Harvey Organ Should Be An Interesting Read Today Also

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DayStar
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Harvey Organ Should Be An Interesting Read Today Also

This is the backup thread for Harvey if the main thread is broken.  The main thread is at https://www.tfmetalsreport.com/forum/4132/harvey-organ-should-be-interesting-read-today

​Harvey covers the current state of gold and silver, the Comex, and current events.  The emphasis is preparation for the end of the great Keynesian experiment aka the bankers plan to rule the world.  The cartel will destroy the global economy and the paper currencies currently in vogue.  Any dollar denominated paper assets will likewise become worthless.  Protect yourself with PMs held in your personal possession, food to carry you through when the system fails to deliver food, and weapons to defend it. 

DayStar

Edited by admin on 11/08/2014 - 05:01
Mr. Fix
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it's always good to have a backup plan.

wink

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"When the student is ready,
the teacher will appear."

glimas
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harvey organ

Sorry Daystar still not getting to your latest posts.  The link opens the begining of your thread from back in 2012.  Trying to click on last page and I end up at Oh no page not found. 

DayStar
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RE: Harvey Thread

Yeah, I broke it.  I have fixed my problem and I am waiting for maintenance to fix the main Harvey thread.  Meanwhile, we will go with Plan B here on Harvey Organ Should Be An Interesting Read Today Also and will proceed, hopefully without too much more difficulty.  

DayStar

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~~Harvey 26 Jun 2014

This is DayStar (DS) with the Thursday Harvey Report.

News and Commentary
Stephen Flood (GoldCore): U.S. authorities targeted Barclays (recently one of their traders was involved in manipulating the London Gold Fix Pricing Mechanism) for developing "Dark Pools" full of predators and feeding clients to them. It reads like something from a Harry Potter book. Dark Pools are closed systems operated by many banks and financial institutions that allow large institutional investors to trade anonymously within the banks client pool, thereby allowing the client to avoid publicity surrounding the public placement of large trades which may in itself affect the price that the client would receive. Here in lies the problem, in order to access privileged information the institutional investor thinks they are getting something for free when in fact the price of entry will always be their trade flow and the power that knowing what is about to be placed is being placed. It allows some participants to front run the process and in doing so gouge the institutional trade in a hundred different ways. In the end the customer pays in the form of poor performance of their investments, the amount of money they receive after 60 years of pension contributions is massively eroded. Some estimate that up to 30% or more of portfolio returns are lost due to industry charges over the lifetime of a pension fund. many of the largest investigations have been against non U.S. firms. This is protectionism at its ugliest. In the "land of the free" pandering to the local electorate is still very profitable. Much of the fines extracted will be paid by shareholders of the banks, not the individuals who actually carried out or oversaw the criminal act. http://www.goldcore.com/goldcore_blog/A_Cast_of_Creepy_Characters_U_S_Authorities_Target_Barclay_s_Dark_Pool

Harvey: For the past two days , after options expiry, the bankers have unloaded many non backed gold contracts on the Comex and in London trying to lower our two precious metals trying to influence owners of spot month contracts from taking delivery. We have pointed out to you on countless occasions on each prior expiry month as to their criminal activity on this front and they do this in broad daylight, knowing quite well that the regulators will do nothing. I am totally amazed to see both metals hold up despite the massive shorting. We still have two more trading days before first day notice, however so far it is a sight for sore eyes to see the bankers squirm as each day fails in their attempt to lower the price. I would like to point out that $1320 USA is a line in the sand for the bankers. If penetrated and stays at prices beyond $1320 for gold, the breakout will send gold northbond into the 1340-1350 range immediately. The line in the sand for silver is $22.00 as that was the price prior to the drive-by shooting in April 2013. The 21.00 dollar defense is a minor line...the biggy is 22.00 silver. I would also like to point out that June 30 is the end of the 2nd quarter and the crooks love to put lipstick on the pig. So we may see additional selling of gold to make paper assets seem better. On the gold front, we learned from China that the missing inventory at Qingdao may be 80 billion dollars worth or 1900 tonnes of gold. The missing inventory will force holders to try and locate real metal of which there will be note. This will without a doubt break the shadow banking system in China. On the paper front, the big news today was from Russia where Gazprom has decided to accept gas prices in yuan and in Euros bypassing the USA dollar. This is a killer dagger. We now await to see if Saudi Arabia announces that its oil will be priced in all currencies and not just in dollars. This would be the kiss of death to the USA dollar. GLD: Gold was unchanged and stands at 785.02 tonnes. SLV: Silver was unchanged and stands at 10,148.49 tonnes. http://harveyorgan.blogspot.com/2014/06/june-26no-change-in-gold-inventory-at.html

Bloomberg News: China’s chief auditor discovered 94.4 billion yuan ($15.2 billion) of loans backed by falsified gold transactions, adding to signs of possible fraud in commodities financing deals. Twenty-five bullion processors in China, the biggest producer and consumer of gold, made a combined profit of more than 900 million yuan from the loans, according to a report on the National Audit Office’s website. Public security authorities are also probing alleged fraud at Qingdao Port, where copper and aluminum stockpiles may have been pledged multiple times as collateral for loans. Steps by the Chinese government to rein in credit by raising borrowing costs in recent years created a surge in commodities financing deals that Goldman Sachs Group Inc. estimates to be worth as much as $160 billion. “This is the first official confirmation of what many people have suspected for a long time -- that gold is widely used in Chinese commodity financing deals,” said Liu Xu. As much as 1,000 tons of gold may have been used in lending and leasing deals in China. In some commodities financing transactions, owners of raw materials sitting in ports use receipts from warehousing companies to get credit from banks, which they put to work in high-yielding investments before repaying the debt. Other deals involve a Chinese buyer placing orders for commodities with overseas companies and then applying for a letter of credit from a lender, which they use to import the materials. The buyer can then sell the consignment in the domestic market and use the money onshore at a higher interest rate before repaying the original loan. http://www.bloomberg.com/news/2014-06-26/china-finds-15b-of-loans-backed-by-falsified-gold-trades.html

Zero Hedge: As the probe into alleged fraud at Qingdao continues to escalate (with liquidity needs growing more and more evident as Chinese money-market rates surge), Bloomberg reports that China’s chief auditor discovered 94.4 billion yuan ($15.2 billion) of loans backed by falsified gold transactions, in "the first official confirmation of what many people have suspected for a long time - that gold is widely used in Chinese commodity financing deals." As much as 1,000 tons of gold may have been used in lending and leasing deals in China and Goldman reports thatup to $80 billion false-loans may involve gold. As one analyst noted, this was unlikely to have a significant impact on the underlying demand for gold in China and as we have pointed out before, any unwind of the Gold CFDs would lead to buying back of 'paper' gold hedges and implicitly a rise in prices. in the case of gold, it just may be that even if China were to dump its physical to some willing 3rd party buyer, its inevitable cover of futures "hedges", i.e. buying gold in the paper market, may not only offset the physical selling, but send the price of gold back to levels seen at the end of 2012 when gold CCFDs really took off in earnest. In other words, from a purely mechanistical standpoint, the unwind of China's shadow banking system, while negative for all non-precious metals-based commodities, may be just the gift that all those patient gold (and silver) investors have been waiting for. This of course, excludes the impact of what the bursting of the Chinese credit bubble would do to faith in the globalized, debt-driven status quo. Add that into the picture, and into the future demand for gold, and suddenly things get really exciting. http://www.zerohedge.com/news/2014-06-26/80-billion-gold-backed-loans-are-falsified-chinese-auditor-warns

Mehul Srivastava and Isobel Finkel (BloombergNews): As the minister in charge of Turkey’s $800 billion economy in 2013, Zafer Caglayan was facing a series of numbers that didn’t bode well for coming elections. Inflation was up, growth was slowing and the lira was weakening. The operation featured an Iranian-born businessman who liked fast horses, faster cars and the fastest planes. His unique skill: Getting gold into sanctions-encircled Iran. Enough gold that for a time he became the government’s key instrument in improving Turkey’s irksome economic imbalance. Sarraf estimated he had facilitated the transfer of about $12 billion in gold -- about 200 tons -- to Iran. That represented “about 15 percent-15.5 percent of the current account deficit that I closed by myself,” he said. He didn’t say what period he was referencing. Even as the new sanctions were looming, Sarraf didn’t stop exporting gold. On the morning of May 22, he drove to the Conrad hotel and met with Aslan, the document said. A few days later, Sarraf called an associate and ordered him to ramp up the gold trade. “How are your gold stocks?” he asked, according to a transcript of the May 28 call. “Pump it up so exports rise. Keep doing it like that so that exports rise a little. Exports are needed until the election.” DS: This gold exporting deal is being portrayed as a reelection bid. IMO, the real motive was helping Iran when the US cut off Iran's access to SWIFT and the global banking system because of sanctions it imposed. This gold trade helped Iran get vital goods and services, even though their retail economy suffered from the sanctions. This trade with Iran was the first step in breaking the petrodollar and it established systems by which trade could be done in gold and showed others you could live without the dollar and the US would even help you do it. The US knew what Turkey was doing, and they let it go on unimpeded, because they wanted Iran to succeed. The support continues with this ISIS attack. It gives Iran a reason to send troops into Iraq and establish joint military structures in Iraq, just like they have done in Syria. http://www.bloomberg.com/news/2014-06-25/turkey-sells-200-tons-of-secret-gold-to-iran.html

Chris Powell (GATA): The gold available to bullion banks and Western central banks for price suppression will run out, as it did upon the collapse of the London Gold Pool in 1968, and that the consquences will far more astounding because of the huge amount of unbacked certificate gold outstanding this time.

Bill Holter (Miles Franklin): Over the years we (the U.S.) have had many forks in the road where we could do the right thing or the wrong thing, we chose the wrong thing many times and the wrongs have piled up. China and Russia et al are not "rudely" pointing these things out to the world. They are merely going about their business and positioning themselves for the obvious future. They are not to this point pulling any triggers, they are just sitting back and watching us play Russian roulette all by ourselves. They are playing this game for appearances sake because they know that it is not for the next quarter, the next year, 5 years or even 10. No, this is about the next 50-100 years or more. The dollar is being "unofficially" replaced right now, I suspect that within a year's time (or less) it will be officially replaced. Whether you know it or not, you are watching history that will be spoken about, read about and rewritten many times in the future. Your future depends upon what you do now and how you prepare for what is coming because like it or not it IS coming. Foreigners know this, sadly the vast majority of Americans still do not and won't until it's too late to do anything about it. http://blog.milesfranklin.com/another-part-of-the-big-picture

Tyler Durden: A little over a month ago, when Russia announced the much anticipated "Holy Grail" energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar's stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative. This changed rather dramatically overnight when in a little noticed statement, Gazprom's CFO Andrey Kruglov uttered the magic words (via Bloomberg):
GAZPROM READY TO SETTLE CHINA CONTRACTS IN YUAN OR RUBLES: CFO. In other words just as the US may or may not be preparing to export crude - a step which would weaken the dollar's reserve status as traditional US oil trading partners will need to find other import customers who pay in non-USD currencies - the world's two other superpowers are preparing to respond. And once the bilateral trade in Rubles or Renminbi is established, the rest of the energy world will piggyback. DS: Lindsey Williams said in May that events will start to accelerate immediately. We have certainly seen that happen. One event Lindsey says will happen is food becoming so expensive many Americans cannot afford it. When the petrodollar falls, most analysts expect a flood of unneeded dollars to come pouring into America. This will increase money velocity as dollar holders try to exchange them for goods while the dollar is still worth something. Food will be driven up by the unloading of petrodollars. Since the central bankers of China and Russia discussed how to replace the dollar with Rubles and Yuan, you know good and well that the bankers would not go against "the plan". This is a coordinated take down of the American dollar. O is just blowing smoke to give them cover to do what they are doing.

We Will Face Serious Challenges Ahead aka This Will Not End Well

Intellihub: A recent posting on First Southern Brigades Facebook page tells it all. And a picture is worth a thousand words. What is this U.N. weapons enforcement vehicle doing inside the CONUS? http://www.intellihub.com/u-n-weapons-enforcement-vehicle-spotted-u-s-gun-confiscations-coming/

SHEPARD AMBELLAS (Intellihub): the flood gates are open and now some are wondering if the establishment will use this opportunity to activate the REX 84 program, essentially ushering in the legal use of concentration camps in America. In fact, according to Allen L. Roland, writing for Global Research: "We are dangerously close to a situation where ~ if the American people took to the streets in righteous indignation or if there were another 9/11 ~ a mechanism for martial law could be quickly implemented and carried out under REX 84." The Cheney/Bush administration has a plan which would accommodate the detention of large numbers of American citizens during times of emergency. The plan is called REX 84, short for Readiness Exercise 1984. Through Rex-84 an undisclosed number of concentration camps were set in operation throughout the United States, for internment of dissidents and others potentially harmful to the state. The Rex 84 Program was originally established on the reasoning that if a “mass exodus” of illegal aliens crossed the Mexican/US border, they would be quickly rounded up and detained in detention centers by FEMA. Existence of the Rex 84 plan was first revealed during the Iran-Contra Hearings in 1987, and subsequently reported by the Miami Herald on July 5, 1987: ” These camps are to be operated by FEMA should martial law need to be implemented in the United States and all it would take is a presidential signature on a proclamation and the attorney general’s signature on a warrant to which a list of names is attached.” And there you have it ~ the real purpose of FEMA is to not only protect the government but to be its principal vehicle for martial law. http://www.intellihub.com/illegal-aliens-dumped-tuscon-bus-station-prompts-fears-rex-84-activation-video/

Tyler Durden: It was about two months ago when in a shocking development in the otherwise sleepy tax-evasion haven of Lichtenstein, the CEO of local Bank Frick, was murdered in the underground garage of the bank by a disgruntled former client. As readers may recall, the tragic event happened at a time when there was a spike in banker suicides, prompting us to wonder if “with the first open bank CEO murder, one wonders if there will be a change in the pattern.” Two months later it appears as if the vector of death is indeed changing when, as Reuters reported, overnight the head of the fourth largest bank in Albania, Credins, was murdered, shot at least five times, as he entered his office in the capital Tirana. http://www.zerohedge.com/news/2014-06-26/head-fourth-largest-albanian-bank-assassinated-broad-daylight

Andrei Burke (Ultraculture): Neonicotinoid insecticides, which have been widely blamed for colony collapse disorder among bees, are also killing butterflies, worms, fish and birds—read on for even more shocking effects. The same neurotoxic pesticides that have been implicated in global bee collapse are also harming butterflies, worms, fish and birds, according to a scientific review issued Tuesday that called for tighter regulation to limit their use. This comes in the same week that a potential link between pesticide exposure during pregnancy and autism was discovered. http://www.blacklistednews.com/Neonicotinoid_Insecticides_are_KILLING_EVERYTHING/36220/0/38/38/Y/M.html

****************

Harvey's comments on Thursday price action (basis 1:30 PM EST)

Quote:

Gold closed down $6.10 at $1316.10 (Comex to Comex closing time).
Silver was down 1 cent at $21.10.

In the access market tonight at 5:15 PM:Gold: $1317.00
Silver: $21.11

Wednesday, Jun 25th Gold and Silver Action (basis 1:30 PM EST)
http://harveyorgan.blogspot.com/2014/06/june-26no-change-in-gold-inventory-at.html

Total, Jun (Gold), Jul (Silver), Aug (Gold) Open Interest

In silver:

Quote:

The total silver Comex OI fell by 982 contracts as silver rose by 7 cents yesterday. We definitely had some short covering as our bankers are getting quite nervous at the continual high open interest for the complex as well as the high OI for the upcoming delivery month of July.We also are witnessing that whenever an active month of metal whether gold or silver arrives prior to first day notice, the large liquidation of that metal occurs rather than rolling. With costs at zero to roll, it just makes no sense. The total OI now rests tonight at 157,111 contracts. The front June contract month saw it's OI remain constant at 0 contracts. We had 0 notices filed yesterday so in essence we neither gained nor lost any silver contracts standing. The July contract month saw it's OI fall by only 11,569 contracts down to 23,516 as we are less than 1 week away from first day notice for the silver July contract month (Monday June 30). The July contract OI still remains extremely elevated for this time in the delivery cycle.

In Gold:

Quote:

The total gold Comex open interest rose today by 4177 contracts from 392,388 up to 396,565 with gold up $1.20 yesterday. We are now in the next active delivery month of June and here the OI fell by 38 contracts down to 242. We had 2 notices filed yesterday so we lost another 36 contracts or 3,600 oz of gold will not stand for delivery. The next non active gold contract month is July and here the OI fell by 43 contracts down to 564. The next big delivery month is August and here the OI rose by 822 contracts up to 255,184.

Volume

In Silver:

Quote:

The estimated volume today was excellent at 94,689 contracts. The confirmed volume yesterday was humongous at 115,862 contracts.

In gold:

Quote:

The estimated volume today was fair at 130,008 contracts. The confirmed volume yesterday was also OK at 148,875.

Inventory Numbers

In Silver Inventory:

Quote:

Today, we had tiny activity inside the silver vaults (and he are heading for a big delivery month?)
We had 0 dealer deposits and 0 dealer withdrawals:
Total dealer deposits: nil oz.
Total dealer withdrawals: nil oz.
We had 0 customer deposits:
Total customer deposit: nil oz.
We had 1 customer withdrawals:
i) Out of Delaware: 2,987.85
Total customer withdrawals 2987.85 oz.

We had 0 adjustments:
Registered (dealer) silver: 57.044 million oz

Total of all silver: 176.215 million oz.

In Gold Inventory:

Quote:

We had 0 customer deposits today.

We had 1 customer withdrawal:
i) Out of Manfra: 128.60 oz

Today we had 1 adjustments:
i) Out of HSBC: 608.68 oz was adjusted out of the dealer and into the customer at HSBC:
Thus tonight, we have the following JPMorgan inventory levels in gold:
JPMdealer inventory remains tonight at 289,135.635 oz or 8.993 tonnes.
Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued from JPMorgan's client or customer account. The total of all issuance by all participants equates to 239 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 148 notices stopped by JPMorgan customer account.

The Total dealer Comex gold remains tonight at 912,600.38 oz or 28.38 tonnes of gold. The total of all Comex gold (dealer and customer) rests at 8,263,327.245 oz or 257.02 tonnes.

Tonight, we have dealer gold inventory for our 3 major bullion banks (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at only 23.107 tonnes:
i) Scotia: 303,294.034 oz or 9.433 tonnes
ii) HSBC: 150,509.344 oz or 4.681 tonnes
iii) JPMorgan: 289,135.635 oz or 8.993 tonnes
Total: 23.107 tonnes

The Brinks dealer account, which did have the lion's share of the dealer gold, saw its inventory level lower tonight to 145,875.569 oz or 4.537 tonnes. Several months ago Brinks had over 13 tonnes of gold in its registered or dealer account.

Delivery Notices

In silver:

Quote:

The CME reported that we had 0 notices filed for nil oz today.

In gold:

Quote:

Today we had 239 notices served upon our longs for 23,900 oz of gold.

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:
http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In silver:

Quote:

To calculate what will stand for this active delivery month of June , I take the number of contracts served for the entire month at 178 x 5,000 oz per contract or 890,000 ounces to which I add the difference between the OI for the June contract month (0 contracts) minus the number of notices served today (0) x 5000 oz.
Thus in summary: 178 contracts x 5000 oz per contract (served) or 890,000 oz
plus the OI for June (0) minus the number of notices served today at (0)x 5000 oz = 890,000 oz standing so far this month. We neither gained nor lost any silver ounces standing.

In gold:

Quote:

In order to calculate what will be standing for delivery in Jun, I take the number of contracts served so far this month at 2596 x 100 oz = 259,600 oz. to which I add the difference between the open interest of the front delivery month of June (242) minus the number of delivery notices filed today (239) x 100 oz per contract = 259,900 oz or 8.083 tonnes of gold. This has been the lowest amount of physical deliveries in many years for an active delivery month.

Thus: June STANDINGS
2596 notices served already x 100 oz = 259,600 oz + the OI for June (242) - number of notices served today (239) x 100 oz = 259,900 oz (8.083 tonnes of gold).
we lost another 3,600 oz of gold standing for the June contract month

Dealer Inventory Summary:
i) The total dealer inventory of gold settles tonight at a level of 28.38 tonnes.
ii) a) JPMorgan's customer inventory rests tonight at 1,016,231.306 (31.609 tonnes).
ii) b) JPMorgan's dealer account rests tonight at 289,135.635 oz (8.993 tonnes).
iii) The 3 major bullion banks have collectively only 23.107 tonnes of gold left in their dealer accounts, and what is totally remarkable is the fact that little gold entered the dealer Comex vaults despite December and February April and now June being the busiest months for the gold calendar. Another oddity is that the only gold that does enter the customer account are kilobars and kilobars are generally of demand from Eastern persuasion.

Select Commodity Prices

The Bloomberg Baltic Dry Index (BDI) was 824.00, down 2.60%. WTI August crude was 105.65 down 1.07. Brent crude was 113.21 down 0.79. The spread between Brent and WTI was 7.56 up 0.28. The 30 year US Treasury bond was down 0.0400 at 3.3400. The 10 year T-Note was down 0.0300 at 2.5300. The dollar was up 0.01 at 80.21. The PPT/Dow was 16846.13 down 21.38. Silver closed at 21.12 up 0.10. The GSR was 62.3532 down 0.3680 oz of silver per oz of gold. CIA's Facebook was 67.13 down 0.31 (0.46%). September wheat was up 9.25 at 584.750. July corn was up 1.75 at 442.75. August lean hogs were up 0.150 at 128.800. August feeder cattle were up 3.000 at 215.125. July copper was down 0.002 at 3.166. August natural gas was down 0.112 at 4.441. September coal was up 0.05 at 61.60.

Thank you for reading the Harvey Report!

There is much more on Harvey's blog http://harveyorgan.blogspot.com.

Goooood day!

**************

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~~Harvey 28 Jun 2014

This is DayStar (DS) with the Friday Harvey Report.

Commitment of Traders Report

Gold: Those commercials that have been long in gold and are close to the physical scene pitched a rather large 14,159 contracts from their long side??? Those criminal commercials that have been short in gold added a mind boggling 39,123 contracts to their short side??? Conclusion: just awful as the bankers went net short by a monstrous 53,282 and they do not call in the FBI???
Silver: Those commercials that have been long in silver pitched 7733 contracts from their long side. Those commercials that have been short in silver added a monstrous 12,322 contracts to their short side. Conclusion: Commercials go net short by a monstrous 20,059 (bearish but also criminal).

FDIC Bank Seizures

The FDIC seized the Freedom State Bank, Freedom, OK this week.

News and Commentary

Stephen Flood (GoldCore): China is suffering from a massive credibility hit today as a scam to extract credit from Chinese banks by repeatedly pledging the same collateral of gold, and other commodities, over and over and over again unwinds. China’s Chief Auditor has identified $15.2 billion in loans backed by falsified gold, according to the National Audit Office’s website. It has been estimated that upwards of $80 Billion was advanced in gold backed loans alone, according to Goldman Sachs. Could $80 billion in false Chinese gold loans have suppressed gold price? It is quite likely as the central banks of the world print money that they are in fact creating a massive false economy where capital and savings values are eroded, bad debts unreconciled and poor credit decisions the norm. It is possible that should confidence drain from the system the rush to the exit will become unmanageable, for a time at least.`Bubbles are forming all over the investment landscape and the fear is that an inflation monster is about to be unleashed. It is of critical importance for investors to own an allocation of their investments in gold. The rule of thumb is between 3% and 10%. DS: A real problem is, that in order for an investor to get out of an asset at current prices, he must unload it onto someone who will then be on the hook for a devastaing decline in the worth of his investment. "The Greater Fool" economy that the elites have created is a zero-sum game instead of the win-win situation characteristic of a growing and balanced economy. At this time anyone who buys and holds will almost certainly be a big loser, and indeed my experience a complete and total loss of capital in what is to come. All paper assets should be converted to PM in one's possession and not in Hong Kong or Dubai or Singapore or even Toronto, but in ones own possession, even if it's an X on map of a payload lost in an unfortunate boating accident. All paper assets are going to zero and PMs in a "safe" foreign location will at some time be seized or not ever be accessible again and might as well be on the back side of the moon for all the good they will be. http://www.goldcore.com/goldcore_blog/Could_80_Billion_Dollars_In_False_Chinese_Gold_Loans_Have_Suppressed_Gold_Price

Harvey: For the past three days after options expiry, the bankers continue to unload many non-backed gold/silver contracts on the Comex and in London trying to lower in price our two precious metals, silver and gold, trying to influence owners of spot month contracts from taking delivery. We have pointed out to you on countless occasions on each of the prior expiry months as to their criminal activity on this front, and they do this in broad daylight, knowing quite well that the regulators will do nothing. I am totally amazed to see both metals hold up again today despite the massive shorting. Gold today skyrocketed above $1320 and hit its zenith at $1322. Silver took out $21.19 before being pushed back by the relentless short selling. As I pointed out to you yesterday that $1320 USA is a line in the sand for the bankers. If $1320 is penetrated and the price stays at prices beyond 1320 dollar gold, this will send gold northbound into the 1340-1350 dollar range immediately. The line in the sand for silver is $22.00 as that was the price prior to the drive by shooting in April 2013. The 21.00 dollar defense is a minor line..the biggy is 22.00 silver. GLD: Gold was unchanged at 785.02 tonnes. SLV: Silver lost another 1.344 million oz Friday. It now stands at 10,106.68 tonnes. GOFO rates are positive and increasing. http://harveyorgan.blogspot.com/2014/06/june-272014no-change-in-gold.html

Harvey on current events: The big news today is the calling up of the reserves for the Saudi Arabian army as they witness the ISIS rebels coming close to seal off their border with Saudi Arabia. Even though Saudi Arabia is Sunni, they are way too moderate for our blood thirsty rebels, and it is quite possible that they will invade Saudi Arabia. In Iraq, the West is angry with Maliki and want him ousted. Maliki is angry at the USA for delay in shipping replacement vehicles and aircraft. So what does the Prime Minister do? He simply buys from Russia, much to the anger of the uSA who are losing control over in the Middle East. [ DS: The Iranians are seizing the moment and greatly increasing their influence and presence in Iraq.] The Russians are set to cut off gas supplies to Europeans as the Russians suspect that European nations are selling their excess supplies back to Ukraine. The cease-fire agreement has been extended to Tuesday. In Japan, the Nikkei collapsed as consumption sank big time last month. In Spain, they are planning a tax on bank deposits. DS: Why don't they just tell people to take their money out of the bank and buy gold, because that is what this bank tax will foster? Many folks will not sit there and pay the bank just to hold their money.  This is just NIRP (Negative Intgerest Rate Payment) by another name.  http://harveyorgan.blogspot.com/2014/06/june-272014no-change-in-gold.html

Michael Kosares (Gold-Eagle): Gold remains the best performer on the year thus far -- better than Treasuries, the euro, commodities, farmland, NASDAQ and the Dow Jones Industrial Average, better even than silver. [ DS: The Chinese and Indian physical gold buying binge has driven up the price of gold. They have not until recently been buying silver like they have gold. Silver will catch up and surpass gold in gains. Ultimately, I expect silver to overshoot and be more sought after than gold itself. The current GSR is a travesty of economics resulting in perhaps the greatest continuing bargain of our age.] 1. A possible stock market meltdown Jon Hussman (Hussman Strategic Advisors) is predicting a stock market correction in the near future that will wipe out 38% to 50% of current valuations. 2. A potential adjustment in the gold-oil price ratio. In 1933 a gold sovereign bought about 10 barrels of oil. Today a British sovereign will not buy even one barrel of oil. Even the short term the gold-oil price differential chart looks good with respect to the gold/oil differential. It suggests gold is undervalued, perhaps severely undervalued. Given the situation in Syria and Iraq and the general heating up of the civil war between Sunni and Shiite across the Middle East, it is difficult to believe that the disparity will resolve itself in significantly lower oil prices. 3. A possible make-up rally based on gold's historic undervaluation when compared to inflation. The oncoming train, as far as financial markets are concerned, might well be in the form of real unemployment and inflation numbers that the Washington’s politicians and Wall Street’s money managers don’t want you to know about. http://www.gold-eagle.com/article/three-developing-gold-market-situations-monitor-rest-2014

Ted Butler: The simple fact is that when the technical funds buy, they all buy in unison and that is usually the sole reason for prices to rise. When the technical funds sell, they sell in unison causing prices to fall - always. It’s not hard to see why the technical funds trade in lockstep with other technical funds - they are all using the same price signals. And it’s not hard to see why the commercials always take the other side of the technical funds collective buying or selling – the commercials are the only entities capable of being the technical funds’ counterparties. But what’s the difference between a single speculator suddenly buying or selling 30,000 Comex silver contracts and 30 separate speculators suddenly buying or selling 1000 contracts each if they are all operating as a single speculator? I’m not suggesting that the 30 separate technical funds all buying or selling at the same time are colluding among themselves (as the commercials are, indeed, colluding), but the net effect on price is the same whether they are colluding or not. The sudden purchase or sale of 30,000 contracts of Comex silver has the same impact on price irrespective if transacted by one entity or 30 entities simultaneously. http://www.gold-eagle.com/article/Comex%E2%80%A6why-it%E2%80%99s-corrupt

Alasdair Macleod (GoldMoney): We should note that central banks, such as the Swiss, Danish and Italians are investing significant sums in equities. It will be far easier for the Fed, the ECB or the Bank of England to buy equities if the trail is already blazed by other smaller and respectable central banks. The acquisition of equities by central banks, government pension funds and sovereign wealth funds amounts to enormous power to sway markets the state's way; all that's required is a bit of inter-departmental cooperation and $29 trillion (and rising) can be fully utilised to this end. This intervention could increase until governments end up as significant shareholders in most major companies. Norway's Government Pension fund alone is buying 5% of every major listed European company. So do not underestimate the potential scope for further government intervention. Politicians and crony-capitalists will relish this new state-sponsored capitalism, which promises to tame bear markets and enhance share options. Unfortunately such idealist thinking is in defiance of economic reality with all the eventual consequences that entails. http://www.goldmoney.com/research/analysis/taming-the-markets

DayStar: I read today from a renowned trends forecaster who said he had firsthand knowledge that money is flowing out of Hong Kong from groups with assets in the tens of billions of dollars, and which assets were coming to the US for investing. IMO, this is the beginning of the repatriation of the unwanted petrodollars and is a harbinger of things to come. He who gets out first-est gets out with the most-est. The effect will be hyperinflation in things we need and probably deflation in the things we might want. Lindsey Williams forecast that by the end of the year in 2012 there would be food on the shelves in the stores, but Americans would not be able to afford it. That forecast slipped due to infighting among the elites, but I think the plan has resumed, and we are likely to see what Lindsey forecast in 2012 become the plan for 2014.

Zero Hedge: Japan is in trouble. Normally the news that a piece of macro data had utterly and completely collapsed would be greeted by the BFTD mentality as bad news reinforces the printing-press of central planners' put guaranteeing future wealth for all... but not this time. Household spending collapsed 8.0% in May (echoing the plunge following the last tax hike in 1997) - more than double expectations and almost as bad as the month of the tsunami. Great news? That's the problem... the great limiter of central bank largesse is looming as Japanese CPI spiked to 3.7% - its highest in 24 years! (and Core CPI at 3.4% - its highest since 1982) This implicitly hobbles the BoJ from further exuberance and already JPY strength (and NKY weakness) are showing.

Tyler Durden: Detroit’s Water and Sewerage Department has begun turning off the taps of 150,000 residents who are at least two months behind on payments. According to the U.S. Census Bureau, 38.1 percent of Detroit residents are living below the poverty line. Despite the tough times many people are facing, they’ve been paying an average of $64.99 a month, significantly higher than the national average of about $40, and rates are only going up. The Detroit City Council just approved a nearly 9 percent rate increase for water. “What we see is a violation of the human right to water,” Meera Karunananthan, an international campaigner with Blue Planet Project, told Al Jazeera America. “The U.S. has international obligations in terms of people’s right to water, and this is a blatant violation of that right. We’re hoping the U.N. will put pressure on the federal government and the state of Michigan to do something about it.” As one advocate notes,"sick people have been left without running water and working toilets. People recovering from surgery cannot wash and change bandages. Children cannot bathe, and parents cannot cook." DS: Socialism works until you run out of other people's money. You have to have water to live. You know you have to pay for it. Until now, the water company has been putting the bill on the landlords when the tenant is responsible for paying for the water. The water company would let this go on for years and thousands of dollars would pile up on the property. When the tenant got evicted for not paying the rent, the landlord was stuck with the water bill. If it is thousands of dollars, he might be forced to abandon the property rather than pay the bill. Hence, the water company in the cesspool Detroit has become was getting stuck with water bills that will never be paid. So, in an effort to get some revenue they have started the policy they should have had long ago: if you do not pay your water, it gets shut off. The landlords will no longer be stuck with as much of someone else's water bill. The garbage spouted by Meera Karunananthan about people's right to water is sickening. People have a right to life, liberty and the pursuit of happiness. These rights do not include taxpayer-funded/landlord-funded free water. If the tenant's life on welfare will not support running water, they will have to carry water like we used to do on the farm in the summer when the well went dry. Carrying water is what a good portion of the world still has to do on a routine basis. A little self-responsibility goes a long way except in nanny-state America where a segment of the population expects a free ride.

Michael Snyder (The Economic Collapse Blog): The Federal Reserve would have us believe that the unemployment rate in the U.S. has fallen from a peak of 10.0 percent during the recession all the way down to 6.3 percent now. But according to shadowstats.com, the broadest measure of unemployment is well over 20 percent and has kept rising since the end of the last recession. And according to the Federal Reserve's own numbers, the percentage of working age Americans with a job has barely increased over the past four years. Right now, the Federal Reserve tells us that the inflation rate is sitting at about 2 percent. But according to John Williams, if the inflation rate was calculated the same way that it was in 1990 it would be nearly 6 percent. And if the inflation rate was calculated the same way that it was in 1980 it would be nearly 10 percent. So which number are we supposed to believe? The one that makes us feel the best? And without a doubt, "2 percent inflation" sounds a whole lot better than "10 percent inflation" does. But anyone that does any grocery shopping knows that we are definitely not in a low inflation environment. http://theeconomiccollapseblog.com/archives/stone-cold-proof-that-government-economic-numbers-are-being-highly-manipulated

Greg Hunter (USAWatchdog.com): The U.S. is in a damned if we do, damned if we do scenario in Iraq. If we help the Iraqi government, we will be helping the Iranians; and the Saudis will, no doubt, stop oil trade in dollars. If we do nothing, ISIS might take over Iraq and a terror army will have its own country. This is an enormous mess, and it will spike oil prices and might even start WWIII. I don’t think the Russians are going to invade—at least, not at the moment [ DS: Except maybe to send some "advisors" into eastern Ukraine]. They look like they will continue arming and helping the separatists, and that might draw more sanctions. I said might. Obama said that if the Europeans refuse to impose new sanctions, then he won’t either. The President couldn’t look any weaker in Ukraine and Iraq for that matter. The economy plunged in the first quarter even greater than we were told according to the latest government revision to GDP. It shrunk -2.9%, not -1%. When you consider the “official” GDP in the fourth quarter of 2013 was a positive 2.6%, the fall is stunning quarter to quarter. That is a 5.5% cliff dive in GDP. http://usawatchdog.com/weekly-news-wrap-up-6-27-14/

There Will Be Significant Challenges Ahead aka This Will Not End Well
Al Jazeera: The Great Recession has more women, especially Latinas, postponing childbirth. The impact of the U.S. recession will reverberate for generations to come as women — both Anglos and Hispanics — continue to postpone having children. For the second year in a row, deaths of non-Hispanic whites outnumbered births from July 1, 2012, to July 1, 2013, according to population estimates released Thursday by the U.S. Census Bureau. “These are the only two years in U.S. history when more non-Hispanic whites died than were born,” said Kenneth Johnson, senior demographer at the University of New Hampshire’s Carsey Institute. Births have been fewer for some time, “but the decline since the onset of the Great Recession has been precipitous.” The Census Bureau estimates that there were just under 2 million births to whites who are not Hispanic, compared with 2.3 million births at the peak of the economic boom in 2006–07 — a 13 percent drop in just six years. DS: The Sibyls say the last generation of women will cease to bear. This article makes me wonder how much of the decrease in fertility is due to economic concerns by potential parents and how much is due to environmental insults to the reproductive systems due to chemtrails, neonicotinoids, pharmaceuticals in our drinking water, GMOs and other factors.
http://www.blacklistednews.com/Baby_bust%3A_US_fertility_rates_hit_all-time_lows/36245/0/38/38/Y/M.html

The Wire: The bee population situation has gotten so dire that the White House has created a bee task force. As the bee population dwindles, scientists and researchers look for an explanation and a solution. Thus far, scientists have determined that neonicotinoids, a class of pesticides, is a serious culprit in the bee problem. The International Union for Conservation of Nature has found "conclusive" evidence that these neonicotinoids are "a key factor in the decline of bees."These pesticides are extremely toxic — five-to-ten thousand times more toxic than DDT. In order to help rebuild the populations, researchers have recommended planting bee-friendly gardens. These gardens have specific plants that create an environment in which bees can thrive, and over time, can help rebuild the bee population. These plants are sold at the usual big box garden centers, like Home Depot, Walmart, and Lowe's. While it seems like a great plan, the Pesticide Research Institute has determined the bee friendly plants sold at these stores actually contain neonicotinoids. So the bee friendly gardens are inadvertently contributing in a major way to the death of even more bees. DS: Well, Mr. Fix, here is another case of the government being here to "help" while they dole out secret destruction. "Inadvertent" seldom genuinely appears in the results of government actions. As the CIA is wont to say, "There are no coincidences". http://www.blacklistednews.com/%27Bee-Friendly%27_Plants_Sold_at_Big_Box_Stores_Are_Actually_Killing_Bees/36227/0/38/38/Y/M.html

UltraCulture: Google and Microsoft's cell phone "kill switch" could be used by the government or, well, just about anybody, really. As technology has become more powerful, portable and pricey, it comes as no surprise that crimes involving smartphone theft have climbed steadily since the platform’s ubiquitous adoption. Consumer Reports places the number of cell phones stolen at 3.1 million in 2013 in America alone, a figure that doubled from the previous year. The game changed with Apple’s incorporation of a kill switch that allows users to deactivate their stolen phones; an advocacy group comprised of international lawmakers and officials called the Save Our Smartphones Initiative (S.O.S.) published a study that reports the thefts of Apple products have significantly declined since that innovation, with numbers in New York, London and San Francisco decreasing by anywhere from 20% to 38% by region. Conversely, thefts of Samsung products (which use Android OS) increased in all three areas, with New York seeing a 40% boost. http://www.blacklistednews.com/Microsoft%2C_Apple%E2%80%99s_Cell_Phone_%E2%80%98Kill_Switch%E2%80%99_Could_Be_Hacked_by_Anyone/36234/0/38/38/Y/M.html

****************

Harvey's comments on Friday price action (basis 1:30 PM EST)

Quote:

Gold closed down $2.90 at $1319.00 (Comex to Comex closing time).
Silver was down 2 cents at $21.08.

In the access market tonight at 5:15 PM:Gold: $1316.00
Silver: $20.96

Thursday, Jun 26th Gold and Silver Action (basis 1:30 PM EST)
http://harveyorgan.blogspot.com/2014/06/june-272014no-change-in-gold.html

Total, Jun (Gold), Jul (Silver), Aug (Gold) Open Interest

In silver:

Quote:

The total silver Comex OI fell by 677 contracts as silver fell by 1 cent yesterday. We definitely had some short covering as our bankers are getting quite nervous at the continual high open interest for the complex as well as the high OI for the upcoming delivery month of July.We also are witnessing that whenever an active month of metal whether gold or silver arrives prior to first day notice, the large liquidation of that metal occurs rather than rolling. With costs at zero to roll, it just makes no sense. The total OI now rests tonight at 156,444 contracts. The front June contract month is off the board. The July contract month saw it's OI fall by only 11,902 contracts down to 11,614 as we are only one day from first day notice for the silver July contract month on Monday June 30. The July contract OI still remains extremely elevated for this time in the delivery cycle.

In Gold:

Quote:

The total gold Comex open interest rose today by 1187 contracts from 396,565 up to 397,652 with gold down $6.10 yesterday. We are now out of the next active delivery month of June as the lead month is July. The non active gold contract month of July had the OI fell by 241 contracts down to 323. The next big delivery month is August and here the OI rose by 608 contracts up to 255,792.

Volume

In Silver:

Quote:

The estimated volume today was excellent at 60,460 contracts. The confirmed volume yesterday was humongous at 106,347 contracts. It looks like 25 million oz of silver will stand initially before fiat bonus money is thrown at our longs.

In gold:

Quote:

The estimated volume today was poor at 97,233 contracts. The confirmed volume yesterday was also OK at 142,492.

Inventory Numbers

In Silver Inventory:

Quote:

Today, we had good activity inside the silver vaults
We had 0 dealer deposits and 0 dealer withdrawals:
Total dealer deposits: nil oz.
Total dealer withdrawals: nil oz.
We had 1 customer deposit:
i) Into CNT: 5078.02 oz.
Total customer deposit: 5078.02 oz.
We had 3 customer withdrawals:
i) Out of Delaware: 23,603.351 oz
ii) Out of HSBC: 600,099.29 oz
iii) Out of Scotia: 116,954.630 oz.
Total customer withdrawals 740,657.271 oz.

We had 1 adjustment:
i) out of JPMorgan: 1004.65 oz was subtracted from the totals as an addition error.
Registered (dealer) silver: 57.044 million oz

Total of all silver: 175.479 million oz.

In Gold Inventory:

Quote:

We had 1 customer deposits today.
i) Into Scotia: 3,858.000 oz (120 Kilobars?)

We had 2 customer withdrawals:
i) Out of Manfra: 128.60 oz (4 Kilobars ???)
ii) Out of Scotia: 499.716 oz
Total customer withdrawal: 628.316 oz

Today we had 0 adjustments:
Thus tonight, we have the following JPMorgan inventory levels in gold:
JPMdealer inventory remains tonight at 289,135.635 oz or 8.993 tonnes.
Today, 0 notices were issued from JPMorgan dealer account and 0 notices were issued from JPMorgan's client or customer account. The total of all issuance by all participants equates to 412 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 42 notices stopped by JPMorgan customer account.

The Total dealer Comex gold remains tonight at 912,600.38 oz or 28.38 tonnes of gold. The total of all Comex gold (dealer and customer) rests at 8,266,556.920 oz or 257.12 tonnes.

Tonight, we have dealer gold inventory for our 3 major bullion banks (Scotia, HSBC and JPMorgan) with their gold inventory resting tonight at only 23.107 tonnes:
i) Scotia: 303,294.034 oz or 9.433 tonnes
ii) HSBC: 150,509.344 oz or 4.681 tonnes
iii) JPMorgan: 289,135.635 oz or 8.993 tonnes
Total: 23.107 tonnes

The Brinks dealer account, which did have the lion's share of the dealer gold, saw its inventory level lower tonight to 145,875.569 oz or 4.537 tonnes. Several months ago Brinks had over 13 tonnes of gold in its registered or dealer account.

Delivery Notices

In silver:

Quote:

The CME reported that we had 0 notices filed for nil oz today.

In gold:

Quote:

Today we had 412 notices served upon our longs for 41200 oz of gold.

Contracts Left To Be Delivered + Month-To-Date Summary

In silver:

For those that are interested in the alleged bullion in the vaults of Comex by date, you can see it here:
http://www.investmenttools.com/futures/metals/Base_Metals_Inventory_London_and_Shanghai.htm#Comex_silver

In silver:

Quote:

To calculate what will stand for this active delivery month of June , I take the number of contracts served for the entire month at 178 x 5,000 oz per contract or 890,000 ounces to which I add the difference between the OI for the June contract month (0 contracts) minus the number of notices served today (0) x 5000 oz.
Thus in summary, final standings: 178 contracts x 5000 oz per contract (served) or 890,000 oz, the same as yesterday.
We neither gained nor lost any silver ounces standing.

In gold:

Quote:

In order to calculate what will be standing for delivery in Jun, I take the number of contracts served so far this month at 3008 x 100 oz = 300,800 oz, and that should represent the final standings for gold.This has been the lowest amount of physical deliveries in many years for an active delivery month.

Thus: June STANDINGS FINAL
3008 notices served already x 100 oz = 300,800 oz equals 9.336 tonnes of gold.
we gained over.343 tonnes of gold standing today.

Dealer Inventory Summary:
i) The total dealer inventory of gold settles tonight at a level of 28.38 tonnes.
ii) a) JPMorgan's customer inventory rests tonight at 1,016,231.306 (31.609 tonnes).
ii) b) JPMorgan's dealer account rests tonight at 289,135.635 oz (8.993 tonnes).
iii) The 3 major bullion banks have collectively only 23.107 tonnes of gold left in their dealer accounts, and what is totally remarkable is the fact that little gold entered the dealer Comex vaults despite December and February April and now June being the busiest months for the gold calendar. Another oddity is that the only gold that does enter the customer account are kilobars and kilobars are generally of demand from Eastern persuasion.

Select Commodity Prices

The Bloomberg Baltic Dry Index (BDI) was 831.00, up 0.85%. WTI August crude was 105.74 up 0.09. Brent crude was 113.30 up 0.09. The spread between Brent and WTI was 7.56 up 0.00. The 30 year US Treasury bond was up 0.0300 at 3.3700. The 10 year T-Note was up 0.0000 at 2.5300. The dollar was down 0.19 at 80.02. The PPT/Dow was 16851.84 up 5.71. Silver closed at 20.87 down 0.25. The GSR was 63.0139 up 0.6607 oz of silver per oz of gold. CIA's Facebook was 67.60 up 0.47 (0.70%). September wheat was up 9.00 at 593.750. July corn was up 0.25 at 443.00. August lean hogs were up 1.025 at 129.825. August feeder cattle were down 0.800 at 214.325. July copper was down 0.017 at 3.149. August natural gas was down 0.032 at 4.409. September coal was down 0.05 at 61.55.

Thank you for reading the Harvey Report!

There is much more on Harvey's blog http://harveyorgan.blogspot.com.

Goooood day!

**************

heyJoe
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DayStar

Thanks you for your efforts and perseverance.  

Regarding your comment about storing PMs, I agree 100% about the dangers of storage facilities.  They should just put a beacon on these facilities and governments will have simple access.  In a time of crisis, do users of these facilities believe the companies will provide any resistance to military intervention?

Good luck with that!

DayStar
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RE: Beacon on the Bin

Thanks, Joe.  Good to hear from you.  

I read all these great articles from Miles Franklin about buying physical gold to avoid the risk of third parties and counterparties, and they constantly push a vaulting scheme that takes your PMs out of your possession and moves them clear to another country.  Don't they believe what they write about the economy coming apart?  America is likely never going to be again what we have now.  Why would you risk losing everything by vaulting it in some far away place?  This is not going to be like WWI and WWII.  The outcome of WWIII will be chaos and a NWO.  America will no longer be the superpower of the world.  What will be left will be a fragment of what we have now, and it will mainly be using 19th century technology.  It will be very unlikely that men will be able to freely travel to far away places to retrieve their gold or to have their gold shipped from a place that may not exist or may be under a completely different political jurisdiction.  IMO, even the state governments will not survive what is coming.  The outcome will be small towns and villages that will have their own autonomous governments and they will be loosely affiliated because of language, culture, history, and trade.  The central government and the state governments will be mostly relics of history.  That environment will not be conducive to recovering gold from far away locations.  Keep your friends close and your gold closer smiley or you can blow it a good-bye kiss from afar.

FWIW,

DayStar

heyJoe
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Miles Franklin

Your comment brought them to mind.  I read Hoffman daily and the future he describes is dire.  Yet, in the same column, he will encourage the use of storage facilities.  As much as I agree with his outlook,  that piece of advice never made sense to me.

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