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Did COMEX Counterparty Risk Just Reach A Record High?
The last few months have seen a steady drip-drip-drip increase in US, European, and Chinese bank credit risks, even as stock prices rose (aside from the latter). The turning point appears to have been the downturn in oil prices as traders began to hedge their counterparty risk in massive levered derivative positions tied to commodities. But it is not just banks... COMEX counterparty risk mut sbe on the rise, as Jesse's Cafe Americain notes, the 'claims per ounce of gold' deliverable at current prices has spiked higher once again, to a record 126:1.
Bank credit risk is rising...
And, as Jesse's Cafe Americain details, we suspect so is COMEX's...The 'claims per ounce of gold' deliverable at current prices has spiked higher once again, to 126:1.
As soon as the 'active month' of August was over at The Bucket Shop, JPM took a chunk of gold back off the registered for delivery roster. In the silver market JPM is gaining the reputation for a large physical silver hoard, and the role of a 'fireman' to maintain the stability of leverage in supply and demand.
These spikes higher in the ratio of open interest to deliverable bullion at current prices is not something that has happened in the past fifteen years at least. And neither has the steady increase in the ratio which we have been seeing in the past couple of years.
The Financial Times has finally noticed that the price for 'borrowed' gold bullion that is taken to Switzerland for re-refining and then final shipment to Asia for purchase and withdrawal is rising.
These are signs that one might expect to see in a late stage gold pool in which the manipulation of a market has gone too far for too long. One thing you can say about the financial speculators is that they never know when to quit. Remember the London Whale? He never stopped until the rest of the professional participants raised a fuss that he was disrupting the entire market!
The clever quislings for the bullion banks will note that an actual default on the Comex is unlikely, and they are right. It is not really a 'physical delivery' exchange, but is now primarily a betting shop. There is plenty of gold in the warehouses, if you do not concern yourself with the niceties of property rights. And claims can be force settled in cash on a declaration of force majeure.
Heck, as we saw in the case of MFGlobal, when JPM shoved to the front of the assets allocation line, even receipts for actual physical gold owned outright can be forced settled in cash. If you hold gold in a registered warehouse or an unallocated account, then your ownership is philosophically 'conceptual.'
The physical delivery exchanges are in other places, like the LBMA in London and especially the markets of Asia such as the Shanghai Gold Exchange.
And this is where we will see the first signs of a breakdown in the gold price manipulation pool of the bullion banks, first as signs of 'tightness' in the delivery of metals, and then in the initial 'fails to deliver.'
Rising prices will provide relief. But the pool operators are not shy about pressing and doubling down, in a familiar pattern of overreach. Remember the eventual demise of 'the London Whale?'
And although it is hard to believe, perhaps rising prices may not be so easily allowed.
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.
Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
Sir Eddie George, Bank of England, September 1999
And it might not surprise anyone if it turns out that the wiseguy bullion banks are operating under the 'cover' of some bureaucratic boobs and a policy exercise gone horribly wrong. It would be like giving a platinum credit card to a gambling addict. Except you do not think that you ever have to pay the bills when they come due, since you are playing with other people's money.
"I have one other issue I'd like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here. If we are dealing with psychology, then the thermometers one uses to measure it have an effect. I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market. (just a little)
There's an interesting question here because if the gold price broke [lower] in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
Now, we don't have the 'legal' right to sell gold but I'm just frankly curious about what people's views are on situations of this nature because something unusual is involved in policy here. We're not just going through the standard policy where the money supply is expanding, the economy is expanding, and the Fed tightens. This is a wholly different thing."
Alan Greenspan, Federal Reserve Minutes from May 18, 1993
Just a little 'perception management' gone horribly wrong, right? And no one could have seen it coming.
* * *
Or put graphically...
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Paper Gold is Fools Gold.
If you can't touch it and stash it along with your ammo, weapons, Whiskey, and Food then you are not properly "hedged" for what the financial markets are going to deliver.
Consider yourself warned .... But if your are reading ZH you likely have a heads up on 99% of the population anyways.
Whiskey is not a good investment strategy for me, otherwise Yo' mama raized a smart kid.
How does this 126:1 matter if only 2% typically stand for delivery?
It certainly shows the absurdity that is called price discovery.
