Murmurs From the 10-Year Note
What happened? Just a few weeks ago, we were worried that the treasury market was becoming a "black hole" that would soon suck in all financial assets. Instead, rates have reversed significantly. What does this mean and what does it portend?
First of all, here's where we were back in late July. The 10-year note had just fallen through 1.40% and it had everyone's attention: http://www.tfmetalsreport.com/blog/4046/two-things-my-mind. Here we are, 3-4 weeks later, and were at 1.82%. That is a HUGE move! What the heck happened? I think I have an answer but, first, some background.
Take a look at these two charts. One a is daily 10-year and one is a weekly. Note that the current price of the 10-year is 132.50. This is important because the area around 132 appears to be very important support. You can plainly see horizontal support on the daily chart but, looking at the weekly chart, 132 is also near the trendline from the lows of late spring 2011. Breaking that support and that trend would set a top and would foreshadow a move to 127-128. Now, look at the weekly chart. Notice that 10-year prices have been in a very long term up channel. Then notice that the past three Fed "programs" have been initiated when prices were near the top of the channel.
So, what is going on? Why the sudden dropoff in price? I think I have the answer. I posted this presentation yesterday. You may have already watched it. Watch it again and stop it right at the end, near the 57 second mark.
Simply put, The Fed is out of bullets. The goal of "Operation Twist" was to create demand for the 10-year and the 30-year, thereby keeping rates low and in a downtrend. They accomplished this "sterilized" program by selling their short-term bills and notes and using the proceeds to buy longer term notes and bonds. Now, look at that final frame again. The Fed is now out of paper to sell. Their current holdings in the 1.5 year and less range are negligible. Therefore, they have no more ammo. Now look again at that last frame. The Fed now owns nearly 70% of the outstanding 10-year note inventory. They are that market. There is hardly anyone left besides the Fed and the Fed is out of cash to keep it going. Suddenly, we have a simple imbalance of more sellers than buyers and...down goes price.
Notice what I said above, "the Fed is out of cash". Like athletic momentum or alcohol-induced desire, this is but a temporary thing. Let me state this clearly again: THE FED CANNOT AND WILL NOT ALLOW RATES TO RESET HIGHER. THE RESULTING BURDEN OF HIGHER INTEREST COSTS ON THE ALREADY ACCUMULATED DEBT WILL ONLY SPEED THE DEMISE OF THE PONZI AND THIS CANNOT BE ALLOWED. Therefore, with rates backing up and with the Fed out of liquidity to support a turnaround, the only option left is a re-ignition of overt quantitative easing.
Will this announcement come from Jackson Hole? Will it come from the next FOMC meeting on 9/12-13? Will it come at the following meeting of 10/23-24? It's impossible to say but what is possible to say is this: Watch the 10-year note. It will tell you.
One more thing for which we must be on guard. Look again at the 10-year daily chart. Do you see the sharp drop in price back in early March. If memory serves me right, wasn't that drop blamed for the demise of the JPM "London Whale"? Didn't everyone conclude that that particular, 4-point move in the note caused a derivative loss for JPM to be somewhere between eight and ten billion dollars? Well, since late July, the 10-year has dropped 3 points. I wonder if any of The Fed's primary dealers are feeling a bit of a pinch right now? Something to think about, that's for sure.
Now, before we get ahead of ourselves, we need to examine the Long Bond and The Pig for confirmation. Their charts are clearly rolling over but, unlike the 10-year, they are not in imminent danger of breaking trend. They must be watched closely, though, as a further break down in each will only serve to apply even more pressure to the 10-year note.
OK, just a couple more things and then I'm taking the rest of the weekend off. First, yesterday's CoT was very interesting, particularly in silver. Before jumping to conclusions, I'm going to wait to see what Uncle Ted thinks of the disaggregated report. In the meantime, here's a C&P of my comments from yesterday afternoon:
Submitted by Turd Ferguson on August 17, 2012 - 2:59pm.
MODERATOR
I had expected gold to be a non-event and it was. For the reporting week, price fell $10 and OI only fell by 67 contracts. The only item of minor note was the 2,478 net drop in The Gold Cartel net short position which brings their net short ratio back under 2 at 1.98:1. Again, this is historically low and very bullish.
