http://www.silverdoctors.com/murphy-nielson-silver-suppression-explained/#more-17734
http://www.caseyresearch.com/gsd/edition/when-irish-eyes-are-smiling-story-canadas-gold
SGTReport.com has released an excellent interview with GATA’s Bill Murphy and Jeff Nielson. Bill covers the PHYSICAL metal pouring out of Europe on its way to Asia while the U.S. government EXPORTS hundreds of millions of ounces of PHYSICAL metal to the UK in an effort to fill the LBMA’s rapidly emptying shelves. We also talk with Jeff Nielson about his incredible 3-part article ‘Silver’s Smoking Guns’.
http://www.caseyresearch.com/gsd/edition/when-irish-eyes-are-smiling-story-canadas-gold
WHEN IRISH EYES ARE SMILING: The Story of Canada's Gold?
Nov
24
"This is now a confrontation between "We, the people"...and "all the money and all the power in the world.""
¤ YESTERDAY IN GOLD AND SILVER
With the U.S. shut tight for Thanksgiving on Thursday, the price and volume activity in all four precious metals everywhere else on Planet Earth was subdued...and that's being kind.
However, the 'Black Friday'-shorted trading day in New York was a different matter entirely.
Gold traded pretty flat in early Far East trading on their Friday...but during the Hong Kong lunch hour, it began to developed a slightly positive bias...with the European high tick coming at the 10:30 a.m. gold fix in London.
However, the 'Black Friday'-shorted trading day in New York was a different matter entirely.
Gold traded pretty flat in early Far East trading on their Friday...but during the Hong Kong lunch hour, it began to developed a slightly positive bias...with the European high tick coming at the 10:30 a.m. gold fix in London.
From there it more or less traded flat until about 10:15 a.m. in New York...and then it blasted off to the upside, which had all the hallmarks of a short covering rally of some kind. That only lasted a few minutes, but from there the price continued to work its way slowly higher.
The high tick of the day...$1,756.10 spot...came around 12:45 p.m. Eastern time...and then backed off a few dollars into the close, which came early at 1:45 p.m.
Gold closed at $1,751.90 spot...up $22.20 from Thursday's close. The net volume over both Thursday and Friday was very light...around 117,000 contracts. Switch/roll-over volume was heavy.
The high tick of the day...$1,756.10 spot...came around 12:45 p.m. Eastern time...and then backed off a few dollars into the close, which came early at 1:45 p.m.
Gold closed at $1,751.90 spot...up $22.20 from Thursday's close. The net volume over both Thursday and Friday was very light...around 117,000 contracts. Switch/roll-over volume was heavy.
The silver chart is almost a carbon copy of the gold chart, so I'll spare you the usual play-by-play. The high tick of the day...$34.28 spot...came around 12:15 p.m. during the New York lunch hour.
Like gold, silver got sold off a bit from there and traded more or less sideways into the 1:45 p.m. close...but the price sure looked like it want to move higher if it had been given half the chance, which it wasn't.
The silver price closed at $34.10 spot...up 75 cents. Net volume for the two trading days was also very light...around 28,000 contracts.
The dollar index decline continued for the third straight day on Friday. After sliding 10 basis points on Thursday, the dollar began to head south with a vengeance starting at 12:30 GMT in London...7:30 a.m. in New York. The decline ended shortly before 12:30 p.m in New York...almost exactly five hours after it had begun in London. From there, the dollar index recovered a few basis points going into the 5:00 p.m. Eastern close of trading. The index closed at 80.21...down a hair under 49 basis points from Thursday's close.
Like gold, silver got sold off a bit from there and traded more or less sideways into the 1:45 p.m. close...but the price sure looked like it want to move higher if it had been given half the chance, which it wasn't.
The silver price closed at $34.10 spot...up 75 cents. Net volume for the two trading days was also very light...around 28,000 contracts.
* * *
The CME's Daily Delivery Report showed that only 1 lonely silver contract was posted for delivery on Tuesday. There should be next to nothing left to deliver in the November contract between now and First Day Notice [for December delivery] next Thursday evening.
There were no reported changes in GLD yesterday...but it was an entirely different story over at SLV, as an authorized participant[s] withdrew a whopping 1,984,432 troy ounces of silver and shipped it off for parts unknown. That's one full day of world silver production. This withdrawal had nothing whatsoever to do with price activity and everything to do with the fact that the silver was more desperately needed elsewhere, so the corresponding number of SLV shares were redeemed...and the physical silver shipped out the door.
There was a smallish sales report from the U.S. Mint. They sold 75,000 silver eagles...and that was it. Month-to-date the mint has sold 67,000 ounces of gold eagles...10,000 one-ounce 24K gold buffaloes...and 2,659,500 silver eagles. Based on this data, the mint's silver/gold sales ratio is a bit over 34 to 1.
The Comex-approved warehouses did not receive any silver on Wednesday...and shipped only 90,143 troy ounces of the stuff out the door. The link to this activity is here.
Because of the Thanksgiving holiday, there was no Commitment of Traders Reportpublished yesterday. It will be posted on the CFTC's website on Monday.
* * *
selected news items.....
There were no reported changes in GLD yesterday...but it was an entirely different story over at SLV, as an authorized participant[s] withdrew a whopping 1,984,432 troy ounces of silver and shipped it off for parts unknown. That's one full day of world silver production. This withdrawal had nothing whatsoever to do with price activity and everything to do with the fact that the silver was more desperately needed elsewhere, so the corresponding number of SLV shares were redeemed...and the physical silver shipped out the door.
There was a smallish sales report from the U.S. Mint. They sold 75,000 silver eagles...and that was it. Month-to-date the mint has sold 67,000 ounces of gold eagles...10,000 one-ounce 24K gold buffaloes...and 2,659,500 silver eagles. Based on this data, the mint's silver/gold sales ratio is a bit over 34 to 1.
The Comex-approved warehouses did not receive any silver on Wednesday...and shipped only 90,143 troy ounces of the stuff out the door. The link to this activity is here.
Because of the Thanksgiving holiday, there was no Commitment of Traders Reportpublished yesterday. It will be posted on the CFTC's website on Monday.
* * *
selected news items.....
Google takes action to support open Internet
An upcoming UN-organized conference on global communications aims to hammer out a treaty to safeguard "the free flow of information around the world.” Google is fighting back, saying the treaty threatens the “free and open Internet.”
Representatives from UN member-states will gather in Dubai from December 3 through 14 with the explicit aim of working out a new universal information and communication treaty that would regulate the Internet.
The conference, organized by the UN’s International Telecommunication Union’s (ITU) has reignited a fierce debate over who should control the Web.
Google has remained unequivocal in its stance that the closed-door meeting [is] a power grab aimed at ending public control of the Internet and strangling free speech.
This story was posted on the Russia Today website on Thursday evening...and it's Roy Stephens' second offering in today's column. I consider it a must read...and the link is here.
Representatives from UN member-states will gather in Dubai from December 3 through 14 with the explicit aim of working out a new universal information and communication treaty that would regulate the Internet.
The conference, organized by the UN’s International Telecommunication Union’s (ITU) has reignited a fierce debate over who should control the Web.
Google has remained unequivocal in its stance that the closed-door meeting [is] a power grab aimed at ending public control of the Internet and strangling free speech.
This story was posted on the Russia Today website on Thursday evening...and it's Roy Stephens' second offering in today's column. I consider it a must read...and the link is here.
China puts sea claims map on passports, angering Philippines
China is issuing passports containing a map marking its territorial claims in a maritime dispute with neighbouring Southeast Asian nations, triggering an angry protest on Thursday from the Philippines.
It means other claimant countries will have to stamp the microchip-equipped passports of thousands of Chinese tourists and businessmen containing the Chinese claims that they are disputing.
Stand-offs between Chinese vessels and the Philippine and Vietnamese navies in the South China Sea have become more common as China increases patrols in waters believed to hold vast reserves of oil and natural gas.
"The Philippines strongly protests the inclusion of the nine-dash lines in the e-passport as such image covers an area that is clearly part of the Philippines' territory and maritime domain," Philippine Foreign Secretary Albert del Rosario said on Thursday, referring to the lines on the passport map.
This Reuters story was filed from Manila on Thursday afternoon India Standard Time...and it's courtesy of Ulrike Marx. The link is here.
It means other claimant countries will have to stamp the microchip-equipped passports of thousands of Chinese tourists and businessmen containing the Chinese claims that they are disputing.
Stand-offs between Chinese vessels and the Philippine and Vietnamese navies in the South China Sea have become more common as China increases patrols in waters believed to hold vast reserves of oil and natural gas.
"The Philippines strongly protests the inclusion of the nine-dash lines in the e-passport as such image covers an area that is clearly part of the Philippines' territory and maritime domain," Philippine Foreign Secretary Albert del Rosario said on Thursday, referring to the lines on the passport map.
This Reuters story was filed from Manila on Thursday afternoon India Standard Time...and it's courtesy of Ulrike Marx. The link is here.
Most Austrian gold reserves held in London and leased out
There is heated debate in Austria after it was revealed that the country's national bank is storing its gold reserves in England.
In response to a parliamentary question the bank said that 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself.
The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's national bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
Which means that the gold really isn't there at all, or at least not unimpaired. Now another nation is starting to get hints about gold-market rigging, likely thanks to the clamor raised by our German friends -- Austria being, of course, a German-speaking nation.
This must read story was embedded in this GATA release posted on thegata.org Internet site on Thursday morning...and the link is here.
In response to a parliamentary question the bank said that 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself.
The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's national bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
Which means that the gold really isn't there at all, or at least not unimpaired. Now another nation is starting to get hints about gold-market rigging, likely thanks to the clamor raised by our German friends -- Austria being, of course, a German-speaking nation.
This must read story was embedded in this GATA release posted on thegata.org Internet site on Thursday morning...and the link is here.
Most Austrian gold reserves held in London and leased out
There is heated debate in Austria after it was revealed that the country's national bank is storing its gold reserves in England.
In response to a parliamentary question the bank said that 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself.
The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's national bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
Which means that the gold really isn't there at all, or at least not unimpaired. Now another nation is starting to get hints about gold-market rigging, likely thanks to the clamor raised by our German friends -- Austria being, of course, a German-speaking nation.
This must read story was embedded in this GATA release posted on thegata.org Internet site on Thursday morning...and the link is here.
In response to a parliamentary question the bank said that 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself.
The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria's national bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
Which means that the gold really isn't there at all, or at least not unimpaired. Now another nation is starting to get hints about gold-market rigging, likely thanks to the clamor raised by our German friends -- Austria being, of course, a German-speaking nation.
This must read story was embedded in this GATA release posted on thegata.org Internet site on Thursday morning...and the link is here.
Clamor about gold reserves prompts leasing disclosure by Austrian central bank
Germany's clamor and agitation about the integrity of national gold reserves are spreading into Austria, where two national newspapers headquartered in Vienna, Die Presse and Der Standard, this week raised questions about Austria's national gold and even prompted a response from the country's central bank, the Oesterreichische Nationalbank (OeNB).
This is another GATA release on this issue...this one from Friday...and it includes important updates to what was in the previous story. It, too, is amust read...and it's posted at the gata.org Internet site as well. The link ishere.
This is another GATA release on this issue...this one from Friday...and it includes important updates to what was in the previous story. It, too, is amust read...and it's posted at the gata.org Internet site as well. The link ishere.
Treasury Owns the U.S. Gold Reserve
In regard to John F. Prusiecki's Nov. 9 letter "Deleveraging the Fed With a Golden Plan": Reasonable people apparently still believe that the Federal Reserve can escape the eventual accounting consequences of its quantitative easings (total assets now worth about $2.832 trillion versus capital of $54.8 billion) simply by marking up the value of the U.S. gold reserve from the official price of $42.22 per ounce to current market value.
The gold reserve is about 261.5 million ounces, and the total spot market value is $453.5 billion. At the official price, however, the reserve is worth about $11.041 billion. Such a markup would create a bookkeeping profit of about $442 billion and would reduce the Fed's leverage ratio to a more acceptable level (about 6 to 1) from the current level of about 52 to 1. Unfortunately for this line of argument, the Gold Reserve Act of Jan. 30, 1934, transferred legal title to the Fed's former gold holdings to the Treasury.
That fact cuts off the Fed's bookkeeping escape route by using the gold reserve. To pay for the 1934 gold transfer, the Treasury issued non-transferable gold certificates to the Fed. But now, if the Treasury sold all its gold holdings, for example, it could satisfy its obligations under current law by tendering about $11.041 billion to the Fed and keeping the remaining $442 billion for itself. That is because, under the gold-clause cases that the U.S. Supreme Court decided in the 1930s, the Fed would be barred from claiming more than $11.041 billion (the official price value of 261.5 million ounces) from the Treasury. Congress would have to appropriate any additional transfer of gold or dollars to the Fed.
This short, but must read article, was written by a former Federal Reserve Bank attorney...Walker F. Todd. It was posted on The Wall Street Journalwebsite late on Thursday morning Eastern time...and I thank Washington state reader S.A. for sending it along. The link is here.
The gold reserve is about 261.5 million ounces, and the total spot market value is $453.5 billion. At the official price, however, the reserve is worth about $11.041 billion. Such a markup would create a bookkeeping profit of about $442 billion and would reduce the Fed's leverage ratio to a more acceptable level (about 6 to 1) from the current level of about 52 to 1. Unfortunately for this line of argument, the Gold Reserve Act of Jan. 30, 1934, transferred legal title to the Fed's former gold holdings to the Treasury.
That fact cuts off the Fed's bookkeeping escape route by using the gold reserve. To pay for the 1934 gold transfer, the Treasury issued non-transferable gold certificates to the Fed. But now, if the Treasury sold all its gold holdings, for example, it could satisfy its obligations under current law by tendering about $11.041 billion to the Fed and keeping the remaining $442 billion for itself. That is because, under the gold-clause cases that the U.S. Supreme Court decided in the 1930s, the Fed would be barred from claiming more than $11.041 billion (the official price value of 261.5 million ounces) from the Treasury. Congress would have to appropriate any additional transfer of gold or dollars to the Fed.
This short, but must read article, was written by a former Federal Reserve Bank attorney...Walker F. Todd. It was posted on The Wall Street Journalwebsite late on Thursday morning Eastern time...and I thank Washington state reader S.A. for sending it along. The link is here.
Delays in Bullion Delivery
In the past week, I have seen postings and received a growing number of reports of coin dealers selling out of physical gold and silver coins and ingots and having trouble getting in quick replacements. At the most extreme, a buyer in a western state was told by two local dealers from whom he has made purchases that Canada gold Maple Leaves and South Africa Krugerrands are now at least two weeks delivery after payment and that U.S. 90 percent silver coin could take as long as 4-5 weeks to get.
My company has fairly deep inventories on hand, so have been able to deliver pretty much all product immediately or only after a short delay thus far. However, September was our highest sales volume month so far in 2012, which record was then surpassed in October. November sales thus far are well ahead of October’s pace. Combining this information with what other dealers and would-be purchasers are reporting, it seems that there is a definite uptick in customer demand in the United States.
This short commentary was authored by Patrick Heller over at thenumismaster.com Internet site on Monday...and I thank British Columbia reader Tolling Jennings for digging it up for us...and the link is here.
Turkey confirms that gold exports are linked to purchase of Iranian gas
Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara's role in breaching U.S.-led sanctions against Tehran.
The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.
The disclosure was made by Turkey's deputy prime minister and top economic policy maker, Ali Babacan, in answers to questions from the parliamentary budget committee.
This subscriber-protected story showed up in yesterday's edition ofThe Wall Street Journal, but is posted in the clear in this GATA release. It'sdefinitely worth reading...and the link is here.
Brazil has no gold reserves, just claims against bullion banks, Goldcore discloses
Gorecore reported on Friday that Brazil's gold reserves really aren't gold reserves at all but just "deposits" with -- claims against -- bullion banks. Can the Banco Central do Brasil really be unaware of the Western central bank gold price suppression scheme? Or is this insult to Brazil's sovereignty the price of admission to the scheme and to the fraternity of Western central banking? These are compelling questions for financial journalism in Brazil.
I borrowed "all of the above" from a GATA release yesterday...and the link to this commentary is posted at the goldcore.com Internet site here.
* * *
¤ THE WRAP
The real-time knowledge that JPMorgan is the big concentrated silver short not only represents the pinnacle of the history of the silver manipulation, almost by definition that knowledge must also be at the core of the manipulation’s future. JPMorgan has been the prime price determinant since the Bear Stearns takeover in March 2008 and they will remain responsible for the price of silver as long as they maintain their concentrated short position. Seeing how there is little likelihood of a transfer of the concentrated short position, the question becomes – can JPMorgan maintain and increase its COMEX silver short position indefinitely? I say...not a chance. - Silver analyst Ted Butler...21 November 2012
I've got a couple of 'blasts from the past' again this week. The first is a pop classic from 1967. It was a Burt Bacharach/Hal David composition that made Dionne Warwick a superstar. Everyone knows the song in one form or another...but here's the original...and the link is here. And if my memory serves me correctly, it was Herb Alpert himself playing trumpet in this piece. Those were the days.
The second piece is another short classical composition by French composer Hector Berlioz...the third week in a row I've featured his work. This is the fourth movement from his monstrous symphonic composition Symphone fantastique. It requires an equally monstrous orchestra to do this work justice...and that's precisely what this recording offers. I counted 13 cellists...and that's a lot! Gustavo Dudamel conducts...and the link is here. It's a stunning recording...and I would have loved to have been at this performance.
Well, I must admit that I wasn't quite expecting what happened yesterday in the precious metal markets...and I doubt that many people were. Nothing would surprise me going forward...up or down. And as I've said countless times, I've got a perfect explanation for either scenario. But what happens from here is anyone's guess.
The stories about countries and their supposed reserves held safely in New York or London are coming thick and fast now. One has to wonder what is going on behind the scenes at the Western world's central banks and bullion banks. On the other side of the coin, one has to wonder what's going on at the top levels of the gold and banking world in places like Russia and China...or the Gulf States. This is not a penny ante poker game anymore...it never was...but more and more people are starting to realize how high the stakes are in this game. This is now a confrontation between "We, the people"...and "all the money and all the power in the world." GATA's Chris Powell made that remark more than ten years ago when we finally came to the realization of what we had stumbled over.
It wasn't just JPMorgan Chase and Goldman Sachs out to make a buck by scamming the gold traders. It was more than that...and far more sinister. It was G. Edward Griffin's "Creature From Jekyll Island" in the flesh... and the Dark Lord of Morder's "most terrible servants"...the Nazgûl...all rolled into one.
I haven't the foggiest idea of where we go from here. The only thing I can say is that you should be prepared emotionally and psychologically for anything. Events are now happening so quickly that it's really impossible to know what will happen next...and as this economic, financial and monetary train wreck approaches the end game, it's a near certainty that even "all the money and all the power in the world" will stand helpless before it as well.
I'll leave you on that cheery note...and I'll see you here on Tuesday.
My company has fairly deep inventories on hand, so have been able to deliver pretty much all product immediately or only after a short delay thus far. However, September was our highest sales volume month so far in 2012, which record was then surpassed in October. November sales thus far are well ahead of October’s pace. Combining this information with what other dealers and would-be purchasers are reporting, it seems that there is a definite uptick in customer demand in the United States.
This short commentary was authored by Patrick Heller over at thenumismaster.com Internet site on Monday...and I thank British Columbia reader Tolling Jennings for digging it up for us...and the link is here.
Turkey confirms that gold exports are linked to purchase of Iranian gas
Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara's role in breaching U.S.-led sanctions against Tehran.
The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.
The disclosure was made by Turkey's deputy prime minister and top economic policy maker, Ali Babacan, in answers to questions from the parliamentary budget committee.
This subscriber-protected story showed up in yesterday's edition ofThe Wall Street Journal, but is posted in the clear in this GATA release. It'sdefinitely worth reading...and the link is here.
The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.
The disclosure was made by Turkey's deputy prime minister and top economic policy maker, Ali Babacan, in answers to questions from the parliamentary budget committee.
This subscriber-protected story showed up in yesterday's edition ofThe Wall Street Journal, but is posted in the clear in this GATA release. It'sdefinitely worth reading...and the link is here.
Brazil has no gold reserves, just claims against bullion banks, Goldcore discloses
Gorecore reported on Friday that Brazil's gold reserves really aren't gold reserves at all but just "deposits" with -- claims against -- bullion banks. Can the Banco Central do Brasil really be unaware of the Western central bank gold price suppression scheme? Or is this insult to Brazil's sovereignty the price of admission to the scheme and to the fraternity of Western central banking? These are compelling questions for financial journalism in Brazil.
I borrowed "all of the above" from a GATA release yesterday...and the link to this commentary is posted at the goldcore.com Internet site here.
I borrowed "all of the above" from a GATA release yesterday...and the link to this commentary is posted at the goldcore.com Internet site here.
