tag:blogger.com,1999:blog-7982981413278241287.post3852800441828913575..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: The CME/Comex And Truth In ReportingDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger32125tag:blogger.com,1999:blog-7982981413278241287.post-29469623198160745552013-10-15T09:43:21.401-06:002013-10-15T09:43:21.401-06:00N.Y. Fed Moves to Seal Documents in Ex-Bank Examin...N.Y. Fed Moves to Seal Documents in Ex-Bank Examiner’s Suit<br /><br />By Jake Bernstein, ProPublica<br /><br />A federal judge in Manhattan is pondering whether to grant the request of the New York Federal Reserve to seal the case brought by former senior bank examiner Carmen Segarra.<br />As reported by ProPublica last week, Segarra filed a lawsuit against the New York Fed and three of its employees alleging she had been wrongfully terminated last year after she determined that Goldman Sachs had insufficient conflict-of-interest policies.<br /><br />On Friday, the Fed asked for a protective order to seal documents in the case as well as parts of the complaint. In a letter to U.S. District Judge Ronnie Abrams, New York Fed counsel David Gross said the information should be removed from the public docket because it is “Confidential Supervisory Information,” including internal New York Fed emails and materials provided to the Fed by Goldman.<br /><br />“These documents show that at the time (Segarra) left the employ of the New York Fed, she purloined property of the Board of Governors of the Federal Reserve System,” Gross wrote, citing Fed rules that prohibit disclosing supervisory information without prior approval of the Fed.<br /><br />Gross argues that the Fed’s obligation to keep bank supervisory records secret outweigh the public’s right to know. “The incantation of a 2018 public right to know’ cannot ever be a license to discharged employees that they may violate Federal law simply by filing a complaint in Federal court,” Gross wrote.<br />Segarra and her lawyer could not be reached for comment. <br /><br />While Abrams considers her decision, Segarra’s lawsuit and appended documents have been removed from Pacer, the online records system for federal courts. The complaint and related documents are available via links in ProPublica’s story and have been published elsewhere online. <br /><br />Gross states in his letter that Segarra previously made a $7 million settlement offer. The Fed rejected it. <br /><br />The New York Fed has historically been one of the most opaque financial regulators and maintains that it is not subject to the Freedom of Information Act because it is not a public agency. <br /><br />http://www.truthdig.com/report/item/ny_fed_moves_to_seal_documents_in_ex-bank_examiners_suit_20131014Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-19422553393659216852013-10-15T06:34:40.068-06:002013-10-15T06:34:40.068-06:00Currency Manipulation and Derivatives
Traders can’...Currency Manipulation and Derivatives<br />Traders can’t make huge gains without having a huge source of funds to finance high-risk speculation. Thanks to the largesse of U.S. taxpayers and lax regulation at U.S. banks, we’ll continue to see speculation and manipulation in all markets. Banks are “rogue trader” factories.<br /><br />http://www.tavakolistructuredfinance.com/2013/10/currency-manipulation-derivatives/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4580467781901206622013-10-15T02:49:33.616-06:002013-10-15T02:49:33.616-06:00Big groupthink here. From qe4 to no taper and a go...Big groupthink here. From qe4 to no taper and a government in turmoil and ur beloved gold goes down. Everytime it goes up by 40 or so all bulls make idiots of themselves and pronounce a moonshot. Its all drivel and no power there4 no action. Keep dreaming.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-72863095086475310072013-10-14T21:47:09.583-06:002013-10-14T21:47:09.583-06:00Two good article links there - thanks!Two good article links there - thanks!Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-5249557347868418012013-10-14T21:29:55.535-06:002013-10-14T21:29:55.535-06:00"The stock market…a place where rationality h..."The stock market…a place where rationality has been thrown out the door in favor of trading for immediate profits…profits based on what the government and Federal Reserve are planning to do next. It’s no longer a place for average investors to make money, as the fundamentals that drive key stock indices like the Dow Jones Industrial Average (INDEXDJX:.DJI) and S&P 500 (INDEXSP:.INX) higher don’t really matter anymore. The notion has become “If it’s good news, buy! And if it’s bad news, then buy even more!”<br /><br />We have been witnessing this phenomenon on key stock indices for a while now, and from my experience, such erratic behavior by the stock market usually comes at the end of a long up or down cycle. <br /><br />Hold on a minute!<br /><br />Why did the S&P 500 jump so much on the Republicans saying they would put in a temporary new U.S. debt ceiling instead of debating it? Isn’t increasing the U.S. debt load bad? After all, we are the biggest debtor in the global economy."