Desperation Time

Wed, Apr 10, 2013 - 1:36pm

Wow! A few years back, the early release of The Fed's latest FOMC minutes to a handful of their friends would have sparked outrage. Now it's just...whatever. Everything is so freaking corrupt anymore, nobody even cares.

So I guess now we know why gold rolled over yesterday afternoon, after such a staunch rally. And I guess we know why it was sold overnight. Throw in the very-well-timed Reuters report of a 9-10 metric ton confiscation sale of Cypriot gold and whadayaget? Gold down $20+, that's what you get! A very well-played Cartel hand of observing some Spec short-covering yesterday and then drawing them right back in today. One of these days, a rally will finally establish some momentum. A new UPtrend will begin and the Specs will begin to feel some serious pain. That day is NOT today, however.€400-million-gold-finance-part-its-bailout

Here are some updated charts. As you can see, I printed them before another paper bomb was dropped on the Comex a few minutes ago. Oh, well. I guess we'll just keep an eye on things here and see just how far the can beat it down. As I type, I've got $1558 and $27.58. As a side note, I was encouraged on Monday that silver held much better than gold and it is doing so again today.

Back to the Cypriot gold robbery sale story. A couple of thoughts...

  1. 10 metric tonnes is roughly how much the GLD has been raided for in just the past week! It fell again yesterday by another 5 tonnes or so to 1,200.37. Again, on 1/2/13, the GLD allegedly held in "inventory" 1,349.92 metric tonnes.
  2. And it's not as if the Cypriot gold will ever see the "market". If it really is taken sold, I'm sure it will just be driven across town and loaded onto one of those Russian Navy ships docked in port.
  3. And, again, what's 10 tonnes? A drop in the proverbial bucket! For example, just yesterday the Chinese reported "official" gold import/export numbers for February. The total import number was 97 metric tonnes while showing 36 tonnes being exported to Hong Kong. This makes a net number of 60 metric tonnes. In one month. Rather dwarfs the Cypriot deal doesn't it? But don't tell that to the SpecShorts. They just want to sell, sell, sell.

Moving on...All of this flies in the face of the discussion I had with Andrew Maguire this morning. He wanted me to tell you that he is "absolutely certain of a helluva lot of gold and silver being allocated and delivered at these prices". He, too, sees the Bullion Banks gleefully leading the SpecShorts into an untenable position where they will soon have a "religious experience". Andy also told me about a segment on Bloomberg earlier today where, in a discussion about Bitcoin, the combatants actually used the words "rehypothecated" and "leveraged" several times when discussing whether or not the global gold supply was any more real than the global Bitcoin supply. He said he nearly spit out his coffee when he heard it. Well, it took a little searching but I found it. See for yourself:

Just a few other random items as it's already 1:10 EDT. First, here's a great new post from Detlev Schlichter. Please take the time to read it.

And, while GLD is being sucked dry, sales at The U.S. Mint continue at a record pace. The Mint has taken to reporting sales about once every 3-4 days. Why? I don't know. What I do know is this:

  1. Sales are robust and The Doc reports that, just like in January, The Mint is now "rationing" ASEs. Keep in mind that The Doc runs his own bullion store so he knows what he's talking about here:
  2. And look at these numbers. For Q1 if 2011, The Mint sold 12,429,000 ASEs and 299,500 ounces of gold. In Q1 2012 sales fell off to 10,139,000 ASEs and 210,500 gold ounces. But in 2013, Q1 sales were 14,223,000 ASEs and 292,500 ounces of gold. That's quite a turnaround!
  3. But now get a load of this...In April 2011, when silver was soaring and gold was tagging along, The Mint sold 2,819,000 ASEs and 108,000 ounces of gold. Last April, The Mint sold just 1,520,000 ASEs and only 20,000 ounces of gold. So far in April of 2013, sales through yesterday totaled 1,706,500 ASEs and 43,500 ounces of gold. No wonder they're "rationing"!

So, look, hang in there. I know this stinks and everyone's patience is wearing thin. I get it. But I can tell you, the desperation of the BBs is palpable and they are simply attempting to trap as many specs on the short side as possible before the metals explode. The physical market is finally exerting itself and it is wresting control of price away from the criminals at The Comex. The "spot dog" is now wagging the "futures tail". Therefore, continue to be patient and you will soon be rewarded.


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silver66 · Apr 10, 2013 - 1:40pm


and I am going to see Sinclair tomorrow



silver bullett · Apr 10, 2013 - 1:41pm



cmcmanama · Apr 10, 2013 - 1:41pm


Congrats Silver66

¤ · Apr 10, 2013 - 1:44pm

This is one post I'll gladly dupe if it cajoles someone else into helping.

I just went there and donated.

The bidding on the hat is already too high for me unfortunately. Congrats to all who bid it up as high as it is already. You're all awesome!

It's important to help those who are hurting for food and daily nutrition. Hunger or the inability to provide food for oneself is something that is hard for me to fathom personally.