The action and the intrigue is in silver. For the reporting week, silver fell 32c but total OI rose by 4700. Obviously, there was a lot of new buying and selling going on. The question was/is: Just whom was on each side? Well...whaddayaknow...it looks like we have a civil war starting in silver.
For the week, The Silver Cartel total long position grew by 3,202 contracts. This is likely the silver "raptors", as Uncle Ted likes to call them. However, The Silver Cartel total short position also grew by 4,752 contracts. This is likely JPM but I'll wait to see who Ted fingers in his report tomorrow.
I've never seen a Silver Cartel long position this high before. Never. Maybe it has been but I sure as heck don't remember when. For perspective, on 2/28/12 it was 33,802 and on 4/20/11 it was 34,043. Nearly identical levels before sharp beatdowns. On 12/27/11, just before a 2-month, 20% UP move, the total long position was 41,224. Now it's 47, 797!
Similarly, the total short position is unusually large. The last time it was this high was on 3/6/12, just after the peak and subsequent beatdown of late February. In the recent past, it has been as high as 89,827 on 4/6/11 and as low as 55,356 back on 12/27/11.
At first glance, we appear to have the makings of a civil war. Instead of acting collusively, the smaller banks seem to be buying and thus attacking the short position of JPM. To contain price, JPM is being forced to issue new paper independently. Again, this is how it appears. Let's wait until Uncle Ted dissects the report before jumping to any more conclusions.
Perhaps the smaller sharks smell blood in the water. Maybe they sense the opportunity to trap JPM on the short side and squeeze the daylights out of them. Could these banks be expecting an historic, hot and explosive move in the weeks ahead???
And then there's this. While researching this post, I came across this video from March 19th. I don't know who this Ilcyzsyzn guy is but, right now, he looks like Nostra-freaking-damus! Hopefully, he's made himself enough money over the past six months that he can buy himself a couple of vowels.
http://finance.yahoo.com/blogs/breakout/wait-gold-bottom-1525-ilczyszyn-202824187.html
I hope everyone has a great weekend. Relax and prepare mentally for everything that is soon to come.
TF
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Comments
TOMMACK
@dyna mo hum,
"I would much rather have 100 1 ounce bars than 1- 100 ounce bar. Hard to make change in a poker game with a 100 oz. bar."
agreed! also consider a more earthy scenario -
..after the dollar has devalued weimar-wise...
the farmer down the road has a pig he wants to sell/trade/barter. your family is hungry. do you offer him a couple pre '64 quarters? a one ounce bar? a hundred ounce bar?
he will recognize the quarters. he may or may not recognize englehard or johnson - matthey. much less monex or northwest mint.
(helpful hint - water softener salt is 99+%pure sodium chloride. a couple 40 lb bags don't take up much room in the basement, and never spoil. if you trade for the pig, you will need to preserve most of it. salt is a great preservative, and likely to become a sought-after barter good.)
'Patriotic' Mandatory UST Purcahses In The Future?
This is from The NewsTicker...
http://www.tfmetalsreport.com/comment/201588#comment-201588
DPH: That last underlined sentence should get you thinking. I can a see time where the sales of UST's will be the same way and certain institutions and funds of all types (pension, 401K, Muni's, money markets etc) will have to but UST's because it's a mandatory weighting that the US Treasury will mandate....out of desperation and semi-insolvency.
And no one will have a choice because it will be portrayed and enforced as "patriotic' to buy them in our time of need blah, blah, blah...
Here's a snippet I'm alluding to...
"...Spain will also approve rules to restrict the sale of preferred shares on Aug. 24 to prevent repeating past errors, de Guindos said. Savings banks such as the nation’s third-largest lender, Bankia group, in 2009 resorted to selling preferred stock to retail clients through branch networks after debt markets dried up.
New issues will have to have an institutional participation of at least 50 percent and have..."
http://www.bloomberg.com/news/2012-08-19/de-guindos-says-bailout-fund-to-manage-spain-bank-restructuring.html
1000 oz bar...
Pining
This larger bar will make it harder to have your PM movements escape overt Government intrusion and/or tracking. When silver hits over $60, the transaction would be a $60,000 and, depending on future laws, may very well trigger withholding and put a mark in your IRS file for future audit review. It's important to remember that the conditions upon which we can do business today aren't going to stay the same as the government becomes increasingly desperate for additional incomes sources. A business selling 1000 oz bars to another business isn't going to bring the same level of scrutiny as an individual selling that same bar.
As we have discussed previously on other issues, the ability to stay below the radar is an important component in any decision going forward. I would stay with the 100 oz. bar at a max so that the ability to do a fiat conversion with more people is a possibility. :-)
DTOM Contributor Brandon Raub Arrested By FBI For Facebook Posts
By Silver Shield, on August 17th, 2012
I just got word that apparently one of the contributors on this site has been arrested/detained over Facebook posts. The Police, FBI and Secret Service swarmed in and took Brandon Raub to John Randolph Metal Hospital. This patriotic Marine had posted 5 posts on the Dont-Tread-On.Me blog linked below. Just glancing over them they seem to be of the religious and patriotic fight for truth and justice. He used the blog to have people join his FaceBook group and even did and promoted a Richmond Liberty March.
I looked through my email to see if there was any emails between the two of us and I did not find any, although I am sure there was as I would not have given him access to post on the blog if I did not.
There are a couple of lessons I want everyone to know form what little information we have from this incident.
1. Delete Facebook. I did a video for The Greatest Truth Never Told series called Delete Facebook giving a non conspiracy reason why people should quit FaceBook as it is destroying our lives. Now you should all see the conspiracy reason why you should Delete Facebook. This incident proves that it is just a huge monitoring tool for the Elite to track and build a profile of you. You give willingly the details of your political leaning, friends, interests. The hidden influence of the CIA through In-Q-Tel is becoming more and more visible.
2. This is designed to create a chilling effect to people speaking out and more importantly to keep sheeple from look at us for the Truth. I stated in the 3 Coming False Flags that the Elite would eventually criminalize or restrict our freedom of speech of the Freedom Movement. The Elite know the economic collapse is going to bring about the Anger Phase of the Awakening. They are actively preparing for riots and civil war. The thing that I find amazing is that these .gov people don’t ask why they are preparing for Civil War? What could make people so mad to want to go to war? Well since the Elite know the collapse of the dollar is coming they are conditioning their minions for that collapse. What these people should realize is that their paychecks are going to bounce and their entire life’ savings are going to be robbed. <Rest of the Article>
____________________________________________________
I obviously don't know the whole story, but TPTB can make any of us look mentally disturbed and the masses would accept their version as they have been trained to do.... scary stuff
1000 oz bar
Awesome pick Pining and I think I went 'Oh Man..." when I saw it.
I do not have anything nearly that large but it would make a great doorstop in a secure home
I'm not sure how easy it would be to sell but that would depend on the market condition one might try to sell into. I kind of look at it like trying to break a $100 bill or maybe $1,000 bill. Not the same thing and maybe a bad comparison, but having more small 'bills' might be easier if you were going to trade or sell it or barter it etc. with a private individual. The ASE's seem to appreciate as the years go by.
A monster box that you might swap or sell in the future might be worth a whole lot more then the same 1,000 oz. equivalent in a 'basic' bar.
It would be a real eye opener to someone if you were going to try a large land purchase or swap with it and you dropped it on the table while negotiating the deal.
It would probably make someone's eyeball's pop out of their head and sign on the dotted line if/when silver goes up to whatever it spikes to at some point.
I would love to have a 1,000 oz. bar no matter what. To me, it would represent a chunk of land I think I could find someone to swap it for at some point. The further down the road timewise, the more likely imho.
PBoC advisor Xia recommends
PBoC to add silver to the official reserves. At the same time, an official of the Chinese Chamber of Commerce said China should step up its gold reserves to as much as 8,000 tonnes. Ji Xianonan, head of the Chinese State Council´s State-Owned Enterprise Supervisory Board, has recently suggested that China ramp up its gold reserves within the next three to five years to 6,000 tonnes. Within ten year´s time, China would want to own 10,000 tonnes of gold. This means that China would have to buy almost 40% of annual production until 2020. The significance of such statements can hardly be overestimated. Experience shows that they tend to be accorded with the government and party leaders.
http://goldsilverworlds.com/gold-silver-insights/does-china-plan-a-gold-backed-renminbi/
1000 oz bars of silver
Maybe having one or two might be ok. Then the rest in 100 oz. and smaller. My favorite is .90% silver. It is US coinage and carries alot of benifits. No much chance of counterfeiting them if the price rises.
