New From Sprott: "Connecting The Dots"

This report was published about three weeks ago but I thought it might be timely to post it here today, given the abundance of bearish sentiment and "analysis" out there.

In this month’s Markets at a Glance, we present a collection of thoughts on why we think precious metals are a compelling investment now.

On physical demand and the shortage of precious metals:

▪ The Gold Forward Offered Rate (GOFO) remains very low, with extended periods of time in negative territory (Chart 1).1
▪ Why is Germany’s repatriation of their 674 tonnes of gold taking so long? As of March 2014, only 69 tonnes had made their way back, a pace of less than 5 tonnes a month.2
▪ If there is no shortage of gold, why are the U.S. and U.K. exporting so much gold to Switzerland? (which itself exports most of it to China).3
▪ According to some estimates, China consumed over 4,800 tonnes of gold in 2013, implying that about 3,600 tonnes were drawn from global stocks (i.e. western vaults) to satisfy demand.4
▪ All this Chinese buying is reflected in the monstrous amounts of gold deliveries on the Shanghai Gold Exchange.
▪ Dubai is building a new gold refinery capable of handling 1,400 tonnes, and current global gold refining capacity is about 6,000 tonnes (world mine production is less than 3,000 tonnes a year).5 Why would they need so much refining capacity if physical demand was not buoyant?
▪ As the major gold miners cut back on exploration, future mine supply will remain constrained.6
▪ Another “temporary source of supply” (900 tonnes) has been ETFs, which have been raided for most of 2013. However, as Chart 2 shows, they have now stabilized. Other things being equal in demand, where will that 900 tonnes of supply come from in 2014?
▪ Interestingly, the Silver Institute, in its 2014 World Silver Survey, noted that there was a 96 million ounces shortfall in 2013 due to strong physical demand.

On the macroeconomic environment:

▪ The real level of inflation is high and much higher than official figures (Chart 3). Precious metals have historically hedged against inflation.
▪ Speaking of inflation, the large amount of money printing and the bloating of U.S. Central Bank’s balance sheet will most likely end badly.
▪ According to Jürgen Stark, former European Central Bank board member, central banks have lost all ability to control the economic situation. In other words, we live in a fictional sense of security.7
▪ Vladimir Putin thinks that “China and Russia need to ensure their gold and other currency reserves are secure”.8 At the same time, the Russian Central Bank continues to be a large buyer of gold and a seller of U.S. Treasuries.9,10

On manipulation:

▪ The CME Group might introduce daily limits on gold and silver price moves to limit the extreme volatility we have seen in recent years (i.e. to prevent, going forward, any large spikes up in price).11
▪ Investigations into the gold fixing mechanism by the German financial regulator BaFin and the subsequent withdrawal of Deutsche Bank from the gold fixing suggest something is wrong.
▪ More recently, Barclays got fined 26 million pounds because one of its traders manipulated the gold fix to avoid paying on a gold derivative.12
▪ Some market participants are suing the banks responsible for the gold fix over alleged manipulation.13
▪ The company that ran the Silver fix “suddenly” decided to stop running the process.14
▪ As argued in the January 2014 Markets at a Glance, we find it strange that in 2013, gold ETFs were raided, whereas silver, which experienced the same price declines, stayed in the ETF’s vaults (Chart 2).15 This suggests that the ETF’s gold was needed to satisfy physical demand.

To conclude, we believe that any rational investor considering this collection of facts would consider, like us, that gold prices are long overdue for a re-rate. As we all well know, almost all markets are manipulated; and the recent Barclays settlement is one example vindicating our views (more to come?).

