Unencumbered GoLD

Thu, Apr 11, 2013 - 10:26am

After yesterday's nearly 17 metric ton withdrawal, it is becoming increasingly clear that a global movement is afoot to hoard massive amounts physical gold. Today, let's try to put all of this into perspective.

As you know, we've been actively chronicling the "investor liquidations" of the GLD. Of course, that's the popular SPIN. Supposedly, investors worldwide are reallocating assets out of precious metals and into equities.

On 1/2/13, the GLD allegedly held in "inventory" 1,349.92 metric tonnes of gold. By the end of January, that figure had fallen to 1328.09. By 2/28/13, the reported "inventory" was less than 1,270 metric tonnes and by late March it had fallen to 1,222 metric tonnes. And now, in April, we're rolling. Down over 35 metric tonnes month-to-date.

Yesterday alone, the GLD reported a total withdrawal of 16.84 metric tonnes of gold. This brings the total "gold" in "inventory" down to 1,183.53 metric tonnes. Year-to-date, the GLD "inventory" has been depleted by 12.33%. Stated another way, for every eight bars there used to be in "inventory", there are now seven.

Now, let's try to put this into perspective. Yesterday's withdrawal of 16.84 metric tonnes is 541,418 troy ounces. A London Good Delivery Bar is 400 troy ounces, so yesterday's withdrawal represented roughly 1,353 bars. The image below is of a pallet holding 192 gold bars.

The total withdrawal of 1,353 bars would look like this:

As Ruprecht would say: "That's a lot." But we're just getting started! As stated above, GLD has shed about 35 metric tonnes just this month. That's seven more pallets!

Now we're getting somewhere. According to the World Gold Council, 35 metric tonnes (those 14 pallets of gold) is about how much is owned by the Ukraine or Malaysia. And the GLD spits out that much in just eight business days due to "investor liquidation".

But let's not stop there. The cumulative withdrawal YTD is 166.39 metric tonnes. That's 5,349,562 troy ounces! On the pallets above, I've only shown you about 35 metric tonnes. For the total GLD withdrawals YTD, we have to add another 56 pallets or 10,686 bars or 4,274,362 ounces!

And again, we are told that this is all due to "investor liquidations". Let's stop there for a moment. Call me crazy but wouldn't you think that an "investor" who is "reducing his/her investment allocation in precious metals" would also be dumping silver? I mean, silver's a precious metal, too, isn't it? Hmmm.

Well, let's look at GLD's little brother, the SLV. On 1/2/13, the SLV reported an "inventory" of 10,084.96 metric tonnes of silver. As of last night, the SLV showed an "inventory" of 10,497.59 metric tonnes of silver, UP 412.63 metric tonnes YTD or almost 4%. WHAT?? Wait a second. That can't be right. My math must be wrong. GLD has shed 166 metric tonnes of gold YTD...more than the entire holdings of Thailand or Singapore...but, over the same time period, the "inventory" of the SLV has grown?? YEP!

Now, you're probably thinking: "I remember something earlier this year about a massive, one-day addition to the SLV". Yes, you do recall that. Here's a link: https://www.zerohedge.com/news/2013-01-17/slv-etf-adds-record-572-tons-silver-one-day-more-all-2012 Of course, 10,000,000 ounces or about 311 metric tonnes of silver were almost immediately withdrawn and shipped off to JPM's new vault: https://silverdoctors.com/18-3-m-oz-slv-deposit-jpms-new-silver-vault-jpm-discovers-way-to-bypass-comex-re-entry-process/ And we also saw a huge, 5,800,000 ounce (180 metric ton) withdrawal back on Friday. Even taking all of these shenanigans into account, the SLV "inventory" is still up YTD. So, again, I ask the question: If investors are liquidating the GLD due to asset reallocation, why aren't they liquidating the SLV, too?