* * *
¤ THE WRAP
The real-time knowledge that JPMorgan is the big concentrated silver short not only represents the pinnacle of the history of the silver manipulation, almost by definition that knowledge must also be at the core of the manipulation’s future. JPMorgan has been the prime price determinant since the Bear Stearns takeover in March 2008 and they will remain responsible for the price of silver as long as they maintain their concentrated short position. Seeing how there is little likelihood of a transfer of the concentrated short position, the question becomes – can JPMorgan maintain and increase its COMEX silver short position indefinitely? I say...not a chance. - Silver analyst Ted Butler...21 November 2012
I've got a couple of 'blasts from the past' again this week. The first is a pop classic from 1967. It was a Burt Bacharach/Hal David composition that made Dionne Warwick a superstar. Everyone knows the song in one form or another...but here's the original...and the link is here. And if my memory serves me correctly, it was Herb Alpert himself playing trumpet in this piece. Those were the days.
The second piece is another short classical composition by French composer Hector Berlioz...the third week in a row I've featured his work. This is the fourth movement from his monstrous symphonic composition Symphone fantastique. It requires an equally monstrous orchestra to do this work justice...and that's precisely what this recording offers. I counted 13 cellists...and that's a lot! Gustavo Dudamel conducts...and the link is here. It's a stunning recording...and I would have loved to have been at this performance.
Well, I must admit that I wasn't quite expecting what happened yesterday in the precious metal markets...and I doubt that many people were. Nothing would surprise me going forward...up or down. And as I've said countless times, I've got a perfect explanation for either scenario. But what happens from here is anyone's guess.
The stories about countries and their supposed reserves held safely in New York or London are coming thick and fast now. One has to wonder what is going on behind the scenes at the Western world's central banks and bullion banks. On the other side of the coin, one has to wonder what's going on at the top levels of the gold and banking world in places like Russia and China...or the Gulf States. This is not a penny ante poker game anymore...it never was...but more and more people are starting to realize how high the stakes are in this game. This is now a confrontation between "We, the people"...and "all the money and all the power in the world." GATA's Chris Powell made that remark more than ten years ago when we finally came to the realization of what we had stumbled over.
I've got a couple of 'blasts from the past' again this week. The first is a pop classic from 1967. It was a Burt Bacharach/Hal David composition that made Dionne Warwick a superstar. Everyone knows the song in one form or another...but here's the original...and the link is here. And if my memory serves me correctly, it was Herb Alpert himself playing trumpet in this piece. Those were the days.
The second piece is another short classical composition by French composer Hector Berlioz...the third week in a row I've featured his work. This is the fourth movement from his monstrous symphonic composition Symphone fantastique. It requires an equally monstrous orchestra to do this work justice...and that's precisely what this recording offers. I counted 13 cellists...and that's a lot! Gustavo Dudamel conducts...and the link is here. It's a stunning recording...and I would have loved to have been at this performance.
Well, I must admit that I wasn't quite expecting what happened yesterday in the precious metal markets...and I doubt that many people were. Nothing would surprise me going forward...up or down. And as I've said countless times, I've got a perfect explanation for either scenario. But what happens from here is anyone's guess.
The stories about countries and their supposed reserves held safely in New York or London are coming thick and fast now. One has to wonder what is going on behind the scenes at the Western world's central banks and bullion banks. On the other side of the coin, one has to wonder what's going on at the top levels of the gold and banking world in places like Russia and China...or the Gulf States. This is not a penny ante poker game anymore...it never was...but more and more people are starting to realize how high the stakes are in this game. This is now a confrontation between "We, the people"...and "all the money and all the power in the world." GATA's Chris Powell made that remark more than ten years ago when we finally came to the realization of what we had stumbled over.
It wasn't just JPMorgan Chase and Goldman Sachs out to make a buck by scamming the gold traders. It was more than that...and far more sinister. It was G. Edward Griffin's "Creature From Jekyll Island" in the flesh... and the Dark Lord of Morder's "most terrible servants"...the Nazgûl...all rolled into one.
I haven't the foggiest idea of where we go from here. The only thing I can say is that you should be prepared emotionally and psychologically for anything. Events are now happening so quickly that it's really impossible to know what will happen next...and as this economic, financial and monetary train wreck approaches the end game, it's a near certainty that even "all the money and all the power in the world" will stand helpless before it as well.
I'll leave you on that cheery note...and I'll see you here on Tuesday.
I'll leave you on that cheery note...and I'll see you here on Tuesday.
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