Here Is Some Fast MATH... Bitchezzz
1 Ozs AU = 126 Co-Ex Paper Fantasy Ozs...
So (1 OZS) $1130 Usd Fiats Of Paper GOLD MAY Equal $142,380 For 1 OZS Phys GOLDie...
Lets Be Generous And Give "THEM" An Error Factor of 50% And We Get About $71K..... Sounds About Right...
Speaking of physical demand for silver here is Ted Power of the Sunshine Mint. This interview will blow your mind. I asked Tyler to do a post on it. It is amazing to say the least.
http://www.silverdoctors.com/silver-shortage-us-mint-silver-eagle-sunshi...
Thanks BOP,
You're more like a bull with horns, than a Bay of pigs.
Nice info.
Thanks bro.
I wonder if people realize how much 75 to 80 million ounces really is? The fact the Sunshine Mint is producing that much silver this year alone should raise some eyebrows. They have tripled capacity and are running 24/7 and have been since 2009. That kind of demand is mindboggling considering the low prices since 2011.
They better hope the mines don't dry up.
"As soon as the 'active month' of August was over at The Bucket Shop, JPM took a chunk of gold back off the registered for delivery roster"
It's actually far, far more important than that alone. In a recent thoughtful and groundbreaking post by Craig Hemke at TFMR, here is direct evidence for the first time that COMEX physical delivery is a sham and a fraud. JPM supposedly delivered 2,750 contracts in AUgust yet, apart from the temporary re-allocations between Eligible and Deliverable (Done entirely for the purposes of obfuscation) there was NO change over the entire month in JPM warehouse stocks (ELigible plus Deliverable). So, in other words, no Gold was actually delivered within the COMEX system and the whole thing is just a paper shuffling fraud which does not in any way represent the legitimate hedging needs of either producers OR end-consumers of Gold and so does not represent a fair price discovery conduit. But don't hold your breath for for either COMEX OR CFTC to recognise this and do something about it.:
http://www.tfmetalsreport.com/blog/7115/comex-delivery-charade
Speaking Of SILVER... The Mafiosai Just Took Down 16 TONNES...
Silver heist mystery continues after empty shipping container found
16 tonnes of silver still missing after Wednesday's brazen theft from Port of Montreal
http://www.cbc.ca/news/canada/montreal/silver-heist-montreal-shipping-co...
What's a mutha to do?
"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.
Therefore at any price, at any cost, the central banks had to quell the gold price, manage it."
-Sir Eddie George, Bank of England, September 1999
I attended a meeting in NY last night at which Paul Volcker spoke. The fervor with which Volcker repeatedly asserted that gold was ‘the enemy’ during his term as Federal Reserve Chairman was striking. – John Brimelow, “JB’s Gold Jottings”
That meeting referenced was March 25, 2015. Over the years Paul Volker has made it no secret that the Federal Reserve has assumed a policy in which it seeks to control the price of gold. From his memoirs, in reference to the dollar revaluation of the dollar by the U.S. Treasury on February 12, 1973 (Volker was the Treasury’s undersecretary for international monetary affairs at the time) November 2004:
"That day the United States announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake"
Gold is the mortal enemy of fiat currency and therefore is the mortal enemy of modern Central Bankers. It is the little boy pointing out the king's nudity in "The Emporer's new Clothes"..... as fiat currency is the mechanism by which those who are in control of the system suck wealth away from everyone else.
U can go on about the math like those with their models - U will never C that...
You are right.
It will be MUCH MUCH HIGHER of a Price.
BaBaBouy
There are at least three different ways to do the arithmetic that would lead to MUCH higher gold prices when the moment comes. When I ran those numbers, months ago, I got three figures from $40,000 - $120,000 per toz.
But, we really do not know which numbers are the "right" ones and how it would all work out.
About the only thing I can write with confidence is that physical gold prices will be MUCH HIGHER, fishez!
Overpopulation and global instability make it all irrelevant, when the dollar breaks it's WW3. EU would probably start ethnic cleansing. Depending on how well Israel manages it either the entire Middle East fighting itself or if they turn on in Israel, Israel throwing nukes. Pakistan and India exchanging nukes as well. The US could be mostly isolated from this in theory, but given who runs the country not in practice. With the US going to war your gold wouldn't buy as much as you think, on top of everything getting ludicrously expensive as oil runs out you'd also have to trade it on the black market due to the war economy.
