More Evidence That JPM Has Cornered Comex Gold

Sat, Aug 31, 2013 - 11:36am

If I can bring all of this together, it will go a long way toward proving correct Ted Butler's theory on JPM's current corner of the Comex gold futures market.

So, let's start with Uncle Ted and his assertions. Recall that Ted is a first-rate analyst who has been trading commodities for about 40 years. He has paid particular interest to the silver manipulation for the past 20. He writes an excellent newsletter to which you can subscribe by clicking here:

Using the CFTC-issued weekly and monthly data (Commitment of Traders & Bank Participation Report), Ted has followed along over the past eight months of position changes and, over that time, the changes have been dramatic. As you know, The Bullion Banks were caught heavily short at the initiation of QE∞ last autumn. I contend that this entire manufactured correction scheme was initiated by The Bullion Banks to give them an opportunity to get out from under their naked short positions and move net long. Ted has concluded that it's not the Bullion Banks per se. Instead, the scheme was initiated by JPM solely for the benefit of JPMand, from a net short gold position in excess of 50,000 contracts last December, JPM has now transitioned into a net long gold position of more than 65,000 contracts. IF THIS IS TRUE, there can be absolutely no doubt as to:

  • The motive behind the counter-intuitive price correction AND
  • The certainty of a very large and significant UP move for gold in the very near future.
  • I did not set out to prove or disprove Ted's assertions. After following the Comex gold and silver deliveries these past 60 days, simple curiosity led me to do some research on recent delivery patterns. What I found not only piqued my interest, I think it proves Ted correct. And again, IF TED IS CORRECT, then there is most certainly a very big move coming in gold.

    So, let's start here: After taking into their house account (again, this means stopping the metal to themselves, into their own, proprietary account) 280 of 3,922 Dec12 silver deliveries, 970 of 2,526 March13 silver deliveries, a big fat zero of 3,416 May13 silver deliveries, JPM stopped to themselves 2,824 of the 3,444 July13 silver deliveries. That's 82%. For obvious reasons, this anomaly got my attention.

    As I've been chronicling here all month, this trend continued into the August13 gold delivery period. Last Thursday alone, the final day of August deliveries, the JPM house account took down 154 of the 164 Aug13 gold deliveries. This brings their monthly total to 3,151 of the 4,075 contracts delivered. That's 77.3%! What's more, after the initial surge of 1,962 deliveries on the 1st and 2nd of the month, the JPM house account claimed for itself 1,945 of the 2,113 remaining deliveries. That's 92%!

    With this as inspiration, I went back and reviewed the previous delivery months for gold on The Comex. These delivery months in 2013 have been February, April, June and now August. What I found is startling.

    Let's start with February. Before we begin, recall that for every buyer, there is a seller...and...for every person or entity taking delivery, there is an issuer from whose vaults that metal will flow. Further, keep this in mind...If you have been naked shorting paper contracts all month, you stand the risk that the entity on the other side of your trade will stand for delivery. So, it follows that, when we see one firm taking consistently taking delivery and another firm consistently issuing the metal, we can deduce who has been shorting all along and who has been buying. Does that make sense? I hope so. If it doesn't. then please re-read that info before proceeding. It is critical that you understand this.

    OK, back to February. During that month, the Feb13 contract was in its delivery period. What initially caught everyone by surprise was the sheer volume of deliveries. After just 3,253 in Dec12, a month which is usually one of the biggest delivery months of the year, the delivery total for February surged to 13,070. Of that total, the DeutscheBank house account took 5,917 and the HSBC house account took 4,879. Between the two of them, they accounted for 82% of all Feb deliveries. And just whom was issuing this metal? JPMorgan. For the month, JPM issued 7,854 of the 13,070 delivery requests. That's 60%. Also getting in on the act was Scotia. They got clipped for the issuance of 3,644 contracts. That's 28%. So, the DB and HSBC house accounts took 82% of the deliveries while the JPM (house and customer) and Scotia house accounts supplied 88%. And don't forget, this was a lot of metal! Thirteen thousand and seventy Comex contracts is 1,307,000 troy ounces, which equates to 40.6 metric tonnes.

