probably look good to Chinese investors compared to a seventh apartment in a another ghost city (the next best alternative), especially if they can use the oil investment as collateral to get a loan three times the the size and buy three more apartments.
Party in Hong Kong it is then!
The ghost cities always seemed to me like good forward thinking. If you were expecting a global war (whether nuclear or conventional) wouldn't you start building cities in out-of-the-way places, ready to be filled by the fleeing masses who have just lost their homes in the now decimated urban centres?
I know which country I'd bet on to get up and running quickly after losing all their infrastructure, and it's not the one that doesn't have fifty turn-key cities sitting by waiting to go.
I like your thoughts. Too bad this is not FaceSpace. I have to express myself in a logically coherent fashion instead.
Chinese buildings rot in 15 years. Also the ghost cities may get nuked too.
Serious question for builders: What makes the main difference between a good building, one of those that stands proud after 100 years, and those that rot in a decade?
Maybe China is enjoying the low oil prices and is willing to sacrifice fiat (and the western bankers who use it) to keep it low for as long as possible so that they can keep on increasing their strategic reserves at artificially deflated prices - you know, like they're doing with gold.
This reminds me of when a Chineese state company bought out Grande Cache Coal in Western Alberta, 4 or so years ago. They bought at the top of the post 2008 met. coal price. Over paid greatly, giving a 48% ( if I remember correctly) one day gain on the stock that I owned. Thank you China.
Anyways, the point I'm trying to make, is- they're as bad at investing as anyone else. This article is right.
They know- no better than any other speculator. In the end, its all a casino.
By the way, that coal plant, not a couple of months ago, announced a spate of layoffs.
KSA is doing this now because they are going to be on the downside of production any year, as soon as this year.
three or four years ago there were rumors that some of the Saudi fields were starting to run down. The fact that Russia has been outproducing SA for the past few years lends some credence to those stories.
stop listening these cons theorist.. its an order from freu obama..
markets will go up as always... never will happen a 1000 points plunge... its against the rules..safety net will save u.,)
Especially the way the markets are now. If they start dropping, all that needs to happen is Yellen saying a couple words like 'maybe' or 'patient' or 'it's sunny outside' to prop everything back up. This is what it has come down to, cattle waiting for a couple 5 gallon pails of chop. We are now the idiots to think that the stock market would be driven by company profits or assets or enginuity.
See if you think this is a coincidence.
A Saudi Prince was attacked in Paris and had $335,000 stolen along with "sensitive documents" in August. That Saudi Prince was reported in the Guardian as having the majority share of stock in Citigroup.
In August, the price of oil started to drop.
In September, Kerry went to visit King Abdullah.
In January, according to LeRouchpac.com and Sputnik.com, Citibank and J P Morgan Chase Banks penned Legislation called House Bill 37, that relieved the banks of $300 Trillion in derivative debt. It passed the House with Resolution 27.
It's just a coincidence theory, right?
Boy is Tyler in for a surprise when he (?) discovers SA is joining BRIIIIIIICS and will do nothing against China.
Will this be before or after they unpeg the riyal from the US Dollar?
Seems to me the Saudis are the really stupid ones in this deal.. They sell a REAL asset...Oil.....for worthless paper. Only a towel headed camel jockey could think that selling more of a finite asset...OIL.....for worthless paper is a good deal....
Look its a form of warfare. Saudis have nothing else to do with their money anyway. They have too much and might as well buy themselves a political victory.
"...and certainly not their investors who lately seem to get their investment advice from the no longer Nielsen-rated Financial Comedy Channel..."
Now that's funny....
Because it's so true.
China has a big facility in SA.
Another perspective here is that the US will eventually be buying oil from the Chinese, oil that resides in American soil.
Food for thought, as this wouldn't be the first commodity that China has begun to control on American soil, only to export a substantial portion back to the homeland.
The majority shareholder of Citigroup, who happens to be a Saudi Arabian prince, just got a bill through the House, passing off all the derivative debt of Citibank to US taxpayers.
See earlier post.
I once had an oil well that produced 500 barrels a day. That's barrels not oil.
I had a spinning wheel that spun gold into straw.
that's what the Comex does every day.
Nice Conan The Barbarian reference in the Article.
As I've stated before, KSA has the Gold, USD, USTs, Oil, and the Will to keep turing the Vice Grip until almost EVERY Petrol Producer outside of its close Circle of Vassals - w/the exception of RUS(since their Petrol Firms are state owned/vested, sealed with CHN/IND, have other assets, is working on diversification, and are at this point, self sufficient) - are brought down to their Knees; and filing for Bankruptcy.
They can then buy all those assets out for themselves.
Will they do it? I don't know; but they CAN. Even more, they can do it WITHOUT relying on the USD.
They can buy all oil assets but the USN will deny the access when the war breaks out.
Nonsense. Chinese oil production is growing 100 kBD/yr. US production has grown 800 kBD/yr the last four years. There are only two objectives at the moment-1) reduce US production, and 2) impoverish Russia. China is not on the radar.
I prolly have this wrong.
and then
Six wells are producing 170,000 per day. Each well in Crockett County is producing around 28,300 bpd.
The shale wells in the Bakken produce, to be generous, 150 barrels per day. It takes well over 8000 wells to produce 1,000,000 bpd in the Bakken.
1,000,000 bpd out of the Texas wells would take only 30 or 40 moar wells in the part of the 2240 acres in Crockett county that hasn't been drilled.
What am I missing here?
I don't see that you are missing anything, IMO. Depending on the area in Texas, meaning East, West Or South. A typical good single well can flow from 400 to 1500 BBL's per day. Although a few have came in in the 2500 up to 6000 BBL's per day. A well called the Hog Shooter if I recall correctly, came in at 6450 per day a few years ago in North Central but that is not the norm in my experience for a typical horizontal. I've never brought one in that was over 2870 BBL's per day personally. That's my experience anyway, I'm sure others can share data to offset the numbers if available.
Crockett County is also a field of heavy dry gas, so the condensate per day will probably be in the 200-1000 BBL's per day max. There might be some wells who have beat those daily oil output numbers but I would say thats unusual not the average output for that area imho.
It sounds like the Chinese aren't buying every well with the word 'shale' in it.
They're concentrating on the Royal Dutch tulip bulbs.
Website of all Brian Williams' lies developing......did you know he once saved a puppy as a fireman? Wait, no , it was two pupplies....Great fun. Can't believe ZH is ignoring this story.
https://grabien.com/feature.php?id=17&from=allfeatures
Yellen for President - of Ghana
Really like the voice in the article. The Chinese are great. It was so funny to see them land a rover on the moon 50 years after the US. They read things backwords too. Had a gang of little ones all dressed in green like a communist hord of green shoots at campus this week. Must have been 150 of them. They looked like locust at a distance. Best students at the university, the older ones that is. Anyhow too much money in the wrong hands brings change because there is always someone out there to take advantage when anyone gets relaxed or feels they have the ability to do some willful central planning. Change bitchez. Its on its way. Big time.
Its all about crushing Russia?
Fucks up Venezuela as well. Lets all bomb, punish and beggar our neighbors.
Only fucks the government. The population cannot be fucked any harder than it is.
I don't believe any of this "conspiracy" bullshit.Oil got crushed when QE4 ended,just like gold got crushed when QE3 ended..The reason has nothing to do with Russia,Saudi Arabia,or fracking.The reason is that in order for the Central Bankers to keep pimping stocks and bonds at all time highs,and maintain their stranglehold on failed Governments,they need to destroy any alternative investments in physical assets.They would rather see a dog turd trade at more than it's weight in gold,than admit that QE has been a failure.Because once they admit that QE has failed,this whole mountain of Fed paper assets,won't be worth a pile of shit..
Typical Ponzi Scheme........CBs bail out banks that have been LBOed and LBO nation states
The "conspiracy" explains why Saudi Arabia has refused to cut production when oil prices dropped more than 50% in a few months.
It always concerns me when I see ZH headlines matching MSM headlines. Is the popular media angle - to call a Saudi Arabian conspiracy against US shale - based in fact? Or is it, in fact, some form of propaganda? Here are some charts, make of them what you will.
--------
#1: Global supply has been exceeding demand for over a year now:
http://oi59.tinypic.com/2zo9kr8.jpg
Why haven't prices reflected this (until recently)? Because ZIRP has distorted everything. Prices do not reflect supply and demand for oil, instead they reflect supply and demand of credit to fuel Minsky-style ponzi speculation.
--------
#2: World production has been increasing rapidly:
http://www.euanmearns.com/wp-content/uploads/2015/02/world_dec14_2.png
Little mind has been given to (relatively) falling demand. Ponzi-investing aside, economic advisory groups remain dominated by supply-side economists who are still living in the 1980's and are disastrously out of touch with reality. (As if economists are ever in touch with the real world in the first place).
So where is the increase coming from? According to the headlines, it's Saudi Arabia to blame, so let's take a look.
--------
#3: Saudi production has been declining:
http://www.euanmearns.com/wp-content/uploads/2015/02/saudi_dec14.png
--------
#4: Asia is declining:
http://www.euanmearns.com/wp-content/uploads/2015/02/asia_dec14.png
--------
#5: Europe remains an insignificant dead duck:
http://www.euanmearns.com/wp-content/uploads/2015/02/europe_dec14.png
--------
#6: Total OPEC production has been flat or declining for most members:
http://www.euanmearns.com/wp-content/uploads/2015/02/opec_production_dec...
http://peakoilbarrel.com/opec-crude-oil-production-charts/
Only Iraq is significantly adding to supply as it slowly comes back online. Total production for OPEC remains well below 2008 levels.
--------
#7: Russia & FSU have been slowly and steadily increasing production:
http://www.euanmearns.com/wp-content/uploads/2015/02/russia_fsu_dec14.png
--------
#8: North American production accounts for almost all of the global increase:
http://www.euanmearns.com/wp-content/uploads/2015/02/N-america_dec14.png
--------
So who is killing the US shale industry? Answer: the US shale industry.
It's really that simple. Fellow TOD and TAE members have known for years that shale is a Ponzi, even before the industry was comprehensively exposed in 2011. [In case you missed it see: http://www.nytimes.com/interactive/us/natural-gas-drilling-down-document... ]. This industrial Ponzi only became possible because of ZIRP.
Ramping production into weakening supply is unwise at the best of times. Doing this on credit is just plain stupid. Then when market forces finally deliver a body-check, throwing a tantrum, complaining about prices, and demanding OTHER suppliers cut back (even though they didn't ramp), is just childish.
Take the OPEC or Russian/FSU point of view for a moment: why doesn't North America cut back? That is, afterall, the source of the oversupply...
So putting on the tin-foil hat and blaming the Saudis is certainly fun and it may even be, to a certain extent, true. However, according to Occam's Razor, it is not the most sensible answer. If there's a major conspiracy, it's in the alignment of all media sources to blame other oil producers for their own stupid losses in the domestic shale patch. The most logical explanation is the simplest one:
Ponzi Scheme + Fed's ZIRP + Tragedy of the Commons = Face meet Palm.
Nobody wants to cut supply. The "commons" is global demand for oil [http://en.wikipedia.org/wiki/Tragedy_of_the_commons ]. No conspiracy necessary, and if you really must find something to blame, then blame that serial bubble blower: the FOMC.
#8: North American production accounts for almost all of the global increase:
Ta daaahhh, we have a winner!
And note, he said North American, to include Canada eh ;-)
A Ponzi produces nothing and calling the shale oil industry a Ponzi just demonstrates ignorance on your part and all the idiots that keep repeating it. The massive output of US shale oil wells is an embarassment to the people who predicted oil producition would be in terminal decline years ago and have now been proven wrong. People who can't admit they are wrong just make more and bigger mistakes, the mocking of shale being one of them. Calling shale a Ponzi is gross ignorance or blatant lying. As to relating shale oil production to the tragedy of the commons, stick that where the sun doesn't shine. Shale wells drain a very small area even though the dishonest claims made on unit sizes are supported here in Texas by the RRC. In fact, a good shale well with a 4000 ft lateral likely only produces from 30-40 acres. Out in West Texas where my wells are, the water isn't fit to drink, it is however fit for slick fracs. You really should study what it is you are talking about, shale isn't the same everywhere, it's different depending upon the geography and will have different societal and environmental impacts so painting with a broad brush is just more ignorance or lying.