We certainly live in interesting times, nothing but abysses on the horizon (from nation's point of view, individuals can plan to avoid most of it).
And to think that China and or Russia could Destroy America by repricing Gold or even going on a Gold Standard.
Then after one year they could just walk in and take control for America would kill each other off just trying to survive the financial collapse.
Russia and China could make up any losses in the so called loss of the paper assets due to the price rise in PHYSICAL.
All done without ever firing one shot.
What are they waiting far? It is a no Brainer.
I'm glad I'm not the only one coming up with numbers like US$140K/ozT for gold. Seriously tho...would you trade gold for cash if cash was THAT worthless?
Funny how the overlords call it a "barbarous relic" when you own it. But it is a significant asset and highly sought-after when the squid owns, or wants it.
Funny peculiar... Prepare accordingly.
Question is; what's the London Whale opportunity in this? 130:1? 131:1?
Math..2% of 126 > 1
Yeah. It is 2.52. That means that for every 252 Ounces demanded for delivery...only 100 ounces is delivered. Nahhhh..There is NO PHYSICAL SHORTAGE...gag...ack...gargle...puke.
They are already defaulting on delivery if this is a fact.
Don't confuse the troll with the facts.
They are banking that, on a Financial Website, that people...do not understand Math.
It is absolutely laughable.
The best that you can hope for is to let them continue to underestimate your abilities. (I probably wrote too much as it is...do not feed the trolls.)
Goodbye Jeffery Christian. Goodbye you fraudulently, corrupt asshole.
Keep sending that Physical Gold to China and let it disappear in their vaults...off of the market.
All it takes is some rich dude ask for delivery, they say settle in fiat, he takes Them to court cause he wants the real thing that he paid for.
They go bankrupt due To not being able to deliver.
Then Every Fake Gold bullion bank will go bust .
Then we see price going for 50 K $ per ounce.
Then we live happily ever after.
I hope I am not pipe dreaming.
Germany.
You are dreaming.
The contract that you bought, if you were stupid enough to buy their paper, specifically states that they can Cash Settle. You have NO STANDING TO SUE. In fact why would you sue an INSOLVENT INSTITUTION??? That is a waste of resources.
This option to Cash Settle gives them the incentive to make the price of their contracts decline as the Cash Settlement Price declines.
Well how easy is that to do? Just create a massive supply of contracts and if the demand stays constant then the price will decline as a result due to excess supply. THERE IS NO PENALTY FOR WRITING NAKED CONTRACTS. Comex has been declared as too big to fail by that BUTTFUCKER in the White House back in 2012.
The price for a Comex Gold Futures Contract will become ZERO.
This happenstance is just the very beginnings of the inflation of Comex Gold Futures Contracts.
The supply for the US Government Paper Contract for Gold, THE US DOLLAR, was inflated in the 1960s before the inevitable deault on August 15, 1971. It too was a PROMISE TO DELIVER one ounce of Gold for every $35 US Fiatskis.
So now the Gold Game has been PRIVATIZED to the Comex and the Bullion Banks.
Yes. Privitization works out really well, doesn't it?
THERE ARE NO SOLUTIONS. Man, by nature, is one greedy and corrupted creature.
Corruption is pandemic as it is GLOBAL.
You can continue to dream. But I would rather face reality, no matter how dismal that reality turns out to be.
I'm just an interested layman and not pretending to have any expertise but surely as 2% of 126 is 2.52, i.e. more than 1, it matters? Very new to all the workings of finance/markets at any level much deeper than 'Use ATM' so please don't bite my head off (stumbled onto this site via a friend of a friend and talk about falling down the rabbithole...)
Edit: didn't read the whole thread, I see this has already been done to death, shutting up now.
~" If you hold gold in a registered warehouse or an unallocated account, then your ownership is philosophically 'conceptual.'"~
If I have a problem with that, (oh, and I do, I really do), and I personally own a trifling of the amounts they are talking about, how could someone in the deep end of the pool ever feel safe enough to keep their phyz there? I just don't get it. Seriously, you'd have to be nuts.
Whiskey is an indispensable 'tool' when called upon in need, and quite versatile at that.
Agreed.
