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.


About the Author

turd [at] tfmetalsreport [dot] com ()


Apr 10, 2013 - 1:40pm


and I am going to see Sinclair tomorrow



silver bullett
Apr 10, 2013 - 1:41pm



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. :-(


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.

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.

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