<br /><br />http://etfdailynews.com/2013/10/14/dow-jones-industrial-average-and-sp-500-has-the-market-gone-mad/Michael Jacksonnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-42111445898244985552013-10-14T17:58:06.792-06:002013-10-14T17:58:06.792-06:00Next Step In Dismantling The Dollar And US Credit ...Next Step In Dismantling The Dollar And US Credit Hegemony<br /><br />So Villepin built his argument. Cheap credit led to a bubble in private, corporate, and public debt – the “global debt disease,” as he called it – that “artificially” created economic growth. The buyout fever hollowed out entire industries and left even the most efficient firms more fragile. And when the bubble blew up, the Fed flooded the market with even more liquidity. “A danger in the long run,” he said. “Instead of limited multiple bubbles, they have created a giant worldwide bubble.”<br /><br />Credit has become “the key for the central nervous system of the economy,” he said. “Those who control credit, control the economy. Those who control risk control the credit. And those who control information control the risk.” That’s why credit ratings agencies – an American monopoly – have such enormous power.<br /><br />The US reacted to the crisis by “clinging to the control of credit through its sole privileges, making them even more dangerous,” he said. The Fed “flooded the markets with fictitious money” to keep the US economy afloat. Banking reform in the US and Europe “created a club of well-behaved aristocracy” and “benefitted the restoration of the banking empires in London and New York.” And the continuing public deficits in developed countries are financed through cheap credit “based on their version of risk.”<br /><br />He called for “a new architecture for the world’s finance and economy,” whose foundation would have to be “a reform of credit” and “a new currency exchange system.” It would end the principle of one “hegemonic currency” due the “obvious conflict of interest between the nation controlling the currency and the need of the world using it.” He already saw that “the hegemony of the dollar” was dwindling. But rather than an alternative currency, he saw a common world currency unit, calculated off the dollar, euro, yuan, and yen (he’d forgotten to ask Russia, Brazil, and India, apparently).<br /><br /><br />And he called for the creation of “the tools that will vouch for a more balanced circulation of credit around the world.” Most prominent among them: a new credit rating agency. “The three big agencies failed in their mission in 2007 and 2008 because of their methodologies and conflicts of interest,” he said. “Today we need new actors,” that would “create the new international system.” Hence his solution, Universal Credit Rating Group. Quoting Dagong Chairman Jianzhong, he said, “The system as it exists cannot go on. We cannot wait for America to reform it.”<br />http://www.testosteronepit.com/home/2013/10/14/next-step-in-dismantling-the-dollar-and-us-credit-hegemony.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-20290089314986682022013-10-13T22:41:31.801-06:002013-10-13T22:41:31.801-06:00I found the "United States Senate Democrats&q...I found the "United States Senate Democrats" website and of course they have posted "The Republican Government Shutdown" with a countdown timer.<br /><br />The problem is their countdown has 12 days 21 hours 38 minutes (on Sunday 13th at 9:35pm PST). What do they know that we don't? Could they be sending a message that we could actually keep going till Oct 25 or 26th?<br /><br />Dave, your countdown is correct - if we are even close to being told the truth from DC. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-89676664710619420962013-10-13T22:30:33.299-06:002013-10-13T22:30:33.299-06:00I don't accept anything the COMEX says as gosp...I don't accept anything the COMEX says as gospel, regarding metal in inventory, of either category. I was dismayed several years ago to see Butler, with whom I have spoken by phone once, saying in print, that he'd accept on face value the silver etf has any amount of 1000oz bars, if it would only show a list of serial numbers. Hell, I could concoct as many serial numbers as any science fiction fan could get high on. It's like a title to a car, with no auto to match.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-88510975789485437132013-10-13T19:07:21.939-06:002013-10-13T19:07:21.939-06:00Xinhua
Commentary: U.S. fiscal failure warrant... Xinhua<br /> Commentary: U.S. fiscal failure warrants a de-Americanized world<br /> By Xinhua Liu Chang<br /><br /> BEIJING, Oct. 13 (Xinhua) <br /><br />Moreover, instead of honoring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas, instigating regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies.<br /><br />As a result, the world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites, while bombings and killings have become virtually daily routines in Iraq years after Washington claimed it has liberated its people from tyrannical rule.<br /><br />Most recently, the cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising debt ceiling has again left many nations' tremendous dollar assets in jeopardy and the international community highly agonized.