    Suddenly, the deliveries for March surged, too. Instead of the moribund 500 or so settlements that we typically see in this "non-delivery" month, March13 saw an incredible 4,229 made...more than last December! I'm quite certain that that has never happened before. So what happened? Why was the March total about 3,000 to 3,500 more than typical and expected? Keep reading...

    After getting clipped for 3,644 deliveries in February, Scotia immediately went on to warpath to get that gold back. For the month of March, the Scotia house account took in 3,383 deliveries while at the same time issuing 179. All totaled, Scotia net deliveries were 3,204 of the 4,229 deliveries for March. That's 76% and, if you take that away, you're left with just the typical 1,025 March deliveries. (Actually, it's not that typical. The Barclays customer account took 834 of the 1,025.) Oh, you're probably wondering which firm provided the metal for all those deliveries? JPM. For March, JPM issued 1,813 out of their house account and 2,209 out of their customer account. That's a total of 4,022 or 95% of all March deliveries.

    The next month is April and, once again, it's a delivery month. The surge in total deliveries continued as 11,632 contracts were delivered to eager buyers. Of those, HSBC was again the big winner with 3,954 deliveries into their house account. Scotia took 3,292 and Barclays got in on the act with 1,276. Between the three of them, these proprietary house accounts combined for 73% of all April13 gold deliveries. And who got stuck with the bill? DB paid out 992 and Scotia paid out 595. This left the balance with none other than JPM and they issued 9,690 contracts or 83%. 5,990 came out of JPM house and 3,700 came out of their customer accounts. Again and just for fun, 9,690 Comex settlements means that JPM had to ship out another 969,000 troy ounces or 30.1 metric tonnes.

    So now it's May and, remarkably, the trend of deliveries in traditional non-delivery months continues and, whaddayaknow, it's a near-repeat of March. Of the 3,050 total deliveries in May, the Scotia house account took 1,746 or 57%. And guess who provided the metal...again? JPM. This time they got stuck providing 97% of the metal or 2,948 of the 3,050 deliveries. What's more, they issued the vast majority of this out of their customer account, which was raided for 2,781 of the 2,948 contracts. Again, "customer" gold is metal held on deposit for JPM customers. This is registered and eligible gold and, as we've seen for years, JPM is able to shift it around wherever they see fit. (And who are JPM's "customers"? Well, wouldn't you like to know?...)

    Finally, this trend repeated one more time during the delivery month of June. For the month, 9,869 contracts were delivered. Once again, HSBC grabbed the lion's share, moving 4,935 (almost exactly half) of the deliveries directly into their house account. The Barclays house account took 2,000 and, for the first time since last December, the JPM house account claimed 547 or 5.5%. Issuing? You guessed it. JPM issued 7,425 or 75% while Barclays and DB added about 1,400.

    So, through adding all of this together we get this. For the 3 delivery months of Feb, Apr and June plus the traditional non-delivery months of March and May:

    HSBC House Account: 13,768 deliveries. Total issuance: One. Yes, you read that right. One.

    Scotia House Account: 8,932 deliveries. Total issuance: 4,259

    DeutscheBank House Account: 5,918 deliveries. Total issuance: 1,746

    Barclays House and Customer: 5,384 deliveries. Total issuance: 908

    JPM Customer: 1,444 deliveries. Total issuance: 16,758

    JPM House: 547 deliveries. Total issuance: 15,181

    OK, now before we go any further, I want you to take a second and review this excellent piece by Mark McHugh from back in April. Not only had he spotted this trend, he also goes on to explain how and why the deliveries out of the "customer" account should almost always match. There should not be a significant disparity.

    Can you see what has transpired here?

    Desperate to cover and eliminate their 50,000 contract short position but not wanting to do so through the actual buying of futures contracts for fear of disrupting the building price collapse, JPM decided to eliminate most of the position by settling and closing the short contracts in physical metal, instead. They likely made this decision in the expectation of re-acquiring the metal in the near future at lower prices. So confident were they in this eventuality, they even used customer gold to settle more than half of these obligations.

