GLD Deception Reaches a New Level

Wed, Jul 17, 2013 - 5:55pm

Just as Westley asked Fezzik, "Look. Are you just fiddling around with me, or what?".

My contempt for the GLD and its Authorized Participants is well-documented. I have no doubt that this sham vehicle was expressly created to siphon demand for actual bullion and provide a readily-accessible inventory of metal for the Bullion Banks to "flywheel" whenever and wherever conditions warranted.

Since the first of the year, the GLD "inventory" is now down over 30%, having fallen from 1,350 metric tonnes to today's 936. The shills of the sell-side firms and the dupes in the financial media proclaim that this liquidation is due to heavy investor "selling and reallocation" away from precious metal. Of course, the fact that the comparable silver ETF, the SLV, is UP in inventory by 140 tonnes matters little. The narrative must be forced down your throat in order to provide the banks the continued cover that they require.

And then you get days like today and yesterday, where the banks let their guard down. Did they mess up and accidentally show their true motives OR do they just simply not care anymore, preferring to thumb their collective noses at all of us who are screaming "fraud" and "sham"?

Why do I say this? Check this out.

Yesterday, the GLD reported another drawdown. (Even though price had risen by over $40 since last Thursday...but I digress.) Yesterday's "inventory reduction" wasn't significant compared to some of the drops we've seen this year, it was reported at just 1.50 metric tonnes. The only thing that caught my eye was the round number of 1.50. That seemed strange so I made a mental note and moved on.

Today, the GLD reported another drawdown and this one really got my attention because...drumroll, please...the amount reported was another 1.50 mts. Exactly, right on the nose. Drill down even further and it gets more hilarious:

Monday GLD: 30,192,195.27 troy ounces

Tuesday GLD: 30,143,884.76 troy ounces

This is an AP withdrawal of 48,310.51 ounces. (As an aside, how the heck do you account for the extra 0.51 ounces anyway? Doesn't that seem strange, too? But, again, I digress.) Now check this out:

Tuesday GLD: 30,143,884.76 troy ounces

Wednesday GLD: 30,095,574 troy ounces

This an an AP withdrawal of 48,310.04 ounces.

Seriously, we're supposed to believe that paper gold went up $6.90 yesterday and fell by $12.90 today, all the while the exact same number of shares were tendered each day leading to the exact same physical withdrawal. As they say, "I might have been born at night but it wasn't last night". Exactly 48,310 ounces for two days in a row? Seriously?? Give me a break! Are you just fiddling around with me or what?!?

This is all a huge sham, scam and joke. Can there be any remaining doubt that folks like Maguire, Sprott and Williams are correct? Decades of leasing and rehypothecation have left physical gold in such short supply that a crisis has developed within the fractional reserve bullion banking system. Absent available physical gold to deliver immediately to hungry Eastern buyers, The Gold Cartel Bullion Banks have been utilizing the current price weakness to raid the GLD for every possible ounce. Further proof of this extreme physical tightness is seen in the negative GOFO rates, which have now remained negative for a record-shattering eight, consecutive days.

This charade will soon end in spectacular fashion. Please continue to accumulate physical metal, as much as you deem prudent, while you still can.


About the Author

turd [at] tfmetalsreport [dot] com ()


Jul 17, 2013 - 6:38pm

The miners pioneer ten commandments of 1849

The miners pioneer ten commandments of 1849 /

Scenes when crossing the plains in 1849

Crossing the Plains

A Man spake these words, and said: I am a miner who wandered from "Away Down East," and came to soujourn in a strange land and "See the Elephant." And, behold I saw him, and bear witness that, from the key of his trunk to the end of his tail, hos whole body has passed before me; and I followed him until his huge feet stood still before a clapboard shanty; then, with his trunk extended, he pointed to a candle-card tacked upon a shingle, as though he would say "Read!"

Title: The miners pioneer ten commandments of 1849--Scenes when crossing the plains in 1849 / Kurz & Allison's Art Studio, Chicago, U.S.A.

