Adam Sharp: Is gold cooked? No way!
16 hours ago
Showing posts with label Manipulation. Show all posts
Showing posts with label Manipulation. Show all posts
Saturday, July 31, 2010
Press TV-On the edge with Max Keiser-Max Keiser with guest, Jim Willie of the GoldenJackass.com-07-30-2010 (Part1)
Max Keiser is on the edge of the financial news where future financial scandals, market crashes and monetary crisis begin, be there before it happens.
Friday, July 16, 2010
Thursday, July 15, 2010
Will Sprott's Brand New Physical Silver Trust Become JPMorgan's Biggest Nightmare? - ZeroHedge.com
Will Sprott's Brand New Physical Silver Trust Become JPMorgan's Biggest Nightmare?
Submitted by Tyler Durden on 07/14/2010 14:14 -0500
http://www.zerohedge.com/article/will-sprotts-brand-new-physical-silver-trust-become-jpmorgans-biggest-nightmare
Following hot on the heels of his blockbuster physical gold ETF, which at times has been trading at a premium as high as 30% over NAV, indicating the willingness of investors to pay over fair value just to know that their asset claims wouldn't be diluted to nothingness on a moment's notice (here's looking at you GLD), the Canadian asset manager is launching a comparable physical ETF, this time investing with silver: the Sprott Physical Silver Trust. This is not looking good for the LBMA and JPM - since the silver market is allegedly even tighter than gold, yet just as manipulated by JPM and the LBMA (as evidenced by our earlier post on intraday gold prices) and locating physical can be far more problematic, the elimination of a few thousands tonnes of the precious metal out of circulation is sure to create quite a few sleepless nights for Jamie Dimon's PM manipulation club, who may suddenly find itself with a massive short position covered by even less actual deliverable, bringing the much anticipated monumental short squeeze one day closer. For all those wondering just how the silver market is manipulated and why control over the precious metal is so critical, we refer to a previous post: A Deep Insider's Walkthru To Silver Market Manipulation.
Thursday, July 8, 2010
Witness The Recent Gold Market Takedowns from Bob Chapman's The International Forecaster July 7 2010
Witness The Recent Gold Market Takedowns
A weekly excerpt from the subscription issue of The International Forecaster, taken from Bob Chapman's weekly publication. July 7 2010: whistleblowers, interesting IMF rules, an official war against gold, signs of weakening, a hole 8 million jobs deep, cuts and changes in european economy, solar energy getting money, possible northern Euro, a desire for corruption removed Glass-Steagall.
Recently we were again witness to three gold market takedowns. The first was engineered just prior to and into gold and silver options expiration. Then prior to the ETF GLD gold option expiry and the last manipulative attack commenced just prior to the dreadful unemployment housing and inventory statistics. This sort of action began in 1988 with the signing of the Executive Order by President Ronald Reagan entitled the President’s Working Group on Financial Markets,” ostensibly created to neutralize events such as the October 1987 collapse of the US stock market. Needless to say, that was not the real intention of the creation of such an order. As it has turned out the Treasury and the N.Y. Fed manipulates markets 24/7 worldwide, and they have a particular interest in the suppression of gold and silver prices; they being the antitheist of the US dollar. It should be noted that there were several times that the US Treasury and the privately owned Fed manipulated gold and silver prior to August 1988. We have found in 50 plus years of tracing this manipulative activity by the US government that it happens over and over again. There is no doubt in our minds that a great deal of what is done by government in gold and silver is done by the commercials, who privy to inside information go along for the ride. In the options operation prices are driven down for Comex options as well as GLD options, so that they expire out of the money and as well the perpetrators can cover some of their short positions. This is not difficult to execute, because other traders see what is going on and they get involved as well making the tasks easier.
This spring Andrew Maguire went public with a scam being pulled by JPMorgan Chase in the rigging of silver futures on the LBMA, an exchange similar to Comex in London. This caper was explained to the CFTC, Commodity Futures Trading Commission, months ahead of it occurring and they chose to do nothing about it. Making matters worse, when confronted with the evidence in public hearings, the CFTC didn’t want to hear about it. Maguire broke the story to others who confronted the CFTC who received lip service. The CFTC was forced to conduct a civil investigation and the Justice Department as well is conducting a criminal investigation, which we believe will go nowhere. Realizing that the CFTC, Justice, Morgan and the government are working together against the public in this matter, we are told by our sources that class action suits are being prepared and that the first one should be filed soon. It is a sad day for Americans when justice has to be forced from a corrupt government. In the end we will win but it will be a painful process.
We have found it interesting that the IMF prohibits members from tying their currencies to gold. All of you out there who believe the IMF’s, SDRs, Special Drawing Rights, will be gold backed are mistaken. This historical operating position was further proven when on August 15, 1971 the US closed the gold window. This was the advice Mr. Nixon received from Paul Volcker, who was an early member of the Trilateral Commission and is an Illuminist. Volcker has also been a leader against the US using gold in its monetary policy. Since 8/15/71 there has been an official war against gold by the elitists behind the curtain. It was that seminal event that essentially changed the future of America and the world. At that time US debt was just short of $500 billion. Today short-term debt is $14 trillion and long-term debt is $105 trillion. The engineer of the failure of the US banking system and the failure of the dollar and the rejection of it is at the feet of Mr. Volcker. What he has done to America at the behest of his Illuminist masters is reprehensible. That was eventually followed by the elimination of Glass Steagall and the looting and the collapse of our financial system. This is the result of the corruption of our system.
The result of this treachery is the coming with the complete collapse of the stock market and the end of real estate as an investment. The powers that be have destroyed a once great nation. Everywhere you look, budgets of towns, cities, counties, states and governments are in a shambles. The entire world is becoming their world. You have no doubt seen the elitists’ answer, which is we all switch to the SDR, another fiat currency, devalue all currencies versus the SDR and allow defaults among nations, just as we predicted would happen, although not in this particular way. The solutions being proffered are not solutions at all, only different methods of paying back the bankers and keeping them in business.
That keeps the leaders of the system solvent and throws the debt on the citizen. Mind you, these same bankers were the ones who destroyed our system – or better yet their system – in order to bring about world government. It should not be surprising that gold has been the investment leader.
