The Silk Cord

Fri, Dec 20, 2013 - 1:24pm

I have long had a contentious relationship with Turkey. One of my favorite novels since childhood is a historical tale about the apex moment of the Ottoman Empire. The only fly in the ointment was that my countrymen were the last ones to fall to the military machine of Suleiman the Magnificent – after about a century of TRYING, Turkey finally ground up the borders. Though it STILL needed another 30 years to secure the whole area, ultimately Turkey ruled directly or had dominion over the entire land.

But then again, it was a case of tables being turned – a millennium earlier, it had been Constantinople receiving the raids and paying the tribute

While I was growing up, Turkey was known for three things. One was guest workers commuting to Austria and Germany, swarming the borders and roads in the summer and during Christmas. That institution of legalized ‘illegal immigration’ (e.g. non-assimilative, visibly ethnically different workers of a foreign culture, language and religion toiling at below-average wages WITHOUT enjoying the civil rights and social benefits of the host country) started in the sixties. While the program officially ended in 1973, the vast majority of workers stayed on, becoming ultra-long-distance commuters who would go home 2-3 times a year. The other two notable features of Turkey at the time were leather and gold. If you wanted either, Istanbul was the place to go – both because you did not have to pass through the iron curtain to get there, but mainly because both were available at a large variety and minimal prices (in terms of premium to spot, re: gold). The bazaar was held (grudgingly) in awe for its sheer volume and variety of goods both mundane and exotic. The fact that only a few had resources to make the trip, let alone buy anything, only added to the mystique.

I have been trying to keep an eye on developments vis-a-vis anti-government protests: true grass-roots movement of discontent against a corrupt and overbearing regime? Western meddling and attempted ‘Syria-style’ revolution highjack? Second wave of Arab spring (though I realize Turks and NOT Arabs)? And of course, one must not forget the connection of the story to precious metals – it appears by many (all) accounts that Turkey has been buying Iranian natural gas for gold bullion.

“The system was simple. As Reuters notes, Turkey purchased Iranian natural gas in Turkish lira, and transferring the proceeds to Halkbank accounts. Iranian gold traders then accessed the funds to buy gold in Turkey, which was subsequently carried in luggage to Dubai, and then sold for foreign currency to help sure up Tehran's dwindling foreign exchange reserves.

Remarkably, it was legal under the current sanctions regime, as long as the Obama administration couldn't prove that Turkish gold payments were made to the government of Iran (which strained credulity given Turkey's public admissions that they were selling gold to Iran in exchange for Iranian energy).” – May 17, 2013, The Atlantic

Some have speculated that Turkey has ALSO been facilitating a similar trade between the sanction-beleaguered Persians and the rest of the world – but in any case that trade seems to have been taking place, with or without Turkey.

“The second-largest producer in the Organization of Petroleum Exporting Countries, Iran said last month it will accept payment in any local currency or gold as new sanctions make it harder for trading partners to pay in dollars and euros.” – March 30, 2012, Bloomberg

So I got to thinking – if petrogold is indeed re-emerging, what is happening in terms of the ongoing gold price movements? If gold is ‘worth’ less denominated in fully convertible, ‘hard currency’ like Euros, Dollars or Yen, then the gold that Iran may or may not receive in exchange for its exported barrels has less purchasing power, thus benefiting the enemies of Iran. At the same time, lower gold prices might allow those who might USE gold as payment to acquire MORE oil for the same amount of fiat – but only presuming that the trade agreement for the sale of oil was denominated in weight of gold.

In light of all of the above, the news item perhaps lost in the tumult of this week is as follows:

Two parts Crazy Eddie, one part Gatsby and one part Trump, Ali Agaoglu, No. 527 on Forbes’ billionaire list, is Turkey’s most famous and arguably most notorious construction mogul, a man known just as much for his collection of luxury cars and ex-wives as he is for his links to Erdogan’s government and the state housing authority in particular. […]

Today, Agaoglu is in police custody. Tuesday morning, in a series of raids that seemed to catch all of Turkey, including Erdogan’s government, entirely off guard, Turkish police detained at least 50 people on suspicion of tender rigging, money laundering and bribery. In a country where corruption investigations, at least those involving figures close to the ruling Justice and Development Party (AKP), are rare, this one has netted a number of very big fish: the sons of three Cabinet members, the mayor of one of Istanbul’s biggest boroughs, the general manager of Turkey’s second biggest state bank, Halkbank, several prominent businessmen, as well as a number of civil servants. And finally, Agaoglu.” 12/19/13, TIME

Notice the BANK involved in the story above. Now, the Western media has been very quick to pin the affair on THIS man, a Turkish cleric who is living in Pennsylvania:

Whether or not that is the case, I leave for readers who are more familiar with him and with Turkish current affairs. While on one hand he himself denies/deflects any involvement, or even HAVING a movement behind him in the first place, his students (devotees? disciples?) have opened a network of schools in 140 countries – and by many accounts, the graduates from these schools have reached the highest positions at levels of Turkish government. What perhaps makes all this even MORE interesting is this:

That the U.S. government and, specifically, the Central Intelligence Agency support the Gülen movement is conventional wisdom among Turkey's secular elite even though no hard evidence exists to support such allegations. […]

Gülen attached twenty-nine letters of reference to his June 18, 2008 motion, mostly from theologians or Turkish political figures close to or affiliated with his organization. John Esposito, founding director of the Saudi-financed Prince Alwaleed Bin Talal Center for Muslim-Christian Understanding, who, after receiving donations from the Gülen movement sponsored a conference in his honor, also supplied a reference. Two former CIA officials, George Fidas and Graham Fuller, and former U.S. ambassador to Turkey Morton Abramowitz also supplied references.

The letters may have worked. On July 16, 2008, U.S. district judge Stewart Dalzell issued a memorandum and order granting Gülen's motion for partial summary judgment and ordering the U.S. Citizenship and Immigration Service to approve his petition for alien worker status as an alien of extraordinary ability by August 1, 2008.” – 2009, Middle East Quarterly

Hmmmm…… So is this a simple shot across the bow to the Turkish PM from an elusive, shadowy figure who acts as a puppeteer, moving his ‘sleeper cell’ followers against the PM at will? Is Gülen in league with/controlled by/ a creature of the US-based NatSecAgencies? Or merely a political player and ersatz spiritual/cultural authority exerting his influence to retain the lifeline of his movement (the Turkish government apparently planned to close the schools in question)? The network of religious schools propagating his brand of Islam is eerily reminiscent of the organization of Wahhabi institutions sponsored by Saudi petrodollars (in their structure, funding and proliferation, if not their principal philosophy). And it would seem convenient that the Agencies mentioned earlier already have substantial experience in funding, working with and exploiting assets educated in such institutions. But this really seems to be taking it to a whole new level:

“His school network is impressive. Nurettin Veren, Gülen's right-hand man for thirty-five years, estimated that some 75 percent of Turkey's two million preparatory school students are enrolled in Gülen institutions.[12] He controls thousands of top-tier secondary schools, colleges, and student dormitories throughout Turkey, as well as private universities, the largest being Fatih University in Istanbul. Outside Turkey, his movement runs hundreds of secondary schools and dozens of universities in 110 countries worldwide.” – 2009, Middle East Quarterly

Destabilizing Syria DID work, but not with the degree of efficiency those directing it might have hoped. All-out, multilateral war did not break out. Whether that bit was off-script, or if we just aren’t far enough along in the play yet remains to be seem, but in any case SOMEONE seems to be keen on at a minimum reducing the power of government in countries in the area – including neighboring Turkey. Who it seems is also a key trading partner of Iran. Who may or may not be involved in a high-volume gold settlement system centered around Iranian oil and gas. Could this be considered a warning to stop the trade or to restore/increase it to levels seen before the tightening of Iranian sanctions? Was Erdogan’s outfit simply skimming too much from the top?

Another (to me) intriguing angle: with the Geneva deal, US-enforced sanctions have eased, giving S. Korea, China and India waivers for buying Iranian oil. However, even if said countries are allowed to pay Iran with their own currency, or Euros, or USD, there are potentially a significant amount of things Iran wants/needs but cannot acquire with fiat currencies, due to the limits on outbound financial transactions it can make, and the types of goods which may be traded. Could it be that Iran isn’t so much accepting gold because it is one of the few types of payment it can RECEIVE, but that it is preferred as a form of payment because it is one which Iran can use most widely to make PAYMENTS? So could the recent developments in Turkey have anything to do with the fact that Iran has just interrupted negotiations in Geneva over the future of global relations with the country?

Or could it be the case that honest, forthright members of law enforcement and the judicial system are standing up, and attempting to take back their country from a ruling caste corrupt to its core?

Whatever the case, this could be a story worth keeping tabs on. Just because it does not remain in the headlines ALL the time does not mean nothing’s happening. An actively simmering Middle East that can be ‘whipped’ into all-out war pretty much at will is an ongoing requirement for the preservation/life-support of the petrodollar. Turkey itself is in a crucially important strategic position geographically, making it a target of imperial interests (and perhaps manipulation) from more than just one side. And it’s not like there have been any conflicts in recent years/decades due to the production, sale and transport of hydrocarbons in this region…

In the Ottoman Empire, a ritual/custom of succession for the seat of monarch developed over the centuries:

In earlier times, the Turkish sultans sent to high-ranking personalities who were sentenced to death, a silk thread - stylishly usually in a small jewelry box. After receiving, the condemned was strangled by a servant or soldier. This method offered the very great advantage that the sultans could vacate brothers and nephews out of the way to secure their rule, without shedding their royal blood. Occasionally, even the convicted had the opportunity to escape the strangling by suicide. If the blood flowed, this was thus the responsibility of the individuals affected.