Isnt this really a cartoon, (to the correct scale), of how intelligence ratios exist in society?
for everyone one guy with the brains, theres a hundred without.
is it really possible to feel natural empathy for the idiots on the plank?
No, that mob has time to react and Our Uncle, who, for the most part, is just a tool.
https://en.wikipedia.org/wiki/Russian_Airborne_Troops
This article does not indicate that most jumped without 'chutes, into heavy snow and Fir forest.
The survival rate was low, but they were tough mutherfuckers.
126 owners per ounce = one real owner and 125 empty hands.
125 non-owners X $1,128 spot price = $140,250/ounce, sweet!
IT WILL NEVER HAPPEN.
( COUNTERFEIT ) PAPER COVERS ROCK = ROCK LOOSES.
...& I would LOVE TO BE WRONG.
I'm holding physical -just 'because'...
Scizzors happen.
'Scizzors' is another round of the game, and your assertion is thus not germaine to the conversation.
Let's keep our metaphors within the scope of reality, shall we? LOL.
Again: I WOULD LOVE TO BE WRONG.
@ $140K an ounce I'd be able to buy every single home I can see from my front porch outright -even after a 50% forced tithe to Uncle Shakedown.
As long as Gold contracts can be settled in CB printable fiat The Comex cannot be 'broken'.
Instead of downvoting because my words bruise your precious ideology -WHY don't you tell me HOW the Comex Short can be broken if JPM can borrow INFINITE amounts of fiat from The FED to settle the contracts it is purportedly short?
Go right ahead and spell it out for me.
I'm listening...
Here's how market manipulation works: 1) Drive the price down, 2) Corner the market, 3) Drive the price up.
So the answer to your question is, when it's in JPM's interest to quit shorting and go long -- about the time they figure they've come as close as possible to accomplishing number two -- that's when they will break the shorts.
The problem is that if CME Group does not have the fiatskis to cover their contracts then, with a RISING PRICE, JPM causes a real DEFAULT of CME Group as they cannot settle in Metal...OR CASH.
Did you contemplate that little scenario?
That is how it all falls apart.
Exactly how you collapse the associated derivatives stack and get JPM paid for a short it cannot or doesn't want to cover one way or another.
IF the Comex fails to deliver it is Comex' IMMEDIATE problem.
Whether or not JPM is short or long is immaterial AT THAT MOMENT.
JPM is TBTF. Comex? I think NOT.
IF JPM has derivatives protection against failure then JPM GETS PAID or the Counterparty goes bust ala AIG FP. It DOES NOT matter that JPM's theoretical uncovered short position drove the Comex to default..
...& guess who wakes up broke and hung over on Maiden Lane again?
Hint: it isn't billionaire Jamie Dimon of the Presidential Cufflinks.
I don't even know if whether or not rising or falling prices matter.
Honestly: I would guess not.
IF the Comex doesn't have the bricks or the bucks it doesn't matter what the settlement price is or whether it is higher or lower than last expiry or whatever..
it only takes one oligarch family to say "we're blowing the comex cover' and take a billion in delivery, and then whddya think the other oligarch families will do? Sit by and take the comex to 200 to 1 ?
Yea right. They's gonna take delivery quick smart, too
The contracts specifically state that they can be Cash Settled.
No oligarch is better than another. They cannot take delivery of what does not physically exist.
Nah - just 125 "owners" with a paper cash settlement. The game continues until people stop buying electronic claims thinking that electronic claims are good as gold. Electronic bits are limitless.
force majeure Horse manure if you ain't got physical in your possession you have fiat and a bankers promise.
"Even as we saw in the case of MF Global, when JPM shoved to the front of the assets allocation line, even receipts for actual physical gold owned outright can be forced settled in cash. If you hold gold in a registered warehouse or an unallocated account, then your ownership is philisophically 'conceptual. "
IMHO, as long a JPM has access to The FED Discount Window, or the Discount Window of ANY Central Bank: the Comex cannot be 'broken'.
...& THAT IS WHY, as long as The FED cartel is intact, Gold simply cannot be 're-monetized' at any price in any true sense of the concept.
CME Group can be broken if they are stupid enough to allow the price for a contract to rise. Then they will not be able to deliver metal OR cash.
So they must continue to create naked contracts in order to keep the price surpressed thus in order to survive.