The Illuminist bankers believe this time they are capable of shutting down the entire system and replacing it with S.D.R.s, so that they can control everything financial worldwide. This is what we have been telling the public for over 50 years and no one wanted to listen. We were called conspiracy theorists. We were dead on correct. The SDR is a stepping-stone to a world currency that can never work. Just look at the horrible results of the unnatural euro. The hunger for power, time after time, makes the rich and powerful become even more insane than they already are. G-8 is now G-20, part of the formation of amalgamation and the recognition of the failure of the euro and the EU as well. We find it ludicrous that the elitists want a broke IMF to fix the monetary system with an SDR. The same IMF that said they would never sell gold into the open market, yet that is what they are doing every day. Their plan is to back the SDR with taxes obtained from world citizens and a carbon tax. That is what the BP oil episode is all about. Don’t expect a gold or silver based currency, because that inhibits the bankers’ ability to own and run the system that has made them so rich and powerful. Sound money is something they never want to see again.
The idea of a Northern euro we believe is undoable. If the big debtors have to pay back their debt they’ll be in depression for 30 years. If they default they can return to their cheap domestic currencies, which would make their exports competitive. That Northern Union creditor group would be stuck with $2 trillion in bad paper. In addition we are very skeptical as to whether they have any gold left and if they do how much to back a new currency. The ECB probably sold off enough gold to suppress the gold price leaving the central bank with probably only 7% of the 15% they originally had. The ECB has the same situation that the Fed has, they are enveloped in debt - much of it sovereign debt. England and others have the same problem. The ECB continues to buy junk bonds because it has no choice but to do so.
These financial and economic matters are very perplexing and social and political issues complicate them. The theory of corporatist fascism, that is so prevalent in America today, has spawned an economic policy of centralism, debt and monopoly driven by the privately owned Federal Reserve, banking and Wall Street. The tune is borrow and go deeper into debt to the bankers until America is bankrupt. This last chapter will be kicked off with more taxes and more fiscal debt. This will be accompanie4d by massive unemployment and eventually a deflationary depression. The unemployment problem is being deliberately allowed to worsen both by the administration and Congress, which won’t address the real reasons our nation is in such a state of failure. What else can you call the loss of 5 million jobs from free trade, globalization, offshoring and outsourcing, which is still going on and the loss of 8.4 million via recession/depression. That is 13.4 million jobs supposedly being filled by a birth/death model and service and retail jobs with little remuneration. Those who control our government, politicians and our economy are about to kick Americans when they are down. Those who control government and their emissaries loathe capitalism and love collectivism. The average American so disgusts our controllers that, if they could they would remove 80% from society.
This has nothing to do with the fabricated left, right paradigm. This is straight forward dictatorship controlled from Wall Street. The president and most of Congress are pliable socialists only intent on enriching themselves. Today we have the centrally planned fascist variety. All finance, production and quality of good will be decided by executive fiat and commercial monopoly. It will be as the Marxists said it will be, each according to their ability and each according to his means. That means centralized management of everything including people. Everything will be done in the public interest, which in fact is by corporate interest. Risk taking will cease to be, and our economy will resemble those of FDR, Juan Peron, Adolph Hitler and Benito Mussolini. Everything that was fascist in the past was an economic and financial failure. The 1930s and 40s were an experiment, a trail run for what we have today. Two stimulus packages and trillions of dollars later few new permanent jobs have been created and all the subsidized money and credit has been transferred via debt from the people to corporate America to bail it out. This is part of the world of in reality. These people count on the public’s ignorance to pull these scams and impose tyranny. You should be doing something about that.
Last week was a telling one for the Dow, which fell 4.5%, S&P fell 5%, the Russell 2000 7.2% and the Nasdaq 100 6.09%. All technical barriers to the downside were broken. Cyclicals fell 8.1%; transports 7.2%; consumers 3.4%; utilities 2.2%; banks 8.6%; broker/dealers 7.8%; high tech 5.2%; semis 5.8%; Internets 6.2% and biotechs 6.8%. Gold bullion fell $44, the HUI 8.1% and the USDX fell 1.1% to 84.41 and the latter appears to be breaking down in its head and shoulders formation.
Two-year T-bills fell 1 bps to 0.59%; the 10-year notes fell 7 bps to 1.76% and the 10-year German bund fell 3 bps to 2.98%.
As housing sales both new and existing fell, Freddie Mac’s 30-year fixed rate mortgage fell 11 bps to 4.58%; the 15’s fell 9 bps to 4.04%; the one-year ARMs rose 3 bps to 3.80% and the 30-year fixed rate jumbo fell 2 bps to 5.50%. The massive inventory overhand continues to put downward pressure on the market and the resumption of falling prices should soon begin.
Fed credit declined $11.9 billion to $2,316 trillion. It is up 8.7% annualized and 16.6% YOY. Fed foreign holdings of Treasuries and Agencies increased $7.8 billion to a new record of $3.098 trillion. Custody holdings for foreign central banks have increased $142 billion YTD and 12% YOY.
M2, narrow, money supply rose $23.6 billion to $8.588 trillion YTD, it is up 1.9% and YOY 1.6%.
Total money market fund assets fell $5.6 billion to $2.812 trillion, YTD funds have fallen $481 billion. YOY it has fallen $851 billion, or 22.3%.
Total commercial paper was unchanged at $1.099 trillion. CP has declined $71.4 billion, or 12.2% annualized YTD, and was down $38 billion YOY, or 3.3%.
The post office wants to increase the price of a stamp by 2 cents to 46 cents starting in January. The agency has been battered by massive losses and declining mail volume and faces a financial crisis.
Postal officials announced a wide-ranging series of proposed price increases Tuesday, averaging about 5 percent, and covering first class, advertising mail, periodicals, packages and other services.
The request now goes to the independent Postal Rate Commission, which has 90 days to respond. If approved, the increase would take effect Jan. 2.
"The Postal Service faces a serious risk of financial insolvency," postal vice president Stephen M. Kearney said.
Kearney said the agency is facing a $7 billion loss in 2011. The rate increase will bring in an extra $2.5 billion, meaning it still faces a $4.7 billion loss.
The rate increase is part of a series of money-saving plans announced in March. These also include reducing mail deliveries to five days a week, closing offices and making other cuts in expenses. Congress must agree to eliminating deliveries on Saturdays.
Concern governments around the world are curtailing stimulus measures too soon spurred Barton Biggs to sell about half of his stock investments this week. Biggs, whose Traxis Partners LLC gained 38 percent in 2009 when he bought equities after the Standard & Poor’s 500 Index fell to a 12-year low, sold most of his U.S. technology holdings, he told Bloomberg Television yesterday.
Signs the U.S. economy is weakening convinced Traxis to reverse course as the S&P 500 posted a weekly slump of 5 percent, bringing its loss since April 23 to 16 percent. Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.
“I can change my mind very quickly,” Biggs, who manages $1.4 billion, said in a telephone interview following the Bloomberg Television appearance. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point. I just want to have less exposure at a time like this.”
The withdrawal of government stimulus, including the U.S. Senate’s vote against extending unemployment benefits on June 30, may turn a “soft patch” into a recession, he said. The second recession in three years isn’t inevitable should “rational politicians” take action to avert it, he said.
Stocks in the U.S. have fallen nine times in 10 days, including yesterday when data on jobs and factory orders added to concern the economic rebound is slowing. On Bloomberg Television, Biggs said “policy mistakes” could curb the U.S. expansion in gross domestic product that’s forecast by economists to be 3.2 percent in 2010.
President Barack Obama today announced $1.85 billion in loan guarantees to Abengoa SA’s Abengoa Solar unit and Abound Solar Inc. to build sun-powered facilities in the U.S. that he said will create thousands of new jobs.
In his weekly address on the radio and Internet, Obama said the money from the Department of Energy will help the U.S. transition to a “clean energy economy” that creates hundreds of thousands of jobs in the future.
“We’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America,” Obama said.
The loan guarantees will come from money in the $862 billion economic stimulus program enacted early last year. Obama announced the funding the day after government figures showed private employers adding fewer workers than forecast in June, reinforcing concerns the economic recovery will weaken.
“The recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep,” Obama said. “And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out.”
Abengoa Solar, a unit of the Seville, Spain-based engineering company, will receive a $1.45 billion loan guarantee to build a solar-power plant in Arizona that will create 1,600 construction jobs and 85 permanent jobs, according to White House documents released in conjunction with Obama’s address.
The power plant will be the first of its kind in the U.S. and generate enough energy to power 70,000 homes, Obama said. [The same program was used in Spain and it was a total failure. The street hustler from Chicago is blowing smoke.]
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.
By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit. [As you can see it is the duty of Mr. Bernanke as chairman of the Fed to lie about everything to the American public. This is why the Fed does not want to be audited. In the absence of an explanation we have to assume the bonds and swaps were purchased at par and are now probably worth 20 cents on the dollar.]
Once again and with greater force, Europe has snubbed its nose (and rightfully so) the Keynesian clowns in US academia and the Obama administration. Bloomberg reports Trichet Calls on EU Governments to Reduce Budget Deficits to Boost Growth.
European Central Bank President Jean- Claude Trichet pressed governments to trim their budget deficits, saying such action would boost economic growth by improving confidence of consumers and investors. “We are in a period where we have to manage budgets very tightly,” Trichet told journalists in Aix-en-Provence, France. “I have no problem with austerity, rigor. I call this good budgetary management.” Trichet said today that deficit reduction won’t choke growth and a failure to stem budget gaps would be equally risky for the recovery. “Confidence is key for growth, and if you cannot have confidence in the sustainability of the fiscal policies then you have no growth because you have no confidence,” he said. “The two things are complimentary.”
Germany to Reduce Deficit by 80 billion euros ($100 billion) over five years Reuters reports Germany plans to cut new borrowing in savings drive.
Germany plans to cut net new borrowing by some 80 billion euros ($100 billion) over five years, reducing supply of Europe's benchmark debt and adding pressure on other euro zone members to tighten their own public finances. The draft budget for 2011, which the cabinet plans to approve on Wednesday for ratification in parliament in November, will anchor a 34 billion euro reduction in new issuance over the next two years compared to earlier plans. The federal government also aims to cut spending to 307.4 billion euros next year, a 3.8-percent decrease from plans made before a "debt brake" law was passed in 2009, details of the draft made available to Reuters on Sunday showed. The budget is the latest chapter in Germany's drive to consolidate public finances, a move that has drawn criticism from some other large countries that say it is too early to withdraw support enacted during the financial crisis. Unions have promised stiff resistance and industrial action looks likely -- a threat that could rise as cuts in social services deepen and health care costs rise as planned. In addition, some politicians from within Merkel's ruling coalition say the measures are unfairly aimed at the poor, whose benefit cuts make up the largest part of the savings planned through 2014. Besides the spending cuts, the budget's planned reduction in new borrowing to 65.2 billion euros this year and 57.5 billion euros in 2011 will put the onus on other countries that share the euro currency to follow suit.
A weekly excerpt from the subscription issue of The International Forecaster, taken from Bob Chapman's weekly publication. July 7 2010: whistleblowers, interesting IMF rules, an official war against gold, signs of weakening, a hole 8 million jobs deep, cuts and changes in european economy, solar energy getting money, possible northern Euro, a desire for corruption removed Glass-Steagall.
Recently we were again witness to three gold market takedowns. The first was engineered just prior to and into gold and silver options expiration. Then prior to the ETF GLD gold option expiry and the last manipulative attack commenced just prior to the dreadful unemployment housing and inventory statistics. This sort of action began in 1988 with the signing of the Executive Order by President Ronald Reagan entitled the President’s Working Group on Financial Markets,” ostensibly created to neutralize events such as the October 1987 collapse of the US stock market. Needless to say, that was not the real intention of the creation of such an order. As it has turned out the Treasury and the N.Y. Fed manipulates markets 24/7 worldwide, and they have a particular interest in the suppression of gold and silver prices; they being the antitheist of the US dollar. It should be noted that there were several times that the US Treasury and the privately owned Fed manipulated gold and silver prior to August 1988. We have found in 50 plus years of tracing this manipulative activity by the US government that it happens over and over again. There is no doubt in our minds that a great deal of what is done by government in gold and silver is done by the commercials, who privy to inside information go along for the ride. In the options operation prices are driven down for Comex options as well as GLD options, so that they expire out of the money and as well the perpetrators can cover some of their short positions. This is not difficult to execute, because other traders see what is going on and they get involved as well making the tasks easier.
This spring Andrew Maguire went public with a scam being pulled by JPMorgan Chase in the rigging of silver futures on the LBMA, an exchange similar to Comex in London. This caper was explained to the CFTC, Commodity Futures Trading Commission, months ahead of it occurring and they chose to do nothing about it. Making matters worse, when confronted with the evidence in public hearings, the CFTC didn’t want to hear about it. Maguire broke the story to others who confronted the CFTC who received lip service. The CFTC was forced to conduct a civil investigation and the Justice Department as well is conducting a criminal investigation, which we believe will go nowhere. Realizing that the CFTC, Justice, Morgan and the government are working together against the public in this matter, we are told by our sources that class action suits are being prepared and that the first one should be filed soon. It is a sad day for Americans when justice has to be forced from a corrupt government. In the end we will win but it will be a painful process.
We have found it interesting that the IMF prohibits members from tying their currencies to gold. All of you out there who believe the IMF’s, SDRs, Special Drawing Rights, will be gold backed are mistaken. This historical operating position was further proven when on August 15, 1971 the US closed the gold window. This was the advice Mr. Nixon received from Paul Volcker, who was an early member of the Trilateral Commission and is an Illuminist. Volcker has also been a leader against the US using gold in its monetary policy. Since 8/15/71 there has been an official war against gold by the elitists behind the curtain. It was that seminal event that essentially changed the future of America and the world. At that time US debt was just short of $500 billion. Today short-term debt is $14 trillion and long-term debt is $105 trillion. The engineer of the failure of the US banking system and the failure of the dollar and the rejection of it is at the feet of Mr. Volcker. What he has done to America at the behest of his Illuminist masters is reprehensible. That was eventually followed by the elimination of Glass Steagall and the looting and the collapse of our financial system. This is the result of the corruption of our system.
The result of this treachery is the coming with the complete collapse of the stock market and the end of real estate as an investment. The powers that be have destroyed a once great nation. Everywhere you look, budgets of towns, cities, counties, states and governments are in a shambles. The entire world is becoming their world. You have no doubt seen the elitists’ answer, which is we all switch to the SDR, another fiat currency, devalue all currencies versus the SDR and allow defaults among nations, just as we predicted would happen, although not in this particular way. The solutions being proffered are not solutions at all, only different methods of paying back the bankers and keeping them in business.
That keeps the leaders of the system solvent and throws the debt on the citizen. Mind you, these same bankers were the ones who destroyed our system – or better yet their system – in order to bring about world government. It should not be surprising that gold has been the investment leader.
The Illuminist bankers believe this time they are capable of shutting down the entire system and replacing it with S.D.R.s, so that they can control everything financial worldwide. This is what we have been telling the public for over 50 years and no one wanted to listen. We were called conspiracy theorists. We were dead on correct. The SDR is a stepping-stone to a world currency that can never work. Just look at the horrible results of the unnatural euro. The hunger for power, time after time, makes the rich and powerful become even more insane than they already are. G-8 is now G-20, part of the formation of amalgamation and the recognition of the failure of the euro and the EU as well. We find it ludicrous that the elitists want a broke IMF to fix the monetary system with an SDR. The same IMF that said they would never sell gold into the open market, yet that is what they are doing every day. Their plan is to back the SDR with taxes obtained from world citizens and a carbon tax. That is what the BP oil episode is all about. Don’t expect a gold or silver based currency, because that inhibits the bankers’ ability to own and run the system that has made them so rich and powerful. Sound money is something they never want to see again.
The idea of a Northern euro we believe is undoable. If the big debtors have to pay back their debt they’ll be in depression for 30 years. If they default they can return to their cheap domestic currencies, which would make their exports competitive. That Northern Union creditor group would be stuck with $2 trillion in bad paper. In addition we are very skeptical as to whether they have any gold left and if they do how much to back a new currency. The ECB probably sold off enough gold to suppress the gold price leaving the central bank with probably only 7% of the 15% they originally had. The ECB has the same situation that the Fed has, they are enveloped in debt - much of it sovereign debt. England and others have the same problem. The ECB continues to buy junk bonds because it has no choice but to do so.
These financial and economic matters are very perplexing and social and political issues complicate them. The theory of corporatist fascism, that is so prevalent in America today, has spawned an economic policy of centralism, debt and monopoly driven by the privately owned Federal Reserve, banking and Wall Street. The tune is borrow and go deeper into debt to the bankers until America is bankrupt. This last chapter will be kicked off with more taxes and more fiscal debt. This will be accompanie4d by massive unemployment and eventually a deflationary depression. The unemployment problem is being deliberately allowed to worsen both by the administration and Congress, which won’t address the real reasons our nation is in such a state of failure. What else can you call the loss of 5 million jobs from free trade, globalization, offshoring and outsourcing, which is still going on and the loss of 8.4 million via recession/depression. That is 13.4 million jobs supposedly being filled by a birth/death model and service and retail jobs with little remuneration. Those who control our government, politicians and our economy are about to kick Americans when they are down. Those who control government and their emissaries loathe capitalism and love collectivism. The average American so disgusts our controllers that, if they could they would remove 80% from society.
This has nothing to do with the fabricated left, right paradigm. This is straight forward dictatorship controlled from Wall Street. The president and most of Congress are pliable socialists only intent on enriching themselves. Today we have the centrally planned fascist variety. All finance, production and quality of good will be decided by executive fiat and commercial monopoly. It will be as the Marxists said it will be, each according to their ability and each according to his means. That means centralized management of everything including people. Everything will be done in the public interest, which in fact is by corporate interest. Risk taking will cease to be, and our economy will resemble those of FDR, Juan Peron, Adolph Hitler and Benito Mussolini. Everything that was fascist in the past was an economic and financial failure. The 1930s and 40s were an experiment, a trail run for what we have today. Two stimulus packages and trillions of dollars later few new permanent jobs have been created and all the subsidized money and credit has been transferred via debt from the people to corporate America to bail it out. This is part of the world of in reality. These people count on the public’s ignorance to pull these scams and impose tyranny. You should be doing something about that.
Last week was a telling one for the Dow, which fell 4.5%, S&P fell 5%, the Russell 2000 7.2% and the Nasdaq 100 6.09%. All technical barriers to the downside were broken. Cyclicals fell 8.1%; transports 7.2%; consumers 3.4%; utilities 2.2%; banks 8.6%; broker/dealers 7.8%; high tech 5.2%; semis 5.8%; Internets 6.2% and biotechs 6.8%. Gold bullion fell $44, the HUI 8.1% and the USDX fell 1.1% to 84.41 and the latter appears to be breaking down in its head and shoulders formation.
Two-year T-bills fell 1 bps to 0.59%; the 10-year notes fell 7 bps to 1.76% and the 10-year German bund fell 3 bps to 2.98%.
As housing sales both new and existing fell, Freddie Mac’s 30-year fixed rate mortgage fell 11 bps to 4.58%; the 15’s fell 9 bps to 4.04%; the one-year ARMs rose 3 bps to 3.80% and the 30-year fixed rate jumbo fell 2 bps to 5.50%. The massive inventory overhand continues to put downward pressure on the market and the resumption of falling prices should soon begin.
Fed credit declined $11.9 billion to $2,316 trillion. It is up 8.7% annualized and 16.6% YOY. Fed foreign holdings of Treasuries and Agencies increased $7.8 billion to a new record of $3.098 trillion. Custody holdings for foreign central banks have increased $142 billion YTD and 12% YOY.
M2, narrow, money supply rose $23.6 billion to $8.588 trillion YTD, it is up 1.9% and YOY 1.6%.
Total money market fund assets fell $5.6 billion to $2.812 trillion, YTD funds have fallen $481 billion. YOY it has fallen $851 billion, or 22.3%.
Total commercial paper was unchanged at $1.099 trillion. CP has declined $71.4 billion, or 12.2% annualized YTD, and was down $38 billion YOY, or 3.3%.
The post office wants to increase the price of a stamp by 2 cents to 46 cents starting in January. The agency has been battered by massive losses and declining mail volume and faces a financial crisis.
Postal officials announced a wide-ranging series of proposed price increases Tuesday, averaging about 5 percent, and covering first class, advertising mail, periodicals, packages and other services.
The request now goes to the independent Postal Rate Commission, which has 90 days to respond. If approved, the increase would take effect Jan. 2.
"The Postal Service faces a serious risk of financial insolvency," postal vice president Stephen M. Kearney said.
Kearney said the agency is facing a $7 billion loss in 2011. The rate increase will bring in an extra $2.5 billion, meaning it still faces a $4.7 billion loss.
The rate increase is part of a series of money-saving plans announced in March. These also include reducing mail deliveries to five days a week, closing offices and making other cuts in expenses. Congress must agree to eliminating deliveries on Saturdays.
Concern governments around the world are curtailing stimulus measures too soon spurred Barton Biggs to sell about half of his stock investments this week. Biggs, whose Traxis Partners LLC gained 38 percent in 2009 when he bought equities after the Standard & Poor’s 500 Index fell to a 12-year low, sold most of his U.S. technology holdings, he told Bloomberg Television yesterday.
Signs the U.S. economy is weakening convinced Traxis to reverse course as the S&P 500 posted a weekly slump of 5 percent, bringing its loss since April 23 to 16 percent. Biggs, 77, said yesterday he cut bullish bets by about half since June 29, when they made up 70 percent of his fund.
“I can change my mind very quickly,” Biggs, who manages $1.4 billion, said in a telephone interview following the Bloomberg Television appearance. “I’m not wildly bearish, but I don’t want to have a lot of risk at this point. I just want to have less exposure at a time like this.”
The withdrawal of government stimulus, including the U.S. Senate’s vote against extending unemployment benefits on June 30, may turn a “soft patch” into a recession, he said. The second recession in three years isn’t inevitable should “rational politicians” take action to avert it, he said.
Stocks in the U.S. have fallen nine times in 10 days, including yesterday when data on jobs and factory orders added to concern the economic rebound is slowing. On Bloomberg Television, Biggs said “policy mistakes” could curb the U.S. expansion in gross domestic product that’s forecast by economists to be 3.2 percent in 2010.
President Barack Obama today announced $1.85 billion in loan guarantees to Abengoa SA’s Abengoa Solar unit and Abound Solar Inc. to build sun-powered facilities in the U.S. that he said will create thousands of new jobs.
In his weekly address on the radio and Internet, Obama said the money from the Department of Energy will help the U.S. transition to a “clean energy economy” that creates hundreds of thousands of jobs in the future.
“We’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America,” Obama said.
The loan guarantees will come from money in the $862 billion economic stimulus program enacted early last year. Obama announced the funding the day after government figures showed private employers adding fewer workers than forecast in June, reinforcing concerns the economic recovery will weaken.
“The recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep,” Obama said. “And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out.”
Abengoa Solar, a unit of the Seville, Spain-based engineering company, will receive a $1.45 billion loan guarantee to build a solar-power plant in Arizona that will create 1,600 construction jobs and 85 permanent jobs, according to White House documents released in conjunction with Obama’s address.
The power plant will be the first of its kind in the U.S. and generate enough energy to power 70,000 homes, Obama said. [The same program was used in Spain and it was a total failure. The street hustler from Chicago is blowing smoke.]
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.
The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.
By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit. [As you can see it is the duty of Mr. Bernanke as chairman of the Fed to lie about everything to the American public. This is why the Fed does not want to be audited. In the absence of an explanation we have to assume the bonds and swaps were purchased at par and are now probably worth 20 cents on the dollar.]
Once again and with greater force, Europe has snubbed its nose (and rightfully so) the Keynesian clowns in US academia and the Obama administration. Bloomberg reports Trichet Calls on EU Governments to Reduce Budget Deficits to Boost Growth.
European Central Bank President Jean- Claude Trichet pressed governments to trim their budget deficits, saying such action would boost economic growth by improving confidence of consumers and investors. “We are in a period where we have to manage budgets very tightly,” Trichet told journalists in Aix-en-Provence, France. “I have no problem with austerity, rigor. I call this good budgetary management.” Trichet said today that deficit reduction won’t choke growth and a failure to stem budget gaps would be equally risky for the recovery. “Confidence is key for growth, and if you cannot have confidence in the sustainability of the fiscal policies then you have no growth because you have no confidence,” he said. “The two things are complimentary.”
Germany to Reduce Deficit by 80 billion euros ($100 billion) over five years Reuters reports Germany plans to cut new borrowing in savings drive.
Germany plans to cut net new borrowing by some 80 billion euros ($100 billion) over five years, reducing supply of Europe's benchmark debt and adding pressure on other euro zone members to tighten their own public finances. The draft budget for 2011, which the cabinet plans to approve on Wednesday for ratification in parliament in November, will anchor a 34 billion euro reduction in new issuance over the next two years compared to earlier plans. The federal government also aims to cut spending to 307.4 billion euros next year, a 3.8-percent decrease from plans made before a "debt brake" law was passed in 2009, details of the draft made available to Reuters on Sunday showed. The budget is the latest chapter in Germany's drive to consolidate public finances, a move that has drawn criticism from some other large countries that say it is too early to withdraw support enacted during the financial crisis. Unions have promised stiff resistance and industrial action looks likely -- a threat that could rise as cuts in social services deepen and health care costs rise as planned. In addition, some politicians from within Merkel's ruling coalition say the measures are unfairly aimed at the poor, whose benefit cuts make up the largest part of the savings planned through 2014. Besides the spending cuts, the budget's planned reduction in new borrowing to 65.2 billion euros this year and 57.5 billion euros in 2011 will put the onus on other countries that share the euro currency to follow suit.
GATA UPDATE!
Izabella Kaminska: BIS gold swap intrigue continues
$600 coin purchase or sale will require tax form in U.S. in 2012
No wonder even China is trying to talk gold down
There isn't enough for the government AND the people.
Gold Demand in China Jumps on Stock Slump, Cooling Measures, Exchange Says
By Feiwen Rong
Bloomberg News
Wednesday, July 7, 2010
http://www.bloomberg.com/news/2010-07-07/gold-demand-in-china-jumps-on-stock-slump-cooling-measures-exchange-says.html
Gold swap mystery deepens as BIS gets correction from Wall Street Journal
Dear Friend of GATA and Gold:
The Wall Street Journal this evening updated and corrected its report about the gold swaps undertaken by the Bank for International Settlements, disclosing an e-mailed statement from the BIS stating that the swaps were with commercial banks, not central banks as the newspaper first reported.
All currencies have depreciated against gold and silver this year
Dear Friend of GATA and Gold (and Silver):
GoldSilver.com has posted wonderful charts of the gains scored by gold and silver against world currencies so far this year. It appears that not one currency has even kept even with the precious metals. GoldSilver.com calls this "the race to debase." You can find the charts here:
Tuesday, July 6, 2010
Metals smash down was just another paper affair, Butler tells King World News
Dear Friend of GATA and Gold (and Silver):
In his weekly interview with Eric King of King World News, silver market analyst Ted Butler remarks that last week's smash down in the precious metals was another typical manipulation by the big commercial traders, a paper affair on the Comex without any real metal selling. The big commercials, Butler adds, began buying again on Friday. Butler says he has lost patience with the U.S. Commodity Futures Trading Commission, calls the silver market a criminal operation, identifies its perpetrators, as he has done before, and notes that none of them have ever challenged his accusation. The interview is about 10 minutes long and you can find it at the King World News Internet site here:
http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/3_Ted_Butler_on_the_Metals_Market.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
In his weekly interview with Eric King of King World News, silver market analyst Ted Butler remarks that last week's smash down in the precious metals was another typical manipulation by the big commercial traders, a paper affair on the Comex without any real metal selling. The big commercials, Butler adds, began buying again on Friday. Butler says he has lost patience with the U.S. Commodity Futures Trading Commission, calls the silver market a criminal operation, identifies its perpetrators, as he has done before, and notes that none of them have ever challenged his accusation. The interview is about 10 minutes long and you can find it at the King World News Internet site here:
http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/3_Ted_Butler_on_the_Metals_Market.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Major Gold Takedown To Inspire "Risk On" During Another Bad News Day
Major Gold Takedown To Inspire "Risk On" During Another Bad News Day
Submitted by Tyler Durden on 07/06/2010 09:24 -0500
Another day, another $15 gold takedown in a manner of seconds. Liquidations or LBMA intervention, nobody cares anymore. Presumably the agenda of the day is to make investors believe that all is well in Europe, and that among all the upcoming stress test results announcements, the "fact" that a single bank will not be in need of rescuing will be palatable. Of course, this is laughable, and as we discussed yesterday, the bloodbath that will be the Spanish cajas is only starting to be appreciated. But in the meantime, the old-school short covering inspired rally is on full blast. Today downticks are forbidden as China is now perfectly ok. Cause Australia said so. In the meantime, please ignore the short bald guys behind the scenes buying up insolvent government bonds and further diluting the pieces of paper in your wallet.
Submitted by Tyler Durden on 07/06/2010 09:24 -0500
Another day, another $15 gold takedown in a manner of seconds. Liquidations or LBMA intervention, nobody cares anymore. Presumably the agenda of the day is to make investors believe that all is well in Europe, and that among all the upcoming stress test results announcements, the "fact" that a single bank will not be in need of rescuing will be palatable. Of course, this is laughable, and as we discussed yesterday, the bloodbath that will be the Spanish cajas is only starting to be appreciated. But in the meantime, the old-school short covering inspired rally is on full blast. Today downticks are forbidden as China is now perfectly ok. Cause Australia said so. In the meantime, please ignore the short bald guys behind the scenes buying up insolvent government bonds and further diluting the pieces of paper in your wallet.
Friday, July 2, 2010
Massive Drain on Comex's Inventories - GATA
http://www.gata.org/node/8788
Patrick Heller: Massive drain of Comex silver inventories continues
Submitted by cpowell on Fri, 2010-07-02 04:31. Section: Daily Dispatches
12:30a ET Friday, July 2, 2010
Dear Friend of GATA and Gold (and Silver):
Patrick A. Heller of Liberty Coin Service in Michigan writes at Coin Update News that there lately has been a massive drain of silver from Comex inventories, raising the possibility that bullion banks are having trouble covering their obligations. Heller's report is headlined "Massive Drain Of Comex Silver Inventories Continues" and you can find it at Coin Update News here:
http://news.coinupdate.com/massive-drain-of-comex-silver-inventories-continues-0344/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Thursday, July 1, 2010
Gold Below $1,200 As Asset Liquidations Spread Like Wildfire - ZeroHedge.com
http://www.zerohedge.com/article/gold-below-1200-asset-liquidations-spread-wildfire
Gold Below $1,200 As Asset Liquidations Spread Like Wildfire
Submitted by Tyler Durden on 07/01/2010 14:04 -0500
The European liquidations we discussed earlier courtesy of the ECB MRO and the repo rate spike, which resulted in a massive EURUSD covering squeeze, have followed through into industrial commodities such as oil and lastly into gold. And as liquidations are merely emblematic of a broken liquidity system (as the name implies), the unwind behind the scenes must be fierce. On the other hand, as the only recourse to prevent an all out systemic collapse should the deflationary trend continue, from Ben Bernanke's perspective, is just to print more money and thus solidify the position of the precious metal as undilutable and a currency which can not be backed with toxic MBS and Greek Sov Bonds, today's sell off is a much welcomed respite for the commodity which traded at record highs as recently as this week. Also, our recent disclosure of PM market manipulation via disclosed COMEX-OTC arbing by such former behemoths as AIG then (and presumably JPM now), should only add to your comfort that once the finger on the scales is removed, the natural reaction will be that of a coiled spring.
Was AIG, In Addition To Being The Riskiest Company In The World, Also A Precious Metals Manipulator? - ZeroHedge.com
Was AIG, In Addition To Being The Riskiest Company In The World, Also A Precious Metals Manipulator?
Submitted by Tyler Durden on 06/30/2010 22:46 -0500
http://www.zerohedge.com/article/was-aig-addition-being-riskiest-company-world-also-precious-metals-manipulator
Gold & Silver Price 6-30-2010
Anytime precious metals price goes down, that is a good time to accumulate more. SO LOAD UP! Get ready for the greatest transfer of wealth in the history of the world.
Bob Chapman on Discount Gold & Silver Trading Radio June 28, 2010
"Gold & Silver prices are not going up because of inflation or hyperinflation. They are going up because no one trusts anyones debt anymore..." - Bob Chapman. The USDX is in a terrible head & shoulders formation and is about to go way down! the right hand shoulders is being broken down. Gold & Silver prices/stocks are going much higher.
Bob Chapman on the international forecaster of 26 june 2010 :"The foregoing events lead us to other manifestations of trouble, real trouble. For the past four years all currencies have fallen versus gold and silver. The US dollar has been falling for 11 years versus gold and silver. What gold is telling you is that the US, UK and European financial systems are on the way to collapse. The cover-up cannot go on and all the players know that. They are all living in the theater of the absurd. What politicians in all these countries are doing is what they are being told to do. If they do not do what they are told they will never hold public office or be a bureaucrat again. If what they do is serious enough they will be liquidated. What is happening financially, fiscally and monetarily is unnatural. There is absolutely no way the system can be fixed. If these politicians and their handlers believe this they are doomed. They have pulled this hundreds of times and each time they have been unsuccessful. This time will be a disaster for the Illuminists due to the Internet and talk radio. This time they will escape nothing. We live in a decadent, immoral financial system that has to fall. In this sort of environment only gold and silver can protect your assets."
Bob Chapman on the international forecaster of 26 june 2010 :"The foregoing events lead us to other manifestations of trouble, real trouble. For the past four years all currencies have fallen versus gold and silver. The US dollar has been falling for 11 years versus gold and silver. What gold is telling you is that the US, UK and European financial systems are on the way to collapse. The cover-up cannot go on and all the players know that. They are all living in the theater of the absurd. What politicians in all these countries are doing is what they are being told to do. If they do not do what they are told they will never hold public office or be a bureaucrat again. If what they do is serious enough they will be liquidated. What is happening financially, fiscally and monetarily is unnatural. There is absolutely no way the system can be fixed. If these politicians and their handlers believe this they are doomed. They have pulled this hundreds of times and each time they have been unsuccessful. This time will be a disaster for the Illuminists due to the Internet and talk radio. This time they will escape nothing. We live in a decadent, immoral financial system that has to fall. In this sort of environment only gold and silver can protect your assets."
Tuesday, June 29, 2010
A MUST LISTEN! Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation
Bob Chapman on A Marines disquisition 24 June 2010
Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation , it is a giant scam ...Bob Chapman : Marc Faber is totally controlled he says what he is told to say , you do not set on Barron's round table for 20 to 25 years if you are someone who is outside the box says Bob Chapman.. Industrial Silver Shortage is going to keep driving the price of silver up in the next several years. Heavy Manipulation by Hong Kong Bank & JP Morgan.
Monday, June 28, 2010Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation
Bob Chapman on A Marines disquisition 24 June 2010
Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation , it is a giant scam ...Bob Chapman : Marc Faber is totally controlled he says what he is told to say , you do not set on Barron's round table for 20 to 25 years if you are someone who is outside the box says Bob Chapman ...
Mr. Robert Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Bob Chapman : you got to remove these people from the government
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.
Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation , it is a giant scam ...Bob Chapman : Marc Faber is totally controlled he says what he is told to say , you do not set on Barron's round table for 20 to 25 years if you are someone who is outside the box says Bob Chapman.. Industrial Silver Shortage is going to keep driving the price of silver up in the next several years. Heavy Manipulation by Hong Kong Bank & JP Morgan.
Monday, June 28, 2010Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation
Bob Chapman on A Marines disquisition 24 June 2010
Bob Chapman BP oil Spill is a False Flag event in order to bring the Carbon Taxation , it is a giant scam ...Bob Chapman : Marc Faber is totally controlled he says what he is told to say , you do not set on Barron's round table for 20 to 25 years if you are someone who is outside the box says Bob Chapman ...
Mr. Robert Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Bob Chapman : you got to remove these people from the government
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.
Gold Price Manipulation Exposed By Jason Hamlin, on June 28th, 2010
http://www.goldstockbull.com/articles/gold-price-manipulation-exposed/
Gold Price Manipulation Exposed
By Jason Hamlin, on June 28th, 2010
Gold Price Manipulation Exposed
By Jason Hamlin, on June 28th, 2010
Monday, June 28, 2010
GATA UPDATE!
Alex Cowie: Why gold is trending toward $27,163
Why central banks do care about gold: the connection to interest rates
1983 magazine profile shows BIS constantly intervening in gold market in secret
Ambrose Evans-Pritchard: RBS expects 'monster' money printing by Fed
By Ambrose Evans-Pritchard
The Telegraph, London
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7857595/RBS-tells-clients-to-prepare-for-monster-money-printing-by-the-Federal-Reserve.html
Adrian Douglas: Manipulative derivatives in gold and silver keep growing
By Adrian Douglas
The U.S. Treasury's Office of the Comptroller of the Currency (OCC) has just released the first-quarter 2010 bank derivatives report, which can be found here:
http://www.occ.gov/ftp/release/2010-71a.pdf
Second Gold Price Intervention In An Hour - ZeroHedge.com
Second Gold Price Intervention In An Hour
Submitted by Tyler Durden on 06/28/2010 11:26 -0500
There is smoke rising from the windows of the LBMA as the 270 Park boys have rarely been so busy creating gold short contracts out of thin air and selling them to all willing manipulators. Gold now down $22 after second major leg down on no news, and in fact as ML reiterates its $1,500 PT for gold by the end of 2011. In the meantime, the CHF is rising. The paper cartel is doing all it can to present the Swissie as the last ditch reserve currency. For now, it is succeeding. And as the SNB's balance sheet is pristine, at least compared to that of the US, UK and the ECB, and further considering that the only major asset class is accumulated EURs from all that intervention (now over), think what will happen to the CHF when the SNB decides to offload its €200 billion in EURs...
Market Got You Down? Don't Worry, JPMorgan And The LBMA Are Here To Punish Gold And Rip Stocks - ZeroHedge.com
http://www.zerohedge.com/article/market-got-you-down-dont-worry-jpmorgan-and-lbma-are-here-punish-gold-and-rip-stocks
Submitted by Tyler Durden on 06/28/2010 10:09 -0500
Gold at all time record highs? Goldman Sachs sending bankers to pitch a Radioschack LBO to gold? Can't have that - here comes the royal PM beatdown courtesy of Jamie Dimon's completely unflagrant gold plunge enforcement goons. Also, let's not forget - let's *not* forget, Dude - that keeping gold, a precious metal, for uh, domestic, you know, within the city - that (soon) aint (gonna be) legal either.
Saturday, June 26, 2010
Euro Shorts Return Comercial Gold Net Short Positions Hit All Time Record High - ZeroHedge
http://www.zerohedge.com/article/eur-shorts-return-commercial-gold-net-short-positions-hit-all-time-record
In other COT news, gold fans will be happy to know that the number of commercial gross and net short positions in the precious metal has hit a new all time record of 475,678 gross and 288.916 net shorts. It is getting increasingly more expensive to the commercial players to preserve the price of gold at current levels, even with unlimited paper shorting capacity. As ETF's such as GLD accumulate increasingly more (hopefully real) gold inventory (yesterday's record number of 1,316 tonnes in GLD has not be updated for today yet), it will, in turn, become increasingly more difficult to push down gold price even as all the big players try to gold paper gold down.
Thursday, June 24, 2010
GATA UPDATE!
U.S. intelligence debates China's use of bond holdings as weapon
Submitted by cpowell on Thu, 2010-06-24 01:13. Section: Daily Dispatches
By Emily Flitter
Reuters
Wednesday, June 23, 2010
http://www.reuters.com/article/idUSN2214670220100623
NEW YORK -- U.S. intelligence officials and top academics last week debated the risk China could wield its massive U.S. debt holdings as a weapon aimed at influencing U.S. foreign policy, according to a person who attended the meeting...
But Jeff Christian says central banks hardly ever think about gold
Central Banks See Growing Reserve Asset Role for Gold
By Jack Farchy and Javier Blas
Financial Times, London
Wednesday, June 23, 2010
http://www.ft.com/cms/s/0/c897518a-7e5f-11df-94a8-00144feabdc0.html
Nearly a quarter of central banks believe gold will become the most important reserve asset in the next 25 years, according to an annual poll by UBS.
Jeffrey Nichols: Looking behind the Saudi gold holdings increase
Dear Friend of GATA and Gold:
Writing for Resource Investor, Jeffrey Nichols of Rosland Capital in Santa Monica, California, notes the sudden more than doubling of the gold reserves reported by Saudi Arabia and speculates that Saudi Arabia and other oil-exporting nations are likely buying gold "on the sly through their sovereign wealth funds that do not necessarily report their investment holdings." If so, the gold suppression scheme of the paper pushers in London and New York may be very near its end. Nichols' commentary is headlined "Looking Behind the Saudi Gold Holdings Increase" and you can find it at Resource Investor here:
http://www.resourceinvestor.com/News/2010/6/Pages/Looking-Behind-the-Saudi-Gold-Holdings-Increase.aspx
Peter Grandich: The farce and the fact
Submitted by cpowell on Wed, 2010-06-23 14:37. Section: Daily Dispatches
10:35a ET Wednesday, June 23, 2010
Dear Friend of GATA and Gold:
Market analyst Peter Grandich today reminds his readers that tomorrow is June options expiry for gold and that the day's futures price plunge is just the "regular thievery" that takes place every month but has no lasting effect. Grandich's commentary is headlined "The Farce and the Fact" and you can find it here:
http://www.grandich.com/2010/06/the-farce-and-the-fact/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Dear Friend of GATA and Gold:
Astounded by a recent comment by CPM Group executive Jeffrey M. Christian that central bankers hardly think about gold at all, Jim Richter, editor of The Richter Report, today provides a comprehensive explanation, supported in the historical record, as to why central bankers care very much about gold and even perceive it as their deadly enemy. Richter's commentary cites the academic study written by then-Harvard professor and future Treasury Secretary Lawrence Summers, "Gibson's Paradox and the Gold Standard," and draws on GATA's work. Richter's commentary is headlined "A Look at Gibson's Paradox and Gold" and you can find it at The Richter Report's Internet site here:
http://www.therichterreport.com/content.php?id=328&menu_id=15&menu_item_id=0
Erste Group Bank gold report cites market manipulation
Submitted by cpowell on Wed, 2010-06-23 12:44. Section: Daily Dispatches
8:40a ET Wednesday, June 23, 2010
Dear Friend of GATA and Gold:
Erste Group Bank in Vienna, long a vigorous advocate of gold ownership and monetization, has just published a magnificent report on gold's prospects, which the bank finds extremely bullish. The report includes a long section on manipulation of the gold market that cites many things GATA has publicized, including the complaint by London metals trader Andrew Maguire that GATA carried to the March 25 hearing of the U.S. Commodity Futures Trading Commission, and CPM Group executive Jeffrey Christian's testimony at that hearing about the extraordinary leverage used by traders on the supposedly physical gold market in London.
The Erste Group Bank gold report can be found at GATA's Internet site here:
http://www.gata.org/files/ErsteGroupGoldReport-06-2010.pdf
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