A2A with Bill Murphy of GATA


What a great day for an A2A with Bill Murphy. Is the bear market over? Are the bottoms in? Do The Manipulators have their collective backs to the wall? For these answers and more, come on in and have a listen!

Over the course of this 30-minute discussion, Bill addresses:

  • Today's turnaround in gold and silver after the QE announcements from the ECB.
  • Is this 2016 "the real thing" and the start of a new bull market in the metals?
  • Is there any limit to the seemingly infinite amount of paper metal in the world?
  • The huge additions to the major gold ETFs so far in 2016

And much, much more!

Thanks again to Bill for a rollicking good time on this call. And please be sure to support GATA. They are an indispensable ally in this fight against The Bullion Bank Cartel. You can financially assist their efforts by clicking here: https://www.gata.org/node/16



Mar 11, 2016 - 9:55am
Mar 11, 2016 - 9:54am

A few of these are not like the others....

Rose Another 10% In February - Best Month Since January 2012 by

Mar 11, 2016 - 9:53am

One spellchecker...


"Four requests to transfer a total of about $81 million to the Philippines went through, but a fifth, for $20 million, to a Sri Lankan non-profit organization was held up because the hackers misspelled the name of the NGO, Shalika Foundation.

"Hackers misspelled "foundation" in the NGO's name as "fandation", prompting a routing bank, Deutsche Bank, to seek clarification from the Bangladesh central bank, which stopped the transaction, one of the officials said."

Joseph Warren
Mar 11, 2016 - 9:51am

Terrific Interview with Bill Murphy

As a former pro football wide receiver, Bill definitely knows how to keep his eye on the ball. He illustrates a deep understanding of the underlying fundamentals. This is likely a source for his long term view & optimism regarding the precious metals. The PMs true value relative to paper fiat will manifest.

What I also took from the interview is that those of us who closely follow the PM related markets through such sites as TMFR, LeMetrople Cafe, etc are well informed on the relevant public information that is available. There is a great deal of information that is kept hidden; and, this makes up the most important information. (Example: How much actual physical gold does the cartel have to back price suppression ? If they have any, how long will that supply last ?) Many of the questions asked Bill can't be answered at this time. That information isn't available to the public, anywhere. -- We closely monitor the public information to find clues for what is happening under the surface.

Mar 11, 2016 - 9:47am

One of these things is not like the others...

One of these things is not quite the same...

Safety Dan
Mar 11, 2016 - 9:23am

The Incredible Story Of How

The Incredible Story Of How Hackers Stole $100 Million From The New York Fed

The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

As we reported previously, on February 5, Bill Dudley's New York Fed was allegedly “penetrated” when “hackers” (of supposed Chinese origin) stole $100 million from accounts belonging to the Bangladesh central bank. The money was then channeled to the Philippines where it was sold on the black market and funneled to “local casinos” (to quote AFP). After the casino laundering, it was sent back to the same black market FX broker who promptly moved it to “overseas accounts within days.”

That was the fund flow in a nutshell.

As we explained, the whole situation was quite embarrassing for the NY Fed, because what happened is that someone in the Philippines requested $100 million through SWIFT from Bangladesh's FX reserves, and the Fed complied, without any alarm bells going off at the NY Fed's middle or back office.

"Some 250 central banks, governments, and other institutions have foreign accounts at the New York Fed, which is near the centre of the global financial system," Reuters notes. "The accounts hold mostly U.S. Treasuries and agency debt, and requests for funds arrive and are authenticated by a so-called SWIFT network that connects banks."

Well, as it turns out, Bangladesh doesn't agree that the Fed isn't ultimately culpable. "We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there," Finance Minister Abul Maal Abdul Muhith said on Wednesday. “It can’t be that they don’t have any responsibility," he said, incredulous.

Actually, Muhith, the New York Fed under former Goldmanite Bill Dudley taking zero responsibility for enabling domestic and global crime is precisely what it excels at.

Commuters pass by the front of the Bangladesh central bank building in Dhaka March 8, 2016.

* * *

But what really happened?

As it turns out there is much more to the story, and as Bloomberg reports today now that this incredible story is finally making the mainstream, there is everything from casinos, to money laundering and ultimately a scheme to steal billion from the Bangladeshi central bank. In fact, the story is shaping up to be "one of the biggest documented cases of potential money laundering in the Philippines. It risks setting back the Southeast Asian nation’s efforts to stamp out the use of the country to clean cash, and tarnishing the legacy of President Benigno Aquino as elections loom in May."

And yes, it does appear that hackers managed to bypass the Fed's firewall:

“Even as banks continue to harden their defenses against such sabotage, hackers too have upped their game to breach servers by utilizing both technical skills and rogue elements within the financial institutions,” said Sameer Patil, an associate fellow at Gateway House in Mumbai who specializes in terrorism and national security.

* * *

The story begins in Bangladesh, a country of about 170 million people that’s recently found itself with record foreign reserves thanks to a low wage-fueled export boom and inward remittances. Some of those reserves were held in an account at the Federal Reserve Bank of New York.

Finance Minister Abul Maal Abdul Muhith this week accused the Fed of “irregularities” that led to the unauthorized transfer of 0 million from the account. The Bangladesh central bank said the funds had been stolen by hackers and that some had been traced to the Philippines.

As reported previously, a Bangladesh central bank official who is part of a panel investigating the disappearance of the funds said Wednesday that a separate transfer of 0 million had been blocked by the Fed, something the Fed refused to comment on. It does not, however, explain why 0 million was released.

Essentially the dispute is about whether the Fed went through the right procedure when it received transfer orders.

Naturally, the Fed's story is that it did nothing wrong. Bloomberg writes that according to a Fed spokeswoman, instructions to make the payments from the central bank’s account followed protocol and were authenticated by the SWIFT codes system. There were no signs the Fed’s systems were hacked, she said.

The problem is that the counterparty on the other side of the SWIFT order was not who the Fed thought,and what should have set off red lights is that the recipients was not the government of the Philippines but three casinos!

On the other hand, Bangladesh is quite - understandably - furious: a local official said the Fed should’ve checked the payment orders with the central bank to ensure they were authentic, even if they used the correct SWIFT codes. The official also said there are plans to take legal action against the Fed to retrieve missing funds.

Aquino spokesman Sonny Coloma said he had no information on reports that funds from the Bangladesh central bank reached the Philippines. The case is being handled by the AMLC, an independent body, Coloma said. Bangko Sentral ng Pilipinas Governor Amando Tetangco, who heads the AMLC, did not reply to mobile-phone messages seeking comment.

If at this point flashing light bulbs are going off above the heads of some of our more industrious readers, we can understand why: after all if a fake SWIFT money order is all it takes to have the Fed send you 0 million dollars then...

* * *

Separately, a Reuters report digs into the details of the SWIFT wire requests: it notes that the hackers breached Bangladesh Bank's systems and stole its credentials for payment transfers, two senior officials at the bank said. They then bombarded the Federal Reserve Bank of New York with nearly three dozen requests to move money from the Bangladesh Bank's account there to entities in the Philippines and Sri Lanka, entities which as will be revealed shortly were... casinos.

Four requests to transfer a total of about million to the Philippines went through, but a fifth, for million, to a Sri Lankan non-profit organization was held up because the hackers misspelled the name of the NGO, Shalika Foundation.

Hackers misspelled "foundation" in the NGO's name as "fandation", prompting a routing bank, Deutsche Bank, to seek clarification from the Bangladesh central bank, which stopped the transaction, one of the officials said.

There is no NGO under the name of Shalika Foundation in the list of registered Sri Lankan non-profits. Reuters could not immediately find contact information for the organization.

Luckily, the Fed stopped some of the $1 billion in total requested funds. The unusually high number of payment instructions and the transfer requests to private entities - as opposed to other banks - raised suspicions at the Fed, which also alerted the Bangladeshis, the officials said. The details of how the hacking came to light and was stopped before it did more damage have not been previously reported. Bangladesh Bank has billions of dollars in a current account with the Fed, which it uses for international settlements.

The transactions that were stopped totaled $850-$870 million, one of the officials said. At least$80 million made it through without a glitch.

More here: https://www.zerohedge.com/news/2016-03-10/incredible-story-how-hackers-s...

Safety Dan
Mar 11, 2016 - 9:21am

It’s Been A Seven-Year Bull

It’s Been A Seven-Year Bull Market In Fraud, Corruption And Insanity – Dave Kranzler

TND Guest Contributor: Dave Kranzler

Like everything else in our financial system, applying the term “bull market” to the stock market is a fraud. It hasn’t really been a bull market it’s been more like a b.s. market…what’s going to happen to this stock market is going to be far worse than what we saw in 2008. – per my conversation with Kerry Lutz on his Financial Survival Network show

Every day the U.S. stock market drops, the Propaganda Ministry in the U.S. blames China. Of course, it has nothing to do with the fact that the U.S. stock market is at least as insanely overvalued as China’s. And underlying the U.S. stock market is an unprecedented degree of fraud and corruption.

This graph to the right shows that China’s economic weakness is tied directly to a collapse in its exports to the U.S., the EU and Japan. The E.U. and the U.S. are China’s two largest export markets. Is it really China’s fault that the amount of goods being imported by these two markets has plummeted?

Obviously, the plunge in China’s exports can only be attributable to a steep decline in economic activity in the three countries represented in the graph above. This is especially true given the relative strength of the U.S. dollar, which makes Chinese good cheaper in dollar terms.

The truth is that the “bull market” in U.S. stocks is nothing more than bull market in money printing, credit creation, an unprecedented level of Central Bank intervention and extreme fraud. Because of the ongoing and continuous market manipulation, predicting the timing on the next stock market collapse is impossible.

But as the Fed’s stock market “high-wire juggling act” continues, the valuation of the stock market becomes increasingly dislocated from the underlying economic and financial market fundamentals. At some point the “gravity” from reality will engulf the stock market and “pull” it quickly back to earth.

You can hear my discussion with Kerry Lutz on his Financial Survival Network by clicking on this link: Financial Survival Network

For ideas on how to take advantage of this highly overvalued stock market, click on the banner below (a Paypal account is not required)

# # # #


Safety Dan
Mar 11, 2016 - 9:20am

Goldman Is About To Be

Goldman Is About To Be Stopped Out Of Its Gold Short

Submitted by Tyler Durden on 03/10/2016 - 20:50

Given China's new focus on a basket of currencies, rather than pegging to the dollar alone, today's record-breaking reversal in EUR has sparked a yuuge 300 pips rally in Offshore Yuan (from 6.5270 to 6.4940) pushing to its strongest level since mid-December. At the same time, Gold is accelerating as China opens, pushing up to $1288 - new 13-month highs. Most critical is we are within $5 of Goldman Sachs "short gold" stop at $1291...

Mar 11, 2016 - 9:18am

@JQuest Re: Is this how it works?

I imagine something like that.

"...all done with free money and freshly printed shorts?"

I would only add that I think the taxpayer will likely be on the hook for this "free money" for whatever "printed shorts" that eventually may have to be covered at a loss.

Edit: @s1lverbullet's more nuanced insights seem right on the mark to me...

Mar 11, 2016 - 9:17am

@ JQuest

Its more complicated than that because they also do a lot of "spoofing" which means they will flash huge fake orders for a second so all the HFTs will see it and flee. Also, they wait until momentum has stalled and they see a thin bid stack in low volume hours and then pounce. They'll dump enough shorts "at the market" and take out the bid stack to scare the shit out of the computers which then in turn run for the exits starting downward momentum. This is how it was for the last four years of bear market. It's not working anymore.

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