    The month of June marked the bottom for the manufactured "correction" with price beginning the month at $1390 before trading down to a low of $1179 and closing out the month at $1224. Price has since continued to recover to a last of $1375.

    Not coincidentally, June was also when Uncle Ted first noticed the change of position for JPM and he reported it in early July after reviewing the Bank Participation Report changes from June. Ted got me all worked up so I did some of my own research and wrote about it here. ( The gist of it is this: After years of being net short, the U.S bullion banks were net long, so much so that on the July BPR, they were suddenly net long almost 45,000 Comex gold contracts! This trend then continued onto the August BPR ( which showed the four largest U.S. banks to be net long an astounding 59,473 contracts.

    It's important to note here that the BPR does not provide specifics. It simply aggregates the positions of the four largest U.S. bullion banks and the 20 largest non-U.S. bullion banks. So, it's impossible to say with certainty how the 59,473 contract net long position is divided. But consider this:

    On the BPR dated 2/5/13, the 4 U.S. banks had a combined net short position of 69,300 contracts. After five months of deliveries and a $500 price drop, the 4 banks had flipped to 59,473 contracts net long. Now, go back up and reconsider all of the delivery totals listed above. Can you connect the dots??? If not, I'll do it for you.

    JPMorgan decided late last year to rig the gold market lower in order to create the ideal conditions under which they could flip a 50,000 net short position to a sizeable net long position. Price, delivery notices and the CFTC-supplied reports document that they accomplished this feat by covering and delivering shorts while at the same time initiating and buying longs. They have no doubt been on the buy side of the record-setting Large Spec selling:

    And here is where it begins to come together...

    If this is the case, and JPM is now net long a massive amount of gold futures, we should expect a complete change in the recent delivery pattern on The Comex. Instead of JPM being the primary issuer, they should be the primary stopper. Additionally, instead of the other banks being the stoppers, they should now be the issuers, particularly the non-U.S. banks as the August BPR showed them to have a net short position in excess of 22,000 contracts.

    And what has happened this month? Exactly that! As stated above, of the 4,075 total contracts deliveries in August, and noting the huge dropoff from the volume of the three previous delivery months, 3,414 were stopped by JPM with 3,151 specifically designated for the JPM house account. And which firms have been issuing? Deutsche issued 1,116, Barclays has done 447 and Scotia accounted for 463. That's a total of 2026 or 49.7%. Note that all three are non-U.S. banks!

    To me, this proves that Ted is correct. Not only is JPM net long the entire 59,473 shown on the August BPR, their position is likely even higher, offset in the net total by a net short position held by the other three U.S. banks included in the report.

    And's the rub. The Big Kahuna. The Grand Finale. JPM is likely going to want back most, if not all, of the 3,193,900 ounces of gold that they delivered earlier this year. (16,758 customer + 15,181 house = 31,939 contracts = 3,193,900 troy ounces = 99.341 metric tonnes of gold) But the other banks aren't least not yet. There were only 4,075 total deliveries in August! And note that HSBC has taken delivery of 13,768 contracts so far in 2013 while delivering just ONE. And who is HSBC??? Yes, they're an English company but what do the "H" and "S" stand for? Do you really think that they are going to be in any hurry to return this 1,376,700 ounces of gold to The Comex and JPMorgan??? I'd say that this is pretty unlikely. Think about it. If HSBC would have simply played ball and handed back to JPM the 4,935 contracts that it settled to itself in June, total deliveries for August would have been at 9,000 not 4,000, a pace that would have matched February, April and June. Instead, total delivery volume came in at just 4,075 and JPM was left grasping to deliver any contract it can get its grubby little hands on as the final two delivery days saw JPM House stop 395 of the 419 remaining deliveries (19 out of every 20).

    So, most importantly, what happens next?

    Right now, the total open interest for the typically slow delivery month of October is just 23,758. Of that total, how many do you think are held long by JPM? 5,000? I'll guess we'll see when the deliveries begin next month. More significantly, the total open interest of the December contract stands at 229,838 (that's 60% of the entire Comex gold complex) and this is where JPM likely holds the majority of its net long position. If that's correct...and it most likely is...what the heck is going to happen in December? Is JPM going to simply roll into the Feb14 and the Apr14 OR are they going to stand for delivery AND, if they stand for delivery, are they going to attempt to extract 20,000 contracts or more worth of gold from the other BBs? And if the other BBs get wind of this, are they just going to sit idly by and wait to deliver or will they begin to move net long before it even gets that far? And then you're only left with Spec Shorts who don't have the capability to deliver 2,000,000 ounces of gold because they don't have it. They're just short the paper!

