The Criminality of The Comex
This was written Saturday morning for publication Sunday evening. With all of the Greek-related turmoil, it has been made a public thread.
By Turd Ferguson | Saturday, June 27, 2015 at 6:19 pm
How is this even legal? That's a serious question and I'd like a serious answer after the you read what is presented below.
Immediately following the short squeeze in mid-May that resulted in a 10% price move in just five days, the "Large Specs" in silver set out to rebuild (or were tricked into rebuilding) a massive naked short position in Comex silver. As you can see on the chart below, over the past five weeks, these Large Specs have added 41,806 gross naked short contracts to their accumulated position. This drove their total reported position up from 16,891 contracts on May 19 to last Tuesday's 58,697 and is the sole, primary reason for silver falling by $2 over the same time period.
Here is where this "market" becomes fraudulent and clearly fails to serve the world's silver producers and consumers. These "Large Speculators" as a group are collectively hedge funds, managed commodity funds and High Frequency trading funds. By definition, these are trading groups and they do not hold any physical silver. Therefore, they are truly "naked" in their position as they do not have physical silver to deliver to buyers at a future date (one of the rationale for having futures markets in the first place). Continued....
Submitted by Tyler Durden on 06/28/2015 12:52 -0400
Update 2: Greece's Skai reports that if/when banks reopen (supposedly on Tuesday), a 60#$%$ withdrawal limit will be imposed.
Update: In a televised address to the nation, Greek PM Alexis Tsipras assured Greeks that their deposits are safe despite an upcoming bank holiday and despite the fact that Greek stocks will not open for trading on Monday. Tsipras also said Athens has re-applied for a bailout extension and urged Greeks to "remain calm" in the face of what is sure to be a turbulent week.
GREEK PRIME MINISTER SAYS GREEK PEOPLE SHOULD REMAIN CALM
GREEK PM: BANK OF GREECE PROPOSED BANK TRANSACTION RESTRICTIONS
GREEK PRIME SAID GREECE RE-APPLIED FOR BAILOUT EXTENSION
GREEK PRIME MINISTER SAYS DEPOSITS ARE COMPLETELY SAFE
Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:
GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. The launch of capital controls just as the Greek summer tourism season starts, is sure to be the final crushing blow to Greece, whose entire economy will now grind to a halt.
Pic of ATM out of money see ZH
That's all the folks you work for could come up with? You have to admit it was better than most. At least they answered the tough questions. It looks like they will build the company the old fashioned way.
It's sad they have to sit on the gold price. It's getting more obvious as each year passes, that banking has topped.
AGM meeting download available on TRX website. It is a slow down load.
Price is the only thing that matters...your absolutely right about that. That Seeking A piece puts the whole sorted mess into perspective. GATA was nice enough to chime in.
10:06p ET Tuesday, July 9, 2015
Dear Friend of GATA and Gold:
Recent reports from the U.S. Commodity Futures Trading Commission and the CME Group, operator of the New York Commodity Exchange, indicate that JPMorganChase & Co. is administering the Federal Reserve's gold swapping and lending operations and that for the time being the exchange's gold contracts are being guaranteed by the U.S. government.
That analysis is published today by Colorado securities lawyer Avery B. Goodman, who draws heavily on GATA's documentation of U.S. government intervention in the gold market.
Goodman's conclusion arises largely from the unnecessarily disproportionate assignment to JPMorganChase of Comex gold deliveries, as recorded in the CFTC's June 2 bank participation report for gold futures. Essentially, Goodman writes, last month the Fed rescued the Comex from a gold delivery deficiency, but the U.S. gold reserve, now guaranteeing the Comex, will not last forever.
Goodman's may prove to be the most important analysis written about the gold "market" this year. If they meant to provide the world with any serious journalism, mainstream financial news organizations quickly would put questions about Goodman's analysis to the Federal Reserve, CME Group, and JPMorgan Chase.
