On Bloomberg tv a while ago Jim Grant was interviewed. He made as always, several good observations, but one we discuss here often was how over time the responsibility to keep banks solvent was the responsibility of share holders has shifted to tax payers. I hope Bloomberg makes his spot available as he hits the main points articulately and the general population needs to be educated as to how they are being fleeced. It is criminal how the banks have managed to get the politicians to transfer their risk of doing business to tax payers. The result has been irresponsible business practice as the folks making the decisions are not held accountable.
Some sort of settlement has already been agreed to in the matter; they are working out the details. Fines and some sort of censuring will no doubt come as a result.
The federal government gets the fines, though, and the people they screwed get nothing. It's a wonderful game.
A slap on the wrist and business as usual with a gold take down in thin trading hours last night that was a middle finger salute by the banks. Unless there is follow up and criminal filings, this goes nowhere, but at least it is an important first step in rule of law that is sorely needed. Funny the SEC could find no wrong doing after years of investigation only shows the desire for our government to turn a blind eye to wrong doing if it serves a pecuniary interest for insiders.
Maybe SLW and other PM related investments get a boost with this.
For the first time, we have a successful settlement of charges related to silver price manipulation. Also for the first time, the Bank involved is named with other Banks as co-conspirators! From Reuters: "Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed."
It is difficult to understate the potential significance of this settlement. Of course, we'll have to see where this takes us and what impact, if any, this news will have on paper prices and the overall paper derivative pricing scheme. However, this is huge news! For the first time, a Bullion Bank has admitted to price manipulation and, just as significantly, it has named names. Specifically listed as co-conspirators with DeutscheBank are:
The full link from Reuters is here:
TF Metals Report
The "greatest country on earth"? By what metric? In many respects we can hear the noise from the drain.
My own personal op is AU rises, but AG outpaces AU in that rise.
Not betting on the timing but I am expecting AU to get to $2500 and AG to be at roughly $100 at that time. So the ratio currently at about 78/1 gets to a more reasonable 25/1.
2-3 years, give or take.....
You have no clue do you?
There is no candidate of choice in the running.
But that doesn't change your situation, does it?
I'm very happy,as this country is the greatest country on earth.
Unfortunately for you, Meyer is undoubtedly on her way out as Verizon takes Yahoo over. Since you are an Obama supporter, maybe Yahoo will raise their participation fee only on you in some substantial amount, in keeping with your wishes, with a balance directed to Hillary, your candidate of choice.
Note that in the case of Austrian bank failures the bail-ins protected the assets of the wealthy. The criminal Rothschild family, as has been their history, was in the thick of "curing" the economies there; while, of course, lining their own pockets.
History is replete with this process going all the way back to the Rothschild issuance of counterfeit gold storage receipts to be used as a form of "money" before this country's founding. Later they got their hooks into this country's banking system, with very predictable results.
It is trite to say so, but the ONLY solution to any of these economic problems is honest money. Without naming names you can see those on this message board, and in fact on this topic, whose only aim is to profit from the coming disaster, rather than to recognize its origin and speak out against it. These are BAD people that need to be recognized as such.
“Janet Yellen Meets With Obama In Emergency Meetings As Crises Erupt Worldwide” by Jeff Berwick
The noose is tightening...
Brazil is having massive protests, as are other countries due to poor economic performance caused by central bank policies (interference). They are impeaching their politicians and sending some to jail. It is high time that the United States and its population wakes up instead of rolling over and playing dead in their possum posture.
See: “Failing banks, winning economy: the truth about Iceland's recovery ..”
Apparently US politicos and banksters enjoy the suffering they’ve caused here. It’s all about control in this most fascist of economies.
I am not calling anyone crazy and I hope the SnP 500 market continues to make you money and I want our country to do well. I am concerned however that the market is going to start reflecting mal-investment by the private sector and government aided by foolish central bank policy. ZIRP and QE sound good at first blush but one adds a little extra thought, they are a fool's game designed to reward bad behavior and punish good. Interest rates are nothing more than the rate of rent on retained excess wealth, otherwise called savings. No one in their right mind would rent anything of value for nothing as there would be no compensation for wear, risk or reasonable profit. One result of the policy has been companies investing in their stock via buy backs with debt. This makes profits per share look better not because profits are up, but share count is down. Share re-purchase is not a wealth generating activity and further, if profits turn to loses, then the loss per share will be amplified with lower share count.