  • Creator(s): Kurz & Allison.,
  • Date Created/Published: c1887.
  • Medium: 1 print : lithograph, color, with text.
  • Summary: 14 scenes of lives of pioneer gold miners, including camp life, attacks by Indians and bears, mining, crossing the plains, etc., with text of "miners pioneers ten commandments."

Miners Ten Commandments

I. Thou shalt have no other claim than one.

II. Thou shalt not make unto thyself any false claim, nor any likeness to a mean man by jumping one. Whatever though findest on the top above, or on the rock beneath, or in a crevice underneath the rock, or I will visit the miners around to invite them on my side; and when they decide against thee, thou shalt take thy pick, thy pan, thy shovel, and thy blankets, with all that thou hast, and go prospecting to seek good diggings; but thou shalt fine none. then, when thou hast returned, in sorry shalt thou find that thine old claim is worked out, and yet no pile made thee to hide in the ground or in an old boot beneath thy bunk, or in buckskin or bottle underneath thy cabin; but has paid all that was in thy purse away, worn out thy boots and thy garments, so that there is nothing good about them but the pockets, and thy patience is likened unto thy garments; and at last thou shalt hire thy body out to make thy board and save thy bacon.

Thou shalt have no other claim than one.

III. Thou shalt not go prospecting before thy claim gives out. Neither shalt though take thy money, nor thy gold dust, nor thy good name, to the gaming table in vain; for monte, twenty-one, roulette, faro, lansquent and poker will prove to thee that the more though puttest down the less though shalt take up; and when thou thinkest of thy wife and children, thou shalt not hold thyself guiltless, but -- insane.


Thou shalt not remember what they friends do at home on the Sabbath day, lest the remembrance may not compare favorably with what though doest here. Six days thou mayest dig or pick all that thy body can stand under, but the other day is Sunday; yet thou washest all thy dirty shirts, darnest all thy stockings, tap thy boots, mend thy clothing, chop thy whole week's firewood, make up and bake thy bread and boil thy pork and beans that thou wait not when thou returnest from thy long-tom weary. For in six days' labor only thou canst not work enough to wear out thy body in two years; but if thou workest hard on Sunday also, thou canst do it in six months; and thou and thy son and thy daughter, thy male and thy female friend, thy morals and thy conscience be none the less better for it, but reproach thee shouldst thou ever return to thy mother's fireside; and thou strive to justify thyself because the trader and the blacksmith, the carpenter and the merchant, the tailors, Jews and Buccaneers defy God and civilization by keeping not the Sabbath day, nor wish for a day of rest, such as memory of youth and home made hallowed.

V. Though shalt not think more of all thy gold, nor how thou canst make it faster, than how thou wilt enjoy it after thou hast ridden rough-shod over thy good old parents' precepts and examples, that thou mayest have nothing to reproach and sting thee when thou art left alone in the land where thy father's blessing and thy mother's love hath sent thee.

VI. Thou shalt not kill thy body by working in the rain, even though thou shalt make enough to buy physic and attendance with. Neither shalt thou kill thy neighbor's body in a duel, for by keeping cool thou canst save his life and thy conscience. Neither shalt though destroy thyself by getting "tight," nor "slewed," nor "high," nor "corned," nor "half-seas over," nor "three sheets in the wind," by drinking smoothly down "brandy slings," "gin cocktails," "whisky punches," "rum toddies" nor "eggnogs." Neither shalt thou suck "mint-juleps" nor "sherry cobblers" through a straw, nor gurgle from a bottle the raw material, nor take it neat from a decanter, for while thou art swallowing down thy purse and thy coat from off thy back, thou art burning the coat from off thy stomach.

And if thou couldst see the houses and lands, and gold dust, and home comforts already lying there -- a huge pile -- thou shouldst feel a choking in thy throat; and when to that thou add'st thy crooked walking and hiccupping; of lodging in the gutter, of broiling in the sun, of prospect holes half full of water, and of shafts and ditches from which thou hast emerged like a drowning rat, thou wilt feel disgusted with thyself, and inquire, "Is thy servant a dog that he doeth these things?"