Goodman's analysis is headlined "Did Comex Just Receive A Physical Gold Bailout from the Fed?" and it's posted at Seeking Alpha here
au_nb: Did COMEX Just Receive A Physical Gold Bailout From The Feds? Avery Goodman Jun. 9, 2015 "On June 1, 2015, JPMorgan added
almost exactly enough ounces of physical gold to patch the deficiency between supply and delivery demand at COMEX, avoiding widespread
dealer default." "Declassified documents, along with strong circumstantial evidence, indicate that it was not JP Morgan, but its most important
customer, the US Federal Reserve, that just bailed out COMEX."
An SA poster with Cred...
Avery B. Goodman has been a licensed attorney for 29 years, and has concentrated in securities law related cases. He holds a B.A. from Emory University, where he concentrated on history and economics. He also holds a Juris Doctorate degree from the University of California at Los Angeles Law School and is a member of the Bar, licensed to practice law in several jurisdictions.
Mr. Goodman serves on the roster of neutral arbitrators of the National Futures Association (NFA) and the Financial Industry Regulatory Authority (FINRA). His career has consisted not only of prosecuting cases on behalf of clients, but also in sitting in judgment on the cases involving others, and making important decisions on intra-industry and customer disputes.
An independent investor for decades, Mr. Goodman has observed that markets are being subjected to frighteningly high, and still rising, levels of disinformation. Investors desperately need an impartial voice of logic, reason and common sense to guide them. For that reason, he is now sharing thoughts with the community.
Your fund needs to get it's facts straight.
52 Week Low 5/28/2015 | 0.269
How will the market price a producer that didn't have to finance a few hundred million to get a mine built?
24/7 quacking has to get tiring.
Dave from Denver...
“Bad money drives out good money.” Gresham’s law is an economic principle that states: “When a government overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation.” – Murray Rothbard
Gresham’s Law is also known as Copernicus’ Law, as Nicolaus Copernicus first formulated the theory in 1519. The idea is that when a system has different forms of currency circulating and one of the currencies is perceived to be overvalued relative to the alternative currency, the undervalued currency will be hoarded and the overvalued currency will be used for transactions.
From The Dollar Vigilante:
I’ve been in Europe a couple of days now and one of my main goals here, other than protesting the G7, Bilderberg and visiting Liberland, was to find out if what Martin Armstrong wrote about – that there is a shortage of gold at the retail level in Europe – is true. What I’ve found is that, indeed, it is true, as in many European countries one is no longer able to buy retail gold coins for investment.
Shops are buying precious metals still, but no one is selling. Spanish banks that once sold gold to the public have shut down in Spain, and if people leave Spain wearing a lot of jewelry, authorities weigh and inspect the precious metals, as Armstrong reports.
The article above is based on reports from Martin Armstrong. If the author for The Dollar Vigilante had not verified the assertions from Armstrong, I would not have published the report.
Armstrong never misses a chance to throw in some kind of reasoning for why he thinks gold is going lower. He erroneously correlates demand in China with reported shipments of gold from Switzerland to Hong Kong. That’s laughable because anyone who writes about gold should know that China also imports gold through Beijing and Shanghai and those numbers are a State secret. IRD
Thursday, June 4, 2015 at 11:21 am
As the reported "inventory" of the GLD moves into negative totals for 2015, I thought it would be fun to bring some of these numbers into perspective once again.
Back on Tuesday, the GLD reported another outflow of "inventory". The drop was nearly 5 metric tonnes and it brought the total stated "inventory" down to 709.89 metric tonnes. As "inventory" began the year at 710.81 mts and price began the year at $1184, you can see that both price and "inventory" are now down slightly for all of 2015. But that doesn't quite tell the whole story.
Back on January 1, 2013, the price of paper gold was $1650/ounce. That day, the total "inventory" of the GLD stood at 1,349.92 metric tonnes. Again, as of yesterday, price was $1185 and GLD "inventory" stood at 709.89 mts. What's the big deal, right? Price is down and "inventory" is down, too. But let's put this into perspective as simple numbers often need context to be appreciated.
Since 1/1/13, the GLD inventory is now down 640.03 metric tonnes....
20,578,000 troy ounces
Slightly more than the combined holdings of Austria, Belgium and Mexico.
Stated another way, since there are about 400 troy ounces in every London Good Delivery Bar, over the past 27 months the GLD has shed about 52,000 of these:
And if you pile 192 of them onto a pallet, suitable for forklift movement back and forth across an LBMA vault, you'd fill about 271 pallets. That's a lot.
Of course, we're supposed to believe that this is all genuine, allocated and real gold...keeping in mind that the custodian for all of this "gold" is HSBC. (Yes, the same HSBC that has been charged with all sorts of crimes from tax evasion to market manipulation to money laundering. No doubt, though, that their custodianship of the GLD is on the up-and-up. ) I'm sure that none of this "gold" has been used to satisfy eastern physical demand. It has all simply been shifted out if the GLD and..cont'd TFmetals
born 2 weeks ago...fill us with your wise remarks. relbo & co have been parked here since 2011. If skimming is your bag, so are leeches. Didn't make it to the AGM.
Last Change / % Change volume
0.30 0.01 3.45% 35,097
Bid | Size 0.292 | 300
Ask | Size 0.2965 | 100
On June 18 of last year, the Senate held a hearing on one of the myriad of Wall Street’s wealth transfer schemes: high frequency trading. Senator Elizabeth Warren aptly described the scheme:
“High frequency trading reminds me a little of the scam in Office Space. You know, you take just a little bit of money from every trade in the hope that no one will complain. But taking a little bit of money from zillions of trades adds up to billions of dollars in profits for these high frequency traders and billions of dollars in losses for our retirement funds and our mutual funds and everybody else in the market place. It also means a tilt in the playing field for those who don’t have the information or have the access to the speed or big enough to play in this game.”
A PREMIER INTERMEDIATE GOLD PRODUCER IN THE AMERICAS
Since its incorporation in 1972, Glamis has established itself as an innovative, efficient and low-cost gold producer as well as a pioneer of the heap leach process.
The Company's initial flagship operation was the Picacho mine in southeastern California which was in production from 1981 to early 2000 and produced a total of 388,000 ounces before closure. In 1998, the Picacho mine received the prestigious "Excellence in Reclamation Award" from the California Mining Association which solidified the Company's reputation for responsible mining and excellence in environmental stewardship.
On July 16, 2002 , the Company completed its largest transaction to date with the merger with Francisco Gold Corp. of Vancouver , Canada. The merger was initially undertaken mainly to acquire the two-million ounce El Sauzal gold property in Chihuahua State, Mexico which in 2005 has become Glamis' largest and lowest cost source of gold production. El Sauzal commenced commercial production in the fourth quarter of 2004 as scheduled and produced over 25,000 ounces of gold before year end. Gold production for 2005 was projected at 170,000 ounces.
As a result of the Francisco merger, Glamis also acquired the Marlin gold and silver property in Guatemala. Initial due diligence studies indicated that Marlin could be developed into a modest open pit, heap leach operation. However, with the discovery and delineation of a substantial underground deposit, Marlin has evolved into the Company's most important gold asset. Current proven and probable reserves stand at 2.3 million ounces of gold and 36 million ounces of silver. Construction at Marlin is completed and commercial production is commenced in the fourth quarter of 2005 with estimated production of 10,000 ounces of gold for the year. Over a projected ten-year mine life, the feasibility called for average annual production at Marlin of 217,000 ounces of... gold eagle
Basher time....June 02, 2015: 04:58 PM ET
During the Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) Annual General Meeting, held on the 28th of May 2015 at the St. Andrew's Club & Conference Centre in Toronto, Ontario, Peter Zizhou, General Manager of the Company's in-production Buckreef Gold Mine project, offered attendees a 2-hour presentation that covered the following milestones in detail:
The thrust of Peter's detailed presentation was to inform and update shareholders that the pilot oxide resource mining enterprise had successfully commenced; the Company's core business plan was progressing rapidly, deploying minimal financial resources on a go-forward basis.
