http://harveyorgan.blogspot.com/2013/06/good-evening-ladies-and-gentlemen-gold.html
Tuesday, June 18, 2013
GLD declines again/Comex inventories remain constant/another gold/silver raid
Good evening Ladies and Gentlemen:
Gold closed down by $16.20 to $1366.00 (comex closing time). Silver fell by 8 cents to $21.67 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1367.10
silver: $21.67
At the Comex, the open interest in silver rose by a rather large 2408 contracts to 150,968 contracts despite silver's fall in price yesterday. The silver OI is still holding firm at these highly elevated levels. As I mentioned to you yesterday, the bankers will try and do everything possible to remove as many longs from the silver arena as possible. They must know something is up!!
The open interest on the entire gold comex contracts fell by 4081 contracts to 372,950 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month is 940,500 or 29.2 tonnes.The number of silver ounces standing in this non active month of June remained constant at 705,000 oz
Tonight, the Comex registered or dealer inventory of gold remained the same at 1.434 million oz or 44.60 tonnes. This is still dangerously low. The total of all gold at the comex also remained the same at 7.706 million oz or 239.68 tonnes of gold.
JPMorgan's customer inventory shows no change and rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes. Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The total of the 3 major bullion dealers, Scotia , HSBC and JPMorgan have in the Comex dealer account only 30.02 tonnes of gold
The GLD reported a loss in inventory of 1.51 tonnes of gold inventory. The SLV inventory of silver remained firm with no losses or gains in inventory.
In physical stories we have reports from, Bill Holter and Chris Powell of GATA on the departure of Gary Gensler and maybe others at the CFTC.
On the paper side of things,we have Ron Paul tackling USA involvement inside Syria, Reuters, Matt Scuffham on the bail-in of the UK's Co Op Bank, Ambrose Pritchard Evans on what will happen to the world if Bernanke "tapers" and finally Michael Snyder of Economic Collapse Blog as he discusses the plight of Detroit and the USA in general.
We will go over these and many other stories but first.....................
Let us now head over to the comex and assess trading over there today.
Here are the details:
First Richard Russell, on gold trading last night :
*Richard Russell last night…
"It looks like the great gold rip-off is completed and over. A few of the banks (JPM) spread the rumor that gold was heading for $1,000 and that the bull market in gold was toast. This set off a panic in gold and silver, which served the perpetrators well.
As the metals swooned, the crooks, who had sold the metals short, made a tidy fortune as the metals collapsed. At the same time, they loaded up on cheap gold and silver. In all, quite a play, during which a good many duped investors dumped their silver and gold.
I understand that there is now a huge speculative short position in gold on the Comex. This position will have to be covered. This means driving the shorts out of the market. Thus, the manipulators will have cleaned up -- first by selling the metals short, and then by loading up on the metals at the bottom of the panic in preparation for (hopefully) the ride up.
My guess is that China and Russia soaked up a good deal of the bargain-priced gold near the bottom of the panic. China waits patiently while the US spends its way into bankruptcy. Which reminds me, there's still lots of talk about the true amount of gold owned by the US. Then why the hell doesn't the government or the Fed finally audit our gold holdings and put an end to the rumors? From what I understand, neither the Fed nor the US government want an audit. If the gold is really there, then why don't they put an end to all the rumors? For heaven's sake, let's have an audit -- or is there really something to hide?
I feel we are besieged with rumors, secrets, lies and manipulations. I've felt this way before, but I've never felt this strongly that we (Americans) are being lied to and manipulated. What's to hide? Jesus told us that we must know the truth, and the truth will make us free. Then for God's sake, start telling us the truth! My intuition tells me that if it's a secret, it's probably evil. Ultimately, good or bad, everything comes to light-- although it may take time." - Richard Russell.
The total gold comex open interest fell by 4081 contracts from 377,031 down to to 372,950 with gold falling by $4.20 yesterday. The front active month of June saw it's OI fall by 437 contracts from 1382 down to 945. We had 414 deliveries served upon our longs on Monday. We thus lost 23 contracts or 2300 oz that will not stand in this delivery month of June. The next delivery month is the non active July contract and here the OI fell by 68 contracts down to 651. The next active delivery month for gold is August and here the OI fell by 4083 contracts from 212,754 down to 208,671. The estimated volume today was bad at 123,017 contracts. The confirmed volume yesterday was atrocious at 82,551. It seems that the many now realize that the Comex is a crooked game so investors are seeking other means to acquire gold.
The total silver Comex OI surprisingly rose despite as silver's fall in price by 20 cents yesterday. It's total OI is up by 2408 contracts to 150,968. The longs in silver remain resolute, willing to take on the criminal bankers who today threw a tantrum with their raid, as their object of the exercise was to remove some of those stubborn longs from the silver open interest. I doubt very much if today's raid would have any effect on the total OI. The front non active June silver contract month shows a loss in OI of 4 contracts resting tonight at 25. We had 4 notices filed yesterday so in essence we neither gained nor lost any silver contracts. The next big delivery month is July and here the OI fell by only 437 contracts down to 57,686. We are less than two weeks away from first day notice (June 28.2013) and judging from the relatively high OI in July, we may see some fireworks in silver. The estimated volume today was good coming in at 57,686 contracts. The confirmed volume on Friday was good at 43,115.
We again had 0 customer deposits today
total customer deposit: nil oz
It is very strange that in a big delivery month, we are witnessing no gold enter the dealer or even the customer.
we had no customer withdrawals:
i) total customer withdrawals: nil
thus, zero ounces were withdrawn from JPMorgan today as well as no notices were issued by them as well.
As we reported to you two weeks we reported to you that JPMorgan withdrew a huge amount of gold from its customer account:
Out of JPMorgan: 217,844.96 oz.
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
The last Tuesday in May, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
Last Tuesday, June 11, we had 217,844.96 actual ounces leave JPMorgan
Today we had no issuance from any of the major bullion banks, JPMorgan, HSBC and Scotia.