Could it be that maybe, just maybe, the drop in GLD "inventory" isn't related to "investor liquidations" after all? Maybe, just maybe, were are instead seeing a conversion of paper shares into physical metal for delivery? Of course maybe, just maybe, even these withdrawals are just book-entry, unallocated "credits". Read this from page 18 of the GLD prospectus:

"Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian to establish an Authorized Participant Unallocated Account in London, or a Participant Unallocated Bullion Account Agreement. Authorized Participant Unallocated Accounts may only be used for transactions with the Trust. An unallocated account is an account with a bullion dealer, which may also be a bank, to which a fine weight amount of gold is credited. Transfers to or from an unallocated account are made by crediting or debiting the number of ounces of gold being deposited or withdrawn. The account holder is entitled to direct the bullion dealer to deliver an amount of physical gold equal to the amount of gold standing to the credit of the account holder. Gold held in an unallocated account is not segregated from the Custodian’s assets. The account holder therefore has no ownership interest in any specific bars of gold that the bullion dealer holds or owns. The account holder is an unsecured creditor of the bullion dealer, and credits to an unallocated account are at risk of the bullion dealer’s insolvency, in which event it may not be possible for a liquidator to identify any gold held in an unallocated account as belonging to the account holder rather than to the bullion dealer."

If you ever want to read the entire thing, here's a link: https://www.spdrgoldshares.com/media/GLD/file/SPDRGoldTrustProspectus2012.pdf

Anyway, let's return to this "disappearing gold" idea. Did you see this story earlier this week? https://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/ Year-to-date, the amount gold held on deposit for Comex delivery has declined by nearly 2,000,000 ounces. This sounds about right as The Comex delivered over 1,000 contracts in January, about 14,000 contracts stood for delivery in February and another 1,400 or so in the non-delivery month of March. So, how about some more pallets? Two million ounces is 5,000 bars. Once again, our pallets hold 192 bars so we need another 26 of them to represent the total Comex withdrawals for the first quarter alone.

And let's not forget the gold that is flowing out of London and Shanghai each day. Our man on the ground in London is Andrew Maguire. He's been trading and acquiring gold for over 30 years so, through his network of contacts, he's able to accurately estimate/measure the daily amounts of physical gold being allocated and delivered. Of course, the daily movements vary based upon price, discount to futures and day of the week. However, I asked Andy for an "average". What does he see play out on an "average day"? The numbers he provided are: 10-12 metric tonnes per day in London and 12-15 metric tonnes per day in Shanghai. Uh-oh. That's another 26 pallets and that's only for "an average day". And we're not even including Dubai or any of the other global centers!

You know, I could probably keep going and continue to copy-and-paste that stack all day long. (I bought the picture through Dreamstime so I can print it as many times as I'd like.) I think you get the point of this exercise, though. MASSIVE AMOUNTS OF PHYSICAL GOLD ARE MOVING AROUND THE PLANET, MORE SO THAN EVER BEFORE, AND CURRENT GLOBAL STOCKPILES ARE BEING DRAINED.

You're being told that the GLD is shedding gold and returning it to the Authorized Participants because "investors are re-allocating their portfolios away from precious metals". I'm sure some folks are so that's at least partially-true. But how do you explain away the fact that the SLV "inventory" is not down YTD? And where do you suppose all of that Comex gold went? And who/what is buying and taking delivery of, "on average", 20-25 metric tonnes per day through the world's physical delivery centers? And do you now think that gold at $1570 is expensive or inexpensive? Do you believe the "analysts" and "experts" who claim that gold is headed to $1300? Or $1100?? Or $800??? Are you going to side with The Sheep and The Paper Bugs and convert your metal back into fiat currency? Or are you going to side with whomever is accumulating all of this gold on a daily basis?

Additionally, do you trust yourself, your brain and your instincts? Do you wonder where all of is this gold is going? Are you curious as to why this is happening? Everyone from the financial media down to your friends and neighbors may not care. But you should. You most definitely should! And you should buy this dip. You should have bought the last dip. And you should buy the next dip. And every dip. And take delivery. While you still can and while there's still time.


About the Author

turd [at] tfmetalsreport [dot] com ()


Apr 11, 2013 - 7:46pm

Jake re value

(and anyone else feel free to scroll away)

I agree but would qualify that the initial value lies in the eyes of the holder of the object, and the potential value lies in the eyes of the potential buyer. If I love an old t-shirt, it has value to me but not to another. Silver and gold stand out as holders of value as they have almost always found a buyer at a consistent value to other goods over time. That is why I am sanguine about the shenanigans. And would own silver and gold over bitcoins.