Re: 1000oz bar
I wouldn't want to touch it with a barge pole, unless in an allocated (non-bank, obviously) storage account. Too much risk otherwise, including risk of forgery. I read somewhere that it's relatively easy to fill these bars with some lead, and almost impossible to detect without cutting the bar. These bars would also probably need to be assayed before sale, so more expense and hassle. The advice was to stick with smaller bars.
I wouldn't be swapping anything valuable for these bars, would be too afraid. Maybe for coins, but certainly not for large bars.
The Rot children
The Rot children are beginning to realize that folks are stirring from their slumber and are beginning to connect the dots on just what in blazes is going on, I love it!, and we are now trying hard not to use any text that will set off scheduling of middle of the night visits from goob.
Thank you for the great responses
I really appreciate the great people here who take the time to answer questions like mine about the 1000 oz bar- both public and via PM. You folks are aces!
As I've come to expect from this thoughtful crowd, such a discussion brought up several issues I hadn't thought of- for example, I was doing the math wrong (stupidly), and thought this was 62 lb not 75... that is a monster. Also, the ability to track this, as Be Prep points out, raises some genuine security issues that hadn't occurred to me. I'll have to think it over. Maybe this is an instance where, if you do it now you'll be OK, but when price rises it could be a real issue to contend with.
I was just thinking of it from a pure investment standpoint (not for use in everyday transactions, as I only need some scuba gear to take care of that aspect) and was thinking about the feasibility of this as a wealth preservation vehicle in comparison to gold.
Again, thanks very much for the input!
And DPH, when I commence my post-collapse career as a ruthless regional warlord, having my lackeys plunk that sucker down on the negotiating table could be just the effect I am looking for. Hmmmmm...
Woops, dupe
I'll try to salvage this one- I hope for a great week ahead, but as always, watch out for predators:
Pining and his Kingdom in Xanadu
"And DPH, when I commence my post-collapse career as a ruthless regional warlord, having my lackeys plunk that sucker down on the negotiating table could be just the effect I am looking for. Hmmmmm..."
I'm looking to become a small land baron so maybe I can settle into a small corner of your forested kingdom and squat there. Pieces of silver will be forth coming for taxes etc. and I'll take on the responsibility for piping rock music throughout the land for all...
A very cool and visual vid if no one has seen it yet...full screen for sure.
Commenatry from C.M.'s
A friend dropped me a link this a.m. so I'm sharing it with all of you.
From Chris Martenson' Peak Prosperity...
http://www.peakprosperity.com/podcast/79487/bob-fitzwilson
Corzine To Start New Hedge Fund ?
Hardly News: Democrat Corzine, Others at MF Global on Track to Avoid Criminal Charges
... Mr. Corzine, in a bid to rebuild his image and engage his passion for trading, is weighing whether to start a hedge fund, according to people with knowledge of his plans. He is currently trading with his family’s wealth.
By Tom Blumer | August 18, 2012 | 22:41
About a month ago, I joked in a column published elsewhere that the reason a certain New York Times column didn't resonate with anyone is because no one pays attention to the Old Gray Lady any more.
Unfortunately, that's not true. But the fact that almost no other establishment press outlet has mentioned the paper's disclosure late Wednesday (appearing in Thursday's print edition) that former MF Global CEO Jon Corzine and others at the bankrupt firm likely won't face criminal prosecution in the firm's crack-up, which featured raiding individual customers' accounts to the tune of $1.6 billion, seems to indicate that the Times has become a favored holding cell for stories detrimental to Democrats which will otherwise be ignored. Oh, and contrary to the belief expressed in a very long Vanity Fair item in February, when Corzine was seen to be in "a scandal he can’t survive," and that "his career is likely finished," the man is seriously considering starting up a new hedge fund.
Corzine, for those who don't follow these things, also happens to be a Democrat, a former New Jersey Senator, a former Garden State Governor, and a former (maybe) Obama reelection campaign bundler.
Key paragraphs from the no excuse left behind Times story by Azam Ahmed and Ben Protess follow:
Read more: http://newsbusters.org/blogs/tom-blumer/2012/08/18/hardly-news-democrat-corzine-others-mf-global-track-avoid-criminal-charg#ixzz2411OHrMB
Perched high above the community...
On a slow and pleasant Sunday in Turdistan...TF's Watchtower Castle perched within the TFMR Kingdom overlooking the sheep in the Land of Fa (TF actually)
http://www.tfmetalsreport.com/comment/140977#comment-140977
A secure kingdom occupying the high ground that exhibits traits of self-sufficiency and community.
The main thread being the central tower and the descending walls it's forums and down into the threads.
All hail the Fa-King!
We know who the sheeple are
Not us.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
And who would you be within the village within this picture?
I call dibs on the guy sitting on his windowsill watching the whole thing
Life is much tougher then some 21st century citizens might've imagined.
Life was much less complex...but much tougher.
http://www.tfmetalsreport.com/comment/140977#comment-140977
Pieter Bruegel, The Fight Between Carnival and Lent 1559
http://joshuawfthomson.wordpress.com/2009/12/04/why-feast-of-fools/
Chart of Gold/TLT (Barclay's 20 yr Bond Fund)
http://stockcharts.com/h-sc/ui?s=$GOLD:TLT&p=W&yr=10&mn=0&dy=0&id=p89258728092
Small Crowds At Obama/Biden Rallies Explained
Ha ha, if you say so. They really think we're that stupid.
--------------------------------------------------------------------
However, President Barack Obama and Vice President Joe Biden are not drawing the crowds they once could. The New York Times reported that the Obama campaign said that it is intentionally limiting crowd size at their events because of security and cost:
Clink
They had a 'contest' over at ZH to name Corzine's new fund- hilarious.
http://www.zerohedge.com/news/what-should-jon-corzines-hedge-fund-be-named
My favorite was AIG... standing for "Aaaaand it's gone!"
I have a dream
Thomas Crown affair / V for vendetta
10,000 Guy Fawkes descend on the Ecuadorian Embassy - 10,001 melt away into the night.
Now that would be class.
Bugzy.
Re: DTOM Contributor Brandon Raub Arrested...
I heard an story on NPR just the other day about a new push to keep guns out of the hands of "crazy" people. I immediately wondered if there would also be a simultaneous push to begin having critics of the government declared mentally unstable as a way of disarming them. Going by the Facebook posts it looks like this guy might actually need some help, but I'm paying attention to see if there's a sudden crackdown on "crazy".
Chart of Silver/TLT (Barclay's 20 yr Bond Fund)
http://stockcharts.com/h-sc/ui?s=$SILVER:TLT&p=W&yr=10&mn=0&dy=0&id=p14419501431
Banks could collapse before Christmas...
Bank of England deputy governor Paul Tucker warned banks they could collapse 'before Christmas'
Bank of England officials were so concerned about the potential for a financial crisis late last year they took the extraordinary step of warning the entire banking system could collapse “before Christmas”.
By Harry Wilson
9:37PM BST 18 Aug 2012
Paul Tucker, the deputy governor of the Bank of England, told an October meeting of the chief executives of Britain’s largest banks that there was a serious chance none of their businesses would survive to the end of the year.
“Gentlemen, you could all be out of business by Christmas,” Mr Tucker said in a stark warning to the bank chiefs, according to three sources present at the meeting.
The revelation of Mr Tucker’s remarkable warning shows the depth of fear among senior officials over the havoc the collapse of the eurozone would wreak on the British financial system.
Mr Tucker is one of the front-runners to replace Sir Mervyn King as Governor of the Bank of England.
Minutes published by the Bank’s Financial Policy Committee in September and December made clear the depth of its concerns, but the explicit warning given to the chief executives shows that officials feared a crisis even greater than that in the wake of the collapse of Lehman Brothers in September 2008. The meeting led directly to the creation of working groups at banks to gauge the potential for a full-scale collapse of the financial system.
One executive present said his institution had been so concerned by Mr Tucker’s warning that it had re-evaluated its entire risk positions. <Rest of the Article>
@ Pining
"Aaaaand it's gone!"
---------------------------
Without even reading the other entries I feel confident in proclaiming this the winner:)
Frog
90% coins and small bar are hard to beat in that Armageddon scenario.
This sounds about right...selective,sporadic bond buys
This equates basically to putting out small fires as they erupt or smolder and sounds just about right...muddle through it and do as little as possible because it's politically as safe as possible and no humongous and overt QE/LTRO etc. number could ever be attached to it because it would be piece meal and 'only' be $20-$50 BILLION here and there and not a giant TRILLION $$$ type of announcement that would have people hooting about it and the Pol's getting pelted by it.
Small and specific bond buys sound about right and it looks to me they've already started it with Spain and Italy over the past week or so on a trial basis. Check the charts out.
Italy: Go to the 3 month chart...6% (5% eventually) seems to fit the profile
http://www.marketwatch.com/investing/bond/TMBMKIT-10Y?countrycode=BX
Spain: Is struggling with 7% and 6% (5% eventually) would be better.
http://www.marketwatch.com/investing/bond/TMBMKES-10Y?countrycode=BX
This incremental, piecemeal approach is safer politically, and more affordable initially until... Basel III starts maybe???
This sounds like a stop gap more then anything until Basel III.
Aug. 19, 2012, 12:09 p.m. EDT
ECB weighing shift to euro-zone bond buys: report
By William L. Watts, MarketWatch
FRANKFURT (MarketWatch) — The European Central Bank is weighing a plan to cap borrowing costs for struggling euro-zone governments by buying unlimited amounts of bonds, the German news magazine Der Spiegel reported Sunday.
Such a move would mark an aggressive and controversial turn by the central bank in an effort to bring down borrowing costs for Spain and Italy.
The report, which didn’t name sources, said the plan would see the ECB step in to buy bonds when the spread between yields on distressed government bonds moved above a certain, unspecified level versus German government debt.
The report said the ECB Governing Council would decide at its September policy meeting whether to implement the plan, which would serve not only to prevent borrowing costs from climbing to unsustainable levels but also ensure that the spread between peripheral and core yields doesn’t grow too wide....
http://www.marketwatch.com/story/ecb-weighing-shift-to-euro-zone-bond-bu...
Facebook posts and being arrested...
I don't know the real facts about the arrest of Mr. Raub's... the question I ponder is... why is the government trying to define the limits of the level of criticism it can receive before they label someone as unstable. The fact that many citizens are now entering the anger phase of this crisis will lead many to voice it. The Government is trying to swiftly squash dissent so that it will quell any rising tide... they have a plan and they will use it effectively.
Just imagine how the British viewed the image below when the Sons of Liberty in Boston hung Andrew Oliver in effigy to protest the Stamp Act. The actions of these colonists were seditious and terroristic in nature..
Since the newspapers and MSM are controlled by our government, the social media outlets and the internet are the only free sources upon which a person may publish a dissenting view (at least for now). The conditions of dissent will be set up to ostracize anyone willing to peer they head above the party line and it will take great courage and fortitude to stand when all others capitulate away their freedoms just to be part of government sponsored life. :-)
Domino effect: This could get ugly/Deutsche Bank
Deutsche Bank Among Four Said to Be in U.S. Iran Probe
Deutsche Bank AG (DBK) is among four European banks being investigated by U.S. authorities for alleged violations involving oil trading and Iran, according to an attorney with knowledge of the matter.
Regulators including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the Manhattan district attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.
“Deutsche Bank had decided by 2007 to reject any new business with Iran, Syria, Sudan and North Korea and to end existing relationships to the extent it was legally possible,”Deutsche Bank spokeswoman Friederika Borgmann said, declining to comment on the U.S. investigation.
The regulators were in advanced stages of an investigation into banking violations at Standard Chartered Plc (STAN) when the superintendent of New York’s banks, Benjamin Lawsky, moved first in that matter with an Aug. 6 order accusing the London-based lender of multiple violations of state banking laws.
Once the federal authorities resolve their probe of Standard Chartered, they will proceed against the four European banks they have been investigating, including Frankfurt-based Deutsche Bank, according to the attorney.
Erin Duggan, a spokeswoman in the Manhattan district attorney’s office, didn’t immediately return an e-mail sent outside of regular business hours seeking comment on the probe. Dean Boyd of the Justice Department, John Sullivan, a Treasury spokesman, and Barbara Hagenbaugh, a Federal Reserve spokeswoman, declined to comment....
http://www.bloomberg.com/news/2012-08-18/deutsche-bank-among-four-said-t...
DPH's Mining Videos
Very entertaining and worth a look:
http://www.tfmetalsreport.com/comment/201624#comment-201624
For some reason this seems appropriate for the tone