<br /><br />http://jessescrossroadscafe.blogspot.com/2013/10/china-has-some-pointedly-hard-words-for.html<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-59656383633349315332013-10-12T22:29:17.396-06:002013-10-12T22:29:17.396-06:00Dampening the sentiment for gold by India and Chin...Dampening the sentiment for gold by India and China????? Owning gold is in the blood bones and DNA of most people in India (except for India's Fed and Wall Street gang, and I do mean gang). A guy from India told me that a family in India would give up eating breakfast for a whole year just to save up enough to buy one gold coin. Do you think Wall Street could dampen the demand from gold buyers like that? The Chinese learn from history, especially their own, doubly especially the Chinese experiment with unbacked paper money centuries ago. Why should the Chinese Government sit on trillions of US Treasuries and be at the mercy of DC politics when it can aquire gold at cost (thanks for the info Dave) and have a currency backed by yellow metal instead of a currency backed by the word of a disfunctional US government? There is a new "Great Game" going on, with China and Russia moving into the asset that has been trusted for more centuries than I care count. Gold to lose its shine because the banksters and Da Boyz on Wall Street sez so? Gimme gold ANY day of the decade and tell Da Boyz to go rob from somebody else.JMR777https://www.blogger.com/profile/03538238702295526065noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-4158498012717477842013-10-12T18:08:28.132-06:002013-10-12T18:08:28.132-06:00Big Four consulting firms and the conflicts of int...Big Four consulting firms and the conflicts of interest <br /><br />Max interviews Francine McKenna of RETheAuditors.com about the Big Four accounting firms morphing into the Big Four consulting firms and the conflicts of interest that have arisen as a result.<br /><br />http://youtu.be/pfPA9IDwYMQ?t=12m38sAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-35561730303806367502013-10-12T11:00:07.076-06:002013-10-12T11:00:07.076-06:00Yes, the fraud has been around for years. I don...Yes, the fraud has been around for years. I don't think it's any coincidence that the manipulation of the metals has become exponentially worse since the Fed allowed the cartel banks additional latitude in the commodity markets. It should be no surprise that the fraud has mushroomed as a result. I remember seeing that CME disclaimer this summer and laughing my ass off. As William Black would say, the best way to rob a bank is to own one. Unfortunately in this case, the criminal banking establishment is working to grab not just the banks' assets, but everything that's not nailed down, whether it be your investment in the gold market, your pension or whatever else they can get their hands on.Aaronhttp://aaronlayman.com/2013/10/late-to-the-party-us-to-open-criminal-probe-of-fx-market-rigging/noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-91978977839287977602013-10-12T09:03:59.740-06:002013-10-12T09:03:59.740-06:00As for some agreement that occurred between China ...As for some agreement that occurred between China and the U.S. regarding Treasuries/gold - that's pure idle speculation as well. I highly doubt it exists. The U.S. is to the point of desperation on all fronts that it is resorting to the "Hail Mary" strategy in all the markets. The extreme and blatant manipulation going in the gold market reflects this desperation.<br /><br />I don't know about by the end of next week, but it won't be long before the metals start a massive move higher.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-62479335139914734822013-10-12T09:00:32.308-06:002013-10-12T09:00:32.308-06:00When I saw that JPM - or some combo of the big 3 b...When I saw that JPM - or some combo of the big 3 bullion bank Comex market makers - were net long gold - assuming the CFTC-generated, bank-sourced data is accurate - my first instinct was to assume they would use that as ammo to dump contracts w/out getting net more short.<br /><br />They know the Comex gold futures paper is largely unbacked and therefore largely worthless. IF JPM is accumulating a long position in gold, it's in the physical market. And because disclosure is about as secretive as it can get in the physical market, we'll never know til we see it with our own eyes.<br /><br />All else is speculation.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-52553417539485874332013-10-12T08:56:35.987-06:002013-10-12T08:56:35.987-06:00LOL. June/January - what difference does it make?...LOL. June/January - what difference does it make? The fraud has been going on for years and the disclaimer just went on this year? Why all of a sudden?<br /><br />You don't understand much about this market if you think the cartel could POSSIBLY have any hope of dashing sentiment in China and India. Do some real research and figure it out for yourself - that's the best way to learn. I'll just say that the lower the price goes, the more China buys. They imported 300 tonnes into China in August.<br /><br />Vacation? You need to start your own blog so you can air your own views for everyone else to inspect.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-76835773956040192082013-10-12T08:53:53.048-06:002013-10-12T08:53:53.048-06:00My partners and I met with a guy here in Denver wh...My partners and I met with a guy here in Denver who spent many years at NEM and now has his own mining consulting business. He said he bumps into the Chinese all the time in Africa and S America.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-26396045568062186232013-10-12T08:52:51.170-06:002013-10-12T08:52:51.170-06:00No but I'm sure China rides the coattails of t...No but I'm sure China rides the coattails of the Fed in pushing the market lower in order to shake out as much physical as they can.