Thou shalt not destroy thyself by getting "tight," nor "slewed," nor "high," nor "corned," ...

Verily, I will say, farewell old bottle; I will kiss thy gurgling lips no more; and thou, slings, cocktails, punches, smashes, cobblers, nogs, toddies, sangarees and juleps, forever, farewell. Thy remembrance shames me; henceforth i will cut thy acquaintance; and headaches, tremblings, heart-burnings, blue-devils, and all the unholy catalogue of evils which follow in thy train. My wife's smiles and my children's merry-hearted laugh shall charm and reward me for having the manly firmess and courage to say: "No! I wish thee an eternal farewell!"

VII. Thou shalt not grow discouraged, nor think of going home before thou hast made thy "pile," because thou hast not "struck a lead" nor found a rich "crevice" nor sunk a hole upon a "pocket," lest in going home thou leave four dollars a day and go to work ashamed at fifty cents a day, and serve thee right; for thou knowest by staying here though mightest strike a lead and fifty dollars a day, and keep thy manly self-respect, and then go home with enough to make thyself and others happy.

Thou shalt not steal a pick, or a pan, or a shovel, from

thy fellow miner, ...

VIII. Thou shalt not steal a pick, or a pan, or a shovel, from thy fellow miner, nor take away his tools without his leave; nor borrow those he cannot spare; nor return them broken; nor trouble him to fetch them back again; nor talk with him while his water rent is running on; nor remove his stake to enlarge thy claim; nor undermine his claim in following a lead; nor pan out gold from his riffle-box; nor wash the tailings from the mouth of his sluices. neither shalt thou pick out specimens from the company's pan to put in thy mouth or thy purse; nor cheat thy partner of his share; nor steal from thy cabin-mate his gold dust to add to thine, for he will be sure to discover what thou hast done, and will straightway call his fellow miners together, and if the law hinder them not they will hang thee, or give thee fifty lashes, or shave thy head and brand thee like a horse thief with "R" upon thy cheek, to be known and of all men Californians in particular.

IX. Thou shalt not tell any false tales about "good diggings in the mountains" to thy neighbor, that thou mayest benefit a friend who hath mules, and provisions, and tools, and blankets he cannot sell; lest in deceiving thy neighbor when he returns through the snow, with naught but his rifle, he present thee with the contents thereof, and like a dog thou shalt fall down and die.

X. Thou shalt not commit unsuitable matrimony, nor covet "single blesssedness," nor forget absent maidens, nor neglect thy first love; but thou shalt consider how faithfully and patiently she waiteth thy return; yea, and covereth each epistle that thou sendeth with kisses of kindly welcome until she hath thyself. Neither shalt thou covet thy neighbor's wife, nor trifle with the affections of his daughter; yet, if thy heart be free, and thou love and covet each other, thou shalt "pop the question" like a man, lest another more manly than thou art should step in before thee, and thou leavest her in vain, and, in the anguish of thy heart's disappointment, thou shalt quote the language of the great, and say, "sich is life;" and thy future lot be that of a poor, lonely, despised and comfortless bachelor.

Thou shalt not commit unsuitable matrimony, nor covet

"single blesssedness," nor forget absent maidens, ...

A new commandment give I unto you. If thou hast a wife and little ones, that thou lovest dearer than thy life, that thou keep them continually before you to cheer and urge thee onward until thou canst say, "I have enough; God bless them; I will return." then as thou journiest towards thy much loved home, with open arms, shall they come forth to welcome thee, and falling on thy neck, weep tears of unutterable joy that thou art come; then in the fullness of thy heart's gratitude thou shalt kneel before thy Heavenly Father together, to thank Him for thy safe return. Amen. So mote it be.

About the Commandments: The Miners' Ten Commandments were written by James Hutchings and first published in the Placerville Herald in June of 1853. The commandments were later reprinted as a letter sheet and sold to miners and prospectors who used it as stationary to write letters.

Big Buffalo
Jul 17, 2013 - 6:42pm


Surr hope they do start to taper. We are printing way too much. Whether they will or not is the question. If they do taper and we start having the debt ceiling hit conversation in the fall, what will happen to metals? There's almost no doubt the debt will be raised again, so does must the government continue to print if they do?

Jul 17, 2013 - 6:49pm

TF, Beautiful Analysis, As Always

Your analysis, simplified, right here, noting all of the following:

(1) Depositors, the actual owners of physical gold bullion in large quantities, have placed their physical gold for safekeeping and storage in the hands of a storage facility, whether characterized as a bank, storage repository, warehouse or what not;

(2) Depositors receive from the storage facility, in exchange for the physical gold, a paper warehouse receipt or a digital, computerized version;

(3) The warehouse operator, has elected to "lease" or "loan" or "lend" or "sell" or "swap" or "rehypothecate" etc. some portion, if not all of, the physical gold entrusted to it, and issues paper certificates in exchange for payment of cash, with the promise that the recipient of the paper certificate promises to return the gold [sheesh, just pick a verb, it all means the same thing, that is, the custodian of the physical gold, recognizing that gold sitting there is valuable, but pays no interest, so the custodian wants to earn revenue by letting some one else use it for the time being, thus the custodian lends or leases the gold to someone else and puts the IOU inside the warehouse instead of keeping the physical gold there]; the key here is that the gold has physically left the warehouse, replaced by a paper IOU, thus creating an interlocking relationship whereby someone owes the custodian some gold, and the custodian in turn owes the depositor some gold, thus linking them all together based on the same physical quantity of gold; there are now 2 claims on the same physical quantity of gold, one by the original depositor, and now one by the bankster/custodian who "lent" that same gold to another in exchange for a paper IOU;

(4) Paper certificates, issued by the custodian of the gold, are disguised by the custodian so that none of the depositors knows that the custodian has actually lent out the gold instead of keeping it inside the warehouse;

(5) Paper depositor receipts proliferate for years and years with no problems, emboldening the custodian to believe that not all the gold owners will ever seek their gold back en masse, thus allowing the custodian to operate a fractional lending scheme; the custodian convinces others who want to borrow some of the custodian's gold to instead take a paper receipt saying that the receipt is "good as gold"; the borrower agrees and accepts a paper certificate instead of taking physical delivery of the gold; NOW, it is vastly more risky for all concerned, because the custodian now can create certificates for more gold than exists in the warehouse; the whole scheme works flawlessly because EVERY SINGLE ONE OF THE PARTICIPATES IS INCENTIVIZED TO KEEP THE SYSTEM GOING. The depositor knows nothing of the scheme, but only wants to keep the gold from being stolen, and thus has no qualms about the whole set up. The bankster, leveraged probably 100-1 paper to physical, makes cash continuously by simply issuing paper. The borrower of the gold, whether taking physical possession or just taking a paper certificate that is akin to a secured note, uses the security as collateral to leverage up and make money on the spread, and hence cares not about actually taking physical possession of the gold. Similarly, anyone holding the security certificate can likewise use it as collateral, and NOW the interconnectivity is huge, linking potentially hundreds of claims to a single quantity of gold;

(6) But, along comes something that spooks a gold depositor, such that the depositor asks the custodian/bankster for the gold back. Today, that "something" is more like a tidal wave of bad omens, like the middle east warfare about to erupt, the cratering world economy, the hyperinflationary printing of the US Dollar, collapsing sovereigns like Cyprus, Greece, Argentina, et al., or, like many have correctly pointed out, the triggering event known by the elite as the default of a large bullion bank ABN AMRO that has created a cascade of redemption requests by large entities/the elite for their physical gold. Who knows what was the actual catalyst. It could be all or none of the above.

What matters now is the "trust" or lack thereof, is making the system unstable. The whole fractional lending system is teetering. It is CRYSTAL CLEAR. The fake paper numbers are all laughable in their obvious fakery, like the US debt numbers, the fake unemployment numbers, the scams in all aspects of finance like LIBOR, et al.

