august 29

Gold closed down $2.90 at $1285.80 (comex to comex closing time ). Silver was up 13 cents at $19.40
In the access market tonight at 5:15 pm
gold: $1287.00
silver: $19.46
Today is first day notice and also the last day for options on the OTC. GLD : a slight loss of .6 tonnes of gold (probably to pay for fees etc)
SLV : no change in silver inventory at the SLV/now 331.528 million oz
Today we have commentaries concerning the Ukraine, Russia, Japan, Germany and the EU, Italy and the terror of ISIS.
On the physical side of things, we have a great commentary from Koos Jansen on silver as this metal has volume in China exceeding that of the comex. Also the Shanghai Silver Exchange has only 3.3 million oz of inventory left having depleted over 29 million oz over one year. Once depleted where do you think China will go to, in order to feed its burgeoning demand? We will discuss these and other stories
So without further ado………………
Let’s head immediately to see the data has in store for us today.
First: GOFO rates/
All months basically remained the same. Again, they must have found some gold to lease..
London good delivery bars are still quite scarce.
August 29 2014
1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
.088000% .1020000% .1200% .1500% .228000%
August 28.2014:
1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
08800% .104000% .12000% .1500% .224000%
end
Let us now head over to the comex and assess trading over there today,

This post was published at Harvey Organ on August 29, 2014.

Summer Ends, Jackass Appears

In a continuance of our “holiday tradition”, Jim Willie stopped by Turdville yesterday to share his thoughts on current events and where he thinks this all headed.
The Jackass was his usual self, even if a bit under the weather. In this podcast, we discuss:
Yesterday’s announcement by Gazprom that they will begin accepting payment in rubles and yuan The escalation of US and EU sanctions against Russia and how they are failing/backfiring The growing isolation of the US as a economic superpower The eventual emergence of a new global currency regime This baby clocks in at slightly over 60 minutes so please try to pace yourself. You don’t want to overdo it.
TF
CLICK HERE TO LISTEN

This post was published at TF Metals Report By Turd Ferguson | Friday, August 29, 2014.

Developing Countries’ Appetite Supports Gold

TENSION between Russia and Ukraine as well as escalating violence in the Middle East have helped support the price of gold this week as it is often regarded as an insurance against financial and political risk.
There are also signs of support from developing countries.
Russia, one of the world’s biggest holders of gold, increased its official reserves by nearly 340,000 troy ounces in July, to 35.5-million ounces, according to data from the International Monetary Fund (IMF). The amount of gold now held by Russia is the most since at least 1993.
Kazakhstan’s central bank added 45,000 ounces of gold to its reserves in July, to 5.1-million ounces.
The IMF said the central bank of Ecuador also increased its reserves in July, by 10,000 ounces, while Belarus cut its holdings by 79,000 ounces.
Turkey’s central bank reported a decline of nearly 138,000 ounces to the IMF, dropping its official reserves to 16.4-million ounces.

This post was published at Gold-Eagle on August 29, 2014.

Ebola Devastates West Africa: Revenues Down; Markets Not Functioning; Projects Canceled; GDP Plunges 4%

In all of its infinite wisdom, the “market”, which stopped reacting to newsflow or discounting the future some time after the Fed officially announced it would centrally-plan it indefinitely, decided that just like the trade war against Russia is irrelevant only to find itself a week ago with Europe staring at the abyss of a triple-dip recession, so it decided that the worst Ebola outbreak in history is a non-event, even though it has put virtually all of western Africa on indefinite lockdown, and as Reuters reports, is “causing enormous damage to West African economies and draining budgetary resources.” In fact the damage from Ebola to Africa is already so acute, it is expected that economic growth in the region will plunge by up to 4 percent as foreign businessmen leave and projects are canceled, according to the African Development Bank president said.
“Revenues are down, foreign exchange levels are down, markets are not functioning, airlines are not coming in, projects are being canceled, business people have left – that is very, very damaging,” African Development Bank (AfDB) chief Donald Kaberuka said in an interview late on Tuesday.
“The numbers I have had vary from one percent to four percent of GDP. That is a lot in a country with a GDP of US$6 billion,” Kaberuka said, when asked to quantify the impact.

This post was published at Zero Hedge on 08/27/2014.

Russia Coordinating Gold Reserve Accumulation With Ex Soviet States?