In summary on the customer side of things for JPMorgan:
From the beginning of June we have had 1527 notices served from the customer side of JPMorgan for 152,700 oz. If we add the 71,611.00 oz owing from May issuance, we get 224,311 oz. We can subtract the actual withdrawal of gold form JPMorgan of 217,844.96. This still leaves 6466.04 oz that needs to be settled upon from the vaults of JPMorgan customer side.
Today we had no adjustments.
The total dealer comex gold thus remains at 1.434 million oz or 44.60 tonnes of gold.
The total of all comex gold, dealer and customer rests tonight at 7.706 million oz or 239.68 tonnes..
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account remains at 136,380.611 oz. (or only 4.2 tonnes of gold)
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side a week ago Thursday, we had 10 notices issued on JPMorgan's dealer account.
Last Friday: zero
Another disturbing piece of news is the low dealer gold inventory for our 3 major bullion banks: Scotia, HSBC and JPMorgan equal to 30.08 tonnes
i) Scotia: 285,596.23 oz or 8.88 tonnes (a slight increase from Friday)
ii) HSBC: 270,197.277 oz or 8.4 tonnes
iii) JPMorgan: 413,526 oz or 12.8 tonnes
Brinks dealer account has the lions share of the dealer gold at 445,398.58 oz 13.89 tonnes.
There were no changes in inventory from all sides today.
Today we had 11 notices served upon our longs for 1,100 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (945) and subtract out today's notices (11) which leaves us with 934 contracts or 93,400 oz left to be served upon our longs.
8471 contracts x 100 oz per contract or 847,100 oz served upon + 945 contracts or 94,500 oz (left to be served upon) = 940,500 oz or 29.20 tonnes of gold.
We lost 23 contracts or 2300 oz and this gold will not stand in the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 152.4% of that total production.
Ladies and Gentlemen: we have a three-fold problem:
i) the total dealer inventory of gold is at a very dangerously low level of only 44.32 tonnes and none of the 9.5 tonnes delivery notices from May and the 30 tonnes from June have been removed from inventory as of yet.
ii) a) JPMorgan's customer inventory remains at an extremely low 136,380 oz.
If you are a customer of JPMorgan and have your gold in its vault, I think it is best to remove it before we have another fiasco like MFGlobal.
ii b) JPMorgan's dealer account rests tonight at 413,000 oz. However all of this gold has been spoken for plus an additional 81,000 oz
iii) the 3 major bullion banks have collectively only 30.08 tonnes of gold left!!
end
Gold closed down by $16.20 to $1366.00 (comex closing time). Silver fell by 8 cents to $21.67 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1367.10
silver: $21.67
At the Comex, the open interest in silver rose by a rather large 2408 contracts to 150,968 contracts despite silver's fall in price yesterday. The silver OI is still holding firm at these highly elevated levels. As I mentioned to you yesterday, the bankers will try and do everything possible to remove as many longs from the silver arena as possible. They must know something is up!!
The open interest on the entire gold comex contracts fell by 4081 contracts to 372,950 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month is 940,500 or 29.2 tonnes.The number of silver ounces standing in this non active month of June remained constant at 705,000 oz
Tonight, the Comex registered or dealer inventory of gold remained the same at 1.434 million oz or 44.60 tonnes. This is still dangerously low. The total of all gold at the comex also remained the same at 7.706 million oz or 239.68 tonnes of gold.
JPMorgan's customer inventory shows no change and rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes. Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The total of the 3 major bullion dealers, Scotia , HSBC and JPMorgan have in the Comex dealer account only 30.02 tonnes of gold
The GLD reported a loss in inventory of 1.51 tonnes of gold inventory. The SLV inventory of silver remained firm with no losses or gains in inventory.
In physical stories we have reports from, Bill Holter and Chris Powell of GATA on the departure of Gary Gensler and maybe others at the CFTC.
On the paper side of things,we have Ron Paul tackling USA involvement inside Syria, Reuters, Matt Scuffham on the bail-in of the UK's Co Op Bank, Ambrose Pritchard Evans on what will happen to the world if Bernanke "tapers" and finally Michael Snyder of Economic Collapse Blog as he discusses the plight of Detroit and the USA in general.
We will go over these and many other stories but first.....................
Here are the details:
First Richard Russell, on gold trading last night :
*Richard Russell last night…
"It looks like the great gold rip-off is completed and over. A few of the banks (JPM) spread the rumor that gold was heading for $1,000 and that the bull market in gold was toast. This set off a panic in gold and silver, which served the perpetrators well.
As the metals swooned, the crooks, who had sold the metals short, made a tidy fortune as the metals collapsed. At the same time, they loaded up on cheap gold and silver. In all, quite a play, during which a good many duped investors dumped their silver and gold.
I understand that there is now a huge speculative short position in gold on the Comex. This position will have to be covered. This means driving the shorts out of the market. Thus, the manipulators will have cleaned up -- first by selling the metals short, and then by loading up on the metals at the bottom of the panic in preparation for (hopefully) the ride up.
My guess is that China and Russia soaked up a good deal of the bargain-priced gold near the bottom of the panic. China waits patiently while the US spends its way into bankruptcy. Which reminds me, there's still lots of talk about the true amount of gold owned by the US. Then why the hell doesn't the government or the Fed finally audit our gold holdings and put an end to the rumors? From what I understand, neither the Fed nor the US government want an audit. If the gold is really there, then why don't they put an end to all the rumors? For heaven's sake, let's have an audit -- or is there really something to hide?
I feel we are besieged with rumors, secrets, lies and manipulations. I've felt this way before, but I've never felt this strongly that we (Americans) are being lied to and manipulated. What's to hide? Jesus told us that we must know the truth, and the truth will make us free. Then for God's sake, start telling us the truth! My intuition tells me that if it's a secret, it's probably evil. Ultimately, good or bad, everything comes to light-- although it may take time." - Richard Russell.
