Q.E.D. II

136
Sat, Dec 7, 2013 - 12:10pm

To me, the evidence is conclusive. Let's see if you agree.

In college, I had a physics professor who, every time he demonstrated a mathematical formula, would conclude his work with "QED". There's a reason for this and I'll let wikipedia sum it up for you:

"Q.E.D. is an initialism of the Latin phrase quod erat demonstrandum, originating from the Greek analogous hóper édei deîxai (ὅπερ ἔδει δεῖξαι), meaning "which had to be demonstrated". The phrase is traditionally placed in its abbreviated form at the end of a mathematical proof or philosophical argument when what was specified in the enunciation — and in the setting-out—has been exactly restated as the conclusion of the demonstration.[1] The abbreviation thus signals the completion of the proof."

Well, after Wednesday night's Comex delivery reports, QED is also how I feel regarding the JPM NET LONG position I've been harping on for months.

As first noted in the July Bank Participation Report, a "U.S. Bank" is now massive long Comex gold futures. Experience told us that a position of this size...generally around 75,000 contracts...HAD TO BE JPM. However, this experience was just conjecture and we needed demonstrable proof. The first four days of December delivery provide the proof.

If you've been following along, I've estimated that, in a NET LONG position averaging 75,000 contracts, it was likely that at least half the position was in the front-month Dec13. That position was then rolled into Feb14 and April14 but not without causing some extreme volatility, which JPM used to their selfish price advantage. Additionally, because JPM issued almost 3,000,000 ounces of gold to the other banks through the Comex delivery process of Feb13, Apr13 and June13, it was to be expected that they (JPM House) would use their long position to stand for delivery this month. Not wanting to "break" The Comex...YET...JPM will eventually stand for 7,000-8,000 in December. If the entire system doesn't collapse first, look for them to stand for the same amount in February and April of next year.

Given all of that listed in the paragraph above, "proof" of JPM's NET LONG position will lie in just how much gold they actually take in delivery during December. If the total had turned out to be miniscule...like earlier this year....my entire analysis and conclusion could be justifiably called into question. If, however, JPM ends up stopping 90%+ of the Dec gold contract deliveries...

And what do we have so far? Wednesday alone was breathtaking. There were 2,472 deliveries announced. Of the 2,472, the JPM House account stopped (took delivery) of 2,389 or 96.6%. This brings the total for the first five days of the month to:

Total Deliveries: 3,558

Total Stopped by JPM: 3,400 or 95.6%

Total Issued (thus far) by HSBC: 2,216

Total Issued (thus far) by Scotia: 787

Now consider this. Back in the first half of this year, when JPM was desperately converting a 75,000 NET SHORT position into a 75,000 NET LONG position, it got stuck "holding the bag" and deliveries were made against it by the other banks. For the delivery months of Feb13, Apr13 and June13, it looked like this:

Total Deliveries: 34,571

Total Stopped by HSBC: 13,768

Total Stopped by Scotia (including March and May): 2,257

Total Stopped by Deutsche Bank: 5,918

Total Stopped by Barclays: 3,596

Total Stopped by JPMorgan House: 547

Total ISSUED by JPMorgan (House and Customer): 31,939

Guess what world? THEY WANT THEIR FREAKING GOLD BACK!! And they have cornered The Comex gold market in order to make this happen.

Ultimately, what does this mean to you, my dear Turdite? Let me again put it this way...

JPM is NET LONG something like 65,000-70,000 Comex gold contracts right this minute. (My best estimate based upon yesterday's Bank Participation Report.) What you have to decide is this: Just whom do you expect to win in the end?

  • The brainless Specs and the non-U.S. banks?
  • The ruthless JPMorgan?
  • Assuming no changes of position, a drop of $175 from here, toward the vaunted and much-hyped $1050 level, would "cost" JPMorgan about $1.5BILLION. Do you really think that JPM, holding a market-dominating and cornering position, is going to ALLOW that to happen? Seriously?? Well, we'll see, I guess.

    Now some would suggest that JPM's Comex position is simply a hedge, offset by an equally large net short position held OTC. (As Westley said: "It's possible, pig".) But if that's the case, how do you explain JPM's sudden desire to take delivery? Again, 95%+ of the December deliveries are being stopped to the JPM House Account. Look, I'm not claiming to be some kind of Comex depository and delivery expert, remember I'm just a guy from Kansas...BUT...if JPM was simply "net neutral" and "non-directional", why would they take delivery in the first place...AND...why would all of the deliveries be ending up in their own, proprietary account?