(For those inclined to do more historical reading on what a REAL game of thrones might have looked like, and more macabre details on royal fratricide and similar hobbies, I can recommend this post and this Smithsonian article.)

A fascinating twist was also introduced for top officials/nobility who were NOT a direct threat to the ruler's position:

"For a grand vizier, however, there was still a chance: as soon as the death sentence was passed, the condemned man would be allowed to run as fast as he was able the 300 yards or so from the palace, through the gardens, and down to the Fish Market Gate on the southern side of the palace complex, overlooking the Bosphorus, which was the appointed place of execution.
If the deposed vizier reached the Fish Market Gate before the head gardener, his sentence was commuted to mere banishment. But if the condemned man found the bostanci basha waiting for him at the gate, he was summarily executed and his body hurled into the sea." -- Smithsonian Magazine

The silk cord is one step worse than a severed horse’s head – it is not so much a warning to cooperate, but rather a notification of imminent violent death. It definitely seems to me that this episode was a warning, not a ‘true’ silk cord (yet) – the only question is who was the sender? Will the current government 'run for it', or try to make a stand?

About the Author


alan2102 · Dec 20, 2013 - 1:36pm

Final Throes of PM Bear Market

Gold and Silver Bear Market is in its Final Throes

Dec 20, 2013 - 11:52 AM GMT

By: Jordan_Roy_Byrne

The Fed decision was the catalyst for the final breakdown in precious metals. On Thursday Gold closed at a new low, below $1200 and the gold shares also closed at a new low. Last week we wrote: “The bulk of the evidence leads me to believe that we probably have not seen the bottom though we are very close…..Bottoms can happen in an instant or develop through a basing process. Huge immediate rebounds originate from extreme oversold conditions. We don’t have that at the moment.”

The bad news is obvious. Precious metals are breaking again. However, the good news is this will lead to the end of the bear market and a “back up the truck” or “fat pitch” type of buying opportunity. History makes a strong case that this bear market is about to end. Couple that with precious metals touching multi-year support levels and the bear market has a very high probability of ending.

First, we’ll look at Gold. The chart below shows all of Gold’s bear markets though we excluded the two extremes: the 1980-1982 (a 65% decline) and the 1987-1993 bear (lasted five years and only declined 35%). The current bear best resembles the bears of 1976-1976 and 1983-1985. The fact that the current bear is longer suggests it will be less severe in price. Gold’s shorter bears (including 1980-1982) ended in a panic selloff. It appears this bear will share the fate.

Where would a panic selloff take Gold? Gold should find strong support at $1085 which is the 50% retracement of the entire bull market. That is a 9% decline from Thursday’s close. Also, major trendline support comes into play in the low $1100s.

Moving to the gold stocks, we can see that the current bear market (in black) only needs to go a bit further to be on par with past bear markets. Note that the three bear markets that lasted the longest were far less oversold at the current point. This suggests the current bear should end quite soon.


History, as it does for the gold shares, makes a strong argument that the bear in Silver is nearly complete. With a bit more of a decline, the current bear will become the second worst ever. Again, note that the bear markets which lasted longer than the current one were far less oversold at the present point.

Silver, like Gold has very strong, multi-year trendline support that could mark the bottom after this final selloff.

Given the weight of this historical analysis and technical analysis, I don’t see how anyone can argue that the bear market isn’t coming to an end. Bear markets typically last two to three years and are a function of price and time. The more severe the bear is in price, the shorter it lasts. Bears that last more than a few years are less severe in price. These historical charts make a strong argument and the fact that Gold, Silver and the gold stocks are nearing decade long support should increase your confidence substantially. Moreover, the biggest bubbles (Japan, Nasdaq, Gold, 1929) on average deflated by 65% to 85% in two and a half years. The Silver bears chart shows its 87% decline in the early 1980s. If the secular bull market was over, Gold & Silver would already be trading at much lower levels.

Last week we concluded that: “The bottom line is there is no need to aggressively buy yet unless the market becomes extremely oversold and plunges to a new low. Wait for that to happen and if it doesn’t, then a base is likely developing.” Now we know that a final plunge is developing rather than a base. The key to catching a falling knife is to do so at an area of very strong support. I think we’ve laid out the strong support for Gold, Silver and the gold stocks.

alan2102 · Dec 20, 2013 - 1:44pm

Take your pick

PS: "Given the weight of this historical analysis and technical analysis, I don’t see how anyone can argue that the bear market isn’t coming to an end."

Well, you could argue that it has not been a bear market, but rather the result of persistent manipulation -- that TPTB have it in for us (PM bugs) and will stop at nothing to smash the metals. OR you could argue that it has been a bear market in the midst of a long bull that is by no means over. Take your pick.