1See http://www.sprott.com/markets-at-a-glance/do-western-central-banks-have-any-gold-left-part-iii/ for a discussion of the GOFO rate.
2    http://www.ibtimes.com/german-gold-makes-it-way-back-home-fed-slowly-1563651
3    http://www.sprott.com/markets-at-a-glance/the-chinese-gold-vortex/
4    http://www.goldmoney.com/research/analysis/renewed-estimates-of-chinese-gold-demand
5    http://www.arabnews.com/news/566806
6    http://www.bloomberg.com/news/2014-03-03/gold-miners-see-looming-output-drop-after-cut-in-spending.html
7    In Spanish: http://www.oroyfinanzas.com/2014/05/antiguo-economista-jefe-bce-advierte-colapso-sistema-monetario-mundial/
8    http://www.reuters.com/article/2014/05/24/russia-forum-putin-idUSL6N0OA0JE20140524
9 http://www.gold.org/reserve-asset-management/statistics
10 http://www.treasury.gov/ticdata/Publish/mfh.txt
11 http://www.reuters.com/article/2014/04/29/cme-group-precious-idUSL2N0NL1JH20140429
12 http://www.bloomberg.com/news/2014-05-23/barclays-fined-44-million-for-london-gold-fix-failings.html
13 http://dealbook.nytimes.com/2014/05/05/banks-sued-on-claims-of-fixing-price-of-gold/?_php=true&_type=blogs&_r=0
14 http://www.bloomberg.com/news/2014-05-14/silver-fixing-company-will-stop-running-benchmark-on-aug-14.html
15 http://www.sprott.com/markets-at-a-glance/one-more-sign-of-manipulation-in-the-gold-market/

80 Comments

waxybilldupp's picture

The one!

The Duppster strikes again.

edit:  On a more useful note, I stopped by my monthly LCS (Local Coin Show) yesterday.  My hopes of scoring some gold didn't go well.  There was "precious" little there and that which was in attendance was spendy.  Best 90% price was just under 15X.  Dealers holding prices on silver one ouncers of various types about where they were 2 months ago.  They seem to be of a mind that "if you want it, here's my price, otherwise, check back next month."  Canadian "critters" were $28 to over $30, for example.  One guy was searching for $20 Saints.  Dealer told him, "Good luck.  The only time I see gold coins, other than bullion, is when someone is desperate for cash.  Otherwise, it is staying tightly held."  

I managed to pick up a British Sovereign for $308 (bullion value $294).  Not a great trip.

wax off

another edit:  The  lesson for me was that the paper price doesn't mean "jack" if the retail prices don't even  come close or if there is no supply to buy.  If you can find shiney near the paper price ... STACK till it hurts.

wax off again

Lurknomore's picture

Like clockwork...

I'm not a trader, and given the fraudulent nature of the market probably will not endeavor to be one, but how is it that EVERY single day when the NY globex market re-opens at 6pm EST the market price of silver takes an immediate plunge of 10 or 15 cents?  I've watched this fairly closely for months, and the consistency is, well,...consistent.  It will sometimes recover (although most often it won't) within the first hour or two, but only after the initial plunge.  My obvious question is:  even if you just relied on a ten cent move (down), isn't there a way a trader could play this, each and every day?  In and out? ....anyone?
 

ancientmoney's picture

Extend and pretend . . .

The elite bankers who own the world's governments (other than maybe 4 or 5) are simply doing what they must to retain their wealth and power for as long as possible.

They are trying to keep things going as status quo until they are prepared for the next financial system.

It seems that is why they have done the preps we are familiar with (arming every Federal agency with machine guns, buying 2 billion rounds of ammo, constructing FEMA camps across the country, making new laws that make anything they do "legal" though unconstitutional, arming podunk police forces with battlefield-type armored vehicles, etc.).

They played a big ace when they tried to get Ukraine into the bankster-NATO fold.  They guessed Putin would appease and lay down, but he didn't.

Now, he is allied with China and other bricks, Germany, etc.  Soon Europe will have to decide, energy and heat next winter, or back the western oligarchs.

Something big this way comes, and it will have to happen before the snow flies again, I think.

Dagney Taggart's picture

There WILL be a Force Majeure event

Bilderburg puppet Rahm Emanuel's Chicago is the most obvious target. Just like the WTC's, all of the "evidence" of the crime will be vaporized.

Ironically their annual meeting just concluded and I promise it was discussed. It will be the excuse for martial law in America and WW3. I still say good luck with that on the former. That won't last a day or two. Too many anticipate what I just said.

Back to the present: My trader's charts show a big move in the uranium sector coming up tomorrow and Wednesday. We'll see if he's right.