    Finally, there is always the possibility (some would same likelihood) that all of this CFTC and CME-generated data upon which I am relying is nothing but lies and fabrications, intentionally falsified in order to deceive. Of course that's a possibility and, frankly, a somewhat logical deduction given the layers of fraud and deception prevalent throughout not just the metals markets, but seemingly everywhere. However, note the consistency of the data. The NET LONG position was first shown in the BPR of July and it is playing out now, in real time, in December. That's a long time to manage and maintain a charade.

    Instead, I actually believe the data is (mostly) accurate. Look, where else do you see the type of analysis I just gave you? It's not as if it's being trumpeted by CNBS. Very, very few people take the time to figure this stuff out and put two-and-two together. And I can promise you, JPM doesn't give a rat's ass that you and I know this stuff. By the time everybody else catches on, price will have already moved and everyone will only look back with hindsight. JPM just wants their gold back before the current fractional reserve bullion banking system breaks, prices skyrocket again and a new global currency regime takes hold. And now, for the first time ever, they've cornered the Comex gold futures market in order to ensure that it happens.

    Q.E.D.

    TF

    About the Author

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    turd [at] tfmetalsreport [dot] com ()

      136 Comments

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    Sovereign Economist
    Dec 11, 2013 - 4:15am

    Global Currency Reset may be coming very soon

    Now, I’m smelling a Currency Reset sooner than later here…. and if HSBC settles in cash at the newly devalued dollar rate, then both JPM and HSBC win. Anyone like to hazard a guess what will happen to the gold price in US Dollars if that reset happens in the next 90 days?

    Oh, and if such occurrence is about to happen, you can bet your a** JPM AND HSBC know it’s coming… Now, Turd’s analysis, to me at least, seems to be consistent with what I would think JPM would be up to in advance of such an event. Thoughts, anyone?

    climbthathill
    Dec 10, 2013 - 11:18pm

    failed - alan - score 3 out of 10

    Alan

    You are wrong on many levels. Just because there is a conspiracy theory does not mean that there isn't a conspiracy.

    1) I named a specific organization for the UK - Common Purpose - not some nebulous they.

    2) I named a specific organization for first formulating the agenda - the Frankfurt School - again not some nebulous they. Furthermore - they went to print with it, It wasn't ascribed to them by other people. I look at it like this - if you and I speculate what THEY are doing, that's a conspiracy theory. If THEY tell us that's what THEY are trying to do, its not a theory.

    3) Specific individuals from the Frankfurt school did become professors at quite famous US institutions - Harvard, UC - Berkeley, etc. Similar in the UK. You can then see what they did and said and published. Again - not some nebulous they.

    4) How did the legal system become a sham? I see you stepped over my point about 3000 new laws issued by the previous government in the UK. Incidentally that was a 14 year span.

    "The legal system, and law and order, were not broken down by filthy commies; they were broken down by the legal system and the representatives of the law, and by the politicians that make the law."

    But in the UK - some of those people - in the legal system and the representatives of the law, and by the politicians that make the law - were also part of Common Purpose, which (sarcasm on - I am sure entirely coincidentally - sarcasm off) was founded by a self-proclaimed Marxist and (by the actions of its members - but here there is some element of conspiracy theory because they don't confirm it) appears to follow the agenda first set out by the Frankfurt School. If you really want to debate this I can get extremely specific about what they have done to the UK and I can name names. For example Harriet Harman - currently shadow deputy prime minister - authored our Equality Act (law) when she was a minister in the previous government. Previously she had been the legal officer for the national council of civil liberties at the time when they were campaigning for the legalization of paedophilia. (You couldn't make this up could you). She is not an isolated example. And we have some extraordinary examples of "equality" coming out of that act.

    In the US I would suggest its a consequence of an alliance of convenience between banksters and other oligopolists/monopolists on one side and the politically correct on the other. How else do you ascribe that for all the political infighting between Republicrat and Democan in Washington you largely just seem to keep heading in the same direction - with policies that rip off the taxpayer and do little for the public good but feed the wealthy. Obamacare is a wonderful example - your medical costs are astronomically high but instead of addressing where the money goes you allow it to keep flowing and instead find a new way to harvest cash to feed it. The whole debate around Obamacare is a misdirection - keep the previous system or adopt the new - but both feed the same abusive price-gouging monster. Similar with the bank bail outs and QE. Same with the refusal to prosecute wrongdoing by financial institutions and individual decision makers within those institutions who chose criminal behavior.

