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 ()


    Urban Roman
    Sep 1, 2013 - 5:03pm

    Right Wing Circle Jerk

    Eric O, as for the right wing ... and there are quite a few who seem to worship at the shrine of Saint Ronnie in this group ... I regard TFMR as a place where we can compare notes, communicate, and be mentally prepared for the decline, if nothing else. Just about everyone here recognizes by now that collapse is a mathematical certainty. Malthus might have been a few centuries premature, but his logic was essentially correct.

    Once in a while, I try to gently point out that St. Ronnie of the RayGun actually set the stage for us now, and hopefully sometimes it may help. It always amazed me that folks could repeat the current tales of tyranny, the militarized police etc., but have completely forgotten the S&L thingie, Iran-Contra, the October Surprise, and BCCI. Ronnie was an asshole, and every president since then has made an effort to outdo his abuses. Energy crisis? Just rattle some saber in the Middle East. That whole I-can-get-it-for-you-cheaper, just subcontract-it-out and send-the-jobs-to-Asia mentality was established in the '80s. Reaganomics? You're soaking in it.

    But, but, but, the old left-right bullshit that has been used to manipulate the masses is starting to wear thin.

    And I think I'll stop typing before this turns into a rant.

    alan2102 ctob
    Sep 1, 2013 - 5:04pm


    "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."

    There are no rational couterarguments to paranoid delusions, ctob.

    Sep 1, 2013 - 5:05pm

    Dyna mo hum

    "My $9.99 was well spent."

    Dunno how to put this kindly, but you've been ripped off. That's 4c more than everyone else pays!

    I demand an enquiry. I suspect the banksters are behind this. Probably JP Morgan. Oh, you may think "so what, just 4c", but watch out - it'll be 40 next time. Then 4 dollars more. Then 400...

    And then they'll want a bailout when you can't afford to re-subscribe and we'll ALL have to cough up.

    Just saying.

    Mr. Fix
    Sep 1, 2013 - 5:05pm

    alan2102, I've been misinformed.

    Your quote:

    “ Satanic rituals conducted monthly in the oval office”

    I thought they were weekly.wink

    argent rampant
    Sep 1, 2013 - 5:09pm

    Keeping the Faith

    Today was communion Sunday at my church. We shared the bread and the cup in the tradition that goes back to the very origins of the Christian church. The gesture only served to highlight something that has been on my mind for several days.

    It was on the Damascus road that Saul of Tarsus was converted and became Saint Paul, the greatest Christian missionary of all time (no offense whatsoever to Saint Peter). Christians living in Syria today are the direct descendants of those who were there in Paul’s time. Their ancestors have endured there through the Roman and Byzantine empires, the Arab conquest, the French Empire, the Ottoman Empire, the French mandate, and now the Alawite government of the Assad dynasty. They comprise about 10% of the population.

    I understand that Christians, Druze and other minorities have enjoyed some degree of protection under the Assad regime. I don't know what will become of them, especially if they are seen as being allied with that regime, as those around them – Sunni, Shia, Alawite, Druze and Kurd – with all their various connections and backing from kingdoms, principalities and world powers - fight their vicious fight. But I do know I am awed by their persistence against all odds in keeping the faith in Syria for 20 centuries.

    20 centuries! I don’t know if they will survive the current conflict, but my thoughts were with them today as I took communion in the comfort and safety of my 150 year old congregation.

    Sep 1, 2013 - 5:22pm

    Ugghh...I want my clicks back!

    6 pages of weekend comments, and 90% of it is just drivel. Sad to see the quick decay in site quality...Main Street's gone the way of Detroit in a matter of a few weeks. I just deleted my TFMR bookmarks and am checking out of here for a while.

    Best of luck to everyone going forward. I hope this Fall will usher in the start of the next precious metals bull market, and give us all something more constructive to talk about. In the meantime, keep...well, whatever.

    Sep 1, 2013 - 5:25pm

    Weekend threads usually go way off topic

    get used to it.

    I want to hear from the people in IL, MN, and IA and how the corn and soybeans. are doing. I know the planting was late, saw that first hand with snow on the ground in the last week of April. Then too much rain, then it was good growing weather, but now it is pretty darn hot. A food shortage is another reason for martial law....

    Mr. Fix
    Sep 1, 2013 - 5:27pm

    And the Republicans can't even come up with one.

    Listed below are the One Hundred Articles of Impeachment.

    1. Appointment of a “shadow government” of some 35+ individuals termed “czars” who are not confirmed by the Senate and respond only to the president, yet have overarching regulatory powers – a clear violation of the separation of powers concept. Obama bypassed the Senate with many of his appointments of over 35 “czars.”

    2. No congressional support for Libyan action (violation of the War Powers Act ). Obama lied to the American people when he said that there were no US troops on the ground in Libya and then later said they were only “logistical troops.” Obama violated the War Powers Act of 1973 by conducting a war against Libya without Congressional authorization.

    3. Betraying of allies ( Israel and Great Britain. Obama has placed the security of our most trusted ally in the Middle East, Israel, in danger while increasing funding to the Palestinian Authority (Fatah, just another Islamic terrorist group) whilst they have enjoined a reconciliation pact with long-standing terrorist group Hamas and the disclosure of British nuclear secrets to the Russians in the Start Treaty. Obama gave missile codes to British Trident missiles to Russia.

    4. Backdoor implementation of the DREAM Act which would grant 22 million illegals amnesty. Obama passed the Dream Act through an executive order, bypassing Congress again. DREAM is: Development, Relief and Education for Alien Minors

    5. Telegraphing troop reductions to enemies – against the consult of his experienced field commanders – while embracing negotiations with our enemy, the Taliban, and recognizing another, the Muslim Brotherhood.

    6. Betrayal of Arizona. Obama brought a federal lawsuit against a sovereign state, Arizona, seeking to protect its citizens from this threat of mass illegal immigration

    7. Obama’s Failure to enforce U.S. law, the Defense of Marriage Act. He’s stripped America of its moral base by his support for homosexuality and the attack on marriage between a man and a women Obama allows the DOJ to refuse to enforce the Defense of Marriage Act.

    8. Support of an inept and incompetent attorney general who has failed to prosecute voter intimidation cases (New Black Panther Party), initiated a dangerous gun-smuggling program (Operation Fast and Furious) – which resulted in deaths to one of our own law enforcement agents.

    Obama allowed Operation Fast and Furious to occur, which allowed hundreds of Mexican nationals and Border Agent Brian Terry to be murdered with illegal arms given out by the ATF and DOJ.

    9. Increasing the regulatory burden on American business through bypassing the legislative process with his executive branch agencies such as the Environmental Protection Agency and the Food and Drug Administration.

    10. Failure to take the steps necessary to secure our borders and stem the flow of illegal immigration, termed as “repel invasions” in our United States Constitution in Article 1, Section 8 and Article 4, Section 4.

    Obama has failed to defend US soil in Arizona as Mexican troops bring illegals and drugs into the USA, crossing the border doing so. This is a direct violation of Article IV, Section 4 of the Constitution.

    11. Inappropriately commanding the release of strategic oil reserves and providing Brazil $2 billion for its offshore oil exploration.

    12. Illegally soliciting funds from within the White House ($5 dinner video fundraiser). The unalienable rights endowed to us by the Creator; life, liberty, and the pursuit (not guarantee) of happiness – are being threatened by the Obama administration.

    This current government has abridged the consent of the governed and that whenever any form of government becomes destructive to these ends. It is the right of the people to alter or to abolish it.

    13. Taking on the Supreme Court’s power of judicial review with a preemptive striking against justices who might contemplate an unfavorable ruling on ObamaCare.

    14. ”Open Mic ” gaffe in which he explained Russian President Dimitri Medvedev that he’d have more “flexibility” to sacrifice American security after his re-election

    15. Occidental College Transcripts Reveals Obama Claimed Foreign Citizenship to Get Scholarship?

    16. Obama’s secret back channel Nuclear deal with Iran, a sworn enemy of America and our Allies

    17. Obama’s offer of a seat at the table for our avowed enemy the Taliban

    18. Barack Hussein Obama’s Ineligibility to be POTUS because he was born in Kenya

    19. Obama and his Administration leaking previously classified information about our intelligence communities’ efforts to slow down Iran’s march to nuclear weaponry.

    20. Obama destabilized Western Ally Hosni Mubarak in Egypt, and allowed the Militant and Anti West Muslim Brotherhood to take over the Egyptian Regime, posing a mortal threat to our Ally Israel and our own Western assets and interests in the region. Obama instigated a revolution in Egypt against an ally in the War on Terror.

    21. Obama has appointed Muslim Brotherhood advisers, enemies of the State, to the White House. Aid and comfort to the Muslim Brotherhood is TREASON per Article 3 Sec III of the US Constitution..

    22. Obama bypassing Congress again by Executive Decree to allow Illegal Immigrants to remain and vote in America for partisan electoral purposes and reasons.

    23. Obama selling citizenship to criminals in direct opposition to Federal Law.

    24. Obama admin assisted Egypt in remilitarizing the Sinai, “something forbidden by the Camp David Accords”

    25. Obama has attempted to compel religious institutions to pay for abortion services — a clear violation of First Amendment rights

    26. Obama apologizing on 9/11 day to our sworn Islamist enemies, the Salafists, the same day these terrorists massacred the American Ambassador and three other American officials in the Benghazi Embassy, Libya. and ramsacked and looted the Cairo Embassy in Egypt.

    27. Obama spending billions in aid on America´s enemies, while disregarding the needs of the US.

    28. Obama is directly responsible for the many wars and murders of Christians in the Middle East

    29. Obama has financially ruined this country, and his actions are leading to the demise of the dollar. President Obama is either an idiot or he is purposely trying to destroy the American economy.

    30. Obama is hollowing out our military, and destroying our intelligence gathering capability.

    31. Obama, aka Barry Soetoro deliberately concealed his true illegal background to be POTUS, TRUTH out: why #Obama records sealed FOREIGN student ID Can we trust Pres. who games system – lies

    32. Criminal cover up by the White House over BengaziGate, where four Americans, including Ambassador Stevens were murdered by Islamic Extremists.

    33. #CANDYGATE Collusion with CNN Moderator Candy Crowley at the 2nd Debate to cover up BengaziGate The Candy-Obama Controversy : Get the Transcript’

    34. Obama’s Illegal Foreign Campaign money.

    35. Obama Administration defining the Fort Hood Terrorist Act as a Workplace Accident, which gave succour and comfort to our enemies.

    36. The Border-gate arms deal offense that resulted in the death of a border patrol agent as well as numerous innocent Mexican civilians.

    37. Suspected organized and widespread election fraud engineered by Agents of the Obama Regime at the November 6th Presidential Election.

    38. Obama and unrepentant terrorist William Ayers misappropriated over 300 million dollars in donations meant for the education of Chicago’s minority students. They routed the money to Obama’s community activist buddies who then tried to turn the students in radicals. The program was a total failure.

    39. Obama, as an Illinois State Senator, redirected tens of millions in Illinois tax dollars to Valerie Jarrett and Tony Rezko, to provide housing for low income families. They returned the favor with political donations. The housing units were built with cheap materials and labor and are uninhabitable after a mere 10 years of use.

    40. Obama accepted millions in illegal campaign contributions from foreign credit cards after the credit card filters used to screen out foreign money, was switched off. This also allowed domestic donors, who were over the legal limit, to contribute more.

    41. Obama attempted to move control of the Census Bureau from the Commerce Department to the White House, to be managed by then Chief of Staff Rahm Emmanuel.

    42. Obama had provided under the radar amnesty to illegal immigrants by allowing ICE Director John Morton to prohibit ICE officers from enforcing US immigration laws.

    43. Obama allowed USAG Holder to ignore the violation of US immigration laws in the sanctuary cities, i.e.,San Francisco, etc.

    44. Obama illegally fired the IG Walpin for investigating Obama’s buddy, Mayor Kevin Johnson (Sacramento), for fraud (850K) with AmeriCorps.

    45. Obama is in contempt of Federal court for his illegal oil drilling moratorium in the Gulf…

    46. Obama spent a month as the UN Security Council Chair in 2009, which raises the question of his conflict of interest between the US and the UN. This is also likely a violation of his Oath of Office as the UN conflicts with our Constitution on many levels, i.e., LOST, UN Small Arms ban, etc.

    47. Obama signed an EO in December 2009 that allows Interpol to operate in the US without oversight by Congress, courts, FBI, or local law enforcement.

    48. Obama and SecState Clinton misappropriated, er, used $23 million in US taxpayer funds to help Obama’s homeland of Kenya move to a communist nation where the freedom of speech, private property rights, and other rights are subservient to “social justice”.

    This includes the fact that the Kenyan constitution adopted Sharia Law, which violates the basic human rights of women.

    49. Obama was likely involved with then Governor Rod Blagojevich to try and sell his Illinois Senate seat, i.e., pay to play. Jesse Jackson Jr is under investigation for it and it appears that Valerie Jarrett might also have been involved.

    50. Obama ran a website that asked Americans to report on other Americans, in the area of ObamaKare, using and taxpayer money to do so. He repeated this with AttackWatch.

    51. Obama got onto the Indiana ballot through voter fraud in 2008.

    52. Obama sealed all of his records that would show that he is possibly an illegal president, that he is feloniously using a false SSN, that his draft registration number is false, that his Fulbright award was falsely awarded as Obama claimed foreign student status, and that his student aid was falsely obtained.

    53. Obama violated the Constitution by firing the GM CEO.

    54. Obama violated bankruptcy laws by forcing GM bondholders to accept millions of dollars in losses of money that they were legally entitled to.

    55. Obama violated bankruptcy laws by awarding the UAW with a share of GM and Chrysler during their bankruptcy proceedings.

    56. Obama bought votes for ObamaKare with acts like, “Cornhusker Kickback”, “Louisiana Purchase” and the DoI increasing water allocations toCalifornia’sCentral Valley. This brought in the votes of Dennis Cardoza and Jim Costa, both Democrat holdouts.

    57. Obama lied about Americans being able to keep their healthcare coverage if they wanted to. ObamaKare is already forcing them out of their current coverage.

    58. Obama attempted to bribe Joe Sestak with a job offer in order to get him to drop out of the Senate race against Arlen Specter.

    59. Obama bypassed Congress and told the EPA to set carbon emission standards.

    60. Obama forced BP to pony up a $20 billion slush fund to compensate Gulf Coast businesses and residents affected by the BP oil spill. It was administered by one of Obama’s political appointees and there is NO Congressional oversight.

    61. Obama did nothing to Holder (abetted a felony) when Holder refused to prosecute two New Black Panther Party members for brandishing weapons in front of a voting location in Filthadelphia. A direct violation of the voters Civil Rights.

    62. Obama bypassed the Senate with a recess appointment of Donald Berwick as the head of the Centers for Medicare and Medicaid Services. Violates policy.

    63. Obama illegally fired Sherry Sherrod from the USDA over remarks she made at an NAACP meeting in March 2010. He violated her due process.

    64. Obama violated contractual law when his regime cancelled 77 oil field development contracts previously approved by Interior Secretary Ken Salazar, under Bush 43’s administration. This keeps us from extracting from 2-3 TRILLION barrels of oil.

    65. Obama used the DHS to determine the political affiliation of Americans making FOIA requests about the Regime. This led to requests being stalled, lost, etc.

    66. Obama acted in April 2009, at the G20 meeting, to expand the Special Drawing Rights, that now gives the IMF more control over the US economy.

    67. Obama issued an EO on July 12, 2011, attempting to restrict the Second Amendment rights of US citizens in Texas, California, New Mexico and Arizona.

    68. Obama’s allowed the FCC to assume authority over the internet, in direct violation of a federal appeals court that DENIED the commission that authority. In December, the FCC voted and passed the first federal regulations on internet traffic.

    69. Obama allows the DHS/TSA to routinely violate the 4th/5th Amendment rights of Americans at airports, train stations, and VIPER checkpoints.

    70. Obama allows the DOJ in 2009 to stop enforcing federal drug laws in regards to marijuana.

    71. Obama attempted to bypass Congress and raise the Debt Ceiling by “reinterpreting” the 14th Amendment.

    72. Obama just bypassed the Senate AGAIN by appointing Richard Cordray to a new unconstitutional agency, the Consumer Financial Protection Bureau. Violates policy.

    73. Obama deprived the due process of two U.S.citizens, Anwar al-Awlaki and Samir Khan, by assassinating them via a CIA drone attack in Yemen on Sept. 30, 2011. This also raises the question of an act of war against Yemen for firing into a sovereign nation. Obama said in 2008:

    “No. I reject the Bush Administration’s claim that the President has plenary authority under the U.S. Constitution to detainU.S.citizens without charges as unlawful enemy combatants.”

    74. Obama allowed Education Secretary Arne Duncan to grant waivers to No Child Left Behind however, this is a law enacted by Congress and neither Obama nor Duncan have the authority to authorize that.

    75. Obama allowed the bailouts to grant money without the authority to do so. “No money shall be drawn from the treasury, but in consequence of appropriations made by law.” Article 1, Section 9, Clause 7U.S.Constitution

    76. Obama allowed Operation Castaway to occur, which allowed firearms laws to be broken through coercion of legal gun dealers.

    77. Obama bypassed the Senate to appoint three people to the National Labor Relations Board. (Naturally, they’ll all be Obomobots) Violates policy.

    78. Obama twenty three illegal Executive Orders to impose a Gun Grab, which is a direct violation of the Second Amendment.

    79. Providing aid and comfort to the enemy by announcing the date for unilateral withdrawal from Iraq and Afghanistan. Thereby providing the impetus for the escalation of the green on blue attacks

    80. Obama by announcing the date for unilateral withdrawal from Iraq and Afghanistan, thereby triggered the disintegration of the green respect that had been a goal of the training mission.

    81. Obama deliberately interfering in the elections of our chief ally in the Middle East, Israel to try and influence the result.

    82. Obama supplying the Muslim Brotherhood and Egypt with F16 Jets and 220 Abram Tanks, sworn enemies of the USA and our Chief Ally Israel.

    83. Obama nominating a Muslim John Brennan to be Director of the CIA,when America is at War with Radical Islamic Terrorists.

    84. Obama nominating Chuck Hagel, a sworn enemy of our Chief Ally Israel, to be Secretary of Defense

    85. Obama and Holder breaking Constitutional Law, by introducing Drone attacks on Americans.

    86. Obama is using his Executive Decree to allow 80,000 Muslims to enter America next year, and 100,000 Muslims for the next five years.

    87. The Obama administration failed to enforce a century-old law meant to prevent immigrants from taking root in the U.S. only to live on the government dole

    88. The Obama administration’s release of hundreds and potentially thousands of illegal-alien criminals from U.S. detention centers

    89. The sequester is actually a plot by Obama to cut defense spending and transfer money to “ACORN-like” groups that would help elect Democratic candidates.

    90. The Obama administration’s allegedly revealing his political opponents’ private tax information to the media.

    91. Obama allowing the third Saudi Bomber in Boston be deported to Saudi Arabia – Arch Terrorist Osama Bin Laden’s son

    92. Obama Will Not Charge Boston Jihad Bombers as Enemy Combatants

    93. White House Link to Illegal Taping of Sen. McConnell

    94. Allowing Islamic Terror Group the Taliban to flourish and operate on American soil.

    95. The Obama Government has been caught promoting the delivery of taxpayer-funded welfare benefits to foreigners – “These disclosures further confirm the fact that the Obama administration cannot be trusted to protect our borders or enforce our immigration laws. And the coordination with a foreign government to attack the policies of an American state is contemptible,”

    96. Agents of the Obama Regime conspired in 2008 to get Obama’s name illegally put on the Indiana Primary Ballot.

    97. Obama Secretary of Defense Chuck Hagel Involved In Massive Vote Fraud Scandal?

    98. TREASON…Obama Government Hired Al Qaeda to Defend the Diplomatic Mission in Benghazi?

    99. Obama Military Considers Stopping Christians from Proselytizing

    100. Obama and SecState Clinton’s efforts to bring the US under the UN’s Small Arms Treaty are direct violations of the Second Amendment of the US Constitution.

    UNKNOWN: How many exact other violations of his Oath of Office.

    Sep 1, 2013 - 5:27pm

    Latest from The Burning Platform

    "Stimulating the net worth of bankers and connected corporate cronies through engineered stock market gains has not trickled down to the peasants. Our owners try to convince us it’s raining, but we know they’re pissing down our backs. Our Crisis mood is congealing."


    Good to see u Eric O. Even if you did stop by to throw a few stones!

    Sep 1, 2013 - 5:29pm

    Sorry I am late which way to

    Sorry I am late which way to the circle jerk?

    (ps. I am left handed if that helps).

    donnojackshit Kcap
    Sep 1, 2013 - 5:36pm

    Another Troll Cris?

    I really try to overcome my substantial belief and therefore bias that Barry OweBombya is the most incompetent, malicious, parasitical lying sack of shit to be inflicted on the World by evil banksters.

    So, when I read the "bull twaddle" that this new poster cris is espousing concerning Barry, I just have to ignore this poster based on my bias, and total disrespect for anyone that provides any respect for Barry.

    Sep 1, 2013 - 5:49pm


    Would not have made that post had I seen Mr Fix's list beforehand. His might be a tad more complete than mine. LMAO

    Urban Roman
    Sep 1, 2013 - 5:51pm

    Mr. Fix,

    That wasn't 100 reasons. That was 100 right-wing circle jerks, with just a two or three legitimate issues.

    And the Republicans won't push the legitimate ones, because they are complicit in them.

    Mr. Fix
    Sep 1, 2013 - 5:52pm

    AG 1969:

    it's cool, some of those weren't even on my list.

    Sep 1, 2013 - 5:55pm


    Actions speak louder than words, and quite frankly, I think that not recognizing Obama's out and out lawlessness is a bat shit crazy. That's right, I think that anyone who does not recognize exactly what Obama is doing to destroy our country is flat out bat shit crazy or incredibly ignorant.

    Obama has:

    Filled his cabinet with tax cheats, radicals, and bankers

    Signed the NDAA into law, which suspens due process, which freemen have enjoyed since the Magna Carta

    Militarized our police forces which used to "Peace Officers"

    The signing of the National Defense Resources Preparedness executive order grants the Department of Homeland Security, the Department of Agriculture, the Department of Labor, the Department of Defense and other agencies complete control of all US resources, including the ability to seize, confiscate or re-delegate resources, materials, services, and facilities as deemed necessary or appropriate to promote the national defense as delegated by the following agencies

    Continues to support the criminal Eric Holder despite fast and furious, no banker prosecutions, lying to congress, stonewalling investigations and on and on with this clown

    Maintains a kill list including American Citizens and has killed American Citizens with Drones. Call it what you want, I call it cold blooded murder

    Has continued every illegal Bush Policy and expanded some

    Has not produced a birth certificate that has not been proven to be a fraud

    Will not unseal his college records yet maintains if you are not doing anything wrong, you should not be worried about the NSA blatantly and illegally violating your constitutional rights

    Has illegally invaded Egypt, Yemen, Pakistan, Syria, and Libya after beginning his Presidency with a Nobel Peace Prize

    Tells us to be so scared of Al Queda yet supports and maintains them in Syria. WTF?

    Illegal and failed loans to Solyndra

    Targeted Tea Party and others with the IRS

    Bought and strong armed Congressmen to get Obamacare, an unconstitutional bill, passed illegally

    This is just a partial list and I could keep going for a while, but hopefully everyone is starting to see that Mr. Fix's position is actually a reasonable assessment based on the evidence and facts. You are bat shit crazy if you think Barack Obama is trying to live up to his Oath of Office.

    "I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States."

    Sep 1, 2013 - 5:56pm

    Night & Day

    I'm not sure why but the comments generated last week when this thread was vaulted are opposite mirrors of this one with little commentary on the post itself.

    This has descended into one of those eye rolling entrenched skirmishes over right/wrong and an endless dialog of gloomy anxiety that reads like a panic attack.

    If we're lucky we'll get some dramatic price movements shortly in oil and the PM's to dwell on.

    Mr. Fix
    Sep 1, 2013 - 5:58pm

    Urban Roman

    "And the Republicans won't push the legitimate ones, because they are complicit in them."

    On that we can agree, the Republicans aren't doing squat about any of this, but they're not even investigating the rest. That's why I've asserted that both parties have sold us out.

    AG 1969, I always appreciate the moral support, most people do not grasp the severity of our problem, and just how completely corrupted our government really is.

    Pointing this out is fraught with peril these days, I'm just doing my part.

    Eric Original
    Sep 1, 2013 - 6:01pm

    Howdy Gramp

    I could have sworn you had a post recently about stacking firewood, but now I can't find it. Maybe it was someone else. But in any case, the weather is going to change here soon and I find myself with a bumper crop of apples, making pies as fast as I can, and thinking about stacking up some firewood more than any of this other baloney. I did search your posts and saw your stuff about no-ethanol gas. I guess I'm just lucky in that I have two sources of ethanol free gas not too far from me. I always get a bunch in the spring for small engine and boat gas, and also fill up the car whenever I get near those places, though they are slightly out of my way. In my area, the increase in mpg way more than offsets the higher price per gallon.

    Urban Roman, I tipped your post. Anyone with the balls to diss Reagan here gets my respect, considering Turd has a candle lit shrine to the guy somewhere in his bedroom.

    200 Day Moving Average Update:

    Gold, Silver, and Miners, ain't there yet. Go back to stacking firewood, pies, etc, and check back in a few weeks or months. As long as Syria is in the headlines, this blog will remain hopelessly off topic anyway.

    Oh what the heck, here's a tune just to piss off some partisans....

    Don't Stop-Fleetwood Mac + lyrics in description
    Sep 1, 2013 - 6:07pm

    The Syrian chess piece

    By now we all hopefully realize it's all about gas supplies and who controls them, so here's a brief recap about the area!

    Gas reserves from Qatar to Israel need to come through Saudi then either Iraq or Jordan to Israel, then though Lebanon into Syria, in order to get to Western Europe via overland pipeline through Syria to Turkey or seabed to Cyprus then Turkey. As Russia now controls Cyprus and remains friends with Syria (and Putin owns 4% of Gazpron personally) they effectively control the northern and north eastern passages to the West. With 20 year delivery supplies agreed with Israel / Cyprus, and the ability to supply China via Russians already agreed deal with China that the money would not be $ spot tied, the importance to Russian interests is clear. The alternative route from Qatar to avoid Saudi would involve going through Iran then northwards into Iraq and allowing an eastwards pipeline to Pakistan , India and China (see why the Russians support Iran also).

    Greece shipping is now in the control of China, and due to the geological earthquake frequency of this route, an undersea pipeline would be difficult.

    To pipe the gas eastwards overland involves going through Egypt then Tunisia then Libya, before going underwater to Spain/Portugal/via Malta? Perhaps this route is viable depending on how these regions fair, but to the south of Egypt lies Sudan then the land locked Ethiopia (who've recently discovered huge gas reserves). The Ethiopian dam construction, will block 12 months supply of water to the Nile, feeding Egypt (so Morsi threatened to blow it up), along with many other Nile investments are Chinese investments, so it's fair to presume the Chinese control the Horn of Africa South Eastern exit. The Chinese are also heavily invested in the two countries (Eritrea and Djibouti) separating Ethiopia from the Suez canal southern exit (ie the gas can go East to China from these ports on the Gulf of Aden).

    To conclude it would seem reasonable to assume that;

    1) Russia will not back down as their interests are great. Bearing in mind that Western Europe is also dependent on Russian gas already and the Gazpron Nord Stream route to the UK is underway, both the potential motives of Russia and reasons for western Europe reluctance to side with the US are clear.

    2) Isreal now has its own energy source, but no guaranteed way of exporting it, and, in the event of the US failing to support them through an economical breakdown, would find themselves isolated and threatened in the region. It's time therefore for them to either rely on Russia or the US, and if they back the wrong side they lose everything (scary !).

    3) Saudi is pumping oil as fast as it can this year, why? Look to history for how the House of Saud operates. It's been reported that Putin turned down their offer re Syria, so they've played their move and its failed to get the response they were hoping for! If they were to now lose their $ oil basis and US backing in the event of an economic breakdown and non $ based oil transactions, they too will find themselves surrounded and in the minority.