Good evening, all.

DeaconBenjamin's picture

War Greatest Risk, Not Global Financial Collapse

ancientmoney's picture

Dagney re: Chicago target . . .

"Bilderburg puppet Rahm Emanuel's Chicago is the most obvious target."

-----------------------------------------------------------------------------------------------------------------

Yes, especially since Silverstein now owns the old Sears Tower property.  Lots of prep time for another false flag.  Maybe that's what the hijacked Asian flight was for?

Mr. Fix's picture

Sprott connects a lot of dots, but misses the big picture.

While we're in the process of running QE to infinity, the price of gold will be held down until the system implodes.

I still cannot draw any other conclusion.

With gold in the pipeline “evaporating” at its current rate, it's only a matter of time.

I agree with Dagney, there's one great big “false flag” in the pipeline, followed by a whole bunch more.

And then, maybe, (just maybe), the price of gold might change against the dollar, but at least in its initial phase, it will only reflect a massive dollar devaluation, it will still be a while before the price of gold rises.

The elites are stealing everything they can before that happens.

ancientmoney's picture

Fraudulent "money" from fraudulent Fed . . .

"The Federal Reserve does not issue money. To be clear, the Federal Reserve does
not issue money!
 It issues debt. Each and every Federal Reserve Note, [FRN] is a debt
instrument. The United States does not issue it own currency. When the US needs
money, it is borrowed from the Federal Reserve, and interest is paid on each and every
dollar and cent issued by that private banking cartel. When a nation no longer issues its
own currency, it is no longer sovereign."

http://www.silverdoctors.com/gold-silver-debt-is-trouncing-precious-metals/

department of truth's picture

Agree with Dagny Taggert

We all should be worried by the relentless US/NATO push towards Russian borders, and Washington's decision to "isolate" Putin/Russia in our return to Cold War.  This can only result in an eventual direct military contact between the US and Russia. Who is going to back down in this circumstance? Whoever is losing will resort to nuclear weapons. 

I wrote an article posted by Paul Craig Roberts, entitled "The Lethality of Nuclear Weapons", which explains the existential threat nuclear war poses to humans.

Steven Starr

a

DayStar's picture

Harvey's Up! (TFMR)