TomMack · Dec 20, 2013 - 1:59pm

1th foist furst.

i cannot believe it ... now i have to read the post and come up with a real comment before i get time locked out. i still cannot figure it out but ......'what a long strange trip it's been'

keep stacking as best as you can

tyberious · Dec 20, 2013 - 2:03pm
Thorus · Dec 20, 2013 - 2:13pm

How much should I have in PMs?

There was a question earlier in the week on “what is the right amount to stack?” (and numerous other discussions on the topic further back in time)

There are as many different answers as there are different people and different circumstances.

But I’ll throw out one suggestion for consideration. I think of it as “What is the bare minimum amount of PM that I could justify to a skeptical spouse?”

I saw somewhere an assertion that from a bare survival perspective, one ounce of silver is enough to purchase enough food for one person for one week. At today’s silver price, this would be survival rations: bulk bags of beans and rice, little/no meat, etc. This will not pay the mortgage, gas, insurance, utilities nor all the rest of the trappings of modern life. It is intended to just be survival level.

While that is an approximation, it seems close enough to reality for me to work with for planning purposes.

So given that, the next question is, how long might you need to worry about feeding yourself that way? Well, the German hyperinflation of the 1920’s went on for about 6 years.

So in round numbers, that would be about 50 ounces of silver per year, for 6 years, or 300 ounces of silver per person in the family.

  • For a family of 4, it would be 1,200 ounces of silver. 

Now if you want to protect lifestyle as well as just mere survival, you can start working up from that point. And if you have the means to consider protecting accumulated savings, so much the better.

But the logic of a goal of gradually accumulating enough silver to provide at least one ounce of silver per person per week for six years struck me as the sort of logic that a reasonable spouse who needs some sort of justification to buy any PMs at all might be able to get along with.

Provided for your consideration and whatever use it may be to you.

Best Regards,


murphy · Dec 20, 2013 - 2:28pm


another wonderful read. The way you report on current events and tie them back to history is quite a gift. In my opinion, there is no reason why you should not become a more renowned published author. Interestingly, JY's article, the recent Thunder Road Report and Edmonds stories below all dove tail.

For those who are interested in going down the Turkish rabbit hole.

In this ground-breaking interview, famed FBI whistleblower and Boiling Frogs Post founder Sibel Edmonds lays out the thread connecting NATO's Gladio operations to Turkish paramilitaries and ultra-nationalists, and how the operation continues through cooperation with terrorists and the Islamization of Central Asia and the Caucasus. From Abdullah Çatlı's remarkable life (and death) to the rise of Fethullah Gulen's $25 billion (CIA-supported) Islamic network to the NATO takeover of the Afghan poppy crop in the wake of 9/11, you won't want to miss a moment of this riveting conversation.

ag1969 · Dec 20, 2013 - 2:30pm

Silver Pockets Full

I bring this forward from the last thread just because I think it is very interesting and I never knew this:

This is the only time you see this phenomenon in your life.

Calendar August 2014









































This upcoming August, next year, will have 5 Fridays, 5 Saturdays and 5 Sundays. This happens only once every 823 years. The Chinese call it 'Silver pockets full. "

tyberious · Dec 20, 2013 - 2:40pm

Interview with Jesse on

Interview with Jesse on COMEX/LBMA Manipulation, Default Event and the Long Correction in Precious Metals Welcome to Jesse’s Café Américain – These are personal observations about the economy and the financial markets. In providing information, I hope this allows you to make your own decisions in an informed manner, even if it is from learning by my mistakes, which are many. by Fabrice Drouin Ristori, Gold Seek: Fabrice Drouin Ristori (FDR): Reading your blog and market comments, one can see you spend a lot of time analyzing what’s going on in the COMEX and LBMA markets. Can you explain why you think these two markets are key markets to analyse in order to understand gold ? Jesse: Prices for gold globally are still being set largely by the COMEX and the LBMA, despite the remarkable shift in physical markets and bullion buying to the developing countries, especially those in the Mideast and Asia. This may not make sense, and I have noted this many times, as ‘the tail wagging the dog.’ How can what are highly leveraged markets, paper markets I call them, that are dominated by speculation and short term transactions and wild price volatility, be setting the prices and thereby the resource allocations for a global market which has to some extent grown beyond them. Read More @

tyberious · Dec 20, 2013 - 2:42pm

Watcha Gonna Do When They Come For You?

re you ready for the coming tyrannical crackdown and the complete evisceration of our constitutional liberties? Have you taken the proper precautions that will ensure the safety of you and your family? It is not likely that very many of us have taken any meaningful steps to maximize our chances for survival in what will prove to be humanity’s darkest days. Will it be possible to avoid detection and prevent yourself from being taken into custody?

When the DHS bus rolls into your neighborhood, are you prepared to deal with what lies ahead? Let’s assume for a second that Obama attempts a third false flag, like the two has attempted in the past several months, and he is successful. Subsequently, martial law is fully declared. I have always said that the order of things to come will be false flag events, followed by martial law and culminating in WWIII.

Phase One: Preemptively Removing Dissident Leaders

Using history as an example, if a martial law government determined that the population might rise up, it would be prudent to remove the potential dissident leaders. The Gestapo and the KGB employed the same tactics in which they would arrive at a residence at 3AM, initiate a forced entry into a home, move to quickly gag and bound the family, quickly usher them out to a waiting vehicle and quickly transport the targets to a remote location for final disposition.

nsa im watching youHow do you know if you are a potential target for immediate elimination once martial law is declared? The short answer is that you cannot be certain. Former NSA agent, the late A.C. Griffith, once stated that we are all assigned a threat matrix score and categorized on the NSA’s ability to track your movements, rate your web surfing habits, track your proximity to other known dissidents through cell phone movement matching and quantitatively and qualitatively monitor your electronic communications. Every one of us has a threat matrix score which is assigned by the NSA. What we do not know is how we compare to everyone else and what will be the cutoff point which would increase the danger for some. Certainly, former military leaders who have been shown the door by Obama are at extreme risk because of their potential to organize guerrilla forces. Key members of the alternative media would be another primary target as well those people who would immediately fill an opposition leadership role after the removal of the original opposition leaders.

For the people taken in this matter, along with their families, the survival rate will be very low. For those dissidents who manage to avoid being taken in the initial purge, your facial image will be uploaded to every traffic and security camera plugged into the NSA system. Detection and arrest will be short-lived except for those who have help or are located in very remote areas.

DeaconBenjamin · Dec 20, 2013 - 2:50pm

Turkish central bank hints at action as corruption row, Fed sink

By: Dasha Afanasieva and Nevzat Devranoglu

* Turkish lira at record low of 2.0947 against dollar

* 10 year bond yield highest in more than three month

* Central bank says may sell 10 times as much forex

* Direct intervention from expected

ISTANBUL, Dec 20 (Reuters) - Turkey's lira fell to record lows on Friday rattled by domestic political tensions and the U.S. Federal Reserve's decision to start trimming its monetary stimulus programme, prompting the Turkish central bank to threaten more market action.

Already hammered this year by expectations that the Fed would begin to stem a flood of dollars that has made its way into global emerging markets, the bank has sold dollars regularly to prop up the lira and prevent domestic inflation from getting out of hand.

A row at the top of Turkish society that has seen dozens of senior businessmen, officials and policemen detained this week has only added to the bank's headaches.

On Friday it said in a statement it could sell as much as 10 times the amount previously announced at its forex auctions and analysts said chances were it might follow that threat with direct intervention in markets next week.

"While the lira's level and volatility increases, the possibility for the central bank to intervene directly with forex sales on top of holding forex selling auctions also rises," said Ali Cakiroglu, a strategist at HSBC Portfolio.

"Turkey-specific developments will determine whether the lira will negatively decouple in the coming period. In a quiet Christmas week, the bank may intervene directly."

The bank has sold a minimum of between $50 and $100 million at regular auctions this year, while also stemming domestic banking liquidity, to try to stabilise the lira in lieu of raising official interest rates.

SilverDog66 · Dec 20, 2013 - 2:57pm


I had a quick look back and it happens more often then every 823 years?! It's special because??'s in august? 

ag1969 · Dec 20, 2013 - 3:04pm

No clue silverdog

I received it today in an email. I have been researching since I posted it and all I can find is the same text I copied and pasted from my email.

AlienEyes tyberious · Dec 20, 2013 - 4:06pm

Re: Watcha Gonna Do When They Come For You?

At the local firing range several years ago, I saw a guy shooting at what I thought were silhouette targets. I aimed at his target to see how he was doing and through the scope I could see a drawing or copy of a drawing of a black tee shirt with the white letters DHS on it. I started laughing and the fellow said with a grin, "you looking at my target?" I said, yes I am. Then he asked, "Where do you live?" I answered, Standing Oaks. He said, me too.

As we chatted a bit, he said several people (12) had bought a twenty-six acre farm about eight miles from our neighborhood and were fortifying it. (don't ask how). Eight of the owners were ex-military and the rest were long time NRA members and prepers. He handed me six of his DHS targets and a card with just his name and phone and an American flag on it. He asked what I did before I retired and I said civil engineer. He said, perfect! Now I'm a member, we have our own shooting range. The farm is a "go to" for when the shtf. It has two wells, a creek and most (about 3/4) of a six hundred foot hill on it. I designed a small steel reinforced concrete building and the younger guys are building it. One of our members owns a construction company and another owns 1/2 interest in a concrete plant. We have added several earthen berms with broken concrete rubble and stone rip-rap cores. They can stop a .50 cal. with no sweat. The only road in is rigged with pop up flares and fireworks to let us know if any uninvited guest should drop in late at night. About five acres is open and the rest is old growth forest. It's crawling with deer.

Needless to say, I know what I'm going to do.

why do I even bother · Dec 20, 2013 - 4:07pm

The Time Value Of Gold – Ignore It At Your Own Peril

Dr. Tom Fischer is professor of financial mathematics at the University of Wuerzburg, Germany. His research interests lie in the areas of asset and derivative pricing, systemic risk, risk capital allocation and FX risk management. As a gold and silver investor, professor Fischer closely follows the precious metals markets and has developed a proprietary stochastic gold price model for Approximity. He is a member of the German Association for Actuarial and Financial Mathematics (DGVFM) and the German Risk Management Association (RMA e.V.). Prof. Dr. Fischer can be contacted under tom[dot]fischer[at]uni-wuerzburg[dot]de.

tyberious · Dec 20, 2013 - 4:15pm

Awesome AE

Welcome to the resistance!!!

ag1969 · Dec 20, 2013 - 4:38pm

Thanks Alien Eyes

I now have a serious case of bugout envy.

Dagney Taggart · Dec 20, 2013 - 4:45pm

Comex Registered Gold Counterparties

Remember a month ago when there were 65+/- counterparties to each Comex registered ounce of gold?

As of yesterday, it was 92.

How is any of this possible? Not that I'm complainingwink

(Thanks Thorus)

AlienEyes · Dec 20, 2013 - 4:56pm


Ninety-two per ounce??? angry

Damnit! If they all show up at one time wanting my stack, I'm going to need twice as much ammo as I have.

DeaconBenjamin · Dec 20, 2013 - 5:05pm

Turkey's EU Minister strongly refutes charges in corruption prob

EU Minister Egemen Bağış has strongly refuted the charges and denouncing alleged efforts to “build a parallel state within the state.” AA photo

EU Minister Egemen Bağış has strongly refuted the charges and denouncing alleged efforts to “build a parallel state within the state.” AA photo

EU Minister Egemen Bağış has become the first minister to issue a public statement on his involvement as a suspect in the massive corruption probe, strongly refuting the charges and denouncing alleged efforts to “build a parallel state within the state.”

“In recent days, in print and visual media and on the Internet, a series of news stories and comments regarding the ongoing investigation in Istanbul are being made. Accusatory and slanderous assessment are being made about myself,” Bağış said in a written statement issued on the evening of Dec. 20.

“Irresponsible reporting being made within this framework is completely based on misleading and speculative information. These scenarios are being deliberately produced and are completely false … and are part of an outrageous conspiracy,” he added.

The sons of three members of the Cabinet – Interior Minister Muammer Güler, Economy Minister Zafer Çağlayan and Environment and Urban Planning Minister Erdoğan Bayraktar - have been detained as part of the investigation. Bağış’s name is also being cited in news reports as being involved in a large bribery scandal, including allegations that he facilitated the issuing of Turkish citizenship and passports for gang members.

“Those who have been instrumental in smear campaigns of organizations, and gangs that have been exerting efforts to build a parallel state within the state, have become evident in terms of both execution without trial and assassination of personality,” was the phrase used by Bağış in describing the alleged circles behind the operation targeting the government.

The term “parallel state” is commonly used by critics of the followers of the U.S.-based Islamic scholar Fethullah Gülen, many of whom have been employed in the judicial and security bureaucracy.

Bağış said those who are instrumental in these circles are committing a “big crime,” adding that he had initiated legal processes against those who “reflect nonsense, and who claim to have found evidence for these denigrations in a way that would lead to a judgment [of me].”


BGSilverBull · Dec 20, 2013 - 6:49pm

Speaking of history......

Thanks JY896 for the interesting read, sins you are on the subject history I would like to add something too, from the same geographical place but few hundred years earlier, this is the condensed version:

It was in Constantinople (Istanbul today) in and around ~700-750 AD, the Arabs were advancing towards the Eastern Roman Empire capitol and were concurring any and every stronghold in their path, next in their path was the old Capitol city. The Emperor needed an army fast, but how can he afford to buy or pay this new army, he needed money and fast. Back then, coincidentally enough they didn't have printing presses like we do today, so how can you make money to pay for these military expense? Well, back then money was Gold and Silver (imagine that, but all you folks on this site know this), Gold and Silver were also status metals, the more golden statues you've build in your name, the grater the Emperor you were. There for - there were "few" golden and silver statues in the city. Faced with this foreign danger invading his land and no new money coming in his vaults, the current Emperor ordered all Golden and Silver statues to be melted and struck into coins, with these coins he bought food and soldiers from near by friendly allies and eventually weathered the foreign invasion and the Byzantine Empire lived for few more hundreds of years.

My point here is that Gold and Silver are always been valued for their monetary capability but also for their status creating capabilities, I hope I didn't bore anyone, but I love history because it teaches me about the future. 

So, stack on my friends..........stack on

ag1969 · Dec 20, 2013 - 8:01pm

How To Defeat Tyranny

It is inevitable. There comes a point in the development of every crisis, every catastrophe, every impending disaster, every act of methodical dictatorship, in which the generations selected by fate or destiny to endure the trial must attempt to look beyond the intellectual and the psychological, to deeply consider the greater philosophical or spiritual questions of their epoch. Certain moments in history demand that truly free individuals relinquish their cynicism, and embrace that inherent world of form and conscience that exists in each of us but remains largely unexplained. Without this act of “faith”, or intuitive knowing, good cannot exist, inspire, or prevail.

To understand what we face in our age of encroaching technocracy draped like glistening silicon across the face of a third world American cesspool, we must accept certain realities; the first and foremost being the existence of “evil”. Not the evil of ignorance, that is easy to recognize. Not the evil of apathy and moral relativism, though the stench of both sharply permeates the sour underside of our culture. No, I am talking about pure, unbiased, unflinching, perfectly conscious and fully absorbed evil. The kind that they tell stories about. The kind that history books speak of almost in awe, as if it is miraculous in nature. A dark tide. A prehistoric leviathan. An unbelievable and seemingly inhuman myth made manifest by astonishingly vile despots.

This evil is so overwhelming that many people today scarcely imagine it possible. It is our society’s greatest weakness; the denial of ultimate malice.

Our current governmental system has adopted a policy of open theater, in which the two sides of the false paradigm now barely hide their farcical opposition to each other. Their rhetoric no longer obscures their acts of political collusion in the destruction of our founding principles and Constitutional protections. In the past several years they have acted in the best interests of corporate minorities and moneyed elites without hiding their intentions towards globalism and the destruction of sovereignty, fearlessly spitting on the redresses of the public. All of this while they arm themselves to the teeth with billion-plus round stockpiles of ammunition and Orwellian surveillance technologies. Yet, foolish subsections of our populace still argue that the government is a “product of elections”, and is “made up of Americans for Americans”. Even if we do not see them as an enemy, they certainly see us as such. 

Our financial system is a stampeding procession of nightmare fueled blood-drenched circus freaks dancing in an ether driven haze of pungent absurdity. It is as if our economy has become a morbid parody of itself, like a queasy piece of horror/comedy cinema. We are so far along in the collapse of our markets that the banksters no longer see the need to hide the fraud. With the advent of the Libor Scandal, governments, central banks, corporate financiers, all flaunt their criminality with pride. Yet, some Americans still clasp their naïve hopes to a chance of fiscal recovery.

To fight against an evil of this magnitude takes more than anger, or physical preparation, or organization. It takes personal exploration, a steeling of one’s heart, and a conquering of one's shortcomings.

Tyranny, true tyranny, thrives on our selective awareness, and our ability to bend our minds and our vision to avoid seeing that which is really there. In the end, victory over tyranny is less about guns, bombs, mass dissent, and civil fury; it instead requires an acceptance of the dark side of the world, and the unwavering will of honorable men ready to face it. That is to say, the defeat of tyranny begins and ends in the mind. 

In America today, many minds are not ready to handle the trials ahead. Maybe it’s the ease of several generations of uninterrupted prosperity. Maybe it’s the Babyboomers. Maybe it’s Generation X. Maybe it’s the public education system. Maybe it’s the water. Maybe it’s all of the above and more. At this point, we have little time to debate symptomatic culprits. It is time to go to the root of the problem, and cut it out.

What we need is a foundation, a set of “personal rules for combat” when engaging a tyrannical establishment. This “code” should above all else provide a way of mentally and spiritually confronting one’s own weaknesses and presumptions. Dictators and oligarchs are not our primary concern. Our inner state is.

Rule #1: Stop Waiting For Others To Fight The Battle For You

ag1969 · Dec 20, 2013 - 8:34pm

Provident 72 hour sale

I just got an email that Provident is having a 2013 mintage blowout. The best deal I see in the list is this:

This is a gorgeous coin, and I have some that I paid much more than $25.45 for, and the mintage is only 25,000. 

I highly recommend you go from Turd's store link over to Provident and get yourself a fistfull of frosted .9999 fine, you won't be sorry.

R man J Thorus · Dec 20, 2013 - 8:42pm

If you need help stacking - Provident

Provident has a year end blowout sale - Canadian Silver Maples 2013 for $21.55 - this is RIDICULOUS!

ag1969 · Dec 20, 2013 - 8:53pm

JPMorgan Chase CEO Could Face Jail Time

Despite the long list of violations already committed by JPMorgan Chase over the past several years, CEO Jamie Dimon added one more to the list. The executive explicitly violated a federal statute that has the potential to put him in jail for decades. The law violated can be found in Section 906 of the Sarbanes-Oxley Act, which aimed to reform accounting practices and protect investors. RT’s Meghan Lopez asks William K. Black, associate professor of economics and law at the University of Missouri-Kansas City, why Dimon nor any other fraudulent have not been charged for their crimes.


JPMorgan Chase CEO could face jail time
Burt Reynolds · Dec 20, 2013 - 9:54pm


Thanks for the heads up guys. I've been looking for a reason to open an account there!