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-52709305488184281172013-10-12T08:52:05.204-06:002013-10-12T08:52:05.204-06:00Australia, Africa, South America. China is buying...Australia, Africa, South America. China is buying up natural resource assets all over the world. Especially Africa.Dave in Denverhttps://www.blogger.com/profile/03016238915167131989noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-12621675229618349442013-10-12T08:34:21.083-06:002013-10-12T08:34:21.083-06:00The writing is clearly on the wall for all to see....The writing is clearly on the wall for all to see. Now it is up to every person over the age of 18 to choose what they stand for and want to believe.The information is out there for all to be able to formulate truth. <br /><br />The problem with people of the United States of America who are 18 years of age and older is they have been given way too much in the way of credit and other hand outs . That coupled with the great job that the U.S. media has and is doing to keep the mass population amiss . <br /><br />Unfortunately many an American will feel like they are being slammed one day by a 2x4 straight in the face as a result of facing extreme poverty.<br /><br />Unlike countries like China and Russia and India where the pain has been felt , many a citizen are loading up on physical gold and silver knowing the importance of how those assets will play an important part for survival one day.<br /><br />The likes of the CME (crime made easy) should be burned at the stake right now for the deceitful actions that they take while at the same time work hard at looking so official.<br />The CFTC is nothing but a joke - a phony entity by all measures.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-39331116550828005402013-10-12T08:26:00.844-06:002013-10-12T08:26:00.844-06:00Dave outstanding stuff as always, I remain very c...Dave outstanding stuff as always, I remain very conflicted by the asserted large long position Turd has been standing by his forecast that we will see a turnaround by the end of next week. This is based on the supposition that the 70K long contracts that JPM holds (mainly in Dec) will thus create the motive for the gold price to move up. Now based on a lot of other data it looks like the Chinese and Indians alone are now sucking up every oz. being produced and them some. One could suppose the physical is getting thin. So who knows I could see JPM wanting to be long it beats being short and IMO just as easy to manipulate the market as being short.<br /><br />Also what's your take on the complicity of China with the cheap PM prices? I have read a few articles stating that they have agreed to limit the dumping of T-Bonds in exchange for manipulated cheap gold. U.S. wins by keeping the gold price down and supporting the dollar and at least inhibits the dumping of Treasury paper and China gets cheap gold. <br /><br />Best <br />KCAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-29525675176572159552013-10-11T20:32:42.435-06:002013-10-11T20:32:42.435-06:00Dave,
1. The Comex added the disclaimer at the beg...Dave,<br />1. The Comex added the disclaimer at the beginning of June. That's not "8 months ago".<br />2. I think the cartel is eyeing the $1000 level and a negative close for the entire year in the hope of dampening the sentiment in India and China. Therefore, we shall have to wait till 2014 to see if the price movements will get better.<br />3. You really need to have a vacation. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-29371733687664988412013-10-11T19:17:50.263-06:002013-10-11T19:17:50.263-06:00Here's a crazy theory, Dave. Is it possible th...Here's a crazy theory, Dave. Is it possible that the suppression of gold is the work of China, which has threatened to start dumping US treasuries if the Americans do not comply? In other words, we want your gold and we want it cheap.....if you don't play ball, we'll do a number on your economy using your debt as a club. Just a theory.Marcushttps://www.blogger.com/profile/06784002654652573172noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-74748606367154492772013-10-11T18:11:05.488-06:002013-10-11T18:11:05.488-06:00Question for you Dave,
You may have mentioned this...Question for you Dave,<br />You may have mentioned this earlier or I may have missed it, so pardon me if this question was answered earlier.<br />I had read somewhere that China bought a gold mine or two in Australia.<br />Have you seen or heard of China buying up gold miners (junior or otherwise) recently?<br />Thanks for your reply, for your patience with us curious gold bugs, and a Big Thanks for your blog.JMR777https://www.blogger.com/profile/03538238702295526065noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-87539338089605559152013-10-11T15:18:56.206-06:002013-10-11T15:18:56.206-06:00Your blog is one of the very few that shines a lig...Your blog is one of the very few that shines a light into some very dark corners - and amply fulfils the last sentence of your "About Me". Keep up the good work, Sir!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-82924944639754599392013-10-11T14:31:41.673-06:002013-10-11T14:31:41.673-06:00Why don't you want to be short miners? They ...Why don't you want to be short miners? They are in liquidation, high grading and not replacing reserves?Anonymoushttps://www.blogger.com/profile/17455003385851080881noreply@blogger.com