    We have a similar problem in the UK - we call the party lib/lab/con - a three headed monster that offers a simulation of choice whilst actually foisting more or less the same policies on the public - only differing by degree. Our banksters/oligopolists/monopolists are usually a lot more subtle than yours, but they exist and occasionally get exposed in the light (and incidentally sponsored a certain Karl Marx's sojourn in London while he was writing some of his stuff).

    5) I agree that child abuse in the catholic church and its cover up was a terrible thing and I agree with the reasons you give for it being terrible. As for the UK problem, you probably haven't seen the extent of the child abuse rings in the UK - but it seems every town had it - and the scale of the abuse was industrial. And investigation was actively suppressed by leaders in social services and child welfare in local government and by leaders of the police - the people we taxpayers pay to make sure this stuff doesn't happen. The same people who had their fingers in suppressing it just coincidentally happen to be members of common purpose.

    By the way, it was a Muslim immigrant in the prosecution service who first blew it open and forced the police to investigate. And just in case you are wondering, please don't mistake me for a bigot. In fact I have an interracial/intercontinental marriage. And in the UK, we have immigrants protesting against the current excessive level of immigration.

    6) Individuals taking up their personal responsibility and coming together is is a step on the road to collectivism, in the same way that bartering is a step on the road to oligopolism/monopolism. Yes it can get there eventually if you push uphill hard enough. But I wouldn't describe a bunch of neighbors coming together to build a barn for the newly wed couple as an example of collectivism. The key is personal individual responsibility for action/inaction and consequences. In a collectivist system I don't have that personal responsibility.

    7) I hate that greedy hypocritical slimebags reach positions of influence in the church. But on the other hand name any organization anywhere where greedy hypocritical slimebags don't reach positions of influence. For example, look at the abuse of large organized charities so a politically correct connected elite can live in relative luxury - while following a politicized agenda - not what their donors intend.

    8) Like you I believe in homeless shelters and foodbanks. I don't believe everybody gets there through fault of their own - I know the majority are there through force of circumstances. But I do recognize that a collective regime is by necessity a totalitarian regime - and in a totalitarian regime, people who are prepared to put their own self-sacrifice - effort and time - into building a service for the homeless and needy are going to be targets for the regime if only because they because they could become centers of opposition to draconian laws and oppression.

    The mistake underlying your thinking is that THEY (nebulous) share the same goals as you. To relieve and ultimately to solve poverty. To make sure life is fair. Etc. Actually they are greedy hypocritical slimebags and their goal is to have and maintain power over all of us whether through wealth or politics. That's why the monpolists/oligopolists work so well together with the politically correct elite despite the fact that you would expect them to be deadly enemies - they feed each other - its symbiosis. And neither of them give a toss about you or me except as fodder for their schemes and as serfs to support their wealth or or as court eunuchs to administer on their behalf.

    alan2102
    Dec 10, 2013 - 9:29am

    tiredofclimbing, so resting for now

    "We have pedophile rings being run by Muslim immigrants from the third world (mainly Pakistani). The local authorities suppressed investigation into these child-abuse rings on the grounds that it would be racist. People who tried to investigate were sacked. It went on for years before finally blowing open. The people within the local authorities who suppressed it were members of Common Purpose."

    That's terrible. Really, it is.

    But you know what is even MORE terrible? This: the fact that we have (or at least HAD) pedophile rings being run by Catholic priests, the investigations of which were (often) suppressed.

    Why is that more terrible? Because the Catholic elders were supposed to be moral exemplars. They were supposed to be the LEADERS, the ones we look UP to for guidance, for an example of high-minded behavior.

    I give this as another example of my point. I'm not, of course, defending pedophile rings run by muslim immigrants. That's terrible, and they should be busted (regardless of whether or not they are muslims, or immigrants). What I'm saying is that a social context has been created in which, there is little respect for what used to be fundamental norms of moral behavior, and little moral hesitation about doing something terrible like setting up a pedophile ring. That context was created by the egregious behavior of the leaders and pillars of the community -- i.e. by US. (And if those mentioned are NOT us, then who is?)

    alan2102climbthathill
    Dec 10, 2013 - 9:13am

    climbthatmountain

    "If the real collective ever arrived Alan would find himself together with those other activitists locked away for political reeducation."

    Yeah? Because I believe in homeless shelters and food banks? Well, OK. Take me to the Political Reeducation Prison/Center then. Should be good for an (inner) laugh.

    "I believe in community. Individuals taking up their personal responsibility and coming together to decide and do jointly what needs to be done."

    Good. Except that coming together to decide and act jointly on what needs to be done is a step on the slippery slope that leads to Stalin/Mao-style mass collectivism. You really can't be too careful.

    alan2102climbthathill
    Dec 10, 2013 - 9:06am

    climbthathill

    "THEY have:

    • Shaped education and lowered standards of attainment - infiltrating teacher training colleges and introducing theories about fairness and equality of outcomes (in place of equality of opportunities)
    • Sought constant changes in the law to keep us confused
    • Sought to destroy the church
    • Sought the breakdown of family life
    • Sought to dumb down culture
    • Sough to break down law and order
    • Pushed the counter-culture and led the anti-war movement in the 60's
    • Sought to increase the rights of criminals and decrease the rights of victims"

    The key is in the very first word: "THEY". Who is this "they", and why do you think "they" are responsible for all this?

    What you've written sounds like a standard paranoid cold-war tract, describing how the filthy commies are infiltrating society with the intention of destroying everything. But it is not so much any outside force with the intention of destroying everything. It is what is happening on the inside, in society and culture. For example, churches have become less powerful because they lost salience; people lost interest in their message -- sometimes because their message was simply idiotic (e.g. denying evolution). AND because it became evident in all too many cases that they were run by greedy hypocritical slimebags. It was not filthy communist conspirators that undermined the churches; it was the CHURCHES that undermined the churches. As Gandhi put it: "there's only ONE thing that keeps me from becoming a Christian: Christians!" That sums up the unspoken attitude of 100s of millions of people in the developed world (particularly outside the U.S.).

    Likewise on other fronts. How do you expect people to respect "law and order" when it becomes obvious that the legal system is a sham, that judges and police are corrupt, that lawyers and district attorneys have no respect for the law, that the deck is stacked against certain groups, etc.? How can people respect the law when harmless (and even beneficial) herbs are banned and their possession prosecuted viciously (e.g. with multi-decade prison sentences) as though they were poison? The legal system, and law and order, were not broken down by filthy commies; they were broken down by the legal system and the representatives of the law, and by the politicians that make the law.

    I could address your other points in a similar way, but I trust you get the idea.

    You want to ascribe these huge social/cultural problems to some foggy group of invaders or conspirators -- a dark, evil "they", or "them" -- but the problem is US.

    "We have met the enemy, and they is us!" -- Pogo.

    I'm not saying that problems are not sometimes caused by small groups of conspirators. That DOES sometimes happen. But the problems of which you speak are not examples of that.

    climbthathillalan2102
    Dec 9, 2013 - 11:48pm

    I Run Bartertown

    "But I've never seen anything from alan that would indicate he'd want your Community to have any power to resist his Collective. You can do whatever you want, as long as it serves the collective and not your own community."

    If the real collective ever arrived Alan would find himself together with those other activitists locked away for political reeducation. I grew up on the front line of some of this stuff - my father (ex-SAS) fought against insurgencies in various far-flung parts of the world and later after he left the army he used to go and rescue people from behind the iron curtain and we used to have refugees stay with us when they first arrived in the UK.

    Later we emigrated to South Africa - where part of my father's job was to find ways around the apartheid laws and get blacks into management so that they would become stakeholders rather than seeking Collectivisation. It worked. Once in power, Nelson Mandela's government abandoned its policy of nationalizing everything and later described itself as Thatcherite. Actually, while I was there I became a Christian (you'll see the relevance below) because of how the power transition occurred and why it was peaceful - stuff that never got reported in the secular papers. But at age 18 I returned to the UK.

    As a Christian I believe in personal responsibility. I choose how to act. I also believe in personal charity - but not in the modern perversion of organized charity into political propagandists. If I meet someone in need I will give them aid if I think it is appropriate - I've stuffed money through a strangers letter box in the middle of the night because they didn't know how they were going to feed their children. I've run a coffee bar in the town centre for the kids on the streets to give them some focus - and seen some lives changed. I've been a shoulder to cry on. I believe this stuff is much better done by individuals and communities than by an overlarge, impersonal, bureaucratic and inflexible state. (ps I'm not claiming to be perfect. I've messed up sometimes and made some bad choices along the way.)