1. Are you suggesting that Comex is recycling it's income to purchase short contracts or derivatives itself to drive the underlying trade it manages down?
Why would that make sense?
They aren't being paid to manage price. They are being paid to manage flow.
I don't understand how the price of the contract matters as long as it isn't defaulted upon.
2. There is no reason to let the contracts rise without an insurance guarantee.
I think we can agree that futures and options are not guarantees or there would not be a cash settlement clause in the contracts.
The Derivatives are the insurance/guarantee.
Even IF the Derivatives cannot be paid and force a Counterparty Bank into insolvency the Derivatives now have legal priority over Deposits via the FDIC.
I believe that JPM can basically short Gold indefinitely.
I believe that JPM can also take delivery one expity, and refuse the next: precipitating an advantageous default due to the fact that it is the Comex that will be busted and not JPM.
Some small wildly over-leveraged subsidiary such as AIG FP or Hedgie/feeder fund such as MF Global will be the 'culprit' when the Derivatives are called -and as has been the case before, cannot be paid.
The day the Comex 'breaks' the FDIC -US Treasury Sect. Jack Lew- will be the first to know of it.
Sure, Comex will be busted. So will the 'blind sided' writer of the Derivatives protection on Comex delivery/settlement, etc..
...& So will the FDIC.
The only reason that the Fed would close the window is so that no one can see that the Treasury is being sacked...
At that moment Dollars will be what everyone wants. Cash WILL be King.
Actually: Gold will probably collapse in US Dollar terms at the very moment that the Comex fails due to the implicit Dollar short within the derivatives leveraging I assume has been built to insure against settlement failure...
Counterintuitive: Yes indeed.
I've tried to rationalize the likely chain of events.
I'm entirely open to hearing any cogent argument or alternate scenario that exposes the flaw in this logic.
There's a reason why miners are getting hammered, all the gold is being sold to Azia and the price stays so low even as 126 times more gold is sold than exists.
The powers that be will get a 50 dollar fine.
And the people will get robbed again.
If there's ever a question who the real terrorists are:
They are American, and they are "the government"
My model...
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Not all forms of them.
And if people would go to their local coin shop and order there instead of entrusting the ccriminal COMEX then we would really know how much bullion was available.
Some of us will keep doing just that, SG!
LCS with cash - none of that debit nonsense.
Feels good to trade paper for something of value!
As long as not more than 0.79% take delivery, everything is fine.
200 tonnes in the comex warehouse cash settled is nothing, China buys 200 tonnes in a month.
As long as JPM or whoever is short can go to The FED Window and borrow the cash to settle at a discount to the procurement of the physical, Gold CANNOT BE RE-MONETIZED OR VALUED PROPORTIONALLY ON THAT EXCHANGE..
The Counterfeiters have already cornered this market.
They will not be routed via a Comex Gold allocation/deliveray squeeze.
Sorry...
Maybe it's a defacto "corner" but, if so, what will it actually take to force the most epic short squeeze in the history of Capitalism?
"Maybe it's a defacto "corner" but, if so, what will it actually take to force the most epic short squeeze in the history of Capitalism? "
1. There is NO 'Capitalism'.
2. The only way the Comex Gold Short can possibly be busted is IF The Central Banks precipitate/force the unwind.
This would entail an emergency of a higher order than 2008-09.
Interbank Repo would have to have already collapsed entirely and the Central Banks unwiliing to act as lender of last resort.
Suicide of the Global Fiat Interbank Regime and ALL Clearance Mechanisms.
The BIS itself would probably have to be impotent or inoperative.
It would probably mean that NO One would get paid by Comex at all because it would be fucking irrelevalnt as there would either be a NWO and/or TEOTWAWKI.
I have thought long and hard about this.
IMHO, AS LONG AS JPM OR WHOEVER DESIRES/NEEDS THE COMEX SHORT & CAN GO TO THE FED WINDOW THE SHORT WILL REMAIN.
Lender of Last Resort means just that.
Until the Last Resort is shuttered and/or unable to lend the Comex Short can be pyramided infinitely via repo and/or derivatives.
...Basically PURE UNSTERILIZED MONETIZATION could be employed to prop the short.
ACTUAL HELICOPTER MONEY DROPS: CHECKS IN THE MAILBOXES.