Also bitcoins make crappy jewelry.

Apr 11, 2013 - 7:47pm

degrees of fungibility

A thing can have much value if others want it--like tulip bulbs or Tickle-me-Elmo dolls. But several factors go into that quality of being wanted. 1st is usefulness, 2nd is the opportunity for profit, 3rd is stored energy that is represented, 4th is fungibility, and 5th is scarcity (there might be other factors). Gold & Silver are highly fungible--plus they don't go stale like food does. Food is highly desired, but has a shelf life. All in all, nothing is as consistently "valuable" as PMs over time. Though buying bitcoins at 17 and selling today at 125 would have made a nice profit, it is based in opportunity and the timing has to be just right. Now if bitcoins become more widely accepted (fungible) as a store of value, their price would stabilize.

Overall, a thing is more valuable to the extent that it has high ratings on each of these value factors. And while it may seem that energy, scarcity and fungibility are the primary sources of value, I argue that these provide a foundation of value and that the other two factors drive speculators to push prices above that foundation.

My pile of wood is highly useful in December, a nuisance in July, and has a shelf life of several years before mold, termites and fungi decrease its stored energy. Food goes stale. If someone drains my pond in a hundred years, they will find some silver that will still be valuable. Bitcoins are too volatile. Not many people want Elmo these days, and his usefulness is so limited that only collectors with lots of disposable income would have an interest. There won't be much of that kind of money one day.

My personal conclusion is to prep and stack with items that rate as high on the various value factors as possible. So I'll stack metals, solar and wind power equipment, non GMA garden seeds, livestock essentials, food, and toilet paper. I'll pass on Elmo and bitcoins.

Just thinking out loud.

Apr 11, 2013 - 7:47pm


I have a pair of tickets to see Jim Sinclair tomorrow but looks like I only need one.

It's a bit last minute I know but if anyone want's the other one... msg me.

Ticket is still available unless I post otherwise.

Apr 11, 2013 - 7:48pm


No one here or out of the TBTF or Cartel loop know when the absolute bottom is for a maximum BTFD opportunity.

Speaking only for myself, I can only hope to get close to what seems like a good opportunity given the PM or overall market sentiments. Anyone waiting for the absolute bottom in an attempt to buy at that time will miss it unless they get very, very lucky.

If PM's spot prices go to zero (as some have interesting projected) you'll never be able to buy anything of consequence at that time. We'll be shut out of it mostly if not entirely.

I'll buy when I can because I have no way of knowing that a soft bottom hasn't already happened or will happen. So far, it looks like in recent times that approx. $1500 and $26 were the bottom from what I've seen the past two years.

That's close enough for me for now unless something drastic happens that will be historic in nature that can't be known to many of us. I'll continue into what seems like a BTFD opportunity.

Apr 11, 2013 - 7:49pm

bitcoin intrinsic value

does anyone know if bitcoins can be traded like stocks or futures? what is the symbol for bitcoin? can i put in advance buy and sell orders? when selling can i go back into USD?

Apr 11, 2013 - 7:50pm


I rarely post,but, read everything and reflect. Two observations. First, the media makes it seem like you can get 30 year mortgage money for 3.5-4%. Go ahead. try it. IT AINT REAL. Last week, I was out of state and a friend was in touch constantly about silver at 26.80. It wasn't real. Junk silver was NOT AVAILABLE and ASE were over 30.00. There is a growing disconnect between media talk and reality. When our host, the esteemed Mr. Ferguson suggests you get some physical while you still can, I take him seriously. Corruption, manipulation, and Kabuki are on the rise.

Apr 11, 2013 - 7:51pm

Gobble, gobble...I prefer my turkey warm and w/stuffing

IMF raises concerns over QE 'cold turkey'

Loose central bank policies may threaten global financial stability when interest rates rise because lenders could become "addicted" to central bank financing and put off vital reforms, the International Monetary Fund has warned.