    But its part of why I believe in community. Individuals taking up their personal responsibility and coming together to decide and do jointly what needs to be done. Its why I oppose the collective where the individual is required to surrender responsibility and free-will and freedom of choice in exchange for empty rights. And its why I oppose the monopoly which would also seek to remove my free-will and choice.

    climbthathillalan2102
    Dec 9, 2013 - 10:04pm

    alan2102

    "OK. But the problem I have is that when I observe my own (and other) communities, I see that all the leftish type people are involved in local community-based work of all kinds, like local food banks and food distribution, tutoring, community gardening/farming, direct work with underprivileged children and the homeless, local environmental work (clean water, whatever), etc., etc. If they are dedicated cultural Marxists, dead-set on destroying community (and church, and family) in order to pave the way for the mass collectivist communist society, then why are they doing these things? They should be doing the opposite. They should be seeking to undermine this community stuff. Instead, what they are doing tends to build local community bonds which are fundamental to the AUTHENTIC conservative tradition (typically forgotten by self-described "conservatives")."

    Ha - here you hit an interesting split in the behavior of leftists.

    • Those who serve the community - and maybe they are a bit wooly minded on some things but they are not deliberately destructive - indeed they seek to be constructive and often are. Mostly. But some of the second group hide what they are by looking like they support/share the activities of the first group. And how much of what the first group do, is needed because of the activities of the second group?
    • Those who hide in respected institutions and hide what they are, but seek to break down and destroy society to usher in a new age of barbarism and create the conditions for revolution. I don't like McCarthyism - he employed stupid bullying methods and was a self-agrandizer - but he wasn't entirely wrong about his target. And in the hullabaloo about him and his methods we forgot that. Go Google who was in the Frankfurt school and then what they did after they fled Nazi Germany - which universities they taught at - mainly in the US and UK - and figure out who was in their classes to become the next generation and then figure out who the next generation taught. They have:
      • Shaped education and lowered standards of attainment - infiltrating teacher training colleges and introducing theories about fairness and equality of outcomes (in place of equality of opportunities)
      • Sought constant changes in the law to keep us confused
      • Sought to destroy the church
      • Sought the breakdown of family life
      • Sought to dumb down culture
      • Sough to break down law and order
      • Pushed the counter-culture and led the anti-war movement in the 60's
      • Sought to increase the rights of criminals and decrease the rights of victims - and just look how far they have gone in the UK with that

    All done to destabilize society. I didn't make this stuff up - its their own published agenda. And they didn't go away when the iron curtain fell.

    I'm from the UK, where we have an organisation called common purpose (google it - and have a look at sites like stopcommonpurpose). And it actively pursues this agenda and it has tentacles everywhere in the British courts, chief police officers and other high ranking police, senior civil servants - even the Prime Minister promotes its activities (although he may be a useful idiot rather than a believer).

    Let me give you some hard examples of where the UK has got to, down this road:

    • A few years ago, a man walking down the street glanced down an alley and saw a rape in progress. He stopped the rape by hitting the rapist. He was arrested for assault. The rapist got off with a suspended sentence (no jail). The man who stopped the rape got a heavier sentence. When he asked the beak (magistrate) what he should have done, the reply was that he should have walked on by and not intervened. This was the case that first woke me up to the fact that something was seriously wrong.
    • A couple of years ago a burglar with multiple convictions, was finally sent to jail for the first time - but he appealed on the grounds that he shouldn't go to jail because he had a right to a family life. He won - no jail that time. Although when he continued to offend he was later sent to jail.
    • Many murderers and rapists appeal against deportation on the grounds that they have a right to family life - its now routine. Some of them don't ever actually see their children or ex-partners. But they still win their appeals to stay. One guy even won because he had a pet cat.
    • Its very common now for culprits to have more rights than victims
    • We have pedophile rings being run by Muslim immigrants from the third world (mainly Pakistani). The local authorities suppressed investigation into these child-abuse rings on the grounds that it would be racist. People who tried to investigate were sacked. It went on for years before finally blowing open. The people within the local authorities who suppressed it were members of Common Purpose.
    • The last Labour government passed over 3,000 new laws. We don't know what they all are and it is not possible to avoid breaking them all.
    • We have secret justice in the terrorism courts but also in the family courts. In both, the defendant is not allowed to know the evidence against them. In the family courts, parents cannot even speak in their own defence or even have a defence. A woman was recently jailed secretly, because she removed her elderly father from an abusive care home where he had been placed by a court order. She wasn't present at her own trial and was not allowed to have legal representation. The first she knew about it was when police arrested her and took her directly to jail. She may not be the only such case.
    • UK education is a disaster. We now have an A* grade because the value of grades has been so diminished that an A grade doesn't actually reveal the student's quality. Even the A* was then suborned. Students now finish school less literate and numerate than their grandparents generation when the school leaving age was 2 years earlier than it is today. Competitive sports have been abolished from schools. I could go on but it is a whole book in itself - the sheer level of destruction carried out.
    • The UK welfare system is out of control. It was originally introduced to be a safety net - a good idea. But now it can be a lifestyle for people who don't want to work and get more on benefits than they could working. It is not only possible to get more on benefits than the average salary (after tax) - they recently capped it at a little over 70000 pounds a year. Interestingly enough the idea of excessive welfare benefits comes from the left where it was proposed as a way to bankrupt and break the state.
    • The UK is about to have a new wave of immigrants from Bulgaria and Romania - as many as want to come - and our government is doing a good impression of roadkill saying they are powerless to prevent it. Many of these new immigrants are attracted by our non-contributory welfare benefits - arrive and get money for nothing. We expect the crime rate to rocket - we already have a lot of Romanian and Bulgarian crime (about 1/3 of all incidents in central London). It won't be reflected in the official statistics though which will instead report falling crime - our police often don't bother to record a crime because it makes their statistics look bad.Unless something changes, I am expecting riots and/or bloodshed next year, when the large wave of Romanians and Bulgarians arrives.

      This is a handful out of many many many examples.

    We've now reached a point where a majority of UK people are waking up to this and asking, who made these decisions in my name, and realizing that the politicians we elect are not actually representing us... that there is a terrible disconnect... that both sides are denying the public the choices they want.

    Its going to be interesting come May. We have European elections. An upstart party called UKIP (UK Independence Party) may sweep the board in those. They are gathering votes from both sides of the political divide. And then a year later - the general election.

    Magpie
    Dec 9, 2013 - 2:43pm

    You should call them and ask

    1-888-SIL-BARZ
    1-888-745-2279

    Visit the FAQ page to learn how to track your last read comment, add images, embed videos, tweets, and animated gifs, and more.

    Magpie
    Dec 9, 2013 - 1:56pm

    I placed an order last night

    at Scottsdale Silver and just went back to see how much the price had changed on the stuff I ordered. (I wish I knew how to do a screen shot). The page for gold says:

    Gold

    There are no available products under this category.

    https://www.scottsdalesilver.com/store/home.php?cat=250

    _tr0jan_
    Dec 9, 2013 - 1:23pm

    Anyone else spot this? Kitco Metals named in Alledged Tax Fraud

    Quebec names Kitco Metals among companies in alleged tax fraud

    https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/quebec-names-kitco-metals-among-companies-in-alleged-tax-fraud/article15821055/

    The Quebec government is seeking almost $750-million and several prison terms in sales-tax fraud charges that have been laid against precious metals trader Kitco Metals Inc. and 11 other firms.

    Revenue Quebec alleges that Montreal-based Kitco and its founder and president – Bart Kitner – as well as 11 companies including several jewellers and their respective owners participated in an elaborate strategy of fiscal fraud in the transformation of gold.

    Mr. Kitner and Kitco and the other firms have been charged with having made false declarations and obtained tax credits under false pretenses between March 1, 2008 and Aug. 31, 2010.

    The tax agency alleges that false billing was used by the companies to get tax credits to which they were not entitled.

    Revenue Quebec is seeking a total of $227-million in fines from Kitco.

    Kitco officials did not immediately respond to a request for comment, but the company has stated previously that it never took part in any form of tax fraud.

    The company filed a $122-million lawsuit against Revenue Quebec two years ago after its offices were raided and the allegations were first made.

    The charges were disclosed by Revenue Quebec on Monday; they follow a similar operation in June, this time alleging that wholesaler Carmen International and other companies were part of a network running the same scam.