PLEASE READ CAREFULLY:
http://www.federalreserve.gov/monetarypolicy/files/FOMC20030625meeting.pdf
I sometimes wonder if we all think in terms of our own minds and thoughts of life, and not terms of the evil (but very powerful) minds of the zion money changers. It seems to me "they" can do anything they want. NDAA, banker bailout, bombing other countries, chemtrails, forced sodium flouride in the water system, forced vaccinations, the list is endless. They have already started a war between people and police, and other u.s. government agencies. hillary emails will be dragged out for at least another year etc. I guess my point is, nothing really matters anymore. They could outlaw gold, they could create a false flag ten times the size of 911 and maybe already have it planned. Just look at what they are doing in Yemen, and realize they dont care about the U.S. anymore than they care about Yemen. We are all just rats to them. Seems to me, the only thing to do is get out of cities best ya can, store food, get a water source, ammo, standard barter items, etc. I dont know about all the hype, but its interesting, supreme redefines marriage, end of shemitah sept 13, pope announcing the NWO on the 23rd, blood moon, etc. The next 4-6 weeks is going to be very interesting.
Edit it up a bit and it is a pretty good post.
In My Opinion.
thanks arnold, I have alot on my mind these days and not the writer I once was. I have to get back to work, and this is not focused at you, just on a roll right now...I just sit back and watch the idiots everywhere. I watch the atheists and the so called christians. Both so lame. The so called christians have been major lied to, and the atheists wont even take time to see if there might be a creator, when its obvious its a 50/50 chance. Nobody knows. I see both christians and atheists make up the most ridiculous theories for their belief system. I watch them fight amongst each other and its honestly disgusting. Dont people know we have ALL been lied to all our lives? This is why I feel there is no hope for our society. People have simply been too dumbed down. Support trump, support obama, whatever, everyone looking for a savior. I find that people who have stocked up on gold, will fight others who question it, even if good questions...People who stocked up with other prepper items want the world to end, and pray for it etc. People will protect what their thought process is, and they dont even know if its true because we have been so dumbed down. I believe just trying to find truth, and sharing our ideas, without thinking we are the ones that are right, is the only way to go these days. I just share thoughts, I dont know anything.
Here in the Northeast, it is weather wise,still August.
People are mentally depressed in August and to use a wrong word. mental.
Your argument between God/ god / lack of god is age old and really a good debate but an unresolvable argument.
There is always going to be conflict, Personally I am glad that most people do not think like me.
If they did there would be no need for adjustment of my views yet the core remains intact.
Gosh if I knew it all I would explain it to you all , much as they tried in the Moses tablets , or the Parchment of Hammurabi, or the Libellus Isandorum.
People are going to argue, intelligently or not, and it is your battle to show them differently.
THIS IS THE INTERNET
YOUR COMMENT HAS BEEN REJECTED FOR AGREEING WITH ANYTHING JOHN HAGEE SAYS
DAMN THAT GUY IS AN ASSHOLE
EVEN I CAN FIGURE THAT OUT AND I AM JUST A COMPUTING SYSTEM
PLEASE HANG UP AND CALL AGAIN LATER IF YOU MUST
I think john hagee is one of the most evil people on this planet...just so you know...I wish he would die and live in hell forever. And the sheeple that pay atention to him will soon find their own hell, the dipshits. There is a song by Bret Dennen called "she's mine" and part of his lyrics are "the pupils gather in the yard
around the pulpit made of cards
and waited for their leader's words
but his words didn't make much sense
his mouth spat out a fist of daggers
and his tongue swirled in a southern swagger
and i looked at all the people gathered
but they were all in a trance"
Wow, a bard probably would not live long enough to collect that sing to the warrior crowd.
Mostly because it has no 3/4 beat and you can't dance to it.
thanks for the chat arnold...hope to see you around.
Hit me any time.
And I am often wrong, well worth a prolonged, if not quickly settled, argument.
Spot on. I think the US Government has been doing what ever the hell they want for last 100 years or so. People complainthat the US acts as though they are the police for the world. More like mob boss of the world.
My favorite Doug Casey quote - Your government sees you as a milk cow. If things get tough for them, they will treat you like a beef cow.
It's downright hilarious that people think the US are "policing" the world-that would imply they are doing things that are just and morale, when in fact they're doing the exact opposite. I consider the US GOV probably worse than any mob boss in history
Today has been a good day, so far.