The IMF welcomed the accomodative measures adopted by the Bank of England and other central banks, including low interest rates and quantitative easing, which it said had helped to stabilise the financial system. However, it warned that the longer these policies - dubbed "MP-plus" - were in place, the greater the risk that negative effects could spill over to other parts of the economy. Photo: PA

2:30PM BST 11 Apr 2013

The IMF said accommodative measures adopted by the Bank of England and other central banks, such as low interest rates and quantitative easing, had helped to stabilise the financial system.

However, it warned that the longer these policies – dubbed "MP-plus" – were in place, the greater the risk that negative effects could spill over to other parts of the economy.

"Financial stability risks may be shifting to other parts of the financial system, such as shadow banks, pension funds, and insurance companies," the IMF said in a chapter of its Global Financial Stability Report.

"Despite their positive short-term effects for banks, these central bank policies are associated with financial risks that are likely to increase the longer the policies are maintained."

The IMF found evidence that loose monetary policy "may be supporting a delay in balance sheet cleanup in some banks", and could encourage them to "evergreen", or roll over bad loans instead of recognising losses on their books.

It said that keeping so-called 'zombie' firms afloat could have an adverse effect on banks. "It is difficult to identify weak but ultimately viable borrowers, and such evergreening may be keeping non-viable firms alive," the IMF said. "Their demise when rates rise could affect the quality of the loan portfolio over the medium term."

Large increases in bank liquidity associated with QE could make financial institutions "addicted to central bank financing", the IMF said. Asset purchases could also lead to a "sharp" jump in sovereign borrowing costs once conditions improve, it added.

"Once economic conditions warrant the withdrawal of monetary stimulus, markets may anticipate that central banks will switch from buying government bonds to actively selling them, and political pressure may be exerted to move the monetary authorities in that direction."

According to research by Bank of America, financial asset purchases by the US Federal Reserve, European Central Bank and Bank of Japan will equate to between 30 and 60pc of their gross domestic product by the end of 2014. Almost $20 trillion (£13 trillion) of the global government bond market now trades below 1pc.

The IMF said that sharp interest rate rises could demolish bank capital buffers in countries like Japan where almost a quarter of government debt is held domestically. An interest rate rise from 2pc to 4pc would generate losses of 16pc on the market value of a 10-year bond, the IMF said.

It urged countries to "vigorously pursue" bank restructuring, rebuild capital buffers and stressed the importance of communicating clear monetary policy "exit strategies" and explain circumstances under which a tightening may occur to avoid market disorder.

Christine Lagarde, the Fund's managing director, warned yesterday that the threat from world’s biggest lenders was “more dangerous than ever” and said that Europe needed to restructure or wind down its banks as part of a vital clean-up of the industry,

A separate chapter released by the IMF on Thursday found that sovereign credit default swaps ......(cont.)


Cry Me A River
Apr 11, 2013 - 7:54pm


BINGO again.---You received two BINGO's in one day. IMPRESSIVE.

I would have posted that Cheetos vid regarding the mattress fort and the secret password where the tiger replies, "Impressive Sir" but I've worn that vid out, however, How about this one:


Apr 11, 2013 - 7:58pm

30 Blocks of Squalor

A good article by Jim Quinn, courtesy of ZeroHedge where I found it.

Obama’s 2009 $800 billion porkulus plan spread your money far and wide to his minions in urban shitholes across the land. The Democrats in Philly were rewarded with millions for Keynesian make work projects for their union brethren. Mayor Nutter and West Philly Congressman Chaka Fattah commandeered $10 million of “stimulus” and another $18 million from HUD to replace Mantua Hall with a 101 luxury townhouse low income housing gated community in the heart of the West Philly slums. These corrupt government politicians never learn, or they don’t want to learn – is more like it. The Feds pay them off and they pay their union cronies off , assuring their re-election. Mantua Square opened in 2011 with balloons, ribbon cutting and promises of community redevelopment and a retail renaissance. I have to admit that it is a beautiful oasis amidst the squalor. Of course, at a cost of over $250,000 per unit to the U.S. taxpayer, it should be beautiful. How many hard working married American couples can’t afford a $250,000 townhome? I’ll go out on a limb and say, most. Why would a resident of a taxpayer funded $250,000 townhouse have any incentive to get educated and obtain a job that would make them ineligible to live in that townhouse?