Occasnltrvlr · Dec 20, 2013 - 10:00pm

Very Sorry, Completely OT

Here is your post-GCR lineup.

[TOP 40] K-Pop Girl Group Popularity Ranking 2013 // 여자 그룹 순위 2013

(Men, today, something can be yours. Tomorrow, it is only a dream.)

bullion only · Dec 20, 2013 - 10:45pm

Where did the 5 tons come from

So Harvey is shocked that 5 tons of gold goes into GLD.

Is anyone else or are we just complacent because of the constant lying?

Where did 5 tons come from? Out of thin air? Possibly.

Does it matter? Hell yes if we are waiting for GLD to empty so we can stop price supression.


mac · Dec 21, 2013 - 12:16am

Gold and China. Bitcoin is to

Gold and China. Bitcoin is to kill gold. China no like Bitcoin.

The US rally in the Dow really got going after China downgraded US Debt.

Then they, the Chinese, asked for a de-Americanized world and then they said they don't want more US dollars - USD.

It is war, against China now, economic and military action possible with puppet Japan doing the dirty work and causing a rift (under US orders, they are so wimpy under US domination).

The Japanese manipulate their currency in broad daylight. Think S Korea, Taiwan, China, Thailand, Phillipines, Vietnam, Indonesia...etc, etc. respect Japan for it cheating to cut export prices while their citizens lose jobs b/c of Japan cheating?

US leads Japan into the inferno.

China likes Gold, not Bitcoin.

AlienEyes ag1969 · Dec 21, 2013 - 12:29am

@ ag1969

VERY well said. On several occasions, I have written about the evils of denial of the truth or the denial of reality. From my view, one always leads to the other (truth to reality). The government's (and not just our's) open disdain for the truth and the number of "happy, positive people" that are eager to suck up every lie their respective leaders tell them and rejoice in their own stupidity is far more frightening than every horror movie ever made. That is because is is a true threat and it is painfully real.

What was once, "I'm mad as hell and I'm not going to take it anymore" has been answered by the government with, "The hell you won't and we have over a billion rounds that say we're right". Our leaders no longer fear the voters and why should they? They have hundreds if not thousands of underground hideouts, paid for by the taxpayers, where they can go in case of a nuclear war or "civil unrest". In political terms, civil unrest now means a howling mob with torches and ropes and blood in their eyes. What eludes most of us is the fact that politicians fear mob violence is because they know they more than deserve it.

Our elected officials are a disgrace to the United States and to the UK as well. They know full well where their policies are leading us and they know how much suffering there will be....but they won't be the ones doing the suffering. In my view, there has never been a better reason to own gold and to be willing to fight to keep it if that becomes necessary.

· Dec 21, 2013 - 1:01am

An entertaining look at what China should do with its excess...

...reserves of UST.

From the pen of Derek Scissors at the Heritage Foundation -- in Foreign Policy Magazine:

"1. Sell U.S. bonds.

This will be difficult because Washington is already selling hundreds of billions of dollars in bonds annually to the same buyers China will seek. To make the sales, SAFE will have to offer steep discounts. And it will likely receive mostly U.S. dollars in return -- because that is what buyers will want to offload if they are purchasing more U.S. bonds.

2. Open the capital account.

A common misconception concerning Chinese reserves is that the Communist Party can and should spend the money at home. It should -- but it cannot.

3. Reverse course on the renminbi.

Because the RMB is still pegged to the dollar, movement of the RMB against other currencies is still explained almost entirely by the movement of the dollar. It would be far easier for Beijing to de-peg the RMB and stop accumulating reserves than to try to reallocate current U.S. bond holdings. Yet Beijing has steadfastly refused to do so because it does not want to directly subject the RMB to market forces.

4. Reverse course domestically.

For domestic restructuring to ease dependence on U.S. bonds, it would have to be at the level of the reforms of 1978, when Beijing granted farmers property rights, or 1993, when many state-owned enterprises lost their protected status.

5. Hope for a massive new country to enter the global economy.

An internationally rehabilitated Iran would have a good deal to offer in return for large-scale Chinese investment.

Size-wise, the preeminent possibility is North Korea. Even peaceful Korean reunification would require hundreds of billions of dollars for imports, fiscal support, and development. South Korea would want help, and China would not want heavy involvement from the United States or Japan. The timing of Korean reunification is unclear, of course, but it would suffice to draw Beijing out of the U.S. bond trap."

Lots more details at the link above. Not sure how seriously to take it, both due to the source, as well as to some statements of glaring obviousness -- but I think worth a read. Point #5 explains a lot of what China has been doing in Africa -- and dovetails well with what Jim Willie has been talking about WRT China building global infrastructure using UST.

Notice: If you do not see your new comment immediately, do not be alarmed. We are currently refreshing new comments approximately every 2 minutes to better manage performance while working on other issues. Thank you for your patience.

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