- What Every Well-Dressed Indian Businessman Is Wearing This Summer – A $210,000 Gold Shirt (ZeroHedge, Aug 9, 2014):
18 months ago – before The Reserve Bank Of India went full gold-tard (raising duties and capital controls), 32-year-old Datta Phuge unleashed his $25,000 gold shirt on the world’s women, proclaiming “I know I am not the best looking man in the world but surely no woman could fail to be dazzled by this shirt?” However, as RBI has lifted some gold restrictions (realizing the error of their ways after smuggling exploded), we introduce 45 year-old politician and textile magnate Pankaj Parakh… and his $210,000 gold shirt weighing 3.3 kilograms which took 20 people 3,200 hours to create. Now, if that doesn’t get him laid (or shot) we don’t know what will…
Pankaj Parakh, a local politician and the owner of a multi-million pound textile business near Mumbai, has had the shirt created out of pure love for the precious metal. Continue reading »
- “London Fix” Gold Rigging By Bullion Bank Exposed In Class Action Lawsuit: The Complete Charts (ZeroHedge, July 27, 2014):
While the allegations in the lawsuit are well-known to frequent (and all other) readers of Zero Hedge, we recommend reading the full filing as it explains in clear English just what the fixing process worked. Perhaps what is more interesting are the abnormalities in the price of gold as highlighted by Derksen, which clearly show the critical role the daily fix has in the manipulation of the price of gold, both in a downward and upward (mostly downward) direction: whichever suits the London Fix member banks.
- Africa’s Largest Refinery Finds 2.7 Tons Of Gold “Missing” After Computer System Upgrade (ZeroHedge, July 25, 2014):
It’s one thing to implicitly admit that there is a physical gold shortage and as a result nations – such as Germany – are unable to repatriate their physical gold held in the safe and trusted confines 90 feet below the NY Fed, gold which may or may not be there and has likely been leased out exponentially to cover paper shorts by virtually every BIS-overseen central bank (and the BIS paper gold selling team itself of course). It is something totally different to corzine, as in vaporize, 87,000 ounces of physical gold, some 2.7 tons, and blame it on a computer upgrade glitch. Which is precisely what Rand, Afrrica’s largest refinery and processor of about a third of the world’s gold since 1920, has done after it “discovered” that $113 million in precious metal was missing after “adopting a new computer system.”
Bloomberg reports that the refinery in Germiston, a town 20 kilometers east of Johannesburg, has 87,000 ounces of physical gold less than the amount present in its accounting records after “implementation difficulties” with the new system, the company said in a statement today. That’s worth about $113 million at today’s price of $1,296 an ounce. Continue reading »
- CEO Of Russia’s 2nd Largest Gold Producer Is “Horrified” At Market Manipulation (ZeroHedge, July 24, 2014):
The ongoing transition of gold price manipulation from conspiracy theory to conspiracy fact just escalated as Bloomberg reports, Peter Hambro, chairman of Russia’s 2nd largest gold producer Petropavlovsk Plc, said he was “horrified” by the manipulation of the London fix given its importance to the industry. One wonders just how many of these individuals, involved in the manipulation, Hambro is dinner-party friends with?
“When I read the reports on what people had been doing to it, I was horrified,”Hambro said in an interview today. “It is something that is really important to people in the industry. It’s something that we use in a big way as we deliver our gold, that’s how we price.” Continue reading »
In 1920 gold fell, then it soared!
- Gold/Silver Prices Under the Weimar Republic’s Inflation (Daily Paul, Dec 21, 2010):
Stole this from another article/blogger.
“On a closing note, because I forgot last week, I would like to share with everyone just how the price of silver and gold escalated in German Mark terms, through the Weimar experience:
Hyperinflation: Wiemar, Germany January 1919 to November 1923
[Expressed in German Marks needed to by an oz. of ag. or au.]”
Gold 30,381 Continue reading »
- Gold Plunges Back Below $1300 As “Someone” Dumps $2.3 Billion In Futures (ZeroHedge, July 15, 2014):
With The Fed proclaiming bubbles in some of the most-loved segments of the stock market and explaining that the economy is doing “ok” but they must remain dovish for longer for feasr of “false dawns”… what better time than now to dump $2.3 Billion notional in futures… of course the dump in gold’s anti-status quo price coincided with an odd v-shaped recovery in stocks… Gold remains above its pre-June FOMC levels still.
The break was precipitated by the sale of over 17,000 contracts (or over $2.3 Billion notional)…
But for now gold remains above FOMC levels… Continue reading »
- Gold Slumps Most In 2014 As “Someone” Dumps $1.37 Billion In Futures At US Open (ZeroHedge, July 14, 2014):
UPDATE: Gold is down 2.5% – the biggest daily drop since early Dec 2013
In a status-quo reinforcing smackdown, gold and silver prices have been clubbed lower this morning to one-month lows with the biggest drop in almost 2 months. The customary USDJPY surge (and risk asset spike) has accompanied this high volume dump just to make sure everyone believes that BES is fixed, Ukraine is fioxed, Iraq is fixed, earnings are great, and the water is warm….
- Blythe Masters’ Ex-Husband Launches Bitcoin Hedge Fund from the Island of Jersey (Liberty Blitzkrieg, July 11, 2014):
Blythe Masters is perhaps the most maligned human being on earth by silver investors due to suspicions of JP Morgan’s manipulation in the silver market. Well she’s back in the news, but it has nothing to do with silver. Rather, the news relates to the fact that her ex-husband and commodities traders, Daniel Masters, has just launched a Bitcoin hedge fund from the island of Jersey, a British Crown dependency.
- “Waiting For Armageddon” – Say It Isn’t So? (Zerohedge, July 11, 2014):
Brent Johnson, of Santiago Capital, provides a brief but broad overview of the state of the state in the world’s precious metals markets (and monetary policy implications). Often accused of “waiting for Armageddon”, Johnson is quick to note that he would love to be wrong… “If I thought it possible to carry out the next 40 years the same as the last – by sticking to the status quo – I’d do it.” But it’s not… and no matter how many “say it isn’t so” you hear from the mainstream, it is inevitable (when not if). Simply put, he warns, if you do have to have capital markets exposure – make sure you have insurance – you need it now more than ever.
Full presentation below…
Watch the presentation HERE.
- Russell 2000 Slumps Into Red For 2014; Gold Best Year-To-Date (ZeroHedge, July 11, 2014):
The Russell 2000 closed down almost 4% from last Thursday’s early close – its worst week in 3 months (and in the red year-to-date). The Nasdaq miraculously scrambled back to unchanged from Payrolls but all major indices closed red for the week. Away from stocks, the USD closed unchanged (with notable CAD weakness and JPY strength). Treasury yields tumbled 13bps on the week – the most in 4 months. Gold and silver rose 1.3% on the week to new 4-month highs (6th green week in a row) as WTI Crude slumped back under $101 (-3.3% on the week). VIX rose around 2 vols back above 12 as “most shorted” stocks plunged over 5% – the biggest weekly drop in 25 months! VIX was slammed lower late-on to give the impression of confidence in stocks into the weekend but credit was notably not buying it at all.
The “most shorted” stock double-top appears to have confirmed… with the worst week in over 2 years!!
Gold is the best performing asset of the year as oil tumbled (and silver overtook stocks)
- CME, Reuters Picked To Replace Silver Fixing In Process Supervised By Former Gold Fixer (ZeroHedge, July 11, 2014):
The person in charge of navigating the “transition” from the old fixing mechanism, of which he was part as recently as April, was a person who was, drumroll, supervising said transition. Surely, his “consulting” was fair and impartial. Naturally, Mr. Spall is no longer at gold-rigging Barclays, a bank which is for all intents and purposes, falling apart but at GCubed Consultants: enjoy perusing the company at the following link.Said another way, one of the Barclays guys who was accountable in the Gold Market Fixing Company for the price manipulation of his trader (the infamous Daniel Plunkett) is then rewarded by the LBMA to conduct an independent review of the applicants to run the Silver fix!
- The Stunner From Today’s Round Table Debate To “Fix” The London Gold Fix (ZeroHedge, July 7, 2014):
In other words, the man who assisted and “consulted” Gordon Brown (a man so clueless about finance he didn’t and still doesn’t have any idea what a carry trade is, let alone one in gold) the man who was Chief Manager of the Bank of England’s reserves (all reserves) when Britain commenced its gold dumping campaign intended to, as usual, bail the big banks whose gold shorting trades had gone horribly wrong, the man – John Nugee – is the same man tasked with making the London gold fix fair, efficient, transparent and unrigged.
One can’t make this up.
H/t reader squodgy:
“Like I said…all banksters are in it together to look after each other.
The crunch is imminent, no doubt.”
There is neither real criticism from German politicians, nor any visible efforts to return German gold held in the US, so it seems that US controls Germany, economic analyst Michael Mross told RT.
In one of its recent reports Bloomberg claimed that Germany decided not to repatriate its gold reserves from the US, instead the Bundesbank issued an official statement that underscores it’s “trust” in its American partners. According to Bloomberg, Germany gave up after repatriating just 5 tons of gold, though earlier it was told that it would get all the German gold back by 2020.
RT: What’s really behind Germany’s efforts to get its gold reserves back?
Michael Mross: These German efforts to get back gold reserves are not really there. They are talking about it but it is only a simple and ridiculous theatre in my opinion. I cannot see any effort to do it. What we have is lack to re-transport or take back, 300 tons before 2020, but also this is ridiculous – last year they took back only 37 tons. At the end of the day, it is to make the public calm, but it is not really an effort to take back the gold. Continue reading »
- India’s Central Bank Will Sell Gold on the Market in Exchange for Gold at the Bank of England (Liberty Blitzkrieg, July 2, 2014):
India’s gold policy over the last several years is about as dysfunctional as any government policy I have ever seen, and that’s saying a lot. In case you need a reminder, here are a few posts I have written on the subject:
In a nutshell, Indians were buying too much gold for their government’s comfort, so the “authorities” stepped in with duties and import restrictions in an attempt to stifle the trade. So smuggling soared.
Fast forward to today. It appears the government has finally realized they can’t stop their citizens penchant for gold, so they have decided to dump central bank gold onto the market. What is incredible to me is that they are justifying this with a so-called “swap” into phantom gold at the Bank of England. The favored global hub of shady, rent-seeking, banker oligarchs.
What’s even more interesting about this is the fact that so many Central Banks seems to be swapping or selling their gold to Western interests. Most notably Ecuador selling to Goldman Sachs, which I highlighted in the piece: Ecuador to Transfer More Than Half its Gold Reserves to Goldman Sachs in Exchange for “Liquidity.”
Now from Reuters:
MUMBAI, July 2 (Reuters) – India’s central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves.
We’ve been here before:
By January 1934, Roosevelt increased the dollar price of gold from $20.67 to $35, thus devaluing the dollar by 70 percentwhile increasing the value of gold that the government now owned.
Only this time it will be much easier since the US dollar is backed by NOTHING.
Published on Jul 1, 2014
- Official 2014 IMF Forecast Based on ‘Magic Number Seven’-Steve Quayle (USAWatchdog, July 2, 2014):
Radio talk show veteran and 10 time published author, Steve Quayle, says dark powers are at work in the financial markets at the highest levels of global government. Quayle contends, “First of all, the illuminati and the occult are one in the same with hidden meanings to the general population, but announcements to people on the inside.” At the beginning of 2014, the head of the International Monetary Fund (IMF), Christine Lagarde, gave a primer on numerology to an audience at the National Press Club in Washington, D.C. She did it as a set up to an official IMF forecast for “what we should expect for 2014.” Why is this important now? The IMF forecast was based on what Lagarde called the “magic 7,” and July is the seventh month of the year. Lagarde is overtly using numerology to forecast big changes this year and this month. For example, Lagarde pointed out that 2014 will “mark the 7th anniversary of the financial market jitters” that started in 2007. If you individually add up the numbers of the year 2014 (2+0+1+4=7), you get the number 7. Lagarde also said that 2014 “will mark the 70th anniversary, 70th anniversary, drop the zero, seven, of the Bretton Woods Conference that actually gave birth to the IMF” (7 + 0 = 7). Lagarde also said, “And it will be the 25th anniversary of the fall of the Berlin Wall, 25th” (2 + 5 = 7). Lagarde also brings up the G-20 out of nowhere. Is that a reference to a date? (G is the 7the letter of the alphabet and this might be a reference to 7/20/2014.) Quayle explains, “People have to understand the number 7 to realize why this is critical. The number 7 is used 287 times; it’s used in the Old and New Testament. What is critical about this is these people rule their lives by the stars and numerology. Never in anything have I monitored in my 25 years being on talk radio that I have witnessed such a blatant presentation of the number 7. When she says it’s ‘quite a number,’ yes, it’s God’s number, but these people worship their god and their god is Lucifer.” Continue reading »
Tags: Al-Qaeda, Al-Qaida, Barack Obama, Bonds, China, Christine Lagarde, Collapse, Debt, Derivatives, Derivatives market, Dollar, Economy, EU, Europe, Food, Food shortages, Global News, Gold, Government, IMF, Iraq, ISIL, ISIS, Obama administration, Politics, Russia, Silver, Society, Terrorism, U.S.
Added: Jun 29, 2014
Chris Martenson, who holds a PhD in pathology and an MBA, contends 2008 was just a warm up to a much bigger calamity. Martenson says, “2008 was the shot across the bow, and that’s when our credit experiment broke, and we have been doing everything possible to paper over it since. . . . When you take real stuff out of the ground, you grow food, you take oil out of the ground, you process ore into steel, and you manufacture real things–that’s real wealth. The claims (such as stocks, bonds and currencies) have to be in proportion to the real wealth, and the claims have been growing and growing and growing for so long that they are way out of balance to the real stuff, and the real stuff isn’t growing like it used to. You can see that in the GDP numbers for the U.S. or the world at large. Growth is slowing, slowing, slowing, and the claims are getting larger and larger. This represents a huge and gigantic source of potential energy. There is a gap there and it’s going to get closed. Only one of two things are going to happen: (1) real stuff starts expanding like crazy, or (2) the claims get destroyed. That’s what we are talking about when we talk about a market crash. The claims get destroyed. People get wiped out. The people who don’t get ruined are people safely over in the real wealth already. If you own an unencumbered farm, if you own a productive asset, if you own gold or silver, or if you own your house outright, you are going to be vastly safer than . . . someone who is leveraged and hinged into this other system.”
Join Greg Hunter as he goes One-on-One with Chris Martenson co-founder of PeakProsperity.com.
Tags: Al-Qaeda, Al-Qaida, Barack Obama, Bonds, China, Chris Martenson, Collapse, Debt, Derivatives, Derivatives market, Economy, Egypt, EU, Europe, Global News, Gold, Government, Iran, Iraq, Libya, Middle Class, Middle East, Military, Obama administration, Oil, Oil Prices, Politics, Quantitative Easing, Russia, Saudi Arabia, Silver, Syria, Terrorism, U.S., Ukraine, Weimar Republic
- Gold & Silver Hit Multi-Month Highs As ETF Inflows Surge Most In 21 Months (ZeroHedge, July 2, 2014):
The last 2 days have seen something ‘odd’ happen in gold markets. As the China commodity finance deals are unwound and massive futures positions squeezed, Gold ETFs have seen the biggest inflows since September 2012 (and are their highest in 2 months). Whether this is the start of trend is unclear (as perhaps the conspiracy ‘fact’ proof of manipulation and rigging in the gold markets stalled the hollowing out of the gold complex). Ironic that this considerable rise should occur shortly after rumors of Germany’s end to repatriation calls. Gold (and silver) has broken out once again this morning after the early dump on ADP ‘good’ news is well bid to 3-month highs.
Bloomberg has some color from analysts… Continue reading »
- are Gold Spikes To 3-Month Highs (ZeroHedge, June 30, 2014):32
It appears the same ‘contagion’ that is driving copper prices higher is also impacting gold and silver this morning. As we have noted previously, the CCFD unwind drives synthetic short (hedge) covering and inevitably rolls down the curve to drive spot strength (as the paper gold market tail wags the ‘physical’ market’s dog). Gold is at 3 month highs and silver getting close.
One wonders if the following disclosures from Bank of America early this morning had something to do with the move:
- Strongest weekly buying of Gold in more than two years
- Large specs increased their Gold and Silver longs at the strongest pace in two years
- Wow. Mainstream press: “The US’s dollar domination is coming to an end” (Sovereign Man, June 18, 2014):
“Whoever is winning at the moment will always seem to be invincible.”
– George Orwell
Wise words indeed as they aptly describe misguided confidence in the US dollar.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), which helps manage the global banking system, tells us that US dollar settlement accounts for the vast majority of global trade.
And as Orwell suggests, many people take it for granted that just because the dollar is in the lead today, it will be that way forever.
They couldn’t be more wrong. There’s been a dominant reserve currency for thousands of years. Continue reading »
- Visualizing The Five Reasons To Own Gold (ZeroHedge, June 25, 2014):
Following last night’s 94-page extravaganza on gold, this infographic, part four in our 2014 Gold Series (part 1, part 2, & part 3 here), covers the five best reasons to own gold: 1) Gold helps investors diversify their portfolios; 2) Gold is a great store of value; 3) Gold helps protect against inflation and other risks; 4) Gold demand is driven by a growing east, while grades are dropping and new discoveries are more scarce; and 5) Gold stocks are as cheap as they have ever been, using the GDX as a proxy. The reasons to own gold have not changed since the peak in 2011. Continue reading »
- Turkey’s “200 Tons Of Secret Gold” Trade With Iran: The Biggest, Most Bizarre Money Laundering Scheme Ever? (ZeroHedge, June 25, 2014):
The topic of Turkey’s Oil-for-Gold ‘deals’ has not been far from our thoughts over the last few years (here, here, and here) but as Bloomberg reports, after accessing a report leaked on March 14 of a network that spanned Turkey, China, Dubai and Iran, the plot reveals “one of the most complex illicit finance schemes [prosecutors] have seen.” It included the classic money-laundering techniques of over-invoicing and false invoicing (exactly as in the case of the Chinese commodity financing scandal underway) but the secret government plan to juice Turkey’s exports goes much deeper; and if you think that the exposure of this scheme is slowing Turkey’s manipulation, think again. Turkey’s trade balance continues to fluctuate unpredictably as gold stocks flow out of the country in bursts. “Turkey’s going to continue it,” the Turkish economy minister said. “If those casting aspersions on the gold trade are searching for immorality, they should take a look in the mirror.”
We first started noticing major ‘odd’ exports of gold from Turkey to Iran in May 2012. But in 2013, with a plunging currency, surging inflation, slowing growth, and specter of rapid QE-driven hot money outflows leaving his nation desperate; Zafer Caglayan, the minister in charge of Turkey’s $800 billion economy decided that the only way to ensure success in the looming election… was to cheat…
Continue reading »
Added: June 23, 2014
If the above video does not play watch it here: YouTube
The lies bankers have disseminated to the four corners of the earth regarding inflation rates and stock markets prevent people from making informed decisions about converting fiat currency into physical gold and silver. Don’t get left behind when gold and silver soar and fiat currencies collapse as the Central Bank currency wars enter their final stage. Continue reading »
Aaaand it’s gone …
This, by the way, is post no. 26,000!!!
- Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed’s “Safe Hands” (ZeroHedge, June 23, 2014):
Several months after it was revealed that Germany was able to only recover a miserable 5 tons of its gold in all of 2013 (under 10% of the 84 tons it was scheduled to repatriate), Germany appears to have given up entirely in its attempt to recover gold which simply is not there, and as Michael Krieger reports, citing Bloomberg, has decided to keep “it” (by “it” we don’t mean the gold since that clearly has not been at the Fed for decades, but merely the paper promises of ownership: for more see China’s gold rehypothecation scandal and how the unwind works) at the NY Fed after all. That is to say, in the “safe hands” of former Goldmanite Bill Dudley.
Just last week, I published a post titled, Video of the Day – “End the Fed” Rallies are Exploding Throughout Germany, which subsequently went viral. Interestingly, only a few days later we find out that Germany’s very own criminal political class has decided it will continue to store the nation’s gold in New York rather than bring it back home as had been the intention. It’s quite ironic that just as protests against the fascist Federal Reserve are spreading throughout the land, the political class officially decides to keep Germany’s treasure across the Atlantic, in care of none other than The Fed itself. Continue reading »
Added: Jun 8, 2014
http://usawatchdog.com/negative-inter… – Andy Hoffman of Miles Franklin warns the negative interest rates installed by the ECB last week signals big trouble. This is a major alarm bell for everyone and a major inflection point. Now, the central banks have dared go where even the Bank of Japan has not gone, which is to take rates to a negative level. You can’t go lower than negative. You go too negative, and people realize it doesn’t work, and people realize there is nothing left.”
Continue reading »
Tags: Andy Hoffman, Banking, Barack Obama, Bonds, Debt, ECB, Economy, EU, Europe, Federal Reserve, Global News, Gold, Government, LTRO, NIRP, Obama administration, Politics, Quantitative Easing, Silver, U.S.
- Western Banks Scramble As China’s “Rehypothecation Evaporation” Goes Global (ZeroHedge, June 7, 2014):
While we have warned about the problem with near-infinitely rehypothecated physical/funding commodities/metals, be they gold or copper, many times in the past, and most recently here, it was only this week that China finally admitted it has a major problem involving not just the commodities participating in funding deals – in this case copper and aluminum – but specifically their infinite rehypothecation, which usually results in the actual underlying metal mysteriously “disappearing”, as in it never was there to begin with. It would appear our fears of global contagion (through various transmission channels) are now coming true as WSJ reports that as many as a half-dozen banks are trying to determine whether the collateral for loans they made to commodities traders was used fraudulently by a third party to obtain other loans. As we detailed previously, it appears the day when the Commodity Funding Deals finally end is fast approaching… and as we note below, why that will certainly be a watershed event. Continue reading »
- One Ton Gold Shipment Into Hong Kong Revealed To Contain Just Worthless Metal (ZeroHedge, June 6, 2014):
Two years ago, stories of fake tungsten-filled gold coins and bars began to spread; it appears, between the shortage of physical gold (after Asian central bank buying) and the increase in smuggling (courtesy of India’s controls among others) that gold fraud is back on the rise. As SCMP reports, a mainland China businessman, Zhao Jingjun, discovered that HK$270 million of 998kg of gold bars he bought in Ghana had been swapped for non-precious metal bars. What is perhaps even more worrisome, given the probe into commodity-financing deals and the rehypothecation evaporation; these gold bars were shipped to a Chinese warehouse before Zhao was able to confirm the fraud. Continue reading »
- The Gold Conspiracy (ZeroHedge, June 5, 2014):
As increasingly more conspiracy ‘theories’ become conspiracy ‘facts’, The History Channel discusses “The Gold Conspiracy” in this brief documentary.
As The History Channel introduces:
Gold. It is one of the most precious metals in the world. A glittering commodity so rare that people will go to great lengths to obtain it. But who sets the price? And what are the secret methods to control its value? Uncover the clandestine world surrounding the highly prized precious metal. How much gold does the United States really have–and where is it locked away? Is the American government overstating the amount of gold in its reserves to create the mystique of financial superiority?
From the article:
“So if tens of thousands of tons of copper and aluminum are suddenly “missing”, one can assuredly say: “at least the gold is still there.” Right?“
- China Scrambling After “Discovering” Thousands Of Tons Of Rehypothecated Copper, Aluminum Missing (ZeroHedge, May 4, 2014):
“Banks are worried about their exposure,” warns one warehousing source, “there is a scramble for people to head down there at the minute and make sure that their metal that they think is covered by a warehouse receipt actually exists.”
The rehypothecated catastrophe that we discussed in great detail here (copper financing), here (all commodities), and here (global contagion) appears to be gathering speed as the China’s northeastern port of Qingdao has halted shipments of aluminum and copper due to an investigation by authorities after they found “there is a discrepancy in metal that should be there and metal that is actually there.”
Copper prices are tumbling already (despite Gartman’s most recent prognostication on Dr. Copper’s China recovery meme) as the world’s 7th largest port disallows any shipments until the probe is complete. Continue reading »