Actually, Ponzis (or "bubbles" if you'd prefer) are characterized by a glut of production, whether it be houses, tech startups, hydrocarbons or tulips. The particular production theme of a Ponzi isn't particularly relevant, ranging from useful (hydrocarbons) to useless (tulips).
What marks a Ponzi is the nature of investment participation and it dies when rampant oversupply can no longer be supported by demand. Shale is fine, Ponzi shale is not.
http://en.wikipedia.org/wiki/Hyman_Minsky#Minsky.27s_financial_instabili...
This is the obvious pattern repeating in the shale industry and your denialism and defensiveness is typical for a producer embedded in the middle of it. Just like analysts pronouncing new measures of value in the "knowledge economy" at NASDAQ 5000, or homebuilders denying the reality of a Ponzi-financed sub-prime specufest in 2006. The industry is in a bubble and I hope you're not leveraged into it.
I don't have to "study" what I didn't even talk about. Nowhere did I say non-traditional production was a bad thing, nowhere did I even mention the environmental impact of fracking, nowhere did I talk about the well-known hypervariability of shale plays, nowhere did I mention peak oil. You just invented all of that to give yourself something to talk about:
http://en.wikipedia.org/wiki/Straw_man
As for the tragedy of the commons, I specifically defined what the "commons" was in this case and you ignored it, again launching off on a Straw Man tangent complete with ad hominem. In the Tragedy, competing producers engage in a "race to the bottom", destroying themselves and each other over the long term in pursuit of their immediate self interest. I wasn't talking about shale producers, I was talking about EVERY global producer.
The same thing is happening now in other commodity markets, for example the ramping of iron ore supply by BHP and Rio Tinto (amongst others) into a softening market. It's a standard pattern in nature: cannibalization and consolidation on the downside where survival of the fittest selects strongly against those heavily in debt.
SO Texas becomes a Chinese colony !
Whod've thought that possible.
The Alamo now flies the red star of Mao.
Ciao Davyyyyy... Davy Crockett! King of the wild frontier!
San Antonio will start selling spicy Setchuan cooking! Mama mia!
So China converts some of its long term worthless USD into cheap oil? Seems reasonable to me. Russia and China see the writing on the wall for the USD. Russia converts its USD to gold and China to oil. The USD becomes someone elses problem.
Finally in this thread someone makes the really valid point, is this what China is doing with all those potentially worthless dollars?
The obvious is to convert them into something tangiable, like gold, buildings in New York or London, or now oil producing property.
In a sense it doesn't matter to them what they pay, what will the dollars be worth in 5 or 10 years time?
Expect the Chinese to do a lot more of this and not just in the US.
'Our Shiity Situation' http://vimeo.com/118945174
I decided on the fly to write this post as a sort of experiment to see what reactions i get, since we are talking about energy and what not.
Did you people know its possible to extract mechanical power out of the heat in hot water (not steam) with a 10-15% efficiency? Compare with 20% efficiency of a gasoline motor.
Did you know it is possible to produce said hot water with a simple solar water heater and store the energy as bulk heat in an insulated water tank rather than deal with batteries or complex electronics?
http://images.nationalgeographic.com/wpf/media-live/photos/000/175/cache...
When i started to research into the field of thermal solar power i believed it all depended on concentrating sunlight to generate steam. But alas, all we need is a glazed black plate.
http://www.eia.gov/todayinenergy/images/2011.03.16/concentrating_solar.png
All im saying is that there is a gigantic amount of energy in hot water. That it is very easy to turn into mechanical power at 10-15% efficiencies, and that it is very easy to produce said water, without curved mirror arrays, batteries nor nuclear reactors.