Apr 11, 2013 - 7:59pm

Propaganda & Suspicion

Yeah...the entire Marketwatch site is completely suspicious and complete propaganda and everyone on it or affiliated with it isn't to be trusted. It's all an elaborate hoax meant to suck weak minds in.

But we should take the word of some people who profess to have followed it for many years in the comments section and take their word that they know the truth regarding all or many of those planted falsehoods.


I actually wonder sometimes if you believe most or any of what you claim to know as fact or if your playing us at times. For a person of seemingly high intelligence I'm astounded at times what you try to claim to know as being the absolute facts or instead that everything is laced with absolute propaganda that's riddled with suspicion or malicious intent.

Will you say the same things about Alex Jones, George Noory or whomever else in 2-3 years from now? Or are they the complete givers of truth until they disappoint you at some point if your version of hoped for events don't pan out?

That's too many absolutes for myself but it really doesn't matter what I think, but some of the things I see and read from you about 'the truth" is hard to take at times. It's only my opinion fwiw, just as your allegations are yours to own or believe in. I have an open mind.

May I ask what the revelation was on there after 3 years that made you decide it was all propaganda?

Never mind.

Apr 11, 2013 - 8:01pm

More thieving on the way...?

Cost of Cyprus bailout 'rises to 23bn euros'

The cost of the bailout for Cyprus has increased to 23bn euros ($30bn; £19.5bn), according to a draft document prepared by the country's creditors.

The original cost of the bailout was put at 17.5bn euros.

But the new total, disclosed in a document seen by news agencies, means Cyprus will have to find 13bn euros to secure 10bn euros from the European Union and the IMF.

Previously it was thought that Cyprus would have to raise 7.5bn euros.

Government spokesman Christos Stylianides said: "It's a fact the memorandum of November talked about 17.5bn (euros) in financing needs. And it has emerged this figure has become 23bn.


Apr 11, 2013 - 8:04pm

I used to have have that disk drive

That white and blue thing that is that robots mouth is an old iMac 3.5 disk drive back from the first generation when they were CRTs and not flatscreens. I used to have one of those. That color of blue was the first iMacs only color. Then they came in like 5 fruity colors. Then they went all white cuz they got taken over by The Man.

Apr 11, 2013 - 8:06pm

ND Volume Silver Versus Gold

Sorry I can't post the charts but the gold volume peaked in the fall of 2011 along with the price high around 1900. Silver, however, is peaking now with the current price smack down. Obvious on the weekly charts. By peaking I mean the volume lately is multiples of previous volumes (we will set a new weekly record tomorrow, we already had a monthly record yesterday with 2/3 of the month to go).

Not sure what it means, other than they are pulling out all the stops to keep silver suppressed.


Apr 11, 2013 - 8:09pm

And now throw this log on the fire

Back on First Notice Day for the April contract, the CME said there were 6,601 contracts standing for delivery.

Of course, if you still desire a gold delivery in April, you can acquire an April contract by ponying up the 100% margin. This is exactly what is being done. And through yesterday, Harvey's got the total up to 10,376! That's 32.27 metric tonnes and further explanation as to why Comex gold stocks are dropping.

"The CME reported that we had 146 notices filed for 14,600 oz of gold today. The total number of notices so far this month is thus 9690 contracts x 100 oz per contract or 969,000 oz of gold. In order to establish what will be the total number of gold ounces standing, I take the OI for April (832) and subtract out today's delivery notices (146) which leaves us with 686 contracts or 68,600 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal:
969,000 oz (served) + 68,600 oz (left to be served upon ) = 1,037,600 oz or
32.27 tonnes of gold.
We gained 8700 oz of gold standing for the April gold contract. This is turning out to be a very big delivery month!"

Looks like it's time to add a few more pallets.

1,037,600 ounces = 2,592 bars = another 13.5 pallets. We'll probably pick up a few more contracts in the coming days so let's just round up to 14.

Apr 11, 2013 - 8:10pm

Before I clock-off tonight...