The IMF’s latest international gold reserves data, updated yesterday, shows that in July, Russia raised its official gold reserves to 5.5 million ounces (1,104 tonnes).
This confirms data released last week by the Central bank of the Russian Federation, which reported an increase of over 300,000 ounces from June’s 5.197 million ounces figure. IMF data is reported with a one month lag.
The latest IMF data also shows that in July, the National Bank of Kazakhstan added 45,000 ounces to its official gold reserves, taking its total holding to 5.1 million ounces.
According to the World Gold Council, over the last six months, Russia has now increased its gold reserves by 54 tonnes. In the same period Kazakhstan has purchased 12 tonnes.
Russia now has the world’s 6th largest gold reserves, officially higher than both Switzerland’s 1,040 tonnes and China’s 1054.1 tonnes. As a comparison, in the second quarter of 2009, Russia only had 550 tonnes of gold in its official reserves meaning that their reserves have nearly doubled in just over 5 years.
The ongoing accumulation of official gold by Russia appears to be part of a reserve diversification strategy. Gold is held by central banks as one of their reserve assets alongside foreign exchange assets including US Dollars and Euros, and also IMF Special Drawing Rights (SDRs).
Some Russian analysts point to the threat of continued western sanctions on Russia as a renewed catalyst for the Russian central bank diversifying out of dollars and euros by increasing its gold reserves. Gold now accounts for over 12% of Russian official reserves and could reach 15% by year end if the current trend continues.

This post was published at Gold Core on 26 August 2014.

De-Escalation Algo Pushes Futures To Overnight Highs

It is unclear exactly why stock futures, bonds – with European peripheral yields hitting new record lows for the second day in a row – gold, oil and pretty much everything else is up this morning but it is safe to say the central banks are behind it, as is the “de-escalation” algo as a meeting between Russia and Ukraine begins today in Belarus’ capital Minsk. Belarusian and Kazakhstani leaders will also be at the summit. Hopes of a significant progress on the peace talks were dampened following Merkel’s visit to Kiev over the weekend. The German Chancellor said that a big breakthrough is unlikely at today’s meeting. Russian FM Lavrov said that the discussion will focus on economic ties, the humanitarian crisis and prospects for a political resolution. On that note Lavrov also told reporters yesterday that Russia hopes to send a second humanitarian aid convoy to Ukraine this week. What he didn’t say is that he would also send a cohort of Russian troops which supposedly were captured by overnight by the Ukraine army (more shortly).
Asian equity markets haven’t really followed suit the US/European rally with bourses in Japan, Hong Kong, and China down 0.6%, 0.4% and 1%. The Dollar is softer against the Yen which perhaps added some pressure on Japanese equities. There isn’t much Asian headlines this morning and we suspect parts of the market (HK/China) are still busy with the ongoing earnings season. Asian credits are doing better in relative terms led by sovereigns. Indonesia’s USD bonds continued its march higher (helped by Treasuries) whilst its 5yr CDS spreads are marked 4bps tighter overnight. Asian stocks fall with the Kospi outperforming and the Shanghai Composite underperforming. MSCI Asia Pacific down 0.2% to 148.4. Nikkei 225 down 0.6%, Hang Seng down 0.4%, Kospi up 0.3%, Shanghai Composite down 1%, ASX up 0%, Sensex up 0%. 2 out of 10 sectors rise with health care, energy outperforming and utilities, telcos underperforming

This post was published at Zero Hedge on 08/26/2014.

Russia Asks If America Is Still Fit To “Participate In Solving International Problems”

Yesterday it was China slamming America’s superpower status (and thus dollar reserve currency status) when in Sina News it stated the following:
Their various reconnaissance aircraft have been wandering around foreign airspace for decades and watching the military secrets of other countries like a disgusting thief spying over his neighbor’s fence. However, when the neighbor comes back with a big stick, the thief will turn tail and run away, blaming the neighbor. When you show people weakness, they will bully you. When you show people strength, they will respect you.
We [the newspaper] believe the Chinese Air Force and Naval aviation should maintain a high level of vigilence and morale in southeast coastal region to prevent the further US action.
America has lost face and does not want to show the world they are sick. They have been lording over other countries for so long, and they will never let it go after they eat this loss.

This post was published at Zero Hedge on 08/24/2014

Russia Dumping US Treasuries? But Why the Heck in Belgium?

Belgium is known for its surprises. For example, it got by amazingly well for a couple of years without a national government, and without breaking apart, to the endless chagrin of a lot of people. And it has a great variety of delicious beers, which I amply tested during the three years I was there. But now, that tiny country with a tiny economy is suddenly piling up a mountain of US Treasuries.

In March, according to new data from the US Treasury Department, it added another $40.2 billion to its existing mountain of Treasuries, now at the dizzying height of $381.4 billion, or 79% of GDP!