Harvey's Up! http://www.tfmetalsreport.com/comment/409241#comment-409241

  • Harvey: Today again for the 10th straight day, our bankers decided it was necessary to whack gold/silver. As long as our regulators are hibernating, the crooks will continue to sell naked gold/silver contracts keeping these precious metal subdued in price. GLD saw no change again in their inventory, after Tuesday's huge gain and stands at 785.28 tonnes. SLV saw no change in silver inventory and stands at 10,284.60 tonnes. All GOFO rates are positive but moved closer to negative.
  • Harvey: Today, Ecuador announced that they lent 14 tonnes of gold "for liquidity" purposes to Goldman Sachs. The contract is for 3 years upon which Goldman must return the gold. We wish Ecuador all the luck in the world on retrieving their gold. Fighting intensifies in the eastern Ukrainian city of Lugansk. Also we had news that Israel has sent nuclear submarines into the Persian gulf as a obvious threat to Iran.
  • Szu Ping Chan: The European Central Bank is preparing to take monetary policy into uncharted territory this week as it fights to prevent the 18-nation bloc from being sucked into a Japanese-style deflationary trap. Mario Draghi, the president of Europe's central bank, is expected to unveil a package of measures designed to boost eurozone lending and stimulate growth, including reducing one of its key interest rates below zero. Analysts expect the ECB to introduce a negative deposit rate, meaning the central bank would charge lenders to hold money with it overnight. Such a measure has never been introduced by a major central bank, although Sweden and Denmark have set negative rates on reserves.
  • Ambrose Evans-Pritchard: China's central bank is exploring direct purchases of bonds and other assets to support key sectors of the economy in case the slowdown deepens, according to a leading Chinese business publication. A front-page article in the China Securities Journal -- regulated by the central bank -- reported growing concerns about the weakness of the money supply and bad debts accumulating in the financial system. The authorities may have to widen the range of possible options for "targeted monetary loosening." These include surgical stimulus for the West and Central regions, as well as "direct asset purchases by the central bank," mostly government bonds and financial and railroad debt as well as state-backed housing bonds. It is the first hint of quantitative easing in China, and has left analysts scratching their heads. The central bank has many other tools available that would normally be used first to combat incipient deflation. The Reserve Requirement Ratio is still 20 percent. This could be slashed to low single-digits if need be, generating up to $2 trillion of stimulus through higher lending.
  • Mike Krieger: As the primary creator of the liquidity that every government on earth needs to survive, the Federal Reserve is thus the most powerful player globally in not only economic, but also geopolitical affairs. The example of the so-called sovereign nation of Ecuador relinquishing its gold reserves to Goldman Sachs for “liquidity” which can be conjured up by the Fed on a whim and at zero cost tells you all you need to know about how the world works. This gold is headed straight to China or Russia. Good luck every getting that back amigos. Just ask Germany.
  • Huang Shu-rong: The People's Bank of China, China's central bank, is the world's biggest gold hoarder and the bane of Wall Street traders, reports the Chinese-language financial news website BwChinese, citing a Hong Kong financial analyst. Leung Hai-ming told the portal that China's central bank took advantage of the US Federal Reserve's quantitative easing program in 2013, when the price of gold fell by 27%. The bank bought in over 1,000 tonnes of gold, representing almost one third of the world's 3,756 tonnes last year. There is reportedly less than 180,000 tonnes of gold reserves left, and only 20% of that remaining gold is tradable. This means that the People's Bank of China will likely keep hold of the gold, limiting the gold trading volume — a concern for both the US government and Wall Street traders. Leung said that the US Federal Reserve loans gold to investment banks such as Goldman Sachs, Citibank, JPMorgan Chase, Morgan Stanley and others every year to trade in the market. The amount of gold ranges between 400-500 tonnes and the move acts to artificially suppress gold prices. When the prices are in their favor, these investment banks buy back the gold and return it to the Fed. But this measure is absolutely useless because China's is hoarding the gold and does not follow the rules, Leung said.
  • Tyler Durden: Israel is to deploy three submarines equipped with nuclear cruise missiles in the Persian Gulf, the Sunday Times reported on Sunday. According to the Times report, one submarine had been sent over Israeli fears that ballistic missiles developed by Iran, and in the possession of Syria and Hezbollah, could be used to hit strategic sites within Israel, such as air bases and missile launchers. Dolphin, Tekuma, and Leviathan, all German-made Dolphin class submarines of the 7th navy Flotilla, have been reported as frequenting the Gulf in the past, however, according to the Sunday Times report, this new deployment is meant to ensure a permanent naval presence near the Iranian coastline.

All this and more on...

The Harvey Report! surprise

http://www.tfmetalsreport.com/comment/409241#comment-409241

DayStar

Spartacus Rex's picture

Wall St: "The Nerve of Those Chinese for 'Hoarding' Gold!

There is that "wordart" euphemism created by the Banksters!

"The People's Bank of China, China's central bank, is the world's biggest gold hoarder and the bane of Wall Street traders, reports the Chinese-language financial news website BwChinese, citing a Hong Kong financial analyst.

Leung Hai-ming told the portal that China's central bank took advantage of the US Federal Reserve's quantitative easing program in 2013, when the price of gold fell by 27%. The bank bought in over 1,000 tonnes of gold, representing almost one third of the world's 3,756 tonnes last year.

There is reportedly less than 180,000 tonnes of gold reserves left, and only 20% of that remaining gold is tradable. This means that the People's Bank of China will likely keep hold of the gold, limiting the gold trading volume — a concern for both the US government and Wall Street traders.

Leung said that the US Federal Reserve loans gold to investment banks such as Goldman Sachs, Citibank, JPMorgan Chase, Morgan Stanley and others every year to trade in the market. The amount of gold ranges between 400-500 tonnes and the move acts to artificially suppress gold prices. When the prices are in their favor, these investment banks buy back the gold and return it to the Fed.

