The Swiss Gold Initiative

152
Sat, Aug 23, 2014 - 12:23pm

When we first wrote about this, we actually caused a bit of a stir but the primary vote on The Swiss Gold Initiative was still over six months away. Now, with the date of the vote rapidly approaching, it is time to begin reviving this issue.

Interest is beginning to build, awareness is growing and the date of the national referendum has been set. Later this year, on November 30, the good people of Switzerland will finally get an opportunity to make their voices heard. The Swiss Gold Initiative can be roughly stated in three parts:

  1. The halting of all Swiss gold sales
  2. The repatriation of all Swiss gold that is held in foreign vaults
  3. Resume backing the Swiss Franc with gold, at a minimum level of 20%

Of course, the politicians and bankers of Switzerland are squarely against this initiative as it greatly diminishes their hold on power and restricts their ability to continue to debase the Franc. Fortunately, as one of the world's few remaining democracies, the Swiss people have an opportunity on November 30 to directly affect a change. For their sake and for the sake of their posterity, I pray that they choose wisely.

As this issue comes to the forefront this autumn, you will need to be aware of the circumstances surrounding the vote. So, below you will find a few background links and, ultimately, a re-print of the seminal article that we first posted here back on May 12. Please take the time to review this information. We must do everything we can to help warn and educate the good people of Switzerland before the vote is taken.

First, here are two bits of background from earlier this year. From former US Budget Director David Stockman we have this: https://davidstockmanscontracorner.com/switzerlands-keynesian-bureaucrat...

And from the FinancialSense website, we have this interview of Luzi Stamm, who is one of the Swiss parliamentarians behind the initiative: https://www.financialsense.com/contributors/luzi-stamm/swiss-gold-initia...

Last week, Swiss money manager Egon von Greyerz brought the issue back to our attention and I urge you to take a moment to read this brief commentary: https://goldswitzerland.com/swiss-to-vote-on-gold-repatriation-in-novemb...

Finally, here's the link to the article we first posted back in May. If you are Swiss or personally know any Swiss citizens, please consider forwarding this link. It is imperative that we do everything possible to see that this initiative passes, not just for the good people of Switzerland but for freedom, liberty and sound money advocates everywhere. https://www.tfmetalsreport.com/blog/5731/turdville-love-open-letter-good...

TF

"From Turdville With Love; An open letter to the good people of Switzerland"

I hate to be the bearer of bad news, Switzerland, but what you suspected all along is actually true. Your gold is gone. All of it. Leased and sold away by your central bankers and politicians.

As recently as 1996, the Swiss Franc was considered "good as gold". Why was this the case? Since the early 20th century, the Swiss Franc had offered a reserve backing of gold. This uniquely sound currency had given the country of Switzerland considerable financial power and independence, yet, at the urging of their politicians and central bankers, the Swiss willingly forfeited this enviable position.

The demise of the Franc and Swiss sovereignty began in 1992 when the Swiss made the fateful decision to join the International Monetary Fund (IMF). The IMF's Articles of Agreement (Article IV, Sec 2b) clearly state that no member country can have a currency linked to gold and, as such, Switzerland immediately set out on a course to de-link the Franc from gold. Just four short years later, the Swiss National Bank (SNB) and the Swiss government had formed a plan to eliminate the Franc's gold backing and, in March of 1997, a revision of the Nationalbank Act was passed and all links of gold to the Franc were removed. Further, since the Swiss constitution mandated sound money, it had to be amended, too. Thus, in a hastily organized vote, a new Swiss constitution was approved in May of 2000. (https://www.efd.admin.ch/dokumentation/medieninformationen/archiv/00382/...) This served to finally and permanently sever the Franc's gold backing and initiated the Swiss into the world of global fiat currency.

The SNB has spent the 14 years since leasing and re-leasing the country's gold reserves. In 1999, the SNB reported gold reserves of 2,590 metric tonnes. The most current "audit" of SNB reserves showed just 1,040 metric tonnes of gold remaining on the balance sheet and I believe that none of this is actual, physical gold. Instead, what the SNB holds are paper claims and promissory notes. The remaining 1,040 tonnes has been sold and re-sold into the marketplace by greedy bullion banks, intent upon suppressing price through the leverage of paper metal futures contracts and rehypothecation. In other words, the "gold" that the SNB claims to hold/own on behalf of the Swiss people is gone. This makes the Swiss people just another bagholder, certain to be left in line wanting with all of the other holders of unallocated accounts when the fractional reserve bullion banking system inevitably collapses.