    All of this could and should set off a buying frenzy/short-covering spree like no one has ever seen. Not only could and should price move higher in the weeks and months ahead, it should move dramatically higher, catching nearly everyone (except the readers of this site) by complete surprise.

    Of course, all sorts of unforeseen events could come along and derail this plan so caution is always warranted. War could erupt in the MENA. Another Financial Collapse could materialize. Maybe India really will dump 200 metric tonnes onto the market. Any of these things could happen and nullify this forecast. However, I firmly believe that it is highly likely that this plays out almost exactly as I've described above.

    I hope you're ready. Prepare accordingly.


    About the Author

    turd [at] tfmetalsreport [dot] com ()


    Sep 1, 2013 - 2:54pm


    You must be new, Mr. Fix says that sort of crap all the time. Anyway if you want a free and open discussion of things that from many different angles, trying to destroy and censor things you consider "fringe" is unlikely to produce such a thing.

    I have a novel idea, how about instead of invalid and just as kooky ad hominen attacks. You try to actually, you know, present a counter argument? I mean that would be the rational thing to do ...

    Ah rationality and real debate such a novel idea. Of course true rationality is whatever the consensus believes, I always forget that little tidbit.

    I don't agree with Mr. Fix but I don't have the hubris and irrationality to try to destroy his posts with out actual, you know, like, evidence and stuff.

    All you had to do was say "@Mr. Fix, that seems highly implausible and I don't see any real evidence to back that up that can't be taken at least three other ways". But you didn't do that. Consider that fact. You did not do that. Instead you did functionally the same thing Mr. Fix does.

    Glass houses my friend, glass houses.

    gold slut
    Sep 1, 2013 - 2:55pm


    How long before they accuse the Syrian government of hiding Saddam's WMDs?

    But seriously, if this determination for war for wars sake was not so feeble and obvious, it would be laughable.

    Voice from Poland
    Sep 1, 2013 - 3:07pm

    three issue to reconsider


    Three comments/issues to reconsider:

    1. what is the real cost of building such a position by JPM if you take into the account dramatically increasing demand from East, part of the West and central banks -which JPM has beaten -can somebody assess this cost and the impact to theoretical exit price for JPM; it will give us potential position where JPM may start closing the position.

    2. JPM is smart, but I can't imagine ignorants working in other banks -don't you think commodity traders as well as risk analists didn't recognized the coming danger of JPM call?

    3. If you were JPM would you call for delivery -I am sure not, JPM will not kill the duck giving gold eggs. What I woluld expect is simple call to other banks how much gold you may give not destroying the contractor, the rest of the position will be moved to next year, don't you think?

    Sep 1, 2013 - 3:08pm

    Read this...

    Guest Post: Who Benefits From A War Between The United States And Syria?

    Submitted by Tyler Durden on 09/01/2013 - 14:04

    Someone wants to get the United States into a war with Syria very, very badly. Cui bono is an old Latin phrase that is still commonly used, and it roughly means "to whose benefit?" The key to figuring out who is really behind the push for war is to look at who will benefit from that war. If a full-blown war erupts between the United States and Syria, it will not be good for the United States, it will not be good for Israel, it will not be good for Syria, it will not be good for Iran and it will not be good for Hezbollah. The party that stands to benefit the most is Saudi Arabia, and they won't even be doing any of the fighting....(more)

    Sep 1, 2013 - 3:08pm

    Actually I am pretty sure

    Actually I am pretty sure that Syria DID get some of Saddam's chemical weapons. We know Saddam had chemical weapons. We know this because WE sold them to him.

    We know there were an ass-ton of trucks sending stuff to Syria right before Bush 2 went in.

    We also know that using chemical weps would be a really fucking stupid move on Assad's part right. So incredibly stupid that only 9% of the populace thinks its a good idea to do something right. Think about that a good number of people who have no idea where Syria is on a map think its implausible because of just how stupid it would be and that there is no hard evidence of who set it off.

    Seriously even our complete morons are saying "Whoa even I am not dumb enough to do that". This whole thing is some serious la la land shit.

    In the end though this is the manifestation of the trade war. Currency war -> trade ware -> real war. Many people think this is the manifestation of real war. But I think they are wrong this is the manifestation of the trade war and is mostly about the pipeline stuff. This will just be one more thing that add friction, but it will take more friction to lead to the actual combustion that will be real war.

    This whole episode is sad and the justifications behind are disjointed and barely even connected. Youtube vidoes. Statements that is was Sarin as an attempt to support that Assad ordered it? I mean come on, once again, even our morons know that is logically invalid. You are missing an entire clause, we know the rebels could have access to Sarin either through allies or by raiding stockpiles. You need to prove it WAS sarin and WHO did it. Without either one the claim is worthless.

    If we were at the real war stage this disjointed and flacid logic would actually be working. Give it another year or two. Then we will really start seeing the insanity. I hope not, maybe these fools will get enough egg on their faces to fizzle it out. But I doubt it. In the end the trade war part will eventually cause enough misery to make someone desparate. I think the Saudi's are already getting desparate.

    maravich44 ctob
    Sep 1, 2013 - 3:19pm

    truth and dis-info...

    can you sort it? can anybody? it all floods in pretty fast.

    Dyna mo hum
    Sep 1, 2013 - 3:24pm


    Cris its like this. Some of us quit drinking the coolaid and with clearing minds we sent an expedition down into some pretty deep rabbit holes. When you trek of down in here one question leads to another and another. Don't be afraid to have a look since you are here. The dots are pretty easy to connect and all you have to do is become aware. If you think that's too much just stay with the MSM.

    Urban Roman
    Sep 1, 2013 - 3:27pm

    The World as it Is

    You know, I looked for my own dribbling visage on BOG's collage. I looked, but alas, I am not in it

    Mr. Fix
    Sep 1, 2013 - 3:29pm

    Urban Roman

    Me too.

    Sep 1, 2013 - 3:41pm

    It is hyperbole and begging the question too

    To state that if there is an example that is contrary to your assertion it is covered by bribery or to buy votes means that your mind is already completely made up, and no evidence will persuade you.

    Further, it implies that if he did something that had good consequences it was to buy votes - and this is bad?

    One thing is for sure, he isn't working tirelessly on anything.

    Mr. Fix cris
    Sep 1, 2013 - 3:42pm

    A challenge for cris:

    It goes like this:

    Please cite me an example of where the current administration has demonstrably improved the lives of Americans, through its own policies, or improved the standing of the United States in the world, or amongst its traditional allies.

    It is my assertion that no such example exists. (Except from those where he has received bribes, or bought votes.)

    To call The Teleprompter in Chief a “Manchurian candidate" is most certainly plausible, although I think he is far more aligned with radical Muslim extremists than with China.

    I accept your assertion that I am on the fringe, I have never even a pretended to assert a mainstream point of view, I just call them as I see them. As you say, it is part of our discussion. You can take it or leave it.

    On a completely unrelated topic, I'm expecting the price of gold and silver to get hammered tonight due to the temporary delay in the up-and-coming war.

    The hypothesis that J.P. Morgan being “long”, as bullish for metals is a misnomer since they have sold all their shorts to their accomplices in their manipulation scheme. They will be richly rewarded with all of the free freshly printed Fiat required to hammer the price down as low as is required to create the illusion that paper currency is still holding its value.

    There will be no significant rise in the price of precious metals until the system collapses.

    This will unfold soon enough, as our Teleprompter-in-Chief is working tirelessly to destroy the dollar, the US, and free enterprise everywhere.

    For more of my thoughts on this particular subject, you may want to look at one of my past posts,

    this one sums it up nicely:

    It's okay to call me a conspiracy theorist

    Dyna mo hum
    Sep 1, 2013 - 3:44pm

    Bog's collage

    Fix and Roman don't let it bug you. She has me in a clown suit I think . Be careful what you wish for. Bog I would much rather be dressed as a court jester.

    Mr. Fix
    Sep 1, 2013 - 3:51pm

    Xty, I welcome your input.

    The point of the challenge, was not to disqualify any possible contribution to the improvement of America,

    in fact even if he was bribed (Let's call them campaign contributions) and hypothetically, the results benefited America, or if the act of “buying votes”, somehow improved America, and made it a better place to live, I would entertain such an assertion.

    By the way, I agree, my mind is made up, I won't argue that. And, I do stand corrected by you, in fact you have changed my mind. I will agree with you that he isn't working tirelessly on anything, and that my statement to the contrary was ill considered.

    I was genuinely looking for an example of where our current government has actually fixed a problem without making it worse, or improve the lives of its citizenry through legislation, that could be offered for consideration.

    When I state that the opposite is true, I have never been presented with an example to contradict my assertion.

    Calling me names does not contribute to the discussion in any meaningful way, there are still aspects of what is unfolding that I am still trying to understand, this is why I come here to learn.

    Sep 1, 2013 - 3:58pm

    Did I call you a name?

    My point was the challenge was unfair, as you disqualified any contrary evidence. My argument is with motive in general, not outcome anyway. But who called whom a name?

    Eric Original
    Sep 1, 2013 - 3:59pm

    Right Wing Circle Jerk

    Cris, didn't you get the memo?

    This isn't a metals blog anymore. It's a right wing circle jerk, masquerading as a metals blog.

    Turd has reaped what he has sown.

    Sep 1, 2013 - 4:01pm


    Cris says: You latch on to the quote attributed to Pelosi about not knowing what was in the bill. This notion that the bill was rammed through without anyone reading it has no basis - it is exactly the type of "talking point" that you are complaining about.

    NO BASIS that no one read the bill? I assume you are a medical doctor. Trained in using the scientific method to use facts to approve or disapprove assumptions. Lets use some of that training..........

    Have you EVER read a congressional bill? Each sentence in a particular bill refers to numerous other federal laws. Cross referencing by cross referencing. Example: "This paragraph refers to all medical plans except those exempted by IRS code 72, paragraph 14, section 23". When you go to that section it reads: "Exemptions apply to all workers except those exempted by collective bargaining agreements as defined by ERISA section III, paragraph 14". That section might read: "This does not apply to individual bargaining agreements as specified in the Retirement Act of 2006"......and on and on it goes. THE BILLS ARE PURPOSELY obfuscated by constant referrals to other bills, statutes, and regulations so a rational man would take days to understand the implications of one sentence. This is done on purpose to hide Congressional Hidden agendas. NO ONE has ever read and underst00d one of these monstrosities! If a typical page in a congressional bill of today, takes over an hour to read and understand (and that's being VERY kind, especially with a convoluted bill such as Obamacare), At 2000 pages it would take a year of 40 hour work weeks, not 72 hours, to read and understand the whole thing.

    Of course no one read the bill! It was impossible to do so! That was done on purpose. Thus, months after it's approval, we are still finding nuggets of crap and unintended consequences from that abortion!

    Wake up my friend, we don't live in Kansas anymore.


    Sep 1, 2013 - 4:04pm

    Urban Roman

    You can have my spot.

    Edit: As honored as I am to receive Dr. Jerome's tender ministrations.

    Sep 1, 2013 - 4:10pm

    I am honored


    I am honored to be included in your art. Though I wish the Greeks were remembered by the masses more for their intellectual pursuits than their famed physical activities. Alas, that we have lost the heart of their ideals and are subject to the kind of tyrants they sought to escape with the invention of democracy.

    Dyna mo hum
    Sep 1, 2013 - 4:17pm

    Right wing circle jerk

    My $9.99 was well spent. More like an anti communist socialist circle jerk. But that's just my opinion I am damn well entitled to my opinion.

    BagOfGold ReachWest
    Sep 1, 2013 - 4:27pm


    You are saying..."One alarming part of your image is that Jamie Dimon seems to keep popping out of the screen at me. Maybe it's just my imagination or I have been thinking of JPM too much"...

