The Golden Truth: The White House Celebrates The Extenstion Of Unemployment Welfare...

Friday, July 23, 2010

The White House Celebrates The Extenstion Of Unemployment Welfare...

I love you Mary Jane...

This author is wondering if maybe The El Hefe was going to dabble a little before he gets on t.v. today to tell what a great job he's doing the economy...

11 comments:

AnonymousFriday, 23 July, 2010
Cypress Hill video and a Jimmy Cliff quote, yikes...Sofa King thinks you need a vacation.

Funny that you pick Jimmy Cliff; Club Paradise was on Cable last night. They just don't make good comedy like that any more.

On a more serious note, someone told me that the new FinReg bill includes 1099 reporting requirements for precious metal sales over $600. Any validity to that report?
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Dave in DenverFriday, 23 July, 2010
Ya. That's buried in one of the recent Orwellian, Animal Farm bills that Jerk Off signed. It's easy enough to get around. Just sell anything you want to sell on craigslist or ebay or privately.
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AnonymousFriday, 23 July, 2010
Silver bullion is another way to keep the scum away from our wealth.
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RothbardFriday, 23 July, 2010
CLassic dowdraft in the PM's today. Make sure all the chartists are on board with $1195 as the serious resistance. Let it trade through that level, then BOOM! Trade right through it on the downside.

Looking at today's chart, maybe the signal from JPM that Andrew Macguire's spoke of is a break of resistance before the COMEX open. Then let it trade through again when the COMEX opens. As all the chartists buy the breakout, JPM and the boys are selling paper gold to every bidder, eventually overwheling the longs.

Just an on the spot theory, but it wouldn't surprise me.
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Dave in DenverFriday, 23 July, 2010
Yup. Gold spiked up to 1204 and then was smashed exactly at the Comex open. But they can't push either metal much below where they are now. Physical demand in the rest of the world is just to strong - and Turkey is a big buyer now - first time in quite some time. The metals are a ticking time bomb to the upside, especially since the Indian seasonals start coming into play in a few weeks.
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AnonymousFriday, 23 July, 2010
the 1099 requirements for over $600 sales are actually in the "Health Care" monstrosity, yet "Orwellian, Animal Farm bills that Jerk Off signed" is definitely much more evocative and poetic. That's some of the good stuff you got there, Dave! As you say, the black market is a free and honest market and silver will be its everyday currency.
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AnonymousSaturday, 24 July, 2010
Hi Dave,

I have a few question for my learning.

Since you are a long time trader & having insight knowledge of PM market

1) From total physical gold delivery how much % gold delivered through COMEX for all this years?

2) We know the short sellers of the Gold on COMEX but who are the possible long players? Are the long players investors (intended to take delivery) or big powerful traders who are just want to exploit the situation of shortage of PHYSICAL BULLION?

3) Do you think that long players are more powerful (in terms of finance) then Banking Cable)

I understand the game of paper bullion.World is benchmarking the Comex price to track Gold & Silver price. So despite the problem on physical side of Gold/Silver delivery on Comex, why long side people go to comex? If there is no long player, banking cable can take down the price nose dive & we can buy Gold & Silver from other places at Comex rate.

Please apologies if you found my query irrelevent.

Thanks
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AnonymousSaturday, 24 July, 2010
"Turkey is a big buyer now."

Dave, do you have any links?

Thank you!
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Dave in DenverSaturday, 24 July, 2010
Anonymous your questions are good. Not sure what % of total gold is delivered thru the Comex. The Comex is small compared to the LBMA. Think of the Comex as a predominantly paper market and the rest of the world is physical.

The longs on the Comex are largely commercial users of gold - jewelers - and large spec funds. Ultimately a small % of the long side of the Comex actually stands for delivery. Because the paper market, for now, seems to be setting the price of gold, the very large buyers like China and Russia do not want to be seen on the Comex. The Comex has very little gold relative to the amount of gold the big buying countries buy every year. In fact, China/India et al LOVE the Comex price suppression because as long as they can source physical gold at these prices, they know they are buying it artificially cheap. As the Central Banks (Fed, BOE, EU) that are supplying this gold run out of gold, the world price of gold will go to the moon and the physical market will assert control of the price. We may not be far from that point in time.

Hope that helps
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Dave in DenverSaturday, 24 July, 2010
RE: Turkey buying. Take a two-week free subscription to Midas, www.lemetropolecafe.com - all you need is your email address - no credit card required - and sort thru the "midas" postings on the James Joyce Table over the past week or so. The links can be found in "more gold goodies" or something like that. You'll know it when you see it - it's John Brimelow's reporting on the global gold market. It's an invaluable tool. For the record, I am not promoting subscriptions to the Midas report. I have been a subscriber for over 8 years and I find it to be invaluable as part of my daily regimin as a gold/silver investor/trader/analyst.
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AnonymousMonday, 26 July, 2010
Thanks for the heads up yardfarmer, how silly of me to think the 1099 reporting would be in a financial regulation bill, when it obviously belongs in a heath care bill. Last week, I said strange things are happening down south and this morning I hear Hugo is going ape-shit and is threatening to cut of oil supplies to the US. It now makes sense why millions of barrels of product have been making their way to Puerto Rico from the North East in a rather in a rather hasty fashion. Buckle up boys and girls, I think were about to make our move and just in time to cancel midterm elections.

Don't mind the lunacy, I watched Zeitgeist this weekend.

Sofa King just placed an order for a tin-foil hat.
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.