I know hardships exist for folks out there and when things like this are brought to light it's a humbling concept to accept...people go to bed and wake up hungry with no means to buy food.

I know many of you are generous, beautiful people who help others when you can. I love it when my local grocery stores run that charity where you can round off to the dollar or add additional money to your total at the check out. I do it every time it's available. 

How could I not? I know many of you feel or do likewise.

Always do what you can do when possible.

A little bit can go a long way...just picture a hungry child or crying parent. :-(


A.B. · Apr 10, 2013 - 1:44pm

Second 2nd

Now I will be enjoying today's take. Tx Turd...

¤ · Apr 10, 2013 - 1:46pm


I'd love to know who or what magnet exists at that approx. level and why.

dgstage · Apr 10, 2013 - 1:46pm

When Is the BS Going to Stop

In my opinion this system is beyond repair, total farce. There is no way to stop QE. The propaganda with Goldman cutting gold forecast, what a joke. I am just amazed how long they can keep this ponzi going. This world gets more depressed by the moment. Damn I wish there was some accountability.

· Apr 10, 2013 - 1:51pm

Well, now that I see that GATA has decided to post this...

I might as well post it, too. Set your DVRs. You'll want to see this otherwise you might miss something "historic" and potentially "explosive".

¤ · Apr 10, 2013 - 1:51pm


Ron Burgandy 'Anchor Man' brawl with the trident!


Grigeo silver66 · Apr 10, 2013 - 1:55pm

Gross versus net gold exported

"The total import number was 97 metric tonnes while showing 36 tonnes being exported to Hong Kong. This makes a net number of 60 metric tonnes."

Reposting here, with regard to looking at the gross versus net exports, as the gold being "exported to Hong Kong" is refined there, and then gets exported back to China. ...

With regard to "net imports", it has been written that "net imports excludes organic Chinese gold mining and recirculation which is why for all intents and purposes the gross number is the apples to apples one." If I understand that correctly, Hong Kong refines a lot of gold mined in China, which then gets exported back to China. Thus, to look at the demand you look at the gross exports to China. 

Looking at the gross export number seems plausible, as China's gold does not make its way West. There was a very interesting article posted by Screwtape on this: 

"the fact remains that (despite looking) we haven't found even one Chinese-Refined LBMA gold bar in a major ETF, which still lends support to the idea that China is holding onto its gold refinery output." Amazing.

Himalaya · Apr 10, 2013 - 1:56pm

Bring it on!!!

Just brought 1000 OZ silver, let's bring it down a bit more... and I will buy another 1000 OZ in 2 weeks...

FleetFeet · Apr 10, 2013 - 1:57pm

SBSS experience

My own experience with SBSS was totally satisfactory.

In February, I ordered both BU's & a couple of proofs of the Freedom Girl. Sometime in March (when silver had risen in price), I called to cancel my order because of an unexpected financial pinch. First the woman said, we don't take cancelations . . . then she switched me to a manager who listened to my story, relented and decided to cancel my order. My credit card was refunded in full. 

A week or so later, my order of silver "medallions" arrived. I called SBSS and explained that I had canceled my order, received credit, and still the silver was sent. "Well, just send it back," the lady said. 

"No," I said. "I opened the package and looked at the coins, and I want to keep them. Just reinstate the credit card charge." 

"Can't do that," she said. "We don't accept credit card charges anymore. Send us a check." 

"For how much?" I asked. "I paid extra to use the credit card, so I should get the cash discount if I'm going to send a check." 

She mumbled a little and said she would call me back later the same day. That evening she called and told me the amount to send, which was about $20 less that the original charge. Great. 

I sent the check. Everyone is happy. Both she and manager were polite, patient, friendly, cooperative, and they stood by their words. And Freedom Girl? Well, she and I are going steady now, probably in love . . .

AlexCojones · Apr 10, 2013 - 2:00pm

Has Slovakia Been Added to Axis of Evil Yet?

Notice which country possesses way too much gold for their own good....65% of their reserves. Like Libya, they may soon find themselves "liberated."

Full story from Reuters:

Modern Alchemy · Apr 10, 2013 - 2:02pm

How much is the world worth? in dollars?

This kills me! The price of ransom the World has changed as significantly since 1997 as it did from 1968 to 1997! If the movie was written today, "Don't you think we should maybe ask for more than 100 Billion dollars? 100 Billion dollars isn't exactly a lot of money these days.The US alone prints 85 Billion a month!!" This almost isn't funny...? Bush does Dr Evil The only way he would be different than Dr. Evil is his ransom would be in oil, to be paid for in American dollars... ya... think about that.. and even more sinister, the same amount of oil in all different decades, just differing amounts of dollars... One more video? Why not? This is a compilation of Dr. Evil's ransom demands No one is laughing now about that amount of Yen!

· Apr 10, 2013 - 2:03pm
The Watchman · Apr 10, 2013 - 2:06pm
dropout · Apr 10, 2013 - 2:13pm

Deer in the Headlights? Or...