QE is nothing more than a fancy acronym for printing unbacked fiat money. The new money, not being backed by anything of value has no value unless it is stolen from existing dollar holders. While current holders hold the same number of dollars their purchasing power is diminished so the owner’s wealth is diminished. The effect is to transfer the economic decisions of that wealth to the first recipients of the printed dollars. Much of the new money is going to government who spend it on consumption and not wealth generating investment, thus over time as a nation we have been consuming more wealth and investing in fewer wealth generating ventures.
Those are two of many reasons I am concerned. Another which is not financial per se is the inept press. They do not do investigative reporting and what they do report is generally verbatim from press releases without questioning content, motive or accuracy.
Yeah, by definition of the word "delegate" alone it would appear that the sordid mess should serve as an indictment of the entire process. So, what's supposed to happen when the will of the people is thwarted?
We should fear the "legislation" above becoming a model elsewhere especially closer to home.
We should also fear the "squeezing" of cash and related transactions. No doubt being reduced to barter or "credits" is part of the agenda.
not sure what you are looking at but gold is off 2X silver at this point
why do all the nuts here want a market sell off or zombie apocalypse so that their PM holdings go up? How about the fact that copper mines are closing therefore silver production is down while investment in silver is up (Mint at record rates)? Simple supply and demand imbalance.
I have more in SP500 ETF's and large cap stocks than I have here. I don't want a selloff or the world to end. Call me crazy.
FYI - as a derivative of PM prices I like CLCT which grades rare coins and pays 8%+ in dividends. Will report a record March quarter and a large cash add. Well run company
Looks like during the wee hours of morning trading, PM's took a hit but silver a little more than gold, so your catch up thoughts are in tact. The down turn may be short lived. Bloomberg just had a technical piece where they showed 85.7% of SnP 500 companies above their 50 day MA and 63.2% above their 200 day MA. A second chart showed MACD composite with 38% thought of as overbought with less than 1% thought of as over sold. The concluding line was something like "Looking at just these two charts, one would conclude things do not look too good for the SnP 500". Bingo! Finally there is some reporting by the staff and anchors that reflects something other than the bull bias of the huge majority of their guests who for the most part are talking their book.
If we get an SnP 500 sell off, some of that money will probably go to PM's and PM stocks supporting their prices.
Some people plan their demise by huddling in their bunkers, counting their shells and potassium pills. They quote such "luminaries" as Glenn Beck or worse yet, some other occupy wall street flunkies. This bugs you because the cost to post here is phree,and all kinds get to express themselves, even the disenfranchised. It's America. Maybe Ms. Meyer will turn around Yehaw and charge to be a paid member of the Financial Message Boards. That'll clean it up.
Meanwhile, celebrating our correct calls on PMs deserves real celebration. Have some quality alcohol with those freeze dried beans.
L O L
Here is a word search opportunity for more on this subject and the article has a few updates: "After Emergency Federal Reserve Meeting TODAY, Obama and Biden to Meet with Yellen! Rumor: Martial Law Discussions for Banking Failure "
Where is the investigative journalism? There is smoke here, I hope it does not develop into fire. Here is a lift from the article:
"While today's Expedited meeting of the federal reserve was called last Thursday, over the weekend astonishing banking developments took place in Europe.
Austria became the first European nation to utilize the new "Bail-in" regulations, seizing 54% of Senior Bondholders stock value to pay the bad debts of Hypo Alpe Adria bank / the Heta Asset Resolution AG. While senior bond holders were considered "preferred" creditors and got 46% of their investment covered, Depositors were considered "subordinated" creditors and got: NOTHING! Citizens were left broke. Story HERE
Five hours later, the Finance Minister of Italy called an Emergency Meeting of Italian Bankers in Rome to engage what he called a "last resort" to deal with 360 Billion in bad loans against banks with only 50 Billion in Capital. That story is Here."
For the individual that gave the thumbs down, could you explain why?
Without the recent dilution, SLW would be $19 already. As it is, we'll have a wait a while longer.