    Are you sure you aren't living a secret life Turdites aren't aware of?...

    Enquiring minds...want to know!!!...

    Bag Of Gold

    silver66 Urban Roman
    Sep 1, 2013 - 4:28pm

    Urban Roman-- BOG

    I suspect BOG is Canadian, I am shocked, shocked that BOG has not put my Maple Leaf avatar in her works of art. How can you not love the Maple Leafs???

    Just like there is always next year for us Leafs fans, there is always hope that we will be in BOG's next piece of work


    P.S. BBQ is fired up and time for some burgers, corn and family togetherness. Remember what is true wealth

    Mr. Fix
    Sep 1, 2013 - 4:29pm

    Xty I wasn't referring to you,

    My reference to name-calling was directed at cris for his conclusion about what I had to say : “That's some bat shit crazy talk.”

    Maybe he doesn't specifically call me “ bat shit crazy", but I was genuinely trying to raise the level of discussion from name-calling to specific legislation or policy directives attributable to our president that could be discussed as to whether they have had a positive or negative effect on the United States as a whole.

    Without any meaningful counter argument, my assertions still stand unchallenged.

    Mr. Fix
    Sep 1, 2013 - 4:31pm

    Once upon a time,

    I would have considered myself a right-winger, but upon investigating the markets that we look at, I have since concluded that both sides suck, and that we have been sold out royally by both of them.

    I would even also consider the possibility that Obama may in fact get his war resolution from Congress, since I know there are 535 of those scoundrels, and only 150 even requested to have a say in it. Therefore, I don't want to infer that Obama is going to ignore a vote by Congress declining his war resolution, it is entirely possible that he will get it, I think the right wing who fully backs the military industrial complex might be alarmed at Obama's war strategy, and are afraid that all of their obscenely expensive toys might get broken. I think that if Obama can convince the Republicans ( lie his ass off) and actually convince them that the military-industrial complex will thrive, then the Republican leadership will throw their support behind the war. But he's going to have to be convincing.

    That's the problem with all of his lost credibility, even his so-called adversaries can't trust him anymore.

    maravich44 BagOfGold
    Sep 1, 2013 - 4:41pm

    i really dont understand..

    why political opinions become so divisive. same as it ever was.

    Sep 1, 2013 - 4:42pm

    There exists the technology for change...

    in the continuum of time & include everyone who wants to be included!...Change is good...welcome to your new reality!!!...

    Bag Of Gold

    Sep 1, 2013 - 4:50pm

    Obama's Intentions @cris

    Go back to the first people Obama appointed when taking office and everyone since. The rhetoric doesn't match the appointments or actions. Count the number of people on less than one finger who have been prosecuted for the derivative, mortgage, bailout fiascos and then compare that to the Savings and Loan prosecutions.

    You can quickly see a systematic, organized, progressive effort to transfer wealth, accelerating in the Clinton years and after. Look at Obama's executive orders that destroyed due process and personal freedoms. Look at the continuation of the Bush/Cheney preemptive strikes, torture, denial of due process. Look at the IRS scandals and off shore movement of corporations to avoid taxes. Look at the non action of Congress facilitating the transfer of the US Treasury through the bank owned private Federal Reserve to private interests, including foreign interests.

    Look at the actions of the BIS, European Union, banking destruction of the sovereignty of European countries and how consistent that is with the actions of this President and past presidents.

    Look at the collapse of Detroit with other cities on the way, with QE going to the banks still instead of the States, when the banks are known corrupt, insolvent, and using the wealth to manipulate markets against the people.

    Look at Obama care, which no one can figure out, written by those that would profit most and not by any administration or legislature.

    On and on and on....whoops, look at MSM and the dis-information

    Again, look at all the Goldman and JPM people who are in key staff and cabinet positions in the Administration and look at people like Robert Rubin, Larry Summers and ask what they are about and what kind of destruction that follows them everywhere they go. Who is paying the bill for these people. Who is the head of the CFTC. Who is the head of the SEC. Where did Jack Lew come from. Who were in those key positions previously and where did they come from. What did they "not do" also. Who got rid of Glass Steagall. Who has blocked reinstatement. What other regulations have been thrown out which now makes criminal conduct "legal".Who got the most funds from Goldman when Obama ran the first time...Obama.