The total gold comex open interest fell by 4081 contracts from 377,031 down to to 372,950 with gold falling by $4.20 yesterday. The front active month of June saw it's OI fall by 437 contracts from 1382 down to 945. We had 414 deliveries served upon our longs on Monday. We thus lost 23 contracts or 2300 oz that will not stand in this delivery month of June. The next delivery month is the non active July contract and here the OI fell by 68 contracts down to 651. The next active delivery month for gold is August and here the OI fell by 4083 contracts from 212,754 down to 208,671. The estimated volume today was bad at 123,017 contracts. The confirmed volume yesterday was atrocious at 82,551. It seems that the many now realize that the Comex is a crooked game so investors are seeking other means to acquire gold.
The total silver Comex OI surprisingly rose despite as silver's fall in price by 20 cents yesterday. It's total OI is up by 2408 contracts to 150,968. The longs in silver remain resolute, willing to take on the criminal bankers who today threw a tantrum with their raid, as their object of the exercise was to remove some of those stubborn longs from the silver open interest. I doubt very much if today's raid would have any effect on the total OI. The front non active June silver contract month shows a loss in OI of 4 contracts resting tonight at 25. We had 4 notices filed yesterday so in essence we neither gained nor lost any silver contracts. The next big delivery month is July and here the OI fell by only 437 contracts down to 57,686. We are less than two weeks away from first day notice (June 28.2013) and judging from the relatively high OI in July, we may see some fireworks in silver. The estimated volume today was good coming in at 57,686 contracts. The confirmed volume on Friday was good at 43,115.
Comex gold/May contract month:
June 18/2013
the June contract month:
the June contract month:
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
202.48 oz (Scotia)
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| 12,178.435 (Scotia) oz |
No of oz served (contracts) today
|
11 (1,100 oz)
|
No of oz to be served (notices)
|
934 (93,400 oz
|
Total monthly oz gold served (contracts) so far this month
|
8471 (847,100 oz)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
78,856.579 oz
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 259,153.01 oz |
We again had no activity at the gold vaults
The dealer again had 0 deposits and no withdrawals.
We again had 0 customer deposits today
total customer deposit: nil oz
It is very strange that in a big delivery month, we are witnessing no gold enter the dealer or even the customer.
we had no customer withdrawals:
i) total customer withdrawals: nil
thus, zero ounces were withdrawn from JPMorgan today as well as no notices were issued by them as well.
As we reported to you two weeks we reported to you that JPMorgan withdrew a huge amount of gold from its customer account:
Out of JPMorgan: 217,844.96 oz.
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
The last Tuesday in May, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
Last Tuesday, June 11, we had 217,844.96 actual ounces leave JPMorgan
Today we had no issuance from any of the major bullion banks, JPMorgan, HSBC and Scotia.
In summary on the customer side of things for JPMorgan:
From the beginning of June we have had 1527 notices served from the customer side of JPMorgan for 152,700 oz. If we add the 71,611.00 oz owing from May issuance, we get 224,311 oz. We can subtract the actual withdrawal of gold form JPMorgan of 217,844.96. This still leaves 6466.04 oz that needs to be settled upon from the vaults of JPMorgan customer side.
Today we had no adjustments.
The total dealer comex gold thus remains at 1.434 million oz or 44.60 tonnes of gold.
The total of all comex gold, dealer and customer rests tonight at 7.706 million oz or 239.68 tonnes..
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account remains at 136,380.611 oz. (or only 4.2 tonnes of gold)
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side a week ago Thursday, we had 10 notices issued on JPMorgan's dealer account.
Last Friday: zero
On Monday: 1
On Tuesday: 0
On Wednesday : 0
On Wednesday : 0
on Thursday: 0
on Friday: 0
on Monday: 0 .
Today: 0 again.
Thus, 4946 notices have been issued by JPMorgan so far for 494,600 oz and these ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz.
Somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category ( in the same format as in the customer category) leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time. As a matter of fact, zero ounces has entered on the dealer side from the beginning of 2013.
How will JPMorgan satisfy this shortfall??
on Friday: 0
on Monday: 0 .
Today: 0 again.
Thus, 4946 notices have been issued by JPMorgan so far for 494,600 oz and these ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz.
Somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category ( in the same format as in the customer category) leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time. As a matter of fact, zero ounces has entered on the dealer side from the beginning of 2013.
How will JPMorgan satisfy this shortfall??
Another disturbing piece of news is the low dealer gold inventory for our 3 major bullion banks: Scotia, HSBC and JPMorgan equal to 30.08 tonnes
i) Scotia: 285,596.23 oz or 8.88 tonnes (a slight increase from Friday)
ii) HSBC: 270,197.277 oz or 8.4 tonnes
iii) JPMorgan: 413,526 oz or 12.8 tonnes
Brinks dealer account has the lions share of the dealer gold at 445,398.58 oz 13.89 tonnes.
There were no changes in inventory from all sides today.
Today we had 11 notices served upon our longs for 1,100 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (945) and subtract out today's notices (11) which leaves us with 934 contracts or 93,400 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in June:
8471 contracts x 100 oz per contract or 847,100 oz served upon + 945 contracts or 94,500 oz (left to be served upon) = 940,500 oz or 29.20 tonnes of gold.
We lost 23 contracts or 2300 oz and this gold will not stand in the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 152.4% of that total production.
Ladies and Gentlemen: we have a three-fold problem:
i) the total dealer inventory of gold is at a very dangerously low level of only 44.32 tonnes and none of the 9.5 tonnes delivery notices from May and the 30 tonnes from June have been removed from inventory as of yet.
ii) a) JPMorgan's customer inventory remains at an extremely low 136,380 oz.