    In all of the above it is important to remember that it is not the humanitarian or joe public reaction that will create the outcome, but rather the cold calculated method, of those at the top, best staying on the winning side and gaining from their decisions.

    Conclusion IMHO = Why I don't want to admit it, and don't want it to happen, I cant see how the US can win this one.

    Sep 1, 2013 - 6:15pm

    Anyone Caught Up In Any...

    ...Right-wing/left-wing nonsense has been fully and entirely hoodwinked by these wings:

    Urban Roman
    Sep 1, 2013 - 6:16pm

    See, Like I Was Saying?

    We can agree on some things.

    Probably the most disgusting sellout for me has been this sanctification of some little thug in Florida with the obvious race-baiting "If I had a son, he'd look like ___." ... that and Holder and Summers and F&F and some other things. What is patently obvious by now is that anyone in "government" now believes (and with good reason) that there are no laws that actually apply to them.

    Mr. Fix
    Sep 1, 2013 - 6:20pm

    re""Night & Day"

    I like your analogy of night and day, but I think J.P. Morgan cornering the gold market is a misnomer, and said so last week. As for the relevance of today's thread, the lawlessness is relevant.

    This was not discussed in detail last week, as we did focus mainly on the numbers, and its implications.

    I don't think the numbers are even relevant in a climate of such lawlessness, and the lawlessness will have a profoundly deeper impact on the eventual outcome than J.P. Morgan's long position.

    Welcome to the dark side.

    Sep 1, 2013 - 6:20pm


    Ahhhh.....yes, we are familiar with this song and dance.

    Comforting, eh? EE still alive and well....


    Sep 1, 2013 - 6:25pm

    "Welcome to the dark side"

    Welcome back Mr Fix, I'm glad you don't speak for the other side of the site as well.

    I'll frame that side as 'a breathe of fresh air'...even if it is quiet today. Not for long.

    I've Seen All Good People - Your Move by Yes
    Sep 1, 2013 - 6:28pm


    Hello long time friend...

    A heads up on the JPM long (cornered) Gold talk...

    1) This could merely be a position that nullifies its tremendous short position in silver.

    2) GS now very long GLD.

    They know exactly what they are doing. The game will be won by them. They won't be caught off guard nor will regulators take them down. The window for all of that is long gone. Its truly is the wild wild west right now and it is every man (bank) for himself. When it falls, it is surely going to within a very short time frame (relative to one's life), anyone holding physical will be the survivors. All that is going on now, is the final positioning and extreme mockery of the markets before the fall.

    The tricks used during this latest repositioning in the metals (from last Oct/Nov on....) will be talked about for decades/centuries. The confusion created and the ensuing swap of positions will bankrupt some, enrich others and allow for mere survival for the rest. Its just best know to follow their lead since there is no natural market anymore. We are all feeder fish following mama shark now.


    Sep 1, 2013 - 6:29pm

    Who to Kill

    If you can't kill innocent people in another country, you might as well destroy the people you represent. It is about "me" and always will be. Human life is of little importance when it comes to the entitlements of a few...who can not stand criticism, much less the evil they do to others.

    Sep 1, 2013 - 6:29pm


    Thank you for that info on the Syrian Christians. I didn't realize the connection to Paul. I have been thinking/praying for the Coptic Christians for the same reasons. They trace back to Mark.

    Dr Jerome, nice to see you pop in. I have thought about you as my kiddo is taking a rhetoric class this year. They are currently studying what rhetoric is and reading Isocrates.

    Turdville is a bit of a salad on weekends, but when differing ideas are presented respectfully we do benefit. It can be hard to hear the content if one is just dodging snowballs, although I suppose sometimes that is the intent.

    Pellet Kcap
    Sep 1, 2013 - 6:35pm

    @ Kcap

    Same as it always was, EE up to their usual tricks. And if you delve down into the rotten core of the EE, there you will find JPM.

    Sep 1, 2013 - 6:39pm

    Nice Open...

    And the initial "no war" smash takes us down about 1%. Let's see how long it lasts.

    Or is it a reaction to...


    Sep 1, 2013 - 6:40pm

    $30 drop is what I expected

    we now have the reversal on the p and f chart I posted Friday morning. Lost in the 6-7 posts and threads that day, of course.

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