    How many generals have been fired. How many whistle blowers prosecuted. How many Administration officials prosecuted.

    How many different ways are there to look at this. Enough.

    maravich44 BagOfGold
    Sep 1, 2013 - 4:54pm
    alan2102 Mr. Fix
    Sep 1, 2013 - 4:58pm

    Mr Fix

    "I have no doubt that as always, every decision Obama makes is carefully designed to have the worst possible outcome for the United States."

    He also drinks the blood of freshly-sacrificed Christian babies, in hideous Satanic rituals conducted monthly in the oval office. I have this on good authority.

    BagOfGold Dyna mo hum
    Sep 1, 2013 - 5:01pm

    Dyna mo hum...

    please post a picture of the court want to be...& will be done!!!...

    Bag Of Gold

    alan2102 cris
    Sep 1, 2013 - 5:01pm


    "That's some bat shit crazy talk. POTUS is a Manchurian candidate treasonist. Wow."

    Welcome to the loony fringe of turdville, cris! It's a lot of fun, s'long as you don't take it too seriously! Enjoy!

    Subscribe or login to read all comments.


    Donate Shop

    Get Your Subscriber Benefits

    Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

    Key Economic Events Week of 6/24

    6/25 10:00 ET New Home Sales
    6/25 1:00 pm ET Chief Goon Powell
    6/25 5:30 pm ET Goon Bullard
    6/26 8:30 ET Durable Goods
    6/27 8:30 ET Q1 GDP final guess
    6/28 8:30 ET Personal Income and Consumer Spending
    6/28 8:30 ET Core Inflation
    6/28 9:45 ET Chicago PMI

    Key Economic Events Week of 6/17

    6/18 8:30 ET Housing Starts and Building Permits
    6/19 2:00 ET FOMC Fedlines
    6/19 2:30 ET CGP presser
    6/20 8:30 ET Philly Fed
    6/21 9:45 ET Markit flash June PMIs

    Key Economic Events Week of 6/10

    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

    Key Economic Events Week of 5/28

    5/28 10:00 ET Consumer Confidence
    5/30 8:30 ET Q1 GDP 2nd guess
    5/31 8:30 ET Personal Income and Consumer Spending
    5/31 8:30 ET Core Inflation
    5/31 9:45 ET Chicago PMI

    Key Economic Events Week of 5/20

    5/20 7:00 pm ET CGP speech
    5/21 10:00 ET Existing Home Sales
    5/22 2:00 ET FOMC minutes
    5/23 9:45 ET Markit PMIs
    5/24 8:30 ET Durable Goods

    Key Economic Events Week of 5/13

    TWELVE Goon speeches through the week
    5/14 8:30 ET Import Price Index
    5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
    5/15 9:15 ET Cap. Ute. and Ind. Prod.
    5/15 10:00 ET Business Inventories
    5/16 10:00 ET Housing Starts and Philly Fed
    5/17 10:00 ET Consumer Sentiment

    Key Economic Events Week of 5/6

    5/9 8:30 ET US Trade Deficit
    5/9 8:30 ET Producer Price Index (PPI)
    5/9 10:00 ET Wholesale Inventories
    5/10 8:30 ET Consumer Price Index (CPI)

    Key Economic Events Week of 4/29

    4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
    4/30 8:30 ET Employment Costs
    4/30 9:45 ET Chicago PMI
    5/1 8:15 ET ADP jobs report
    5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
    5/1 10:00 ET Construction Spending
    5/1 2:00 ET FOMC Fedlines
    5/1 2:30 ET CGP presser
    5/2 8:30 ET Productivity and Unit Labor Costs
    5/2 10:00 ET Factory Orders
    5/3 8:30 ET BLSBS
    5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

    Key Economic Events Week of 4/22

    4/22 10:00 ET Existing Home Sales
    4/23 10:00 ET New Home Sales
    4/25 8:30 ET Durable Goods
    4/26 8:30 ET Q1 GDP first guess