But this measure is absolutely useless because China's is hoarding the gold and does not follow the rules, Leung said. When it sees that gold prices are going down, the first thing it does is buy them, and does not sell when prices continue to fall. It seems that Wall Street cannot do anything to counter China on this, according to Leung.

The analyst said that the People's Bank of China is putting pressure on Washington and Wall Street as the US dollar has been linked with gold prices since its rise as the leading global currency. The Fed hopes to manipulate gold prices in its favor, Leung said, but the Chinese central bank is standing in its way."

http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1203&MainCatID=12&id=20140602000001 

Spartacus Rex's picture

A Sucker Born Every Minute...

Ecuador Sends Gold Bricks to Goldman Sachs in Liquidity Hunt

Ecuador agreed to transfer more than half its gold reserves to Goldman Sachs Group Inc. for three years to give the government easier access to cash.

The central bank said it will send 466,000 ounces of gold to Goldman Sachs, worth about $580 million at current prices, and get the same amount back three years from now. (Yeah RIGHT! LMAO!)

In return, Ecuador will get (Ponzied DEBT)“instruments of high security and liquidity” and expects to earn a profit of $16 million to $20 million over the term of the accord.

(ie Some still have to pee on the electric fence for themselves before they Learn!)

http://www.bloomberg.com/news/2014-06-02/ecuador-sends-gold-reserves-to-goldman-sachs-in-liquidity-hunt.html

ata's picture

Man up

149229 600 Man Up cartoons

Spartacus Rex's picture

America's quick rise up the World Poverty Chart, ignored by MSM

QE, Bailouts, And Families Struggling To Buy Food.

It was a very basic question: “Have there been times in the past 12 months when you did not have enough money to buy the food that you or your family needed?” In wealthy countries, the percentage of those answering “yes” should be very small, and given all the money-printing, it should be zero, you’d think.

But when Gallup surveyed families in the 34 member countries of the OECD, the richest countries in the world, it found a reality on the ground that turned out to be an indictment of the Fed, other central banks, their policies, and bailouts in general.

Topping the list of the 10 countries with the highest incidence of families reporting difficulty in buying food over the past 12 months are, as you’d expect, the OECD’s poorest members. Turkey, with the second lowest per-capita GDP in the group, is number one: 50% of the families with children and 40% of the families without children reported difficulties buying food. It’s followed by Hungary, which has been hit by all sorts of economic and currency crises, self-inflicted or not, and multiple recessions over the past few years. So 47% of the families with children and 35% of those without had trouble buying food. Mexico is in third place, with 33% and 30% respectively.

And then come two of the formerly wealthy countries in the Eurozone that were felled by the debt crisis. The solution was to bail out the holders of sovereign bonds and investors in the hopelessly hollowed-out banks. To make that work, incomes, social services, pensions, health care services, and a million other things were slashed, and taxes on the masses were raised, all under direction of the bailout Troika (IMF, ECB, and the EU). Unemployment shot into the sky. And that more and more families would have trouble buying food surprised no one. So number four and five on the list are Greece (28% and 26%) and Portugal (25% and 16%).

You’d also expect Spain to be next in line. It has been wracked by the same problems, and has been prescribed the same medicine, leading to sky-high unemployment, reduced social services, pensions, health care services, etc. [read.... Wreckonomics: Troika Accelerates Demolition of Spain’s Economy].

But no. The next country in line isn’t Spain. Nor another Eurozone debt-sinner country, nor some former East-Bloc country, but the country where the central-bank money printing binge since 2008 has been taken to new heights, from which benefitted a small number of people enormously, a country whose central bank defined the “wealth effect”: the USA.

In 2013, as the S&P 500 index, including dividends, shot up 32.4% – after an already blistering 16% in 2012 – and as the Fed’s trillions inflated just about every asset class, from modernist paintings to farmland, well just then, 23% of the families with kids and 19% of the families without kids in America reported difficulties buying food.

In Spain, by the way, “only” 18% of the families with kids reported having these basic problems; and Spain didn’t even make the list of the top 10 for families without children.

Starting with 2008, the fate of poor families has gotten worse in most of these 34 countries, though considered the richest in the world. It was the kickoff of the money-printing campaigns and the enormous gifts that the Fed and other central banks handed to banks and to the largest corporations – including such luminaries as GE – and even, more or less indirectly, to individuals such as Warren Buffett to keep them and their financial empires from toppling under their reckless bets. Big investors were bailed out. The poor not so much.

By the time 2013 rolled around, Hungary’s families had seen the worst setbacks: in 2007, 15% had trouble buying food. In 2013, 47% did. A 32-point jump! Turkey was in second place with a 22-point jump, Greece in third place with a 20-point jump. Families in some other countries were hit less hard: the incidence increased 5 points in France, 3 points in Japan (despite the horrific earthquake and tsunami that struck in 2011), and decreased 1 point in Germany.

On average, this is what happened to the difficulties families in the 34 OECD countries faced in buying food once central banks took over running the economy and bailing out the wealthy who owned the largest portion of the assets: (Chart & remaining) @http://www.testosteronepit.com/home/2014/6/2/qe-bailouts-and-families-struggling-to-buy-food.html

flyinkel's picture

Spartacus Rex

Yes the US ideal of just printing money to infinity would be working just fine if those darn Chinese weren't "hoarding gold".  It's all their fault!  Why those Chinese are making our US dollars worthless, how dare they!  We have absolutely nothing to do with it.  In fact, we have to create all those dollars to save the world from themselves.wink

I am honestly amazed the facade has lasted this long.

ata's picture

"Is the Metal Miners Broker in please"?

A man, who barely made it through the recent crash, called his stockbroker the next day and asked, "May I speak to Mr. Spencer, my broker, please?"

The operator replied, "I'm sorry. Mr Spencer is deceased. Can anyone else help you?" The man said no and hung up.

Ten minutes later he called again and asked for Mr. Spencer, his broker. The operator said, "You just called a few minutes ago, didn't you? Mr. Spencer has died. I'm not making this up." The man again hung up.

Fifteen minutes later he called a third time and asked for Mr. Spencer. The operator was irked by this time. "I've told you twice already, Mr. Spencer is dead. He is not here, dead, deceased, snuffed it! Why do you keep asking for him when I say he's dead?"

The man replied, "I just like hearing it..."

Spartacus Rex's picture

@ flyinkel, a faithful friend of Patriots

Actually good friend, there is nothing amazing about the staying power of this fraud, since the 98% still prefer the convenience of spending & investing their "printed to infinity" debt currency / dollar "BILLS" rather than to take the trouble of redeeming these F*N IOUs @ the U.S. Treasury via the U.S. Mint into actual "Dollars" / "Money" of Gold /Silver Coin and thus avail themselves of the enormous Tax Write Off available under the Internal Revenue Code (Title 26) virtually eliminating any federal or state income tax liability whatsoever. Again: "Ingorance of the Law is No Excuse / Excuses No One"

Oh Well,

"We are all born ignorant, but one must work hard to remain stupid" Benjamin Franklin

Cheers, & Semper Fi

metalsbyamile's picture

Renminbi clearing bank to open in London

Comment: And then there were 3. Usd, Euro,Renminbi.

Renminbi clearing bank to open in London
2014-06-02 08:47 China Daily Web Editor: Gu Liping

A yuan clearing bank will be officially appointed in the United Kingdom in June, said Mark Boleat, policy chairman for the City of London Corp, in an exclusive interview with China Daily.

"There will be a clearing bank in London. In due course, there will be an announcement," Boleat said on Friday.

The news will be an endorsement for London’s efforts to become an offshore yuan center. Other European financial centers in the race to become a yuan center include Frankfurt, Paris, Switzerland and Luxembourg.

An official clearing bank facilitates efficient clearing of offshore renminbi transactions, achieved through the appointed bank’s direct cooperation with the People’s Bank of China, the country’s central bank.

Boleat said having a clearing bank in London will act as a signal for London’s growing yuan activities, although activities are already cleared through many commercial banks’ own channels.

For example, in December Standard Chartered teamed up with Agricultural Bank of China to provide their own yuan clearing platform, making use of the two banks’ expertise and client base in the UK and China.