I have more to say, pictures to show and experiments to share with anyone mildly interested.
Edit: I realize it may be difficult to contact anyone here via private messages (is there such a featire on Zerohedge?), so if interested, contact me at eduardodelquince@gmail.com I seem to have "solved" many technical problems related to the construction of reliable and efficient Stirling engines capable of working with low temperature deltas. Now lots of people with whom i deal daily give me useless advice about getting patents and "being careful" (codeword for doing nothing) with people stealing ideas... But i would rather do this open source. Patents are expensive and do not offer any protection. Anyway, it does not hurt to exchange ideas.
As I have said before, I do not care what the reason is that I am now paying a reasonable $2.00 or less a gallon for gas. Whoever is being screwed over I hope it continues. No one cared about me when I was being ripped off for $4.00 a gallon.
"restart the deserted US shale rigs." ?
Augh.
Desperate to keep the hate for shale going even as oil is back above $50/bbl. Silly in fact, the oil wells are still pumping and more are being drilled as the writer types his aimless thoughts. There is a lot of oil in the Permian and if the writer knew where Crockett was, he would understand he isn't talking about the real source of oil in Texas. Furthermore, those people that own the shale wells that are leveraged may not have to give them up, they likely sold a lot of oil at higher prices and paid off loans or put away cash. Oil is about average prices and right now, SA is proving they couldn't afford to continue marking oil down. They may be letting up because the rig count is falling but as soon as the oil price gets back up to a decent level, it will start rising and the places it will rise first is where production is known to be the best.
Face it, shale is a good source of oil, irrespective of the bias against it that seems so prevalanet here.
Hooray wrs1! If a 5x leveraged shall driller goes bust, what happens? Their leases and equipment gets taken by a bank - then SOLD to -- another driller at a big discount. The oil stays in the ground and does not go away - it waits for the price to rise again -- and the liquidation of a few drillers actually means that US shale production becomes more competitive and less expensive!
Also, in a world of NIRP and ZIRP, money will flow to oil drillers because the Fed is forcing a search for returns. And raising rates by .25% is not going to draw in savers - in fact, a rise in rates will likely drive people OUT of bonds and into - Oil!
I simply do not see how they keep oil under $65 come summer. When oil hits that price the shale drillers start hiring and drilling again - in force!
So zh has gone from the 'peak oil' nonsense where we're running out of oil any day now, to 'there's so much oil it'll never be a good investment, ever again'.
Just toooooo funny.
Peak oil is not about running out of oil, its about declining production. We have been experiencing declining production in conventional oil for 9 years now despite record prices.
Funny but I thought production was supposed to have peaked never to rise again back in 1970 for CONUS. Hmmm, seems like shale called bullshit on that didn't it? Peak oil was wrong, it seemed right but it was wrong. Shale oil is better than "conventional oil" which is just another way of pretending peak oil was right when it was actually wrong.
So big fucking deal.
Was there a point to all the hystrionics about 'peak oil' then if it wasn't going to ever lead to shortages or higher prices?
I see a lot of backpedalling going on now, lol.
DECLINE OF THE U.S. EMPIRE: Due To The Worst Oil Productivity In The World
http://srsroccoreport.com/decline-of-the-u-s-empire-due-to-the-worst-oil-productivity-in-the-world/decline-of-the-u-s-empire-due-to-the-worst-oil-productivity-in-the-world/
Hey, Abdul... Pssssssst!!! (Don't fuck with China... your pipelines might start to have "accidents")
I wonder if it is the Saudis (at the assumed behest of the USA) flooding the market. Perhaps Russia and Iran are. Qui bono?
But I thought Saudi was our very best buddy, aside from doing 911, daily beheadings, funding Isis and other minor irritations.
China will cash $1.3T the US owes
The supply glut of oil and the drop in price is only an indicator of what's going on behind the scenes just like negative real interest rates in Europe.Remember the big derivatives positions by central banks and their puppets.Jim Willie explains and it'll open your eyes to global problems behind it all...
http://www.silverdoctors.com/jim-willie-swiss-dump-the-euro-go-long-gold...