If you are a customer of JPMorgan and have your gold in its vault, I think it is best to remove it before we have another fiasco like MFGlobal.
ii b) JPMorgan's dealer account rests tonight at 413,000 oz. However all of this gold has been spoken for plus an additional 81,000 oz
iii) the 3 major bullion banks have collectively only 30.08 tonnes of gold left!!
end
now let us head over and see what is new with silver:
now let us head over and see what is new with silver:
Silver:
June 18.2013: June silver contract month:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | 5136.60 (Scotia) |
| Withdrawals from Customer Inventory | 228,922.79 oz (,Scotia) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 651,006.965 oz (CNT) |
| No of oz served (contracts) | 0 (nil oz) |
| No of oz to be served (notices) | 25 (125,000 oz) |
| Total monthly oz silver served (contracts) | 116 (580,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 988,092.07 oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 3,718,881.9 oz |
Today, we had fair activity inside the silver vaults.
we had 0 dealer deposits and 1 dealer withdrawals.
i) Out of Scotia dealer: 5136.60 oz
We had 1 customer deposit:
i) Into CNT: 651,006.965 oz
total customer deposits 651,006.965 oz
We had 1 customer withdrawals:
i) Out of Scotia dealer: 5136.60 oz
We had 1 customer deposit:
i) Into CNT: 651,006.965 oz
total customer deposits 651,006.965 oz
We had 1 customer withdrawals:
i) Out of Scotia: 228,922.79 oz
total customer withdrawal : 228,922.79 oz
total customer withdrawal : 228,922.79 oz
we had 1 adjustment today
i) Out of JPM:
5,247.40 oz was adjusted out of the dealer and this landed in the customer.
i) Out of JPM:
5,247.40 oz was adjusted out of the dealer and this landed in the customer.
Registered silver at : 41.763 million oz
total of all silver: 164.996 million oz.
The CME reported that we had 0 notices filed for nil oz today. In order to calculate what we believe will stand in the month of June, I take the Oi standing for June (25) and subtract out today's notices (0) which leaves us with 25 notices or 125,000 oz.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
116 contracts x 5000 oz per contract (served) = 580,000 oz + 25 contracts x 5000 oz or 125,000 oz left to be served upon = 705,000 oz
we neither gained nor lost any silver ounces standing today.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
116 contracts x 5000 oz per contract (served) = 580,000 oz + 25 contracts x 5000 oz or 125,000 oz left to be served upon = 705,000 oz
we neither gained nor lost any silver ounces standing today.
end
Now let us check on gold inventories at the GLD first: 2.5 tons leave GLD ETF inventory today , getting close to breaking 1000 tons !
June 18.2013:
June 17/ 2013:
* * *
selected news and views.....
June 18.2013:
Tonnes1,001.66
Ounces32,204,529.04
Value US$44.002 billion
June 17/ 2013:
Tonnes1,003.17
Ounces32,252,855.33
Value US$44.649 billion
* * *
selected news and views.....
Gensler is out, but there may be more:
(courtesy GATA/Chris Powell)
Gensler is out, but there may be more:
(courtesy GATA/Chris Powell)
(courtesy GATA/Chris Powell)
At the CFTC even Gensler is too much for the big banks
Submitted by cpowell on Tue, 2013-06-18 19:19. Section: Daily Dispatches
Commodity Futures Trading Commission Faces Top-Level Shake-Up
By Gregory Meyer
Financial Times, London
Tuesday, June 18, 2013
In the past month bankers and lawyers from Citigroup, Goldman Sachs, and JPMorgan Chase have streamed into a dark brick Washington office building where the future of finance is being shaped.
The high-powered visitors to the home of the Commodity Futures Trading Commission testify to its rise from an obscure US government agency to a global watchdog of financial derivatives, the scandal-hit Libor lending benchmark, and physical commodities from oil to silver.
The agency's tack is now more in question than at any time since Gary Gensler became chairman four years ago. He and one or two others on the five-member commission may be replaced as soon as July, lobbyists and commission officials say. This could slow or reverse Mr Gensler's clampdown on Wall Street banks
"If there is 60 per cent turnover at the commission, that means there could be a 60 per cent change in direction of the commission," says Michael Dunn, a former CFTC commissioner at lobbyist Patton Boggs.
The banks, their opponents at liberal pressure groups and others have filed through the commission's glass doors to try to influence new rules transforming the $633 trillion derivatives market. Under Mr Gensler, the CFTC has shaved dealer banks' information advantage, set business conduct standards, and forced more swap contracts to be backed by clearing houses.
Mr Gensler's term expired in April 2012 but by law he can stay through to the end of the year if no successor is confirmed. As the sun sets on his tenure, one big reform plank remains incomplete: guidelines for foreign derivatives dealers, whose blow-ups could endanger the US economy.
If this does not pass, Mr Gensler has warned that the CFTC's painstakingly constructed regulatory framework could become a hollow shell as derivatives operations move offshore but retain Washington's implicit backing.
"If the offshore operations of financial institutions are allowed a free pass from reform," he said in a recent speech, "we will not fulfil Congress' intent to end 'too big to fail.'"
The term of commissioner Bart Chilton, a Democrat like Mr Gensler, expired in April but he can serve through 2014 unless he is reappointed or another commissioner is confirmed. He says: "There's work to be done and I'd like to continue to do it."
Lobbyists say one candidate to replace either man is Amanda Renteria, former chief of staff to Debbie Stabenow, the Senate Agriculture Committee chairman. The committee oversees the CFTC.
Ms Renteria holds a Harvard MBA and helped on the Dodd-Frank financial reform law that laid the groundwork for the CFTC's derivatives rules, associates say. Still, "you can tell looking at her resume she's not a derivatives market expert," says a former senior CFTC official, now an industry lobbyist.
Commissioner Jill Sommers, a Republican, has announced plans to resign. Names in circulation as possible replacements include Chris Giancarlo, executive vice-president at interdealer broker GFI Group, and Martha Scott Poindexter, Republican staff director on the Senate Select Intelligence Committee.
Mr Giancarlo has roots in off-exchange markets. In congressional testimony last December he was critical of what he called the "anti-competitive, single-silo, monopolistic structure of the futures market."
The prospect of a personnel shuffle hangs over the CFTC's pending business. Already three commissioners -- Ms Sommers; Mark Wetjen, a Democrat; and Scott O'Malia, a Republican -- have questioned whether the foreign guidelines should be completed before a July 12 exemption expires for offshore branches of dealers such as Goldman and JPMorgan.
The CFTC has other contentious tasks to complete. A customer protection rule proposed in response to the MF Global collapse and Peregrine Financial Group fraud has agitated brokers, who claim it will require $100 billion in extra margin collateral, making futures markets too costly to trade.
The agency is also trying to impose new constraints on commodity speculators after banking groups successfully sued to overturn initial limits.
"Gary is not the kind of person who comes up and slugs you in the nose, but he's persistent," Philip McBride Johnson, a derivatives lawyer and former CFTC chairman, says of Mr Gensler. "I don't know for sure if a new composition of the commission would be inclined to either slow down or back off."
from Seeking Alpha, Santa Cruz province in Argentina is slapping a 1% annual tax on mining profits.
(courtesy seeking alpha)
Argentina's Santa Cruz province slaps a 1% annual tax on mine resources, a move mining companies...
- Tuesday, June 18, 12:52 PM ETArgentina's Santa Cruz province slaps a 1% annual tax on mine resources, a move mining companies say they will challenge in court. While the percentage seems small, miners say it will cost them $100M in new taxes next year, as the tax amounts to ~8% of the total resources of a mine with a 15-year life. Among miners with operations in Santa Cruz: AU -3.5%, MUX -2.3%, GG -2.5%, PAAS -1.4%.
The following is very important as Shibor or the Shanghair Interbank lending rate is much higher indicating much stress in the Chinese banking sector as we outlined to you yesterday:
(courtesy Mathew Phillips/Jessie American cafe)
Here’s what’s behind the Chinese cash crunch
Remember Libor? When that once obscure measure of short-term interest ratesshot higher in 2007 and 2008, it was one of the earliest warnings signs of what would eventually become the financial crisis. Now, its Chinese cousin—known as Shibor—is telegraphing the rising stress in the opaque financial system of the world’s second largest economy. Behold:
What does the spike in rates mean? Large banks are increasingly leery of tapping into their pools of cash to lend to each other. Recent reports that China Everbright Bank failed to repay a short-term loan to Industrial Bank Co. aren’t helping. Industrial Bank says that report is “untrue and exaggerated.” But short-term lending markets suggest other bankers are skeptical.
So what’s the solution? Chinese authorities tamed short-term interest rate spikes before. They could create new cash to lubricate lending, or lower reserve requirements for banks, which would boost liquidity. According to the Wall Street Journal, that’s what bankers are hoping for.
But remember, those reserves are supposed to protect Chinese banks against losses from bad loans. (And there are plenty of bad loans floating around in the Chinese banking system.) So both of those solutions would actually just be a bandaid to reduce short-term rates; they would do little to reduce the underlying systemic risks. Stay tuned.
http://www.silverdoctors.com/alert-jp-morgan-increases-slv-holdings-by-500/#more-28052
Submitted by Bix Weir:
The numbers are clear in the reported data on SLV which must be recorded quarterly by the major institutional holders. Here’s the latest report showing JP Morgan holding 6,042,752 shares (ounces) increasing their holdings in SLV by 4,819,640 shares or 500%.
This report is cut off as of the end of the 1st quarter so when the second quarter is posted you can bet that this number has increased substantially. On a side note I’d like to point out that two other major cabal members shed massive amounts of shares in the same quarter: UBS selling (or transferring to JPM) 7,477,363 and Morgan Stanley shedding 1,186,347. Both are playing the opposite side of the trade to control the price as the cabal trades back and forth to each other.
I’m not saying that JP Morgan is completely out of their silver short but they may now be very, very close when you put all their various silver holdings together and net them out.
So WHERE IS THE SHORT NOW?!
Truthfully, I don’t know but there are suspects that cannot be counted out. The prime one is Citibank as I pointed out a while back.
ALERT: Silver Short Hot Potato Being Passed Again
http://www.roadtoroota.com/members/1019.cfm
But I believe that plan was stopped as soon as it was noticed by the Good Guys that the Citibank silver derivative book had ballooned. The reason I think so is that after adding about $5B a quarter of silver derivatives in 2012 it was abruptly frozen and the CEO and CFO fired.
So where to now? The most likely spot would be a HEDGE FUND that is controlled by the banking cabal as their reporting requirements are almost non-existent as opposed to banks and large financial institutions.
Obviously, BlackRock would be the leading candidate as it is the largest and currently has full control of SLV as it’s legal Sponsor. They also have one of the ORIGINAL market riggers, Peter Fisher, as one of their managing directors. Here’s his bio:
Senior Managing Director Senior Director of the BlackRock Investment Institute
Mr. Fisher is a member of BlackRock’s Global Executive Committee and a senior director at the BlackRock Investment Institute which serves to leverage the investment insights of BlackRock’s portfolio managers for the collective benefit of our clients.
From 2007 to 2013, Peter served as co-head and then head of BlackRock’s Fixed Income Portfolio Management Group. From 2005 to 2007 he served as Chairman of BlackRock Asia. Prior to joining BlackRock in 2004, he served as Under Secretary of the U.S. Treasury for Domestic Finance from 2001 to 2003 and worked at the Federal Reserve Bank of New York from 1985 to 2001.
As Under Secretary of the Treasury, he was the senior advisor to the Secretary on all aspects of domestic finance including financial institutions, public debt management, capital markets, government financial management, federal lending, fiscal affairs, government-sponsored enterprises and community development. He served on the board of the Securities Investor Protection Corporation and as a member of the Airline Transportation Stabilization Board and also as the Treasury representative to the Pension Benefit Guaranty Corporation.
At the Federal Reserve Bank of New York, from 1995 to 2001, he served as an Executive Vice President and Manager of the System Open Market Account, responsible for the conduct of domestic monetary and foreign currency operation and for the management of the foreign currency reserves of the Federal Reserve and the Treasury. He also served in the Foreign Exchange Function, 1990-94, and in the Legal Department, 1985-89. From 1989 to 1990 he worked at the Bank for International Settlements, in Basel Switzerland.
Mr. Fisher’s other current responsibilities include serving as a member of the Strategic Advisory Committee at Agence France Trésor, the FDIC’s Advisory Committee on Systemic Resolution, the IMF’s Financial Institutions Consultative Group and the Google Investment Advisory Committee.
Mr. Fisher is a recipient of the Distinguished Service Award from The Bond Market Association (2004), the Alexander Hamilton Medal from the United States Department of the Treasury (2003), and the Postmaster General’s Partnership for Progress Award, United States Postal Service (2002).
Mr. Fisher earned a BA degree in history from Harvard College in 1980 and a JD degree from Harvard Law School in 1985.
END
The game of rigging the silver market is seemingly endless but that is exactly what we are fighting for…to END the illegal manipulation.
One day we will win and we will take our freedom back but for now the best we can do is KEEP TAKING THE FIGHT TO THEM!
Do yourself a favor…follow JP Morgan’s advice and BUY PHYSICAL SILVER at these low prices.
Tracking down the NEW holder of the Silver Short Hot Potato will be one of my major goals going forward.
May the Road you choose be the Right Road.
Bix Weir
www.RoadtoRoota.com
Submitted by cpowell on Tue, 2013-06-18 19:19. Section: Daily Dispatches
Commodity Futures Trading Commission Faces Top-Level Shake-Up
By Gregory Meyer
Financial Times, London
Tuesday, June 18, 2013
Financial Times, London
Tuesday, June 18, 2013
In the past month bankers and lawyers from Citigroup, Goldman Sachs, and JPMorgan Chase have streamed into a dark brick Washington office building where the future of finance is being shaped.
The high-powered visitors to the home of the Commodity Futures Trading Commission testify to its rise from an obscure US government agency to a global watchdog of financial derivatives, the scandal-hit Libor lending benchmark, and physical commodities from oil to silver.
The agency's tack is now more in question than at any time since Gary Gensler became chairman four years ago. He and one or two others on the five-member commission may be replaced as soon as July, lobbyists and commission officials say. This could slow or reverse Mr Gensler's clampdown on Wall Street banks
"If there is 60 per cent turnover at the commission, that means there could be a 60 per cent change in direction of the commission," says Michael Dunn, a former CFTC commissioner at lobbyist Patton Boggs.
The banks, their opponents at liberal pressure groups and others have filed through the commission's glass doors to try to influence new rules transforming the $633 trillion derivatives market. Under Mr Gensler, the CFTC has shaved dealer banks' information advantage, set business conduct standards, and forced more swap contracts to be backed by clearing houses.
Mr Gensler's term expired in April 2012 but by law he can stay through to the end of the year if no successor is confirmed. As the sun sets on his tenure, one big reform plank remains incomplete: guidelines for foreign derivatives dealers, whose blow-ups could endanger the US economy.
If this does not pass, Mr Gensler has warned that the CFTC's painstakingly constructed regulatory framework could become a hollow shell as derivatives operations move offshore but retain Washington's implicit backing.
"If the offshore operations of financial institutions are allowed a free pass from reform," he said in a recent speech, "we will not fulfil Congress' intent to end 'too big to fail.'"
The term of commissioner Bart Chilton, a Democrat like Mr Gensler, expired in April but he can serve through 2014 unless he is reappointed or another commissioner is confirmed. He says: "There's work to be done and I'd like to continue to do it."
Lobbyists say one candidate to replace either man is Amanda Renteria, former chief of staff to Debbie Stabenow, the Senate Agriculture Committee chairman. The committee oversees the CFTC.
Ms Renteria holds a Harvard MBA and helped on the Dodd-Frank financial reform law that laid the groundwork for the CFTC's derivatives rules, associates say. Still, "you can tell looking at her resume she's not a derivatives market expert," says a former senior CFTC official, now an industry lobbyist.
Commissioner Jill Sommers, a Republican, has announced plans to resign. Names in circulation as possible replacements include Chris Giancarlo, executive vice-president at interdealer broker GFI Group, and Martha Scott Poindexter, Republican staff director on the Senate Select Intelligence Committee.
Mr Giancarlo has roots in off-exchange markets. In congressional testimony last December he was critical of what he called the "anti-competitive, single-silo, monopolistic structure of the futures market."
The prospect of a personnel shuffle hangs over the CFTC's pending business. Already three commissioners -- Ms Sommers; Mark Wetjen, a Democrat; and Scott O'Malia, a Republican -- have questioned whether the foreign guidelines should be completed before a July 12 exemption expires for offshore branches of dealers such as Goldman and JPMorgan.
The CFTC has other contentious tasks to complete. A customer protection rule proposed in response to the MF Global collapse and Peregrine Financial Group fraud has agitated brokers, who claim it will require $100 billion in extra margin collateral, making futures markets too costly to trade.
The agency is also trying to impose new constraints on commodity speculators after banking groups successfully sued to overturn initial limits.
"Gary is not the kind of person who comes up and slugs you in the nose, but he's persistent," Philip McBride Johnson, a derivatives lawyer and former CFTC chairman, says of Mr Gensler. "I don't know for sure if a new composition of the commission would be inclined to either slow down or back off."
from Seeking Alpha, Santa Cruz province in Argentina is slapping a 1% annual tax on mining profits.
(courtesy seeking alpha)
Argentina's Santa Cruz province slaps a 1% annual tax on mine resources, a move mining companies...
- Tuesday, June 18, 12:52 PM ETArgentina's Santa Cruz province slaps a 1% annual tax on mine resources, a move mining companies say they will challenge in court. While the percentage seems small, miners say it will cost them $100M in new taxes next year, as the tax amounts to ~8% of the total resources of a mine with a 15-year life. Among miners with operations in Santa Cruz: AU -3.5%, MUX -2.3%, GG -2.5%, PAAS -1.4%.
The following is very important as Shibor or the Shanghair Interbank lending rate is much higher indicating much stress in the Chinese banking sector as we outlined to you yesterday:
(courtesy Mathew Phillips/Jessie American cafe)
The following is very important as Shibor or the Shanghair Interbank lending rate is much higher indicating much stress in the Chinese banking sector as we outlined to you yesterday:
(courtesy Mathew Phillips/Jessie American cafe)
Here’s what’s behind the Chinese cash crunch
Remember Libor? When that once obscure measure of short-term interest ratesshot higher in 2007 and 2008, it was one of the earliest warnings signs of what would eventually become the financial crisis. Now, its Chinese cousin—known as Shibor—is telegraphing the rising stress in the opaque financial system of the world’s second largest economy. Behold:
What does the spike in rates mean? Large banks are increasingly leery of tapping into their pools of cash to lend to each other. Recent reports that China Everbright Bank failed to repay a short-term loan to Industrial Bank Co. aren’t helping. Industrial Bank says that report is “untrue and exaggerated.” But short-term lending markets suggest other bankers are skeptical.
So what’s the solution? Chinese authorities tamed short-term interest rate spikes before. They could create new cash to lubricate lending, or lower reserve requirements for banks, which would boost liquidity. According to the Wall Street Journal, that’s what bankers are hoping for.
But remember, those reserves are supposed to protect Chinese banks against losses from bad loans. (And there are plenty of bad loans floating around in the Chinese banking system.) So both of those solutions would actually just be a bandaid to reduce short-term rates; they would do little to reduce the underlying systemic risks. Stay tuned.
http://www.silverdoctors.com/alert-jp-morgan-increases-slv-holdings-by-500/#more-28052
Submitted by Bix Weir:
The numbers are clear in the reported data on SLV which must be recorded quarterly by the major institutional holders. Here’s the latest report showing JP Morgan holding 6,042,752 shares (ounces) increasing their holdings in SLV by 4,819,640 shares or 500%.
This report is cut off as of the end of the 1st quarter so when the second quarter is posted you can bet that this number has increased substantially. On a side note I’d like to point out that two other major cabal members shed massive amounts of shares in the same quarter: UBS selling (or transferring to JPM) 7,477,363 and Morgan Stanley shedding 1,186,347. Both are playing the opposite side of the trade to control the price as the cabal trades back and forth to each other.
I’m not saying that JP Morgan is completely out of their silver short but they may now be very, very close when you put all their various silver holdings together and net them out.
So WHERE IS THE SHORT NOW?!
Truthfully, I don’t know but there are suspects that cannot be counted out. The prime one is Citibank as I pointed out a while back.
ALERT: Silver Short Hot Potato Being Passed Again
http://www.roadtoroota.com/members/1019.cfm
But I believe that plan was stopped as soon as it was noticed by the Good Guys that the Citibank silver derivative book had ballooned. The reason I think so is that after adding about $5B a quarter of silver derivatives in 2012 it was abruptly frozen and the CEO and CFO fired.
So where to now? The most likely spot would be a HEDGE FUND that is controlled by the banking cabal as their reporting requirements are almost non-existent as opposed to banks and large financial institutions.
Obviously, BlackRock would be the leading candidate as it is the largest and currently has full control of SLV as it’s legal Sponsor. They also have one of the ORIGINAL market riggers, Peter Fisher, as one of their managing directors. Here’s his bio:
Senior Managing Director Senior Director of the BlackRock Investment Institute
Mr. Fisher is a member of BlackRock’s Global Executive Committee and a senior director at the BlackRock Investment Institute which serves to leverage the investment insights of BlackRock’s portfolio managers for the collective benefit of our clients.
From 2007 to 2013, Peter served as co-head and then head of BlackRock’s Fixed Income Portfolio Management Group. From 2005 to 2007 he served as Chairman of BlackRock Asia. Prior to joining BlackRock in 2004, he served as Under Secretary of the U.S. Treasury for Domestic Finance from 2001 to 2003 and worked at the Federal Reserve Bank of New York from 1985 to 2001.
As Under Secretary of the Treasury, he was the senior advisor to the Secretary on all aspects of domestic finance including financial institutions, public debt management, capital markets, government financial management, federal lending, fiscal affairs, government-sponsored enterprises and community development. He served on the board of the Securities Investor Protection Corporation and as a member of the Airline Transportation Stabilization Board and also as the Treasury representative to the Pension Benefit Guaranty Corporation.
At the Federal Reserve Bank of New York, from 1995 to 2001, he served as an Executive Vice President and Manager of the System Open Market Account, responsible for the conduct of domestic monetary and foreign currency operation and for the management of the foreign currency reserves of the Federal Reserve and the Treasury. He also served in the Foreign Exchange Function, 1990-94, and in the Legal Department, 1985-89. From 1989 to 1990 he worked at the Bank for International Settlements, in Basel Switzerland.
Mr. Fisher’s other current responsibilities include serving as a member of the Strategic Advisory Committee at Agence France Trésor, the FDIC’s Advisory Committee on Systemic Resolution, the IMF’s Financial Institutions Consultative Group and the Google Investment Advisory Committee.
Mr. Fisher is a recipient of the Distinguished Service Award from The Bond Market Association (2004), the Alexander Hamilton Medal from the United States Department of the Treasury (2003), and the Postmaster General’s Partnership for Progress Award, United States Postal Service (2002).
Mr. Fisher earned a BA degree in history from Harvard College in 1980 and a JD degree from Harvard Law School in 1985.
END
The game of rigging the silver market is seemingly endless but that is exactly what we are fighting for…to END the illegal manipulation.
One day we will win and we will take our freedom back but for now the best we can do is KEEP TAKING THE FIGHT TO THEM!
Do yourself a favor…follow JP Morgan’s advice and BUY PHYSICAL SILVER at these low prices.
Tracking down the NEW holder of the Silver Short Hot Potato will be one of my major goals going forward.
May the Road you choose be the Right Road.
Bix Weir
www.RoadtoRoota.com
Remember Libor? When that once obscure measure of short-term interest ratesshot higher in 2007 and 2008, it was one of the earliest warnings signs of what would eventually become the financial crisis. Now, its Chinese cousin—known as Shibor—is telegraphing the rising stress in the opaque financial system of the world’s second largest economy. Behold:
What does the spike in rates mean? Large banks are increasingly leery of tapping into their pools of cash to lend to each other. Recent reports that China Everbright Bank failed to repay a short-term loan to Industrial Bank Co. aren’t helping. Industrial Bank says that report is “untrue and exaggerated.” But short-term lending markets suggest other bankers are skeptical.
So what’s the solution? Chinese authorities tamed short-term interest rate spikes before. They could create new cash to lubricate lending, or lower reserve requirements for banks, which would boost liquidity. According to the Wall Street Journal, that’s what bankers are hoping for.
But remember, those reserves are supposed to protect Chinese banks against losses from bad loans. (And there are plenty of bad loans floating around in the Chinese banking system.) So both of those solutions would actually just be a bandaid to reduce short-term rates; they would do little to reduce the underlying systemic risks. Stay tuned.
http://www.silverdoctors.com/alert-jp-morgan-increases-slv-holdings-by-500/#more-28052
Submitted by Bix Weir:
The numbers are clear in the reported data on SLV which must be recorded quarterly by the major institutional holders. Here’s the latest report showing JP Morgan holding 6,042,752 shares (ounces) increasing their holdings in SLV by 4,819,640 shares or 500%.
This report is cut off as of the end of the 1st quarter so when the second quarter is posted you can bet that this number has increased substantially. On a side note I’d like to point out that two other major cabal members shed massive amounts of shares in the same quarter: UBS selling (or transferring to JPM) 7,477,363 and Morgan Stanley shedding 1,186,347. Both are playing the opposite side of the trade to control the price as the cabal trades back and forth to each other.
I’m not saying that JP Morgan is completely out of their silver short but they may now be very, very close when you put all their various silver holdings together and net them out.
So WHERE IS THE SHORT NOW?!
Truthfully, I don’t know but there are suspects that cannot be counted out. The prime one is Citibank as I pointed out a while back.
ALERT: Silver Short Hot Potato Being Passed Again
http://www.roadtoroota.com/members/1019.cfm
http://www.roadtoroota.com/members/1019.cfm
But I believe that plan was stopped as soon as it was noticed by the Good Guys that the Citibank silver derivative book had ballooned. The reason I think so is that after adding about $5B a quarter of silver derivatives in 2012 it was abruptly frozen and the CEO and CFO fired.
So where to now? The most likely spot would be a HEDGE FUND that is controlled by the banking cabal as their reporting requirements are almost non-existent as opposed to banks and large financial institutions.
Obviously, BlackRock would be the leading candidate as it is the largest and currently has full control of SLV as it’s legal Sponsor. They also have one of the ORIGINAL market riggers, Peter Fisher, as one of their managing directors. Here’s his bio:
Senior Managing Director Senior Director of the BlackRock Investment Institute
Mr. Fisher is a member of BlackRock’s Global Executive Committee and a senior director at the BlackRock Investment Institute which serves to leverage the investment insights of BlackRock’s portfolio managers for the collective benefit of our clients.
From 2007 to 2013, Peter served as co-head and then head of BlackRock’s Fixed Income Portfolio Management Group. From 2005 to 2007 he served as Chairman of BlackRock Asia. Prior to joining BlackRock in 2004, he served as Under Secretary of the U.S. Treasury for Domestic Finance from 2001 to 2003 and worked at the Federal Reserve Bank of New York from 1985 to 2001.
As Under Secretary of the Treasury, he was the senior advisor to the Secretary on all aspects of domestic finance including financial institutions, public debt management, capital markets, government financial management, federal lending, fiscal affairs, government-sponsored enterprises and community development. He served on the board of the Securities Investor Protection Corporation and as a member of the Airline Transportation Stabilization Board and also as the Treasury representative to the Pension Benefit Guaranty Corporation.
At the Federal Reserve Bank of New York, from 1995 to 2001, he served as an Executive Vice President and Manager of the System Open Market Account, responsible for the conduct of domestic monetary and foreign currency operation and for the management of the foreign currency reserves of the Federal Reserve and the Treasury. He also served in the Foreign Exchange Function, 1990-94, and in the Legal Department, 1985-89. From 1989 to 1990 he worked at the Bank for International Settlements, in Basel Switzerland.
Mr. Fisher’s other current responsibilities include serving as a member of the Strategic Advisory Committee at Agence France Trésor, the FDIC’s Advisory Committee on Systemic Resolution, the IMF’s Financial Institutions Consultative Group and the Google Investment Advisory Committee.
Mr. Fisher is a recipient of the Distinguished Service Award from The Bond Market Association (2004), the Alexander Hamilton Medal from the United States Department of the Treasury (2003), and the Postmaster General’s Partnership for Progress Award, United States Postal Service (2002).
Mr. Fisher earned a BA degree in history from Harvard College in 1980 and a JD degree from Harvard Law School in 1985.
END
The game of rigging the silver market is seemingly endless but that is exactly what we are fighting for…to END the illegal manipulation.
One day we will win and we will take our freedom back but for now the best we can do is KEEP TAKING THE FIGHT TO THEM!
Do yourself a favor…follow JP Morgan’s advice and BUY PHYSICAL SILVER at these low prices.
Tracking down the NEW holder of the Silver Short Hot Potato will be one of my major goals going forward.
May the Road you choose be the Right Road.
Bix Weir
www.RoadtoRoota.com
www.RoadtoRoota.com
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