Read more …

The Decline And Fall Of The Dollar & The USA

The following video from OneTruth4Life explains how America’s founding fathers created a sound money system, framed within Article I, section 8 of the Constitution.  It goes on to describe, in full detail, what’s happened since then – anti-Constitutional acts by certain government leaders and bankers, which debased the currency at various moments in history.  These acts seem to become more blatant as history proceeds, and have led to, or have been the primary motive for most, if not all, the military conflicts.  Furthermore, it will be the primary factor that will have brought the nation to its own doom at some point in the near future.


One False-Flag Away from Martial Law

Now that the NDAA signed by the president last year has been stripped of the essential clauses protecting American citizens of their Constitutional rights, just how easy would it be for them to get away with another 9-11 event and seal the coffin lid shut on American freedom for good?  Before you dismiss the question outright, consider the following video carefully:

 

Ever since that fateful day, in the name of national security, the Constitutional rights of all Americans have been under attack, via such things as the Patriot Act, totalitarian executive orders, the continuing encroachment of Homeland Security initiatives and the inclusion into the NDAA of indefinite detention of American citizens without trial.

Now ask yourself this question: If there is an elite group (such as the Illuminati) holding key positions of power within  government, corporate and banking institutions, and they are indeed conspiring to subjugate America, what would be their next step?

If those bastards are so powerful that they were able to pull off the 9-11 event and keep their positions intact, then you also must consider what else they might be capable of doing.  Like, what would happen to the national psyche if a major US city, like Phoenix, for example, were to be suddenly vaporized in a Nagasaki-esque manner? (This is what S.K. Bain has fictionalized in his book.)

Absolute fear would grip the nation immediately. Martial Law would be declared. The new authorities already granted to the president under his own executive order would be cited and all resources would be seized by the government. Dissenters would be shipped off to all the FEMA concentration camps that have been prepared over the last few years. The internet would be cleansed of all  ‘unpatriotic bloggers’ while the ‘controlled’ main-stream-media tells the public that the Iranians are to blame. Religious leaders are quick to point out that Muslims are not only anti-Jew, but anti-Christian as well. It would be enough impetus to garner support for invading yet another middle eastern nation, and possibly lead to World War III if China and Russia run to the aid of Iran.

So the next question you’ve got to ask yourself is when would this elite group initiate their next move?  As the world economy spins toward ultimate depression, printing presses are already running at full tilt and there’s no real political will to tackle the underlying problems of the Fiscal Cliff – only moves to delay the inevitable collapse are given any attention.  Meanwhile, the national debt surges due to continued unbalanced government spending.   At some point, all these monetary shenanigans will become too obvious to the average citizen and a diversion will be needed to distract public focus.

Of course, they’ve not yet taken the guns away from the American public.  But the Second Amendment is indeed being threatened.  And history shows multiple examples where the confiscation of weapons is a precursor to genocide and despotism.

A final question to ponder is whether or not the agenda requires the Constitutional Second Amendment to be abolished prior to the more drastic event, or whether a more severe tragedy might actually aid in it’s own destruction?  As long as people continue their ignorance of freedom and refuse to accept responsibility for their own lives, they’ll happily increase their dependency on government wealth redistribution.  Lady Liberty’s lamp flickers in the wind.

Footnotes: For those that may scoff at the possibility of the existence of an elite group like the Illuminati, this radio interview with an ex-Illuminati member is quite an eye-opener (pun intended).  And a closer look at this country’s history reveals that Freemasons had successfully infiltrated civil offices and media control within early American society. After the scandal regarding the murder of William Morgan, many left the fraternity or went underground. A few words showing a hierarchical relationship between the Illuminati & Freemasonry might prove interesting.  A paragraph or two could also be included regarding the occult-rituals said to be practiced by the Illuminati to gain further insight regarding their motives in addition to significant dates and numbers held sacred by these elites. Perhaps some comments could be made on the recent Sandy Hook tragedy along with suspicious circumstances surrounding that event. But we’ve probably gone far enough down the rabbit hole already for most silver investors.

JP Morgan’s $2 Billion Loss Possibly Indicative of Bigger Problems Behind the Scenes

Update May 16, 2012: In contrast with Jim Willie’s speculation below, a much more renowned Jim Rickards has a much more probable thesis on the JP Morgan loss. The trade was actually a bet on the spread between the bond index and the bonds themselves. Time ran out, resulting in the loss. Read about it at USNews.