Scargill 'makes brief response to Thatcher death'

Arthur Scargill reacted to news of Baroness Thatcher's death by telling a friend he was "alive", it has emerged.

The miners' leader, whose battle with the former prime minister was one of the defining moments of her leadership, learnt of her death via a text.

Ken Capstick told ITV he texted Mr Scargill "Thatcher dead" and he responded instantly "Scargill alive".

Mr Scargill led a year-long strike of pit workers in 1984-5 as president of the National Union of Mineworkers.

He and other union leaders were controversially described as the "enemy within" by the then PM.


Apr 11, 2013 - 8:16pm

A "Heads Up" for any Ireland-Based (& UK) Readers ...

I've been following this for a little while, and it looks as though it's starting to escalate in "scary-damage potential" similar to the run-up to the current Cyprus "tits-up" situation, and which could easily develop into having far more global implications (for example, MANY of the UK banking institutions have been dipping their peckers deep into Ireland's honeypot over the years) :-

It Appears The Irish Authorities Are Looking Into The Banking Matter I Raised

by Reggie Middleton of BoomBustBlog on 11th April 2013


SOME of Reggie Middleton's Related Posts leading to the above :-

Are You About To Get Cyprus'd in Ireland? When A Single Word's Worth Billions Of Euros...



Ireland, You May Very Well Be Bust & I Make No Apologies For What I'm About To Show You ...



Days After My Public Analysis On Irish Banks, The Top Irish Banking Regulator Resigns ...



Reggie Middleton Uncovers the Future of the Irish & Their Banking System
Cry Me A River
Apr 11, 2013 - 8:23pm

XTY Value

XTY says,

"I agree but would qualify that the initial value lies in the eyes of the holder of the object, and the potential value lies in the eyes of the potential buyer. <---Thus "value" possess both a monetary and a time component. Herein lies the dilemma of assigning value. Value can not exist beyond one event of exchange without assigning an agreed-to value for future exchanges right? Therefore you can not have endured value without addressing "exchangeability".

"If I love an old t-shirt, it has value to me but not to another. Silver and gold stand out as holders of value as they have almost always found a buyer at a consistent value to other goods over time." <---This describes a one-off transaction where value has been established, used in a transaction and it's finished. Thus, exchangeability of that old t-shirt will never become an issue. But no matter how many time these types of transactions occur, this does not establish an enduring barter system yet.

There are two, in my mind, major categories of assigned value. One in which it is assigned in the "here and now" between two parties where the value is only good during one exchange, but never to be addressed in the future. and one in which assigned value has been established in the past and is now accepted for future exchanges.

Therefore, an enduring barter program can not consist of multiple one-off exchange events where value was only assigned for that one event. It must endure where an agreed-to value/exchangeability can be used to propagate further transactions. But pinpointing whether the actual birth of the exchangeability or value came first of a given enduring form of currency can only be discovered with the first transaction. After this, The agreed-to intrinsic nature of a particular currency endures until something happens to undermine one or both of these two qualities.

Apr 11, 2013 - 8:26pm

History of the World

First, I would like to sincerely thank the sec of state for his positing that 2 hrs vid, or perhaps the personal enlightenment devired therefrom. Humility, if possible, herein, it was leaned, perhaps, again, that sun internals provide not only He fusion, BUT ALSO O N etc, fusion of common lower bio elements. Secondly, provide, of course, the basis of the Arabic base 10 system, from a cat named Fibronanchi, of whom much talk in made apparently modernly through known trading levels, bio-emotionally powered at times, that are based upon his name, so much so, thus concluded that Fib baby must have been a math guy, working with both bio systems as it is modernly applied to trading and numeric systems as applied to base number systems. Thanks Much

Now the step forward. One later Theme of the History of the world, was the advancements in human populations, building civilization and how that is characterized by this commentator as effected by our abutting of great civilizations in the modern era, and the conflicts and trends inherent, named, the 3rd order of the grand Global Confluence, and they do seems to match. You gave use all much to ponder, entertainly so.

Again, thanks so much!