The 'I don't know and don't care.' Remember about 4 years ago or so, when the Fed first started to "quantitative ease"? Looking at the financial news of that time, you would have thought the 'Chairman' had just jumped from his helicopter at two thousand feet! The hue and cry was long and loud! Now? Two billion Benny bucks a day are created and nobody bats an eye lash! This is what is known as the 'I don't know and don't care' syndrome that seems to effect an increasing number of people. This syndrome has brought into being the 'Ignorant & Apathetic Group' of people. They have just had enough and have given up. I don't know and don't care.

Cononish1314 · Apr 10, 2013 - 2:21pm

Slovakian gold

It's quite interesting that the Slovaks, with half the population of the Czech Republic, have about three times the amount of gold. I would have expected any gold holdings to have been divided on a pro rata basis at the time of the "Velvet Divorce" in 1992. So I wonder why the disparity since then?

· Apr 10, 2013 - 2:23pm

Couldn't help but notice this after looking at the Golden Ratio

The top chart is the Fed Balance sheet (black) and gold in USD (red). The second chart is gold in Yen (green) and in USD. I tried to make them the same time frame ... I don't have a point, other than they are strangely similar, as they diverge at the present moment:

old tradesman · Apr 10, 2013 - 2:26pm

(No subject)

Kyle Bass: I'd Much Rather Own Gold Than Paper
Fulgurite · Apr 10, 2013 - 2:26pm

Well well, who would have thought...?

Prices back to where they were before the NFP number last Friday, just the same like what happened after the problems concerning Cyprus were 'contained.'

Now all the children here can go back to shooting the messenger, keep on catching that falling knife and keep on posting YouTube classic rock videos... crying

“Sometimes people don’t want to hear the truth because they don’t want their illusions destroyed.”

– Friedrich Nietzsche

old tradesman · Apr 10, 2013 - 2:29pm

(No subject)

Fed Desperately Concerned About the Dollar-Paul Craig Roberts
A.B. · Apr 10, 2013 - 2:29pm


It appears that silver is performing better than gold today. Like you said Turd, signs are appearing here and there. Just have to wait a bit longer for the big picture get visible by everybody.

Then all the bells will be ringing and the hell will brake loose. Fingers crossed. :))
That_1_Guy · Apr 10, 2013 - 2:30pm

Thanks Wiki!


gold controls...


thought you all would like to see it.

Thanks TURD!!


AlexCojones · Apr 10, 2013 - 2:30pm

Things That Make You Go "Hmmmmmmmmm"

Why Has China Built a Ghost Town in Africa? »

Veterans Today It was supposed to be a state-of-the-art city for 500,000 -

¤ · Apr 10, 2013 - 2:31pm


Name calling? And we're the children?

See ya'....

SRSrocco · Apr 10, 2013 - 2:32pm


This is really quite surprising what GROWN ADULTS will do to try and BAMBOOZLE the markets. The FED can't STOP QE. Of course we all know that. However, this kind of CAT & MOUSE game is necessary if your intention is to:

1) Keep Stock Prices Artificially Higher

2) Keep the dollar strong

3) Keep the inverse dollar trade down -- Gold & Silver

4) Keep faith in the Lousy U.S. Treasury Market

This is the tactic that the members at the FED have to consider when they choose these kind of tricks.

However, fundamentals always win out in the end. It doesn't matter if you take the WARNING GAUGE out of your vehicle because it is showing an overheating engine. It doesn't matter if you disconnect the BUZZER so the noise stops which indicates problems with the engine. 

At some point in time the engine will FAIL. Messing with the gauges and buzzer will not work for long.

That being said, the move by the FED today just may push Gov. Brewer of Arizona to vote YES for making Gold & Silver Legal Tender:

Fate of Arizona's gold and silver legal tender bill now rests with Governor


It is now up to Arizona Gov. Jan Brewer, a Republican, to decide if she will sign legislation making gold and silver legal tender in Arizona, making Arizona the second U.S. state to recognize U.S. gold and silver coins as legal tender.

On a 36-22 vote along party lines, the Arizona House has approved Senate Bill 1439 which lets people use U.S. Government minted gold and silver bullion coins as legal tender as long as businesses are willing to accept them.


Well shall see what happens in Arizona... but my gut tells me a YES VOTE will be the outcome.

Dark Matter · Apr 10, 2013 - 2:32pm

Record highs (Dow Jones, S&P500)

We are seeing record highs every other day in the stock market. We have had a massive rally since 2009. Who would've expected that???

Back then in 2009, I was prepared for new record highs in Gold vs US$, but not for new records in the stock market. If I only had foreseen that development... Would've been better for my wallet.

I can't tell you how confused I am right now.

A.B. · Apr 10, 2013 - 2:40pm

Once it pop, it don't stop..... :)))

BITCOIN that is. Down down down... Around 85 USD and falling... 

Free fall actually. Hard to keep up....

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