An Interesting Development

363
Mon, Sep 26, 2011 - 10:58am

Below is something that many of us just noticed. Hmmm...:

https://www.londongoldexchange.com/maintenance/

Now, I'm not sure what kind of "operational difficulties" would lead this company to "permanently close for business" but it sure is an interesting development, to say the least. Here's more, from Wikipedia:

"London Gold Exchange is a digital currency exchanger founded in 2001. The London Gold Exchange is owned by LGE International LTD., an offshore company registered in Belize, with offices in London, England and Hong Kong. London Gold Exchange operate 2 franchises, one in the UK and one 'International' which covers everywhere other than the UK. The UK administration office in Central London, with staff based in locations around the UK. The International administration office is in Hong Kong, with staff also operating from mainland China. Technical staff also operate from locations in Australia."

Now, I would sure think that, if you've been in business since 2001, you would have a pretty solid hedge book in place to protect you against sudden downdrafts. Maybe not. Who knows? Maybe those Friday rumors of a "big, European liquidator" had some merit?

At any rate, the damage is done and is continuing to worsen. I don't know anything about this company. However, news of a "gold company" suddenly closing its doors will only serve to further unsettle this market and rattle weaker longs. Therefore, don't be surprised by further weakness as this gets disseminated.

That said, many have asked me to employ the pen and sharpie to discern where all this madness might end. As discussed previously, the 15-minute and hourly charts are completely worthless right now. On the other hand, the weekly chart may provide some clues. If you think (as I do) that the long-term bull market for the PMs remains intact, then you should look for guidance from the long-term charts. The charts below are significant in that the trendlines shown date back to the initiation of Quantitative Easing back in March of 2009. If you expect more easing and QE to infiinity (which I do), then you should expect these trendlines to hold. Perhaps not precisely. It would be foolish to think gold will stop right at 1480, for instance. However, if you're looking for areas to BTBFDIRM (buy the biggest f-ing dip in recent memory), the areas shown below would seem to be a logical starting point.

Keep the faith and keep stacking. TF

About the Author

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turd [at] tfmetalsreport [dot] com ()

  363 Comments

Tecumseh
Sep 26, 2011 - 2:04pm

Send Alessio a Yellow Hat

Maybe if we all feed the Turd a little fiat, Turd will send Alessio a yellow hat! Better yet, maybe Turd will interview him.

cwavec
Sep 26, 2011 - 2:05pm

For your entertainment

The CBC 'Doc Zone" has done a four part series:

Meltdown: Secret History of Global Financial Collapse", released a year ago

in September, 2010. Four episodes, totalling nearly three hours.

There is also a website associated with it containing ancillary material.

You could watch it on Youtube at this site:

https://4closurefraud.org/2011/09/26/meltdown-secret-history-of-the-glob...

or there are a number of sites where you can get a .avi rip. You can search around or

use this torrent to get all four parts at once:

https://onebigtorrent.org/download.php?id=10034

Boardwalk
Sep 26, 2011 - 2:05pm

Shill

Russian Finance Minister Stepped down?

Makes sense to me. He's the one who recommended that the Russian CB sell Treasuries, buy gold right at the interim top for gold and the bottom for the 30yr.

I'm just suprised he didn't die from some exotic radiation poisoning.

Boardwalk
Sep 26, 2011 - 2:07pm

cwavec

Thanks for that.

RuNuts tried yesterday to find a link that would stream outside Canada, but opted for some much deserved sleep instead.

ewc58
Sep 26, 2011 - 2:08pm

Bix Weir on the LGE story. Enjoy the Ag pacifier :-)

A subscriber sent me a link to the London Gold Exchange which closed their doors PERMANENTLY today. Here's the link: www.londongoldexchange.com At first I thought they might be related to the London Metal Exchange but they are not. Just similar names. Here's the description of the London Gold Exchange from Wikipedia: "London Gold Exchange is a digital currency exchanger founded in 2001. The London Gold Exchange is owned by LGE International LTD., an offshore company registered in Belize, with offices in London, England and Hong Kong. London Gold Exchange operate 2 franchises, one in the UK and one 'International' which covers everywhere other than the UK. The UK administration office in Central London, with staff based in locations around the UK. The International administration office is in Hong Kong, with staff also operating from mainland China. Technical staff also operate from locations in Australia." Yes. This was a DIGITAL gold exchange playing in the gold DERIVATIVE markets. From other articles the London Gold Exchange claimed to be the LARGEST e-gold exchange in the world. Hmmm... This surely can't be good news for their customers or the COUNTER PARTIES on the other end of these paper/electronic gold derivative transactions. The ripple effect of an implosion of gold and silver derivatives will set off the long awaited "Weapon of Mass Financial Destruction". I doubt this will be big enough to start the crash but it is definitely a sign of things to come. Then again, there is not much difference between an e-DIGITAL market and the COMEX market as both are just electronic derivatives of gold and silver. It's possible that September will be the largest volume month for COMEX silver in history... meaning north of 3,000,000 contracts traded representing over 15 Billion Ounces of SILVER! To add some context there's only about 30M ounces of physical silver available for delivery in the COMEX warehouses which represents a 500-1 ratio of paper trades against physical silver available for delivery in the month...and this is how the price is set for physical commodities in this age of paper Ponzi Schemes. I know it is difficult to ride out these slams but this IS the end game so... STAND STRONG!!! Obviously, it looks like we are going to have to EARN the future rewards on our physical gold and silver investment once again. So be it! We saw it coming long ago and IF you survive another few months with your METAL IN HAND then you will be one of the ONLY investors in the world to have preserved their wealth after the CRASH. Keep and eye out for the END of the THIRD quarter as there should be MANY surprises in OCTOBER. For those of you sweating this one just pop this in your mouth! Your Silver Pacifier https://www.roadtoroota.com/public/584.cfm May the Road you choose be the Right Road.

ScottJ
Sep 26, 2011 - 2:14pm

@Ewe58

Is that made public? I know it is important and I saw it on the SilverGoldSilver comments, but if it is not... it needs to be taken down :\

-

Mod Note: I took the Bix Weir article about the London Gold Exchange down.... let me know if it is made publicly available... otherwise it should not be posted.... sorry. Private message me if I am wrong.

Boardwalk
Sep 26, 2011 - 2:14pm

@ The Turdite Formerly Know As Jake

Come home when you're ready, we'll be waiting for you.

RaRaRasputinbullwhip29
Sep 26, 2011 - 2:16pm

Joining the dots ....

Bear with me on this one but this guy Alessio Rastani being interviewed on Aunty Pravda (BBC) this morning - seems to me not a coincidence (which I don't believe in anyway). Last night on the C4 news they were discussing the Eurozone bailout and how much would the UK be tapped for. Faisal (Islam - C4 reporter) said that it would be OK as the Eurozone was too important to the UK as it's biggest export market.

Fastforward to this am and this guy pops up (& ok he's got a business to promote so is going to say something to get attention so we all start checking him out - as we have done). But this is Aunty Pravda - the mouth piece of the UK Govt and this guys is saying "the market is toast, the stock market is finished and they don't really care about the Eurozone" I can only assume that there would have been UK politicians of all colours screaming at the screeen - get him off ffs, how did he get through, he's saying that the majority of our viable ways out of this are screwed and advising everyone to head to US treasuries & the dollar.

Also he mentioned "safer assets" but not gold and silver yet when you go to his webpage his second video filmed yesterday is all about gold and silver and he will go very long when the gold market bottoms and his FB page says as much also.

And then the London Gold Exchange - front of the Rothschilds - is permanently closed today. The vetting for interview on the BBC is usually quite strict to make sure they don't stray from the Govt script so how did he find his way through today?

Coincidences, coincidences or maybe I just need to take a layer of foil off my tin foil hat

"I'll get me coat"

RaRa

FriedEggs
Sep 26, 2011 - 2:17pm

It's the Muppet Show with our

It's the Muppet Show with our Very Special Guest Star, ... the EE

It's time to play the music
It's time to light the lights
t's time to meet the Muppets on the Muppet Show tonight.

It's time to put on makeup
It's time to dress up right
It's time to raise the curtain on the Muppet Show tonight.

Why do we always come here
I guess we'll never know
It's like a kind of torture
To have to watch the show

And now let's get things started
Why don't you get things started
It's time to get things started
On the most sensational inspirational celebrational Muppetational
This is what we call the Muppet Show!

(Gonzo lites a joint)

Fried(e) I'll say something constructive soon...

cpnscarlet
Sep 26, 2011 - 2:20pm

When does the paper game end?

Strange not more of you have tried to answer this important question. My answer is the simple one that has been repeated time and again. The "paper game" on any exchange ends when enough customers standing for physical deliver 1) can't be filled, 2) won't take cash, and 3) have enough clout in the media and gov't to make sure everyone knows it. Then the exchange defaults or all the participants exit since the fraud is exposed. 1 & 2 are simple. #3 is the tough one.

What do you think? "A", "B",...."F"?

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