Nothing to see here...

hsofiak Doctor J
Apr 11, 2013 - 8:28pm

@SRS, energy and stored value... I am confused

But the only reason why your silver is valued as you described is because all the other agents on the market have subjectively valued silver such that you, in an exchange transaction with the wood supplier, agree that the exchange value of the wood, according to you, is greater than the silver exchanged and the wood supplier views the silver as more desirable than the wood. As a participant in the market you have expressed your subjective valuation relative to other participants in the market.

Apr 11, 2013 - 8:36pm

UPDATE: Hat Auction

Guys and Gals, your attention please!!!

The hat on auction is EXTRA-special. I don't think Turd made it clear that the hat actually has TWO signatures on it.

YES!!!! El Sombrero WAS signed by Turd before he sent it to me. So the hat has TWO signatures on it, Turd's and Santa's, on either side.

All your enthusiasm is truly a wonder to behold and kudos to Turd for donating the proceeds to his favorite charity cuz I told him it could be for the website.

Apr 11, 2013 - 8:38pm

@An argument worth considering

All those wishing to ponder whether bitcoin is money might be helped by reading Theory of Money and Credit by Ludwig von Mises. Those wishing to ponder value could then proceed to Human Action, also by von Mises. Those wishing to ponder the merits of socialism are advised to read von Mises, Socialism. All of these are available, FREE, at www.mises.org in the literature section. Mises' also wrote several other titles which are well worth reading.

Apr 11, 2013 - 8:44pm

Pento calling for a stock

Pento calling for a stock market crash, and for US 10 year bonds to go from 1.7% to 6-7%.

When does calling for a bond market crash stop? Bond yields will never be allowed to move higher, they will buy whatever is needed, it is not a free market. Pento is beginning to look foolish in my opinion.


Apr 11, 2013 - 8:45pm

Stack Stack, Gold Stack, Scrolling Past Stacks of Gold

Sorry, I just had to.....The stacks of gold made me do it....

Apr 11, 2013 - 8:49pm

Pictures of ACTUAL Bitcoins? (Warning: No bikinis)

Can anybody tell if these are actual bitcoins? What are they made of?

BitCoin Wants In Mainstream Despite Mass Losses

Apr 11, 2013 - 8:50pm

I think maybe it comes down to

A bird in the hand is worth two in the bush.

But not if you don't want a bird in your hand.

(there are a lot of terrible jokes to make here)

(edit: I think AlexC wants a bird in his hand, if not a hand in her ...)

Bobbejaan George Clooney
Apr 11, 2013 - 8:55pm

The 'value' of stolen art ...

XTY said :-

I have often wondered about the 'value' of stolen art, for example.

Easy peasy question to answer ! It naturally depends on your method of acquisition for a specific object.

A) ... Roughly 20% of its open-market value in paper-notes


B) ... About 20 years worth of personal energy-expenditure & labour (if you get caught)

Take your pick (but try not to damage the object with your pick if you choose method B )

Sorry, Xty ... I couldn't resist the pun.

Cry Me A River
Apr 11, 2013 - 8:56pm

Last Comment On Value

Xty---Here's My Last Comment On This:

You said: "

A bird in the hand is worth two in the bush.<--- exchangeability is locked as future value. "silver locks in labor required to buy goods in the future."

But not if you don't want a bird in your hand.<---Value may be acknowledged, but exchangeability never established, thus it may never become a one-off transaction.

Oh Man---I'm Late Again! We Got A Gig At The Jailhouse Tonight!

The Blues Brothers JailHouse Rock
Apr 11, 2013 - 8:57pm

World Economy

Anyone else noticing the terrible economic numbers coming out lately? Canada and Australia losing jobs and now Singapore posts huge GDP miss.

victori zman
Apr 11, 2013 - 8:58pm


Pento still tries to pretend that rationality drives markets. He doesn't get it that it's all rigged.

Apr 11, 2013 - 9:01pm

@Turd on Gold Delivery on Shanghai Gold Exchange

Actually you don't need Andy's special contact to get the delivery numbers on Shanghai Gold Exchange. It's public information.


Just check the "Delivery Volume" column. The numbers are in kilos.

On April 11 2013, 18.608 tonnes of gold and 0.6 tonne of silver were delivered on Shanghai Gold Exchange.

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6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories