Tag Archives: LBMA

Indian Gold Imports In February Tripled

Mehul Choksi, chairman of jewellery store chain Gitanjali Gems Ltd., is quoted as saying: “We expect some heavy buying in April as a large number of weddings are expected to take place. – LINK

Legal Indian gold imports jumped up to 96.4 tonnes in February vs. February 2016. These numbers come from the finance ministry and not the World Gold Council or bullion banks. This reinforces the observations by many that the BIS-directed attempt to curtail Indian gold demand by removing cash from the financial system has failed.  Gresham’s Law in action.   This number also does not include smuggled gold which, based on the increase in airport arrests so far in 2017, has ramped up considerably.

Amusingly, Cititgroup is forecasting total 2017 demand in India to be 725 tonnes.  This number is laughable.  Smuggling alone is thought to account for about 300 tonnes per year of gold going in to India.  As a bullion bank with an untenable paper gold short position, Citigroup can only dream that India’s gold importation will be that low in 2017.

There will be a big “snap-back” effect on India’s gold demand after the brief intervention by the Government in late 2016.  Based on yesterday’s response in the paper gold market in NYC after the Fed’s rate hike announcement, it seems that the western Central Banks/bullion banks are losing control of the bullion market.

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Gold & Silver Manipulation: The Biggest Financial Crime In History

Investment Research Dynamics is pleased to present another truth-seeking missile launched by Stewart Dougherty:

This crime is already 285 times bigger than the LIBOR scandal, and 500 times bigger than Madoff’s swindle. It is, in fact, the largest, most destructive financial crime in history.

According to the mainstream financial media (MFM), the biggest financial frauds in history are the Bernie Madoff Ponzi scheme, with roughly $20 billion in net investor losses, and the Bank State rigging of LIBOR, which resulted in 16 guilty banks paying $35 billion in fines, which supposedly equated to their theft.

The MFM have conveniently ