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Central Banking: A Blight On Humanity - Peter Presland - 11-10-2009 I doubt it has escaped the notice of anyone here that gold is finally trading well above £1,000 per oz. with Friday's COMEX close and the preceding few days well above the previous nominal record of £1,032 (That's still way below the inflation adjusted record BTW). Here are a couple of credible commentaries detailing events that allegedly were the trigger for the price surge. I consider this explanation, or something very close to it, to be plausible. Open interest on the COMEX has now reached astronomical and totally unprecedented levels in both gold and silver, with the Commercials (ie the guys on the short side) behaving in a way that we have not seen before. They are clearly paranoid. Along with a host of other unprecedented monetary extremes, this is another major indication that the Banksters really are beginning to lose it and we are approaching a major dislocation event. From Goldseek Quote:By: Rob KirbyFrom Harvey Organ Blog: Quote:We have 5 or 6 confirmations on the above caper. The venue was the LBMA which is the centre of all physical gold and silver trading in the world. The LBMA volume is 400% of that on the comex! Central Banking: A Blight On Humanity - Jan Klimkowski - 11-10-2009 Peter - thank you for this. I've been wondering what was going on in the Land of Gold. Only today, flicking through satellite channels, I went from one commercial to another offering "Cash for Gold". Paraphrase: Post us your gold jewellery, and we will give you top market rate and melt it down. I've never seen any adverts like this before. If the hypothesis outlined in your post above is correct, and the Chinese have demanded physical delivery of gold which J.P. Morgan Chase and Deutsche Bank have been unable to deliver, how do you suspect this will play out in goldbug, financial market and Central Bank land? Central Banking: A Blight On Humanity - Peter Presland - 11-10-2009 Jan Klimkowski Wrote:If the hypothesis outlined in your post above is correct, and the Chinese have demanded physical delivery of gold which J.P. Morgan Chase and Deutsche Bank have been unable to deliver, how do you suspect this will play out in goldbug, financial market and Central Bank land?Jan To be honest, I really don't know. That's the short answer. I still dabble in day-traded gold futures but, in line with unprecedented COT levels and the changing behaviour of the commercials category outlined in those articles, my system is simply not what it was and I will likely stop day-trading altogether. The dynamics have been altering subtly over a good few months now such that old algorithms have broken down and no amount of tweeking seems to make intra-day price action predictable enough to turn a reliable profit any more. Probably no bad thing I guess since it is a bloody useless occupation anyway - but like I've said before, I don't make the rules. On the broader question of Gold Bug fever and the alleged 'caught-short' positions of the bullion banks: To the extent that they can still rely on the CB's to exert a measure of real control (ie suppression) of the gold price there will probably not be a default comparable to Lehmans or Bear Stearns. In spite of what seems to have been a surprise warning shot across the bows, I believe the CB's ARE still determined to exert that control despite obvious increasing Chinese involvement. In my view it is the likely existence of David Guyatt's 'black gold' in vast quantities largely controlled by the Western CB's cartel that is the real wild card. Arguably, bringing increasing amounts of it into play with the sort of devious cunning native to them, could seriously shaft anyone foolish enough to bet the farm on a real price explosion. In fact I don't think the Chinese want to precipitate a price explosion either. They are probably well aware of the 'black gold' and who controls it since a large proportion of it belonged to them before being stolen by the Japs. They are probably just intent on getting it back as an asset likely to retain value rather better than the vast hord of US paper promises they currently hold. Anyway, all I know for sure is that the financial markets generally (Equities, Bonds, FOREX) and the PM's markets in particular have a very strange fractious feel to them right now. We are in seriously uncharted territory and anyone who believes 'the recession' is over is living in cloud-cuckoo land IMHO. All that together with the global military and domestic security stuff fills me with foreboding. But other than being determined NOT to be surprised by anything (having a few weeks stash of food, cash, fuel, a bit of bullion - that sort of thing) I'm buggered if I know what I can do about any of it except be ready to enjoy the fireworks. Central Banking: A Blight On Humanity - Magda Hassan - 11-10-2009 Jan Klimkowski Wrote:Peter - thank you for this. I've been wondering what was going on in the Land of Gold. Only today, flicking through satellite channels, I went from one commercial to another offering "Cash for Gold". Paraphrase: Post us your gold jewellery, and we will give you top market rate and melt it down.On entering my local Westfield Shopping Centre (Frank Lowry) I was greeted by a table with scales and literature and people offering to buy any gold jewelery 'top prices paid' 'turn your gold into cash'. I haven't seen anything like this before either. Peter Presland Wrote:They are probably well aware of the 'black gold' and who controls it since a large proportion of it belonged to them before being stolen by the Japs. They are probably just intent on getting it back as an asset likely to retain value rather better than the vast hord of US paper promises they currently hold.Exactly! Central Banking: A Blight On Humanity - David Guyatt - 12-10-2009 I have also noted the sudden appearance of several (maybe four or five different companies) TV adverts where punters can send in their gold jewelry and get cash in exchange - and figured that the availability of the metal was low and that its price was about to be hiked. But this same sort of naked short selling (assuming the reports are indeed accurate) has happened before and was highlighted by GATA for months and months - but then appeared to quieten down and, one assumes, were quietly resolved behind the scenes. Central Banking: A Blight On Humanity - David Guyatt - 12-10-2009 The more I think about these reports, the more I ponder their veracity. As a fully ordained cynic, I start to wonder if there is a deeper purpose to this. Leaking reports to internet Goldbugs and pressure groups of Chinese insisting on physical delivery (when they must know there isn't any), smacks of a sly market LBMA manipulation. Begin with a 1-2 month lead period where you arrange to buy cheap jewelry gold, make it fit for London Delivery and then leak reports of shortages of physical to create a price spike. Sell. It's a flavour of Private Eye's perennial law firm: Sue, Grabbit & Runne - or the metal market equivalent: Sowe, Reape & Prosper. Central Banking: A Blight On Humanity - Peter Presland - 15-10-2009 More evidence of a mad scramble to find 'London Good Delivery' standard Gold bars. For info 'GLD' is the ticker for the largest of the Gold Exchange Traded Funds. These funds claim to posses 'allocated' gold bars to the total fiat value of the fund and publish daily lists of their serial numbers. They are still a very popular way for Jo public to invest in what they think is Gold. Most traders acknowledge that the physical holdings of the ETF's are just too big a temptation for those in control NOT to use it just an itsy-bitsy bit (or more) now and then to nudge the paper market - or whatever. For further info "Allocated Gold' means serial numbered bars that are allocated to a particular owner (or fund) and cannot (or rather should not) be used by the bullion bank for trading purposes. 'Unallocated Gold' is simply a paper claim on the Bullion Bank for the real thing, leaving the bank free to trade with the stuff to its hearts content until called upon to deliver it. In a follow-up to the first article posted in this thread, Rob Kirby provides more snippits which have a solid ring to them again. Quote:By: Rob KirbyIt really does look like we're about to see some fireworks. Central Banking: A Blight On Humanity - David Guyatt - 16-10-2009 It will be more than interesting to watch this unfold Peter, if indeed it does. Thanks for keeping us posted on this. Central Banking: A Blight On Humanity - Peter Presland - 16-10-2009 David I'm really just a spectator too. My trading activity focuses on intra-day price movements and, like I said before, they are becoming ever more unpredictable (on the measures I've become used too anyway) and I'm close to quitting. I still have trouble factoring in the vast quantities of the black stuff. Were it not for its existence, I too would be a 'Gold Bug'. As it is I know that to invest in gold is to bet against the entire Central Banking Cartel which is arguably foolhardy, even discounting the possibility that it just may have the mother of all wild-cards up its sleeve. They may be crooks, but they're not fools and from where I'm sitting they still appear determined to stay in control of the PM's market. That's not to say that many of their functionaries (ie the bullion banks that may or may not enjoy certain stop-loss-type guarantees and other privileged arrangement) are not under severe pressure though - and certainly all those who have made a merry living riding their coat tails this past 25 years or so. Anyway, the price could still near double and not beat the 1980's inflation adjusted record, so my best guess is that something like that is probably what will happen, before a dramatic collapse back to somewhere near where we are now. A dislocation event in other words, that will serve the purpose of all such events, namely to screw the unwary and put the object of the speculation back where it belongs - in the pockets of the cartel and its friends. Central Banking: A Blight On Humanity - Magda Hassan - 16-10-2009 Harrods to sell gold bullion for first time It is renowned for its glitzy clientele and upmarket Knightsbridge location, but shoppers at department store Harrods will from today be able to buy the ultimate luxury accessory – gold bars. By James Hall, Retail Editor Published: 12:01AM BST 15 Oct 2009 From this morning, Harrods will start selling gold bullion and coins over the counter.In a sign that the credit crisis has left his gilded customer base largely untouched, Harrods owner Mohamed Fayed has teamed up with Produits Artistiques Métaux Précieux (PAMP), the Swiss refiner, to sell gold in the store. Related Articles
Aimed at private investors, the gold will be sold at the Harrods Bank branch on the lower ground floor of the West London store. Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce. Chris Hall, head of Harrods Gold Bullion, said: "The financial environment has kindled a new demand for physical gold among private investors in Britain. For many people this is a new and unfamiliar asset class that demands absolute trust. Until now London has had no well-recognised name serving this market." "Harrods saw the opportunity to help individuals buy physical gold in a prudent manner." Mehdi Bakhordar, managing director of PAMP, said: "Harrods stock our full range and are now the only location in London where investors can purchase a 12.5kg gold bar 'off the shelf'." Harrods, famed for its gold and green livery, has never sold bullion before. http://www.leap2020.eu/notes/Harrods-to-sell-gold-bullion-for-first-time_b1645107.html |