    The agency alleges that artificial transactions were used in a cycle in which pure gold (which is not taxable) was converted into gold scrap (which is taxable), then shipped to a refiner to be once again transformed into pure gold.

    According to the allegations, the transactions were then used to make phony claims for refunds on sales taxes on the gold that was rendered into scrap. None of the allegations have been proved in court.

    In its defense, Kitco has previously stated that it buys precious-metals scrap and pays the suppliers sales taxes on these purchases, for which it receives a tax credit. Kitco said it is up to the suppliers to pay back the sales taxes to Revenue Quebec and that if some of those suppliers have not remitted the taxes paid to them, then the agency is unfairly holding Kitco responsible.

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    Key Economic Events Week of 7/20

    7/21 8:30 ET Chicago Fed
    7/21 2:00 ET Senate vote on Judy Shelton
    7/22 10:00 ET Existing home sales
    7/23 8:30 ET Jobless claims
    7/23 10:00 ET Leading Economic Indicators
    7/24 9:45 ET Markit flash PMIs for July

    Key Economic Events Week of 7/13

    7/13 11:30 ET Goon Williams speech
    7/13 1:00 ET Goon Kaplan speech
    7/14 8:30 ET CPI for June
    7/14 2:30 ET Goon Bullard speech
    7/15 8:30 ET Empire State and Import Price Idx
    7/15 9:15 ET Cap Ute and Ind Prod
    7/16 8:30 ET Retail Sales and Philly Fed
    7/16 11:00 ET Goon Williams again
    7/17 8:30 ET Housing Starts and Permits

    Key Economic Events Week of 7/6

    7/6 9:45 ET Markit Service PMI
    7/6 10:00 ET ISM Service PMI
    7/7 10:00 ET Job openings
    7/9 8:30 ET Initial jobless claims
    7/9 10:00 ET Wholesale inventories
    7/10 8:30 ET PPI for June

    Key Economic Events Week of 6/29

    6/30 9:00 ET Case-Shiller home prices
    6/30 9:45 ET Chicago PMI
    6/30 10:00 ET Consumer Confidence
    6/30 12:30 ET CGP and SSHW to Capitol Hill
    7/1 8:15 ET ADP Employment
    7/1 9:45 ET Markit Manu PMI
    7/1 10:00 ET ISM Manu PMI
    7/1 2:00 ET June FOMC minutes
    7/2 8:30 ET BLSBS
    7/2 10:00 ET Factory Orders

    Key Economic Events Week of 6/22

    6/22 8:30 ET Chicago Fed
    6/22 10:00 ET Existing home sales
    6/23 9:45 ET Markit flash PMIs for June
    6/23 10:00 ET New home sales
    6/25 8:30 ET Q1 GDP final guess
    6/25 8:30 ET Durable Goods
    6/26 8:30 ET Pers Inc and Spending
    6/26 8:30 ET Core inflation

    Key Economic Events Week of 6/15

    6/16 8:30 ET Retail Sales
    6/16 8:30 ET Cap Ute and Ind Prod
    6/16 10:00 ET Chief Goon Powell US Senate
    6/16 4:00 pm ET Goon Chlamydia speech
    6/17 8:30 ET Housing Starts
    6/17 12:00 ET Chief Goon Powell US House
    6/18 8:30 ET Initial Jobless Claims
    6/18 8:30 ET Philly Fed
    6/19 8:30 ET Current Account Deficit
    6/19 1:00 pm ET CGP and Mester conference

    Key Economic Events Week of 6/8

    6/9 10:00 ET Job openings
    6/9 10:00 ET Wholesale inventories
    6/10 8:30 ET CPI for May
    6/10 2:00 ET FOMC Fedlines
    6/10 2:30 ET CGP presser
    6/11 8:30 ET Initial jobless claims
    6/11 8:30 ET PPI for May
    6/12 8:30 ET Import price index
    6/12 10:00 ET Consumer sentiment

    Forum Discussion

    by Green Lantern, Aug 9, 2020 - 11:08pm
    by sierra skier, Aug 9, 2020 - 8:24am
    by argentus maximus, Aug 8, 2020 - 2:03pm
    by argentus maximus, Aug 8, 2020 - 10:46am
    by jack3617, Aug 7, 2020 - 5:51pm
    by Titus Andronicus, Aug 7, 2020 - 5:13pm