Commentary on the economic , geopolitical and simply fascinating things going on. Served occasionally with a side of snark.
Friday, June 1, 2012
Jim Sinclair warns QE better come by this June Fed meeting or there will be hell to pay..... meanwhile , looking at the murky gold swap , rehypo , allocated / unallocated imboglio , wondering when the next Bankster will go Corzine on investors , wondering when COMEX or ICE goes udders up...... just wondering whether folks get how fragile things are ? Also , great Hugo Salinas Price interview on introducing a silver standard in Greece , as well as Bart Chilton update on the great silver investigation
Jim Sinclair: Worst Case Financial Scenario Unless Fed Goes Full QE by End of June
The legendary Jim Sinclair alerted email subscribers this afternoon that the financial system faces ‘the worst case economic and social scenario in 2012‘ if the Fed does not announce Full QE by the end of June. Sinclair states the Fed is playing a game of chicken that will end disastrously without immediate massive official stimulus.
Sinclair says this is what the Fed is risking unless MASSIVE QE is unleashed by The Fed before the end of June.
6 months ago we informed readers that Greece, Italy, Portugal, and Spain’s gold reserves would be grabbed prior to the end of the PIIGS’ debt crisis. It appears we were 100% correct on the outcome, and 100% wrong on the timing. The BIS HAD ALREADY GRABBED THE GOLD WITH CURRENCY SWAPS PRIOR TO ANY OFFICIAL BAILOUT DISCUSSIONS!!!
The Bank of International Settlement holds 500.7 tonnes of gold as at the end of 2010. In the third quarter of 2009 it held just under 120 tonnes. These were part of currency/gold swaps. There are no details of the names of the counter-parties. Coincidentally, they could be nearly the total of the ‘official’ gold holdings of Greece, Portugal and Spain.
In the first quarter of 2010 the B.I.S. recorded the jump in gold holdings that it had acquired. Four years prior to that Portugal and Spain had sold gold through the Central Bank Gold Agreement on the open market. So we do not link sales under that agreement with these B.I.S. transactions.
The B.I.S. acquired this gold though a set of Currency / Gold arrangements the details of which have not been made public. But it was at about this time that the Eurozone debt crisis reared its ugly head. In advance of any rescue plans, when the respective central banks probably first began discussions on the matter it would have been deemed prudent to make a collateral arrangement using the asset of last resort, gold, to secure their gold against any future bailout package being offered.
While a swap arrangement is not a sale of gold nor is it a disposal, it is sufficient for the B.I.S. to record the gold swapped as an acquisition in its books. But the central banks involved need not record its disposal, giving us a rather clandestine situation. Read more:
http://www.silverdoctors.com/page/2/
Harvey Organ: Gold Rehypothecation- COMEX, the LBMA, GLD, the Bank of England- IT’S ONE INVENTORY!
Posted by The Doc on May 31, 2012 05:59
The Doc sat down with Harvey Organ over the holiday weekend to discuss the escalation of the European debt crisis, JP Morgan’s derivatives crisis, and the gold and silver markets.
In this explosive interview, Harvey discusses the cartel’s re-hypothecation of physical gold bullion, and documents how the bullion banks are running a shell game by re-hypothecating/ swapping/ leasing Arab investors’ gold bullion deposited at the Bank of England to the GLD and other ‘gold depositories’.
‘Essentially the GLD vaults hold physical gold metal, but it’s not owned by the GLD. It has to be re-swapped back to the Bank of England. The Bank of England has basically swapped the gold to the GLD, and it’s not even the Bank of England’s gold, it’s Arab investor’s gold! It’s an obligation on the part of the Bank of England to get it back! This goes along with the whole hypothecation/ rehypothecation story of MF Global. The same ounces of gold are going from one place to another to another. The COMEX, the LBMA, the Bank of England- it’s ONE INVENTORY!! It serves three masters, and the fun begins when they all want it back!‘
Harvey Organ’s explosive FULL AUDIO INTERVIEW on JP Morgan’s interest rate swaps crisis and cartel gold rehypothecation is below:(more…)
and.....
Bart Chilton: Silver Investigation to Conclude by September if Not Sooner
The Doc contacted CFTC Commissioner Bart Chilton this week regarding the delay by the CFTC and the SEC in enacting position limits in silver, as well as the CFTC’s silver manipulation investigation, which is now in it’s 4th year.
As the CFTC’s Commissioner’s have recently come under extreme criticism by the silver community, with long-time supporter Ted Butler finally throwing in the towel last week and calling for Chilton and Gary Gensler’s dismissal, we offered Bart the opportunity to speak with The Doc to update readers on the progress of both the silver investigation as well as the implementation of position limits.
Commissioner Chilton has deferred a live interview until the silver investigation is concluded ‘in the next 2-3 months if not sooner‘, but has allowed SilverDoctors to publish his response regarding these inquiries.
Bart Chilton: Silver Investigation to Conclude in 2-3 Months
Doc, Thank you for the invitation, but I must decline a verbal interview. As you know, I’ve spoken a lot about this (radio, television, and in the press). I’ve also answered many emails, including this one at 1:30 am.
I expect the investigation to conclude in 2-3 months, if not sooner. As you know, I can’t take an action by myself (I would have done so long ago if that were the case). It takes at least 3 of the 5 Commissioners.
What I will say is that if this matter was as simple as some writers state and many believe (large concentrated positions regularly manipulating the silver market) this would have been over years ago. It just ain’t so. These are complex global markets–with an emphasis on the global and the “s” (think foreign regulators, foreign holdings, various entities and trading partners to start off with) where things are traded and sliced and diced into physical and other myriad exotic products. These markets can sometimes be like giant shell games.
On limits, I’m hoping we and the SEC will conclude the swaps definition later this month or just after July 4th. I also hope the bankers law suit seeking to stop the rule from being implemented doesn’t have any life. It is frivolous in my opinion.
Finally, there has been a lot of action in silver markets for the past several months. We have a new individual with lots of experience (former silver trader and regulator who caught manipulation before at FERC). He, and his staff, have been looking at trades in detail each time some potential anomaly occurs. There has been more staff hours dedicated to looking at silver in the past few months than anyone would believe.
You may feel free to put this up on your site in its entirety. I was surprised when I was told you put a portion of our emails up the last time we communicated. Anything I write can logically be expected to get on the web, I get that. I just would have made sure to spell check and be more thoughtful than a simple email response if I’d known. Anyway, I guess people had a vulgar on-line party in my honor. Such is life. We do the best we can.
Thanks again for the interview offer. Perhaps when we conclude the investigation, we can talk.
and if Tsipras suggests a silver standard in Greece , I would advise him to avoid hot tubs , walking by himself in his neighborhood , I would not take lunch with a stranger or friend who suddenly needs to meet with him.............Price starts at 13 minutes into Max's show
Hugo Salinas Price on Introducing Silver Standard in Greece
Max Keiser talks to Hugo Salinas Price regarding his appeals to Alexis Tsipras to propose bringing a silver standard to Greece on the latest Keiser Report.
Greeks replacing the Euro with silver. Wouldn’t the banksters be thrilled with that solution!
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