More…

ata's picture

Two simple pleasures

                             images?q=tbn:ANd9GcSPqhlm00KhPVeXU2blHyy                                                                         il_340x270.395844721_fac5.jpg

flyinkel's picture

Speaking of the tax man

I kept this article as it is easy to understand and deals with multiple common nuances with buying and selling PMs.  If anyone has a better one, I am sure some folks would be interested. (from 2013)

http://www.coinweek.com/news/industry-insider-irs-reporting-rules-for-cash-transactions-and-precious-metals/

metalsbyamile's picture

When will it ever end?

Surprising chart says today's big drop could actually be bullish for gold

From Kimble Charting Solutions:

A.jpg

Over the past 18-months, gold has underperformed the S&P 500 by almost 50% (see inset box at top).

At the same time, gold is testing two support lines, one of them that dates back almost 30 years.

Could this large under performance be coming to an end?

Joe Friday… Gold could be creating a bullish inverse head & shoulders pattern just above these long-term support lines.

K. Sera -Sera

metalsbyamile's picture

Swindlers, traitors and liars

I wish to say a few things about the despicable John Kerry who has the unmitigated gall to smear Edward Snowden as a traitor and a coward when it is Kerry himself who fits both descriptions. Edward Snowden is a HERO who warned us about what the government had planned for us while Kerry himself was the proven traitor and coward. See the following link about his "swift boat" treason:

http://en.wikipedia.org/wiki/Swift_Vets_and_POWs_for_Truth

It is because of swindlers, traitors and liars such as John Kerry, who also likely started the coup in the Ukraine using dupes like Victoria Nuland and Geoffrey Pyatt, that the U.S.A. and the world are in the deplorable condition they are in. Kerry is an individual of absolutely no principles or morals and a consummate liar. He is worse than the basest of animals.

No one with a whit of sense should believe a word this knave utters.
Best,
F.

metalsbyamile's picture

Brain Dead

"Are the rich being alerted to a crash?"

Here is one answer by Egon von Greyerz:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/5/30_We_Will_Be_Looking_At_A_Frightening_World_In_Coming_Years.html

Greyerz: "Eric, we are in a very dangerous period for the world economy. There is a high level of complacency among most investors. For people working in the financial world and for the wealthy, it’s like being in Shangri-La. Virtually all asset markets are going up and many stock markets in the West are at all-time highs.

I recently went to the John Mauldin Conference in San Diego, which was excellent. But it surprised me to see how many of those top economists and fund managers were totally bullish on the global economy based on their view of growth in the United States.

I also went to a conference for ultra-high net worth individuals in Singapore, and I noticed very little fear or concern about the risks in the world today....

Spartacus Rex's picture

@ flyinkel...

The difference between actual U.S. Dollars & the Banksters' word art euphemism "cash" was expressly made obvious by the U.S. Supreme Court's decision in Juilliard v. Greenman 110 U.S. 421 (1884) Ergo, how long is actually necessary for anyone to wake the hell up and get a clue?

I see Cal JD is currently online, so perhaps Same would like to explain to turdites the meaning of "statutory", and where the U.S. "Dollar" is actually defined in Law. Cheers

Spartacus Rex's picture

@ metalsbyamile

Do you know John Kerry's original Surname?

Robski's picture

Bill Still still going strong

I'm glad to see Bill Still going strong, His "Money Masters" is a must for anyone who has never seen it.

California Lawyer's picture

What's on Your Mind, Spartacus?

Ask me a question, and I'll try to help.

Spartacus Rex's picture

Thank Heavens & Kudos Cal JD...

You have the God given potential, now finally for once, stand & deliver for your fellow American Patriots!

1) Please tell our fellow Turdites, where and how the "U.S. Dollar" is defined in Law,  and the legal principle behind the doctrine whereby when a term is first defined in Law, every subsequent definition must have the same meaning

2) Ergo, why currency or "cash", will thus not always exactly fit within the exact definition of either actual  "Dollars" or "Money" 

Sincere Thanks & Cheers, Cal JD

Spartacus Rex's picture

Seriously Cal JD...

You offer, and then immediately Bail? WTH?

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