Mr. Zizhou explained that material for processing was being acquired "using the most minimal equipment, and essentially involved free-digging for the most part, with very little blasting."
It was also demonstrated how the Company's updated business model was relying heavily on proven, and highly economical, heap leaching technology to produce gold doré at a cost basis believed to be highly competitive, even in the current bear market that the industry was experiencing.
The audio-visual presentation included reference to Glamis Gold (now a part of the Goldcorp group), a firm that grew its business more than ten-fold using essentially the same production model currently deployed by Tanzanian Royalty.
("Heap leaching has often provided the route for a small Company to grow into a large Company. A good example is Glamis Gold Corporation, which went from total assets of $12 million in 1984 to $112 million in 2001, based largely on its low grade heap leach projects at Picacho and Randsburg, California." (Daniel Kappes, HEAP LEACH DESIGN AND PRACTICE))
He's been pumping the fractional reserve banking system the last several months. The monied masters behind the curtain would like it no other way. How dare a coin compete with a digital printing press.
The 2014 turn for gold he mentioned didn't pan out.
Model Forecasts – We are Getting There
Posted on May 4, 2013 by Martin Armstrong
YEARLY 2013 2014 2015 2016 2017 2018
TURNING POINT T – T T – T
DIR CHANGE – – – D – –
PANIC CYCLE – – – – – –
PATTERN D U U U U D
The computer models will be accessible very soon in time for the craziness this fall. This is an example of a brief table showing turning points, directional changes, panic cycles, and pattern recognition. You can see the computer was looking for a decline (D) in 2013 for gold with a reversal in trend in 2014 moving back up (U).
Of course the gold supporters who hate my guts as always whenever gold declines will love me when it turns back up. They seem to think if you close your eyes, do not look at your statements, then there is no loss. I suppose they believe that if a tree falls in the forest there is obviously no sound if nobody was there to hear it.
Many in Spain are starting to figure out that the only way to survive is to get your money out of the bank. Accounts can just be frozen as they did to the Russians living in Spain, demanding they prove the source of their funds. Banco Madrid has had its funds frozen while the government tries to figure out if it will rescue the bank or not. Meanwhile, people who saved their money cannot get access to it. People are starting to wise up here and are looking at taking their money out of the banks and placing it in alternatives, such as real estate and stocks, or investments outside of the country.
Europe has routinely cancelled currencies in the past, and they will use that option again if they suddenly decide to move to electronic, perhaps in October. I highly recommend that the cash you hoard not be euros – use U.S. dollars instead. The U.S. has never cancelled its currency, and it may be much harder for the U.S. to cancel currency overnight given the huge amount of U.S. dollars that circulate around the world.
So try to look at alternatives here. If you use U.S. shares, you may want to take possession of the share certificates. The blue chips will be the most liquid, but naturally other aspects of the market may start to outperform the blue chips. You can hoard U.S. dollars and coins, but you cannot leave them in a bank’s safety deposit box.
May 15, 2015
QUESTION: At Stuttgart you said gold coins would be one asset people could use against the banks and that there is some seasonal high. Could you explain that a bit more in detail.
Thank you. You deserved the standing ovation.
ANSWER: Yes, for the individual you can buy gold coins that are familiar to people rather than bars. That is for burying gold in the backyard.
As for the seasonality, June has often been the turning point in gold be it highs or lows. This time we should see a pop and then any decline will come in the fall. A weekly closing above 1239 should confirm the pop to the upside. The key resistance technically stands at 1309 area. Keep in mind that a rally in gold at this time would reflect perhaps a correction is shares and further send money into the short-end of the government debt curve.