The confidence is eroding or has eroded to the point that gold depositors want their gold back. It is a classic run. The custodian is in a panic. Not all the depositors are going to get their gold back, so at all costs, the bankster/custodian has to stall, delay, or persuade the depositor to rescind the redemption request.

We are seeing the panic of the bankster/custodians TODAY. It cannot be more clear.

Will the banksters get control back, or will the system continue to decay and implode?

I do not for one second believe any of this is orchestrated by some control group of elites. It is a panic, and the system is coming unglued.

It is a scramble by the rich and powerful for possession of gold. This is a global power struggle, played at the highest levels.

What an exciting time to be alive!

Watch and be safe, and oh yeah, stack what you can.

Jul 17, 2013 - 6:49pm

If they keep this up...

If they keep driving prices down, I may just be tempted to grab more ounces of both.

I sense that they know the end is near--that our economy is toast. So what motivates them? Are they adding metal to their personal stacks?

Sneed Hearn
Jul 17, 2013 - 6:52pm
Jul 17, 2013 - 7:11pm

What turdites do to thieves

If you have any questions about how Canadian LCS owners handle things when a thug tries to rob the store, have a gander at this vid from 2 weeks ago.

Store owner knocks out robber with a baseball bat! (Original Video)

What is really humorous to me is the job the two Canadian fire fighters do to the robber.

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

The Doc
Jul 17, 2013 - 7:17pm

Second Dutch Bank to Follow

Second Dutch Bank to Follow ABN Amro, Close Gold Accounts!

Rabobank has just followed in the footsteps of ABN Amro which effectively defaulted by halting deliveries of gold bullion in April, as the Dutch bank will close customers’ gold accounts effective September 1st!
With the GOFO now negative for a record 8th consecutive day, it appears the wave of bullion bank defaults warned of by William Kay may be just getting started.

Howard Roark
Jul 17, 2013 - 7:28pm

Another example

Of the powers at work in the "markets". It looks like a march between mirrors, everybody knows reality is an image but keep on going. Like Kaye said in the interview: it´s like a casino. So beyond the TA, we have to think for ourselves and stand on our convictions.

Off topic (or maybe not): if you could listen to what the MSM here says about the Bernochio´s speech... it´s delicious. It´s like a terror movie: I´m in the middle of zombies, here! Just a line (my translation from a radio program): "Bernanke said that the Fed is ready to maintain the good efforts for more time, since the positive results are clear and sound from housing to employment..."

WTF???!!! Too much power on the Dark side, I say...

Keep strong,


(edit) - Bollocks nice way to start!!!! Hell yeahhh!!!

Jul 17, 2013 - 7:33pm

Gold dollars (at least produced by the mint vs fed)

Isn't it strange that the fed bought up almost all of the mint produced $1 coins (I think they have several billion worth stockpiled). I guess they don't want any golden thoughts associated with the dollar. From wiki: The United States Government Accountability Office (GAO) has stated that discontinuing the dollar bill in favor of the dollar coin would save the U.S. government approximately $5.5 billion over thirty years primarily through seigniorage.[2][4] However, the GAO's $5.5 billion estimate is controversial, having been attacked as misrepresentation in a lawsuit alleging that the correct sum is in excess of $58 billion.[5] The dollar coin is so unpopular with the Federal Reserve, that it contrived barriers to its distribution, according to the testimony of ex-Mint director Philip Diehl in November 2012.[6] I know people that only transact with $1 coins to avoid having to use frns. Also the frn I see in circulation are getting rattier by the month with no new notes released since 2009.

Jul 17, 2013 - 7:36pm

Caption contest (cont'd from previous thread)

"You think those women are excited to see you? You really should check out what the ladies do when I show them my NonOverLiteral Magic Printing Press... Ah, the thrill of non-monetizing liquidity creation..."

Subscribe or login to read all comments.


Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 3/30

3/31 9:45 ET Chicago PMI
4/1 8:15 ET ADP Employment
4/1 9:45 ET Markit manu PMI
4/1 10:00 ET ISM manu PMI
4/2 10:00 ET Factory Orders
4/3 8:30 ET BLSBS
4/3 9:45 ET Market service PMI
4/3 10:00 ET ISM service PMI

Key Economic Events Week of 3/23

3/24 9:45 ET Markit flash PMIs
3/25 8:30 ET Durable Goods
3/26 8:30 ET Weekly jobless claims
3/27 8:30 ET Personal Inc and Spending

Key Economic Events Week of 3/9

(as if these actually matter)
3/11 8:30 ET CPI
3/12 8:30 ET weekly jobless claims
3/12 8:30 ET PPI
3/13 8:30 ET Import Price Index

Key Economic Events Week of 3/2

3/2 9:45 ET Markit Manu PMI
3/2 10:00 ET ISM Manu PMI
3/2 10:00 ET Construction Spending
3/4 8:15 ET ADP employment
3/4 9:45 ET Markit Service PMI
3/4 10:00 ET ISM Services PMI
3/5 8:30 ET Productivity & Unit Labor Costs
3/5 10:00 ET Factory Orders
3/6 8:30 ET BLSBS
3/6 10:00 ET Wholesale Inventories

Key Economic Events Week of 2/24

2/25 9:00 ET Case-Shiller home prices
2/26 10:00 ET New home sales
2/27 8:30 ET Q4 GDP second guess
2/27 8:30 ET Durable Goods
2/27 11:30 ET Goon Evans speech
2/28 8:30 ET Pers Income and Spending
2/28 8:30 ET Core Inflation
2/28 9:45 ET Chicago PMI

Key Economic Events Week of 2/17

2/18 8:30 ET Empire St Manu Idx
2/19 8:30 ET Producer Price Idx
2/19 8:30 ET Housing Starts & Bldg Perms
2/19 2:00 ET January FOMC minutes
2/20 8:30 ET Philly Fed
2/21 Fed Goons all day at Chicago Conf.
2/21 9:45 ET Markit flash Feb PMIs

Key Economic Events Week of 2/10

2/11 10:00 ET Job Openings
2/11 10:00 ET CGP Hump-Hawk House
2/12 10:00 ET CGP Hump-Hawk Senate
2/13 8:30 ET CPI
2/14 8:30 ET Retail Sales
2/14 9:15 ET Cap Ute & Ind Prod
2/14 10:00 ET Business Inventories

Key Economic Events Week of 2/3

2/4 10:00 ET Factory Orders
2/5 8:15 ET ADP Employment
2/5 9:45 ET Markit Service PMI
2/5 10:00 ET ISM Service PMI
2/6 8:30 ET Productivity & Unit Labor Costs
2/7 8:30 ET BLSBS
2/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 1/27

1/28 8:30 ET Durable Goods
1/28 10:00 ET Consumer Confidence
1/29 10:00 ET Pending Home Sales
1/29 2:00 pm ET FOMC Fedlines
1/29 2:30 pm ET Powell presser
1/30 8:30 ET Q4 GDP first guess
1/31 8:30 ET Pers Inc and Spending
1/31 9:45 ET Chicago PMI
2/2 10:00 pm ET Chiefs win SB LIV

Key Economic Events Week of 1/13

1/14 8:30 ET CPI
1/14 9:00 ET Goon Williams
1/15 8:30 ET PPI and Empire Fed
1/16 8:30 ET Retail Sales and Philly Fed
1/17 8:30 ET Housing Starts
1/17 9:15 Et Cap Ute and Ind Prod

Recent Comments

by jack3617, 3 min 52 sec ago
by Winder, 31 min 49 sec ago
by Joseph Warren, 35 min 3 sec ago

Forum Discussion

by SilveryBlue, 3 hours 41 min ago
by Solsson, 7 hours 28 min ago
by Green Lantern, 7 hours 45 min ago
by sierra skier, Apr 1, 2020 - 8:56pm
by sierra skier, Apr 1, 2020 - 7:41pm
by sierra skier, Apr 1, 2020 - 7:37pm