Our favorite gold and silver cartel shill, CPM Group’s Jeffrey Christian gave an interview to Kitco’s Daniela Cambone at the 2013 PDAC conference in Toronto.
Permabear Christian stated that gold and silver investors and those optimistic about the outlook for the metals are disillusioned, and stated that Turkey’s recent efforts to convert their citizens privately held gold into central bank gold reserves (via rehypothecation) is pure genius that will be emulated by the other central banks.
As to his gold outlook, Christian is as bullish as we’ve ever seen him, stating that, We don’t think gold will crash down to $1,000, we think it has support at $1400.
Christian’s full interview with Daniela is below: [Read more...]
The typical articles over the last many years have featured a particular theme. In the last few months, the central theme in Jackass articles has been the isolation and demise of the USDollar, how it is happening, why it must happen, and its importance in the restoration of the global financial structure. But this week, a sudden urge has come to address an overwhelming list of critical gritty questions. They crop up with clients, colleagues, and friends.
More than a crisis, it is more accurately described as a collapse of a corrupt inequitable monetary system, and a desperate defense by the major Western bankers to preserve their power over nations and their governments, alongside a vile vicious violent attempt by the United States to maintain its privilege as owner of the vast USDollar counterfeit machinery, as controller of vast banking pillars of paper columns, and as commander of a vast military.
THE UNITED STATES IS PREPARING TO FALL INTO THE THIRD WORLD.
Yesterday we reported that ZeroHedge via excellent investigative journalism had discovered the top-secret location of JP Morgan’s London gold vault- namely 60 Victoria Embankment.
Numerous SD readers have inquired as to the significance of the story, and why the discovery of the specific location of JP Morgan’s gold vault should matter to precious metals investors (or to JP Morgan for that matter). The answer as to why this is so significant for JP Morgan lies in rehypothecation.
Once a precise location, holding specific goods can be pointed to by a creditor, the creditor will quickly seek a Writ of Attachment. The gist of receiving the writ for JP Morgan is: “Hey, turn over this specific XXX to the court, so the court can give it to the proper owner; and don’t you dare move it until the court says OK.
All diehard gold bugs suspect, of course, that through leases, derivatives, futures and [etc], JP Morgan has geared the bejezus out of the bullion, regardless of who the legal owner(s) are, regardless of whether the gold is supposedly allocated or unallocated (think MF Global).
So the thought that JP Morgan might have to send its legal team in to court to do battle with barbarians at the gate – the 120 banks looking for assets – is juicy. And a true headache for JP Morgan, because if or when it happens, JP Morgan no longer controls the situation.
US bankruptcy judge Martin Glenn has ruled that the Commodity Customer Coalition cannot question Jon Corzine regarding the $1.2 billion in vaporized/rehypothecated segregated client funds still missing from MFG accounts, because the CCC is not a direct creditor in the case.
Let’s get this straight- the Honorable Judge Glenn has essentially ruled that Mr. Corzine needn’t make a trip back from the Cayman’s, as each of the 10,000 farmers and small investors victimized by Mr. Corzine must personally appear before Judge Glenn and request a deposition of Corzine!?!?!
Meanwhile, Corzine starts his own hedge fund… [Read more...]
Harvey Organ: CFTC Can’t Release Findings of Silver Probe- End Game is Being Played Out, LBMA & COMEX Near Default!
The Doc sat down with Harvey Organ again for the 3rd and final interview regarding the recent massive cartel intervention in the gold and silver markets post the QE4 announcement, the fiscal cliff, the CFTC’s silver probe, and the unprecedented 20 million oz of silver still standing for December delivery.
Harvey stated that the CFTC’s silver probe has concluded, but they can’t release the findings because it would collapse the entire financial system! Harvey also stated that China is ultimately the big gold & silver short, and stated that the nation is draining massive amounts of physical metal East.
Organ also made the shocking allegation that COMEX is settling allocated delivery & storage requests with paper metal, and stated that he no longer has any faith whatsoever in the numbers reported in the COMEX gold and silver inventories.
Harvey gave hope to PM investors who have endured years of cartel interventions in the gold & silver markets, stating that the end game is being played out, and that extreme physical shortages of silver could end the manipulation once and for all, possibly as soon as March!
Full MUST LISTEN 3 Part Interview Below: [Read more...]
How do you say rehypothecation in Australian?
After months of persistence, our friend Greg from AUSBullion has received written confirmation from the Reserve Bank of Australia that the bank holds all but 80 kg of Australia’s gold reserves at the Bank of England. Out of 80 tons of physical gold, less than 0.1% is held in Australia!
The Central Bank defends London’s storage/rehypothecation of Aussie gold, stating: London is a major global gold trading market and the Bank of England provides a secure and cost-effective storage location for central banks and market participants. The Reserve Bank has processes in place to ensure that the gold reserves are maintained appropriately. It is not considered necessary from management, security or operational perspectives to relocate the gold bars to a facility in Australia.
The Bank of Australia’s admission that nearly all of Australia’s gold reserves are on deposit at the BOE is below:
In what is no doubt a propaganda piece designed to attempt to slow the gold repatriation and audit request freight train, the Bank of England has taken the unprecedented step to allow University of Nottingham chemistry Professor Martyn Poliakoff to take a video tour of the BOE’s gold vault.
Poliakoff excitedly proclaims that he has never seen this much
tungsten gold (or this much of ANY element he clarifies), and states that his gut tells him that one’s first reaction is that it can’t possibly be real.
Poliakoff lets out a little too much truth in his interview (perhaps the BOE should have commissioned someone from the BBC to conduct the interview rather than a Chemistry professor?), stating that the reason the BOE and the central banks keep so much of their reserves in gold is because the value of gold is very stable compared to the value of currencies.
He also explains how the futures market really works: Each bar has a serial number, and when people buy and trade the gold, they don’t actually take the bar home, the number is just transferred from the seller’s account to the buyer’s account. (What Poliakoff doesn’t mention is whether each bar has been rehypothecated to numerous owners as Ned Naylor-Leyland discovered was the case with Bob Pisani’s GLD bar last spring)
Poliakoff’s MUST SEE full video tour of the Bank of England’s gold vault is below:
Ned Naylor-Leyland: If Your Gold Reserves Are at the BOE or NY Fed, You Have No Chance of Getting Out With Any Metal!
The Doc welcomed back Cheviot Asset Management’s Ned Naylor-Leyland for an exclusive interview Sunday regarding the German gold repatriation, and how it will affect the physical gold market going forward.
In this MUST READ interview, Naylor-Leyland stated that when you take into account the fractional reserve accounting by the bullion banks, the 50 ton annual gold repatriation number is much larger in terms of the impact on the underlying market.
Naylor-Leyland believes Germany and the other central banks storing their gold reserves at the BOE and the NY Fed are essentially SOL, stating: If you’re holding your central bank gold reserves either in the Bank of England or the NY Fed, unless you are Theseus trying to find the Minotaur, you have no chance of getting out of there with any metal. The gold ownership chain of custody is severely tarnished and it’s obvious that it’s a problem. In light of what we know about the tightness of the physical market it appears the pressure is on, and it’s not likely to dissipate.
Full MUST READ interview with Ned Naylor-Leyland on the central bank panic out of paper and into physical gold reserves below: [Read more...]
First Venezuela, then Germany, and now the Netherlands want their gold back.
In the wake of this week’s ruling by the German Federal Accountability Office that Germany must repatriate and audit 150 tons of its gold reserves from the NY Fed over the next 3 years, a Netherlands citizens committee has filed a petition demanding the Central Bank release information ”on the quantity and storage location of the Netherlands’ physical gold, and on the extent and nature of the gold claims.”
In the words of one of the petitioners Tom Lassing: “The last years have seen a loss of trust in the financial system and we have been fooled a lot. So I say: Just let the central banks like DNB show the gold is really there.
Should the citizens committee be successful, we are confident they will discover the vast majority of the country’s gold reserves- 10th largest in the world at 612,000 kilograms, are held in the basement of the NY Fed.
As we stated several days ago, the jig is now up. The German accountability office will trigger an avalanche of gold audit, delivery, and repatriation requests around the Western world. We wish the Fed luck staying ahead of the cascading avalanche of requests to convert unallocated (rehypothecated) gold into solid physical metal. They’re going to need it. [Read more...]
On Monday, we reported that the German Financial Accountability Office had mandated the Bundesbank repatriate 150 tons of German gold from the NY Fed over the next 3 years. While this was to be expected and even inevitable in the wake of Venezuela’s gold repatriation in 2011 as well as global rehypothecation concerns, a previously classified report leaked today has revealed a much larger German gold repatriation has already occurred- from 2000-01!!
The previously classified report reveals that the Bundesbank withdrew nearly 1,000 tons of physical gold from the Bank of England in 2000-2001, decreasing Germany’s gold holdings in London from 1,440 tons to 500 tons.
Let that sink in for a moment. Germany withdrew 1,000 tons of physical gold from the Bank of England at the EXACT TIME that gold bottomed and began its decade long bull run. Did Germany pull the carpet out from under the cartel gold leasing party and ignite gold’s secular bull market in 2000? [Read more...]
After months of dragging their feat and claiming it was necessary for national security reasons to keep the info classified (sounds like an freedom of information request to the Fed) The Bank of Mexico has been forced to comply with the Federal Transparency Law and release information revealing where the Central Bank’s gold reserves are held.
In what will not be a surprise to any SD reader, the report reveals that The Bank of Mexico holds less than 5% of it’s gold reserves within Mexico, while the remaining 95% of it’s ‘physical’ gold reserves are held in the US and London (translation- nearly the entirety of Mexico’s gold reserves are held at the Bank of England and the NY Fed basement, and have likely been rehypothecated more times than an MFG client’s assets).
Our friend Eric Sprott recently pointed out in his monthly newsletter Do Western Central Banks Have Any Gold Left? the likelihood that the Western Central banks have largely leased out the gold they are supposedly holding as reserves.
In effect, Mexico just admitted that their actual, tangible gold reserves are 1/20th of the stated total. Perhaps Mexico should consider hiring Hugo Chavez as their gold reserves consultant.
Got PHYZZ? [Read more...]
Apparently in China, it’s not just gold, silver, and segregated client funds that vaporize in bankruptcies.
Reuters reports today that Chinese banks looking to seize collateralized steel have something in common with MF Global customers- their assets have been rehypothecated, and further- in many cases, the actual physical steel simply does not, and likely never did, exist: [Read more...]
The Golden Jackass makes the SHOCKING claim that perhaps 60,000 tons of allocated, segregated gold have been improperly used by the cartel to settle Asian margin calls!
He states that we will see $5,000/oz gold not from quantitative easing or the public entering the bull market, but from the cartel banks replacing what they improperly used in their leveraged games from allocated gold accounts!
Willie also informed The Doc that it appears that Morgan Stanley was used by the cartel to prevent a collapse in treasury bonds in 2010, and believes that Morgan Stanley was set up at the time by cartel banks as the next major financial firm to fail. He states that there are no buyers for treasury bonds, and that the only demand for treasuries are interest rate swaps creating false, artificial demand, and that these IR swaps were what caused the 10 year rally & ‘flight to safety’ in 2010.
Doc’s exclusive interview with Jim Willie is a full half-hour of The Golden Jackass in perhaps his most shocking and explosive interview ever!
FULL MUST LISTEN INTERVIEW BELOW!! [Read more...]
The Doc sat down with the Golden Jackass himself Monday for an exclusive MUST LISTEN interview.
Willie informed The Doc that it appears that Morgan Stanley was used by the cartel to prevent a collapse in treasury bonds in 2010, and believes that Morgan Stanley was set up at the time by cartel banks as the next major financial firm to fail.
Morgan Stanley put on $8 TRILLION in interest rate swaps in the first half of 2010. I call them the designated hitter for Wall St. Why wasn’t it JP Morgan, BOA, or Goldman Sachs? My theory is simple: THEY EXPECTED LATER TO KILL MORGAN STANLEY! Lehman Brothers was killed because they had huge mortgage bonds and other things that weren’t exactly desirable. Bear Stearns was killed because they were pro gold and short the dollar.
Morgan Stanley created the false impression of a flight to safety in US treasury bonds. Take a look at the 10 year yield early in 2010. It was moving up to the 3.5% range! Alarm bells were going off! They were talking about QE and bond monetization by the Fed! China was backing out of buying treasury bonds! We had more supply, and less demand, and a rising 10 year yield. Suddenly we had a tremendous ‘flight to safety’. What a bunch of propaganda!
Willie also discusses reports from sources within MS that the firm’s veteran fund managers have been selling long-term stock positions, and states that whether it is MS or another brokerage, the next step in the chain of segregated client fund thefts will be the theft of PRIVATE SEGREGATED STOCK ACCOUNTS! [Read more...]