Here’s an interview with Jim Willie (TheGoldenJackass) discussing his speculation on what’s really going on regarding JP Morgan’s $2 billion dollar ‘whale trader’ loss.  Jim speculates that JPM’s declaration that it involved European bond investments that have gone bad doesn’t make sense because in the last 6 weeks those bonds haven’t changed so much to warrant such huge losses. More likely, according to Jim, is that these losses are much larger and they reflect losses in the credit derivatives markets. Furthermore, eastern nations like China are likely causing the rout in precious metals because they’re forcing the western commercial banks to sell to cover these losses in the derivatives markets.

A Peace to End All Peace

 

A Peace to End All PeaceIt seems that current news always has some report of violence and disorder in the middle east. And yet few people in the western world truly understand the middle east, let alone it’s geographically disbursed nation states. The boundary lines creating the middle eastern countries were imposed on the people that lived there and the western world believed those people couldn’t govern themselves so they attempted to do it for them. This is the real reason there’s no peace in the middle east!  Imagine some foreigner coming to your residence and taking over your way of life.

This book, by David Fromkin, focuses on the era of World War I and describes how the “great powers” carved states out of the Ottoman Empire to create what we know today as the middle east.  It details the intrigue and secrete treaties these powers (Britain, France, Russia, Italy, among others) entered into in order to secure their part of the middle eastern pie.

Prior to the war, the Ottoman Empire was ruled from Constantinople – what is today Istanbul, Turkey. Though there was an official Sultan for outward leadership, in 1913 a group of secret society brotherhoods rose and formed the true governing power known as the Young Turks or Committee of Union & Progress (C.U.P.). Enver Pasha is perhaps one of the most famous of this clan and indeed is extremely active in this historical reference.  Enver married the Sultan’s daughter and became an important political and military leader within the Ottoman Empire.

The Ottoman Empire stretched from the western end of Turkey all the way east until reaching India and south until the end of the Saudi Arabian peninsula. But even though this huge area was ruled by the Turks, there were several non-Turkish tribes of the Arab descent disbursed among the lands.  All of these tribes didn’t necessarily get along with each other, nor did they fully submit to the rulership of the Sultan. But a common theme was that they would rather be ruled by a moslem Turk, rather than a Christain westerner.

Britain wanted to keep it’s land route clear to India by way of a straight line from Palestine. In addition, a buffer zone was required in order to secure the land route from Russia, which required land to be held in the Syrian and Mesopotamian areas.  And, of course, it was necessary to maintain the control of the Suez Canal, which meant the occupation of Egypt.

France had both business and religious-based desires in what is today Lebanon and Syria.  Greece and Italy had designs on parts of Anatolia as well and wanted to expand their own nations.  Russia was eager to have some control, or at least access to, the great port of Constantinople in order to allow sea routes to the Mediterranian.

The Young Turks, however, were mainly interested in holding their vast empire together – they didn’t want to have it divvied up among the western powers who’d been colonizing in their lands.

When World War I broke out, the Ottoman Empire wanted to stay out of it, but ended up scheming to find a major power in which to ally with in order to prevent its empire from being broken up.  The Young Turks approached almost all the great powers only to be turned down. No one thought the Ottoman Empire was worth partnering with – it didn’t seem like it had much to offer and was considered insignificant because the war’s strategic importance currently centered on the western and eastern fronts within mainland Europe.

However, this all changed when Germany learned that Britain was about to deliver two top-of-the-line battle cruisers to Turkey.  If Germany could add these to their own arsenal, it may be some benefit to the overall war effort. So, the Young Turks found their ally in Germany. (Even though right after the treaty was signed, it was learned that Winstin Churchill, then Lord of the Admiralty, had decided not to deliver the two warships and witheld them for Britain’s own use.)

During and after the war, the great powers continued to deal with each other for the rights to occupy and control certain areas within the Ottoman Empire. Britain sought to control Palestine by partnering with Zionists who wanted to settle a new Jewish home land. In Jordon and Iraq, Britain installed Hashemite leaders Abdullah and Feisal Hussein, sons of Hussein bin Ali, Emir of Mecca, within the Hejaz region of what is today, Saudi Arabia.

In Persia there were conflicts between Britain and the new Soviet Russia. Britain had installed a subsidized ruler, Ahmed Shah, along with a powerful military leader, Reza Khan. Nevertheless, the Persians formally cut ties with Britain and signed treaties with Soviet Russia instead. It was a similar situation for Turkey and Afghanistan – Soviet Russia entreated with them and denied British desires.

Britain faced challenges from France on control of Lebanon and Syria. Britain had attempted to install Feisal, but France was able to dethrone him and take complete control of the area.

On a quest for imperialism on the field of the Great Game, the western powers have created all the problems we see in the middle east today.  The peace settlements at the end of World War I, which divided up the Ottoman Empire’s lands, truly was A Peace to End All Peace.