Furthermore, I've come to the conclusion that it was this last bit of Swiss gold that was utilized to suppress and manipulate price away from the alltime highs of September 2011. What makes me think this? Let's start with a history lesson...

Again, the Swiss officially forfeited their birthright of national independence and sovereignty when they joined the IMF in 1992. Then, by formally de-linking the Franc from gold in 2000, they accepted full membership into the clique of fiat currencies. Regardless, and perhaps just by tradition, the Swiss Franc was still considered a "safe haven" currency as late as 2011. But that's when things got out of hand.

You recall 2011, don't you? Under the weight of $600B worth of QE2, the U.S. Dollar Index was collapsing. From a high near 90 in mid-2010, it had fallen to near 73 by the spring of 2011. Shortly thereafter, the U.S. fiscal situation began to wobble as "Debt Ceiling" negotiations took place in Washington and the U.S. credit rating was downgraded by Standard & Poor's. The ensuing political rancor drove gold from $1500 to $1900 in eight weeks. Also catching a bid in this "safe haven" trade was the Swiss Franc and, in the summer of 2011, it also rallied over 20%.

"We can't have this!", screamed the Swiss Keynesians. "Something must be done or our export-driven economy will suffer", they warned. So what happened next? The SNB went ALL IN.

In the wee hours of Tuesday, September 6, 2011, the SNB announced a permanent and horrific change to the Swiss currency. Henceforth, the Franc would be linked/pegged to the Euro. No more safe haven bid. No more national sovereignty. Going forward, the Swiss were all in. Their fortunes had been officially tied to the fortunes of the European Union, for better or for worse. At this point, there was no further reason to hold any gold in reserve. Why would the Swiss need it? Their currency was now officially fiat and it's value was permanently pegged to another fiat, the Euro. What purpose would gold serve going forward? As the Keynesians say, it had become "a barbarous relic".

Left as the sole remaining "safe haven", one would have expected a huge rally in gold on 9/6/11, likely moving price up and through $2000/ounce from the weekend close near $1920. Instead, with the same counter-intuitive move to which we've all grown accustomed in the time since, gold was raided and price was smashed. Here are some flashback c&ps for you. First two charts from 9/6/11 and 9/7/11 showing the unusual price action:

And, as you might imagine, I was actively chronicling these events on this site. Here's a sample from Wednesday, Sept 7:

"I think it's quite clear now why gold responded yesterday in the opposite direction from what you would have expected. With central banks actively managing a debasement of their currencies, we are now seeing them also attempt to actively manage a debasement of gold, too. Be careful. Be very careful.

We all wondered yesterday why gold would plunge on the SNB news. Now we know. In an attempt to mitigate the "negative" effect on francs priced in gold, the SNB sold a massive amount of gold futures at the same time. How do we know this, because it appears that the same thing earlier today.

Yes, that's 7,000 contracts (700,000 ounces) (nearly 22 metric tons!) dumped on the Globex while London and NY are closed! This should also raise your deja vu spidey senses regarding silver in May. The $ drop in silver was greater because the silver market is considerably smaller. However, it's the same strategy. Maximize the downward impact and collateral damage by executing the attack at a time of minimal liquidity. This all wreaks of malicious manipulation. If you are trading, be prepared for anything."

And there you have it. Speculated upon at the time and again here in this post: The SNB is the culprit. It was the remaining SNB gold that was leased and dumped onto the market in late 2011, shoving price back from the record highs and smashing gold for nearly 0 in a little over three weeks. What was left of the Swiss gold was then leased to bullion banks throughout 2012 and the first half of 2013. Physical demand only increased, however, and that remaining Swiss gold has now been delivered to China and points East. Yes, the SNB still shows this leased gold on their balances sheet as an asset. Most every other western Central Bank utilizes the same accounting gimmick. Instead, it should be listed as a liability as the actual, physical underlying is no longer there. It is...gone for good.

Sensing this, a movement has begun in Switzerland to reclaim their sovereignty and birthright. The Swiss People's Party (SVP), which was the only major party voting against the new Constitution back in 2000, began an initiative last year to re-enforce a gold backing to the Franc. After collecting more than the requisite 100,000 signatures, a national referendum on the issue is planned. First, however, a vote was held last week in Swiss parliament. This procedural vote is basically a "recommendation" from Parliament, designed to impact the eventual, national vote. Here's how Bloomberg described it in an article dated May 5:

SWITZERLAND (BLOOMBERG) - >

Swiss parliamentarians urged rejection of a popular initiative that would curtail the Swiss National Bank’s independence by requiring it to hold a fixed portion of its assets in gold.

Members of the Swiss parliament’s lower house voted 129 to 20 with 25 abstentions today against the plan, which demands that at least 20 percent of the central bank’s assets be in gold. It would also disallow the sale of any such holdings and require all SNB gold be held in Switzerland.

No date for a national vote has yet been set. The government in November also recommended the initiative be opposed, saying it would impinge upon the SNB’s ability to conduct monetary policy. Parliament and the multi-party government issue recommendations on all national referendums as a matter of procedure.

Of course! How could anyone, in their right mind, be in favor of this:

  1. Demanding that at least 20% of your central bank assets be in gold
  2. Disallowing any sale of said gold
  3. Require repatriation of all foreign-held gold

Don't you silly peasants know what's good for you? By making these demands, you "impinge on your central bank's ability to conduct monetary policy" and "curtail the SNB's independence"!

Then, check this out, also from the same Bloomberg story. Last year, even Thomas Jordan, the head of the SNB, got in on the act:

"SNB President Thomas Jordan took the extraordinary step of commenting on politics last year when he urged rejection of the initiative, saying it would crimp the Zurich-based institution’s independence and force it into “large-scale” purchases to meet the required 20 percent threshold."

Hmmm. "Large-scale purchases", just to get back to the 20% threshold? Well, that's interesting, now isn't it? And what about this repatriation requirement? Why should that be a big deal? The SNB currently provides this list of its gold storage:

  • 70% (728 mts) of the gold is already held in Switzerland
  • 20% (208 mts) is held at The Bank of England
  • and 10% (104 mts) is held at The Bank of Canada

I can't speak for the 104 metric tonnes held in Canada but the Swiss people should be very nervous about the gold the SNB allegedly stores in London (https://www.tfmetalsreport.com/podcast/5678/empty-vaults-london). Also, the SNB has been reticent to discuss where in Switzerland their gold is stored. Could this be because the "gold" is stored with the Bank of International Settlements for easy distribution and leasing? And where is the BIS? It's in Basel, of course. And where is Basel? It's in Switzerland!! How about that??

Look, I'll cut the chase here to save some time. Here's the "open letter":

To the good people of Switzerland:

You have been scammed and sold down the river. Your politicians and bankers, in a pathetic attempt to consolidate power and curry favor with the EU, have given away your independence and your historic sovereignty. You should be angry.

The initiative you have taken and the referendum you have planned are all well and good. I applaud you for taking these steps within the context of Swiss law and tradition. However, you must understand what is truly at stake and if you don't take more powerful and forceful acts soon, the likelihood of you ever regaining your birthright as an independent, sovereign nation is slim.

The next steps you undertake must include these:

  • Demand an immediate and full, independent audit of the SNB gold reserves. This is your gold, not the SNB's, and you should be allowed a full accounting.
  • All Swiss gold that is held domestically must be held in Swiss-owned bank vaults, not at the BIS.
  • Demand an immediate repatriation of all foreign-held gold. Do not accept excuses regarding "logistics". Give the BoE and the BoC no more than 90 days to return your gold.
  • Immediately de-peg the Franc from the Euro and divest yourself of all accumulated Euro holdings. Ignore the Keynesian shills who would have you believe that a strong currency is bad for economic growth.
  • Use the process of divesting yourself of the Euro to accumulate and rebuild your gold reserves. Then, use these reserves to once again partially back your currency.

The world is rapidly changing and tomorrow will not be like yesterday. The current global financial system, based upon promises, debt and unlimited fiat currency will one day soon by replaced by a system that returns the world to a sound money platform. The monetary powers of the 21st Century will come to the forefront by virtue of their accumulated reserves of sound money, not by their addiction to easy money.

You, Switzerland, still have time to act and prepare but you must move quickly. The possibility exists for you to reverse course and demand change but time is short. The end of the great Keynesian experiment is upon us. Reclaim your gold and your sovereignty now or be forever consigned to the trash heap of fiat currency history.

Faithfully submitted with all sincerity,

TF

About the Author

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  152 Comments

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SteveWTomMack
Aug 24, 2014 - 9:12pm

@TomMack

"tomb is correct"

Perhaps, but the word Dr. P. Metals seeks is tome, just another one of those 4 letter words.

EDIT: See I was beaten to the pun by an (old?) Grey Mare.

Dr. P. Metals
Aug 24, 2014 - 8:54pm

@tyberious

Yes that's the main chart, infinitely more important than SS's silver chart.

and I might add, since they have lied about EVERY other statistic published, I'm sure the actual balance is many many times more than what is "reported".

tyberious
Aug 24, 2014 - 8:40pm
Kansascrude
Aug 24, 2014 - 8:17pm

FAD raid by the Crooks

Marchas you got it right just keep stacking. Its definite "Full Me(n)tal Warfare" courtesy of the MONSTERS FROM HELL! Anybody think we got something going with 55K open interest in Ag? Seen the Ag Army fold and retreat quite awhile now so do they think its time or does the Cartel hold a bunch of longs and will sell them to crash/cap the market. Seems like a tactic PM'ers really don't properly assess IMO. To me as one of the ignorant we watch the delivery month drama supposedly coming only to see pretty much vapor, some reasonable deliveries although still murky IMO. However no 12:00 High Showdown.... Are the Chinese, Indians, others still willing to keep sucking up the cheap stuff or are they ready to call the MONSTERS FROM HELL out? That is the question.....

I guess we will see.....

Marchas45
Aug 24, 2014 - 7:08pm

Fuck A Duck

It's getting to be a Buyers Market in PM's Also. O! Well Keep Stacking, Everything

Video unavailable
DayStar
Aug 24, 2014 - 7:04pm

Harvey's Up! (TFMR)

Harvey's Up! https://www.tfmetalsreport.com/comment/622555#comment-622555

  • Mark O'Byrne: Gold prices fell after minutes from the Fed's July meeting on Wednesday showed policy makers debated whether interest rates should be raised earlier. Gold has fallen this week and there is speculation that it was due to fears that the Federal Reserve could hike interest rates sooner than expected. However, if that were the case then stock markets would have also come under pressure instead of marching on to new record highs. From a market perspective this is very counter intuitive and suggests gold’s falls were for another reason. A four-day rally for U.S. stocks carried the S&P 500 index to a fresh record yesterday. The S&P 500 reached 1992.37, its 28th record finish of 2014 and first since July 24. Market talk is of Yellen pushing the S&P to new records at the psychological 2000 level. Irrational exuberance is alive and well on Wall Street and being stoked by the ultra loose monetary policies of Yellen and her merry band of Jackson Hole cohorts. It is worth noting that copper is heading for a 3% gain this week as are some other commodities. If markets were genuinely concerned regarding a sudden rise in interest rates, commodities and all risk assets would be under selling pressure. Some market participants will rightly ask - why is it only gold and silver that have seen sudden declines this week?
  • A Ananthalakshmi (Reuters): China's planned global gold exchange has signed up more members than targeted, as foreign banks and trading houses seek direct access to the world's top physical gold consumer and to test out reforms allowing them to trade commodities in the yuan currency. The strong response from foreign players will boost efforts by China -- also the world's biggest producer of gold -- to gain pricing power over the metal and to challenge the dominance of London and New York in trading.
  • Harvey: What is with the lowering of silver margins with its record high OI? Ladies and Gentlemen: get ready for another attack on Monday!! The CME (Chicago Mercantile Exchange) lowers margins on gold and silver- AGAIN. The new margins now give gold 25.30-1 leverage and silver 13.64-1, based on the current contract prices. Yet another bizarro deal. Why lower silver margin while it sits at RECORD high O.I? It still has paltry leverage however compared to gold or nearly any other commodity. It feels very ominous as these things virtually never work in spec longs favor. Curious timing too, coming exactly on the eve of September silver options expiration and First Notice Day. Gold/Silver trading: There is not much to talk about today, just your usual manipulation/raid. On the paper side of things: In the Middle east, the Israeli Prime Minister stated that Israel will try and kill Hamas leaders. With respect to ISIS, Senator Inhofe offered some scary stuff today on ISIS. However the big story was the Russian humanitarian convoy that entered Ukraine illegally (supposedly without permission from the Ukrainians) and from that point on, the farce became surreal. We have many stories on that front today. We have a new front of turmoil to talk about today and that is Yemen where Shiites are ready to storm the government.
  • Debarati Roy (Bloomberg): Five months after the U.S. Mint began producing coins made with platinum, sales have all but collapsed as investors continue to favor gold and silver. The Mint, which resumed production of platinum coins in March after a six-year halt, has sold 13,600 ounces this year, including zero in July. By comparison, the Mint sold 313,500 ounces of gold coins and 27.71 million ounces of silver, fueled by concern that the Federal Reserve is inflating the economy with paper money to stimulate growth. The Mint has no plans to discontinue the sale of platinum coins, "though we did not expect the response to be so weak," said Tom Jurkowsky, a spokesman for the Mint in Washington. "We will take a wait-and-watch attitude."
  • Tyler Durden: In an attempt to get as many possible investors, the issuer has made the smallest bond denomination anyone can participate in this once in a lifetime opportunity to collect 0.5% per year for their gold: "Investors can also get a Gold Bond note with a single Krugerrand, which means that retail investors can use it to gain exposure to the gold price. Investors who already own Krugerrands can use the Gold Bond to achieve the same exposure to the gold price they would have enjoyed when physically holding Krugerrand coins, while also earning interest on the bond." So is this truly a can't miss opportunity for institutions and, better yet, retail investors? It all depends on one's quantification of counterparty risk: if the owner of gold believes that it makes sense to have someone else hold the gold in exchange for a meager sliver of interest, then by all means yes. The problem is that increasingly gold owners realize that possession is critical when it comes to the shiny metal in a world in which paper claims on gold are rehypothecated countless times. Which is surely the main attraction of the physical metal for all those who increasingly believe that the financial system is the precipice of completely collapse.
  • Chris Powell (GATA): Former presidential adviser and Plunge Protection Team member Philippa Malmgren said today that governments have an interest in suppressing the price of gold and silver and in otherwise blocking the exits from currency devaluation as official inflation figures begin to be exposed as lies.
  • Tyler Durden: While today's key events were supposed to be the Jackson speeches first by Janet Yellen at 10:00am Eastern and then by Mario Draghi at 2:30 pm, Ukraine quickly managed to steal the spotlight yet again when moments after the first Russian humanitarian aid convoys entered Ukraine allegedly without permission, Kiev first accused Russia of staging a direct invasion, even if moments later it changed its tune and said it had allowed the convoy in to "avoid provocations." In other words, your daily dose of Ukraine disinformation, which initially managed to push futures down some 0.3% before futures regained virtually all losses on the subsequent clarifications. Expect much more conflicting, confusing and very provocative headlines out of Kiev as the local government and the CIA try to get their story straight.
  • Zero Hedge: the farce is complete, although at least this time it didn't take Ukraine several hours to fabricate then unfabricate its plot line, because literally minutes after it accused Russia of invading, Ukraine's foreign minister said the convoy was "allowed" to avoid provocations. He added that the rebel militants are using mortars on the convoy route and that it had taken all necessary steps to ensure cargo safety but that Russia wouldn't discuss security for the convoy. Nonetheless it still accused Russia's convoy of breaking international law and said that convoy would go to separatists, not civilians, and called on its "international partners" (we suppose it means the CIA here, which apparently is feeding it this ridiculous script) to condemn the Russian convoy.
  • Tyler Durden: The Russian military has moved artillery units manned by Russian personnel inside Ukrainian territory in recent days and is using them to fire at Ukrainian forces, New York Times reported, citing NATO officials. The Russian move, NYTimes reports, represents a significant escalation of the Kremlin’s involvement in the fighting there and comes as a convoy of Russian trucks with humanitarian provisions has crossed into Ukrainian territory without Kiev’s permission. The US is now getting involved, as WSJ reports, Pentagon calls on Russia to 'Remove Vehicles Immediately' From Ukraine. Kirby says "very concerned" by Russian convoy in Ukraine. Ukrainian Security Service chief Valentyn Nalyvaichenko said the move amounted to a "direct invasion," and The Pentagon has warned "failure to [remove its vehicles] will result in further costs and isolation."
  • DW.DE: Led by heavily armed Shiite rebels, thousands of demonstrators are demanding the government step down by the end of the week. Rebel commander Abdulmalik al-Huthi said the authorities must meet protesters' grievances by the end of the week, or additional forms of "legitimate action" would take place. According to reports, rebel militias were deploying on rooftops in parts of the capital and armed rebel convoys were entering the capital and setting up checkpoints. Military officials said forces were on standby in case of an attack. The protests were sparked by a steep rise in gas prices - due to a government stop to fuel subsidies. The demonstrations are gaining in strength as supporters continue to join the anti-government camps. On Wednesday, men armed with Kalashnikovs were seen guarding walled camps set up by the demonstrators. In the northwestern province of al-Jouf, a local reporter told the German press agency (dpa) that at least 20 militants had been killed in clashes with police that began on Wednesday night.
  • Tyler Durden: It is no secret that of all geopolitical crises in the past 5 years, the US has been the instrumental puppet master in virtually all of them: from Libya, to Egypt, to Syria, to Ukraine ("US Revealed As Alleged Mastermind Behind Ukraine Unrest"), even the ISIS insurrection in Iraq whose success would have been impossible without prior US weaponizing of al-Qaeda splinter groups in neighboring Syria. And now it appears the US has found yet another country for its "intelligence services" to alienate. According to go the WSJ, the leader of protests against Pakistan's Prime Minister Nawaz Sharif lashed out at the U.S. Thursday, accusing Washington of interfering in the country's political crisis. As a reminder, the nuclear-armed country neighboring India is currently gripped in a political crisis, where the opposition-leader (and cricket legend) Imran Khan asked his followers two days ago to surround the nation's parliament building, and calling for a Tahrir-Square-like protest to oust Prime Minister Nawaz Sharif. While political instability is a hallmark of Pakistan's coup-prone government, Khan's concerns at the demise of law-and-order in the nation along with a belief that May 2013's election was "stolen" through conspiracies to rig the results, have led him to demand his followers stop paying taxes and utility bills. And while his domestic ambitions are clear, it is his hatred of a certain country in the international arena that was most notable: "You like only those governments in Muslim countries that are your slaves," Mr. Khan said in remarks directed at the U.S. "Is there another democracy for you, and another for us?"
  • Zero Hedge: It appears China is as happy as Russia to show just how little respect it has for the US' superpower 'hegemony' status. In May China flew close to Japan's airforce; in June, Russia flew nose-to-nose with the US; and now The Pentagon reports a Chinese fighter plane came within 30 feet of a US Navy Poseidon 8 plane. The 'Top-Gun' move came after several passes across the nose of the P-8 about 220km east of China's Hainan Island. The US has registered "strong concerns" with the Chinese government about "unsafe and unprofessional" conduct, and the White House called the incident a "provocative action."
  • John Sexton (Brietbart): Thirty states plus the District of Columbia have sought the Center for Disease Control's help identifying potential cases of Ebola. A list of those states provided to Breitbart News Thursday by the CDC shows (in bright red) all the states which have asked for the CDC's help with potential Ebola cases since July 27th. When contacted for consultation, the CDC examines the patient's symptoms and travel history to decide whether or not a blood test is needed. In most cases, the CDC is able to rule out Ebola without the need for a blood test. ABC News reported Wednesday that the CDC was contacted 68 times since the end of last month. In 58 of those cases Ebola was ruled out. In the ten remaining cases CDC ordered a blood test. Seven of those tests have already returned negative, and three are still outstanding. The CDC did not have up-to-date information on the location of the 10 patients who have received Ebola tests thus far, but reports indicate at least one patient was tested in New York, California, New Mexico, Maryland, and Ohio. Patients in California and New Mexico are currently awaiting test results. Two patients who were transported to America after contracting Ebola in West Africa were released from a hospital in Atlanta this week. Both recovered after treatment which included an experimental drug called ZMapp.

All this and more on...

The Harvey Report!

https://www.tfmetalsreport.com/comment/622555#comment-622555

DayStar

Fatso
Aug 24, 2014 - 6:53pm
Grey Mare
Aug 24, 2014 - 6:29pm

LOL, Dr. P the word you likely were looking for is...

tome. Just in case you really want to know and you don't get the joke (?) above.

GM

goldcom
Aug 24, 2014 - 6:26pm

Gold opening

Drum roll please...............Down

Who'd a thunk

mel
Aug 24, 2014 - 6:23pm

Gold confiscation in Canada?

Don't think anyone living here in Canada has to worry that much about the government confiscating their gold. Our government has over the years sold essentially all the gold it had. Probably only enough left to do a couple gold crowns for half a dozen crooked Senators....Canadians don't believe in gold, only bloated real estate...

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8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

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

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by Wizdum, 2 hours 4 min ago
by Green Lantern, Sep 20, 2020 - 8:36pm
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