Got out for a bike ride, did some work on one of my bows, started a new bunch of arrows.
Have some decent beer in the fridge, a fine pasta for dinner and a gin and tonic within arms reach.
Tomorrow?? Who knows?
I am better prepared for the future than most, I'm pretty sure, but who knows if I'll ever see it.
Enjoy today.
Fly under the radar and ignore the fucks who think they run the place.
you are logical man... :-) and thx to all that chatted, hope to see you around for sure...much love.
Nice.
Let me riff of you a bit.
Took the wife to Home Depot to pick out the kind of fixtures she would like
Had a good chat wth the contractor she called a Liar at our last meeting.
Fed the birds.
Fed the humming birds.
Missed the bank with two checks.
Drank beer rescued from oblivion on my motorcycle.
"gee we have fixtures in storage that we took down that we can use there"
son of a bitch, beer makes things go well sometimes.
Here cuz hold my beer........................
126:1 claims per ounce of gold
Then there's the banks. I'm guessing the ratio of bank deposits to available bank cash is way higher than 126:1
NOBODY PANIC !!!!!!!
How many zeros can you add with a single mouse click???
Most 'money' is on hard drives.
I use paper most of the time - well, plastic these days in Canada, just to be difficult!
Last night i dreamt about Jim Cramer saying the BoJ is monetizing paper gold. It was a Keynesian wet dream. And it ended.
Perhaps you mistook Japs for chinks..........................
Nope. Not yet.
guess the PJs are in the laundry basket!
5 Megaton Asteroid to take our minds off the missing gold in...........3....2...1
9.23
Alien Invasion to take our minds off the missing gold in...........3....2...1
9.23
I just hope that most of you idiots dont overreact when the time is right.
isnt that what all this "blabbering is about?"- getting people to overreact?
Ebola Asian Flu... to take our minds off the missing gold in...........3....2...1
One of these days I'm thinking the CEO's from 1 or 2 Gold mining companies are going to sue the pants off the CFTC & COMEX for breaching commodities law... thats about when we'll start seeing the great unwind of the 100-to1 Paper Gold game, IMO.
I think the gold miner CEO's know better than to complain, let alone sue. If they rock the boat too much, they realize they likely get nail gunned and dropped off a roof top. Better to just kick back, collect their ridiculous salaries and bonuses and do what their puppet masters say.
If the criminal activity is so blantetly obvious as the experts say .... I don't think it'll be long before some lawyers start sniffing out an easy payday doing a class action.
https://www.youtube.com/watch?v=sVhLe8sqGj0&list=PLP4CGQEPAJPIFps_7ZR5VA...
man used to makemoonshine a hundred years ago.. made cashmoney off that shine to pay a guy to farm while he went fishing hunting and visiting the ladies, yes whiskey is a good investment
neva did time didja son?
--Junior
This read begs the question...
We've been abused by these cocksuckers for so long we simply drop our drawers and give an automatic "reach around" with a smile on our faces after 7 years of abuse!...
So where are the Schiff's, the Morgan's, the Maloney's and of course so many others taking the risks to offer a substantial premium line of credit say "126:1" for those who have "the physical" at such a late stage in this crisis?...
If we are going to expedite breaking the back(s) of the CBs and those that control it, this is certainly the necessary step in the process.
Can JPM simply set up two entities that buy and sell sequentially shorting the market?
I have a question: if the value of gold came originally from its tight supply and its important utility in underpinning currencies, what's keeping it valuable now the major currencies are fiat based? Is it just a famous for being famous Kim Kardashianesque thing where it's valuable because people want it and people want it because it's valuable or is there more to it? Genuine question from a newb, because if the world did go to hell in a handbasket would an abstracty value stay high, i.e. would something without a real, non-market application underpinning to its value stay valuable?
Wealth is assets which provide ability to create food and provide security to live in a livable place. That's it.
Everything else is just some of representation of future ability to convert them into wealth.
Thus gold itself has no value unless there are people willing to accept it in exchange of food.
Ask any old Russian. They will tell you about the time when government took over all farms from the barons to build collective farms.
And anyone with gold still could not buy food.
Those Russians till today do not value Gold.
While the Indians will tell you how important is Gold because. Every street has a few gold exchanges.
It is all relative value.