SWISS GOLD INITIATIVE FAILS

250
Sun, Nov 30, 2014 - 12:56pm

In no surprise to Turdville, the SGI went down in flames today by a margin of 77-23.

We did what we could, but in an age where economic education is lacking, fear sells and greed trumps all, the only surprise is the margin of defeat. The latest polls had indicated a minimum backing of 37% for the initiative. If the results are to be believed and trusted, then we must accept that fully 1/3 of those who had been backers changed their minds in the last hours. Clearly, the Swiss are no smarter and no more "independent" than anyone else in Europe or the United States. Instead, we all remain slaves to the debt currency, central banking system.

What effect this may have on paper price in the days ahead is hard to predict. Those expecting a continued selloff may get one, at least in the short term as all "commodities" are dragged lower with crude oil. I take issue, though, with those expecting some new wave of selling based upon this result. If you were truly wired in and trading paper metal derivatives, the "NO" vote on SGI is absolutely no surprise.

Additionally, some now expect GOFO rates to "normalize". I doubt it. Again, the powers that determine these rates will not be surprised at all by the result AND GOFO rates are (allegedly) a real time indicator of physical tightness. They are NOT a projection of future tightness based upon some kind of renewed Swiss demand.

Anyway, I'm sure we'll discuss this more again tomorrow and in the week ahead. For now, Turd has greater concerns. The University of Nebraska has FINALLY fired it's meathead embarrassment of a football coach so, regardless of the SGI outcome, today is a great and happy day at TurdFork.

Enjoy what's left of your Sunday. Trading resumes at 6:00 pm New York time.

TF

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  250 Comments

realitybiter
Nov 30, 2014 - 3:55pm

Janda

Did you see this: https://dailycaller.com/2014/11/28/gallup-peak-number-of-americans-delaying-medical-care-over-costs/

The Gallup poll says folks are not going to the doctor because it is too expensive with O-care. Personally, I know this to be true.

Like the miners, if the economic activity doesn't make sense, you don't do it.

Maybe Obama can become a Keynsian economist after this President gig is up. Just make up sh*t and change your thesis when your last thesis didn't work....or maybe a climatalogist???

I have always felt that the unintended consequence of O-care is that folks will simply quit going to the doctor. Which begs the question....why have insurance if you don't use it? Hopefully, they treat their own healthcare more proactively...crazy.

Libero
Nov 30, 2014 - 4:01pm

Reality- health care has always been too expensive

in the good old USA. nothing new.

Pounds of Money
Nov 30, 2014 - 4:15pm

Bo Pelini = Bo Polony = Hmmmm

Bo Pelini fired? How about Bo Polony? A thinly veiled Contrarian signal.

The Swiss Gold Initiative fails on 11/30. So $1130 / Oz will be the bottom on 11/30.

I'm going with this.

Fiat ready for deployment.

Docdhjrealitybiter
Nov 30, 2014 - 4:27pm

Janda

Realitybiter,

I find this to be accurate. Obama Care's huge deductibles and increase in premiums ( 37% in one year) are so outrageous people are either not coming in or dropping their coverage..... and if they do come in, it is at a later stage in their medical condition.

The other issue occurring with O-Care is a large number of people have stopped paying their premiums. According to O-Care, if a person stops paying their premium the government ( taxpayer) is on the hook for any medical care the person incurs for the next 30 days after premium payments stop. The next 60 days, docs and hospitals are on the hook to try and get reimbursed for care that is rendered. Good luck trying to get payment. This is the number one reason why docs are dropping out of O-Care..... roughly 25% have stopped accepting O-Care plans. ( 70% in California) This is also the reason why many docs are selling their practices to hospitals and health delivery systems.

But, I believe this was not an unintended consequence.... I believe it is and was intentional. O-Care was designed as a bomb to implode the health care delivery system. Their goal is to have every American run into their totalitarian arms as the system implodes and give them the opportunity to implement a single payer system. A system that is administratively overseen by the largest insurance companies. It is evil and treasonous !

pforth
Nov 30, 2014 - 5:07pm

53 minutes to go...

before the pain starts :(

Marchas45
Nov 30, 2014 - 5:23pm

Silver For Sale

Ok Guys and Gals I need some Fiat for bills, my loss your gain. Don't worry I have plenty more. Lol

I have 20 rolls 90% Silver circulated Washington Quarters and would like to sell as one batch but I may consider smaller lots.
I will pay the shipping minus the Insurance if sold all together.
Asking X12.75 shipped
With payment through Paypal (preferred), Check or Money Order

APMEX price is: $1445.28 per $100.00

If the price goes up so do these, I also can't edit this post after a certain time span. So amount of rolls may change.

PM me if interested. I also have these on other forums.

Gamblepforth
Nov 30, 2014 - 5:29pm

Pforth

Bring it!

gamble gamble

SteveW
Nov 30, 2014 - 5:36pm

SNB potential leaser/seller of gold

Well it's not as if the Swiss haven't been the US lapdog recently with USB and Credit Suisse being leaned on to follow the US bidding. So if the SNB is instructed to sell their natural response ought to be "how much".

SteveW
Nov 30, 2014 - 5:40pm

In other news

the 102nd Grey Cup will be contested starting in 20 minutes. Western fans will be cheering for Calgary to defeat Hamilton.

Gamble
Nov 30, 2014 - 5:46pm

And snb

Would have been leasing already , it's not as if they haven't been leasing they're gold ! They've been leasing for years , I don't see how this affects gofo negatively or positively ? What I do expect is the algos to be triggered to sell and sell hard , then a pause , and a huge moment of "omg" we really don't have any gold! And as for the comex, I believe it's in default now , with the weird numbers and odd reports, we just don't no it yet , but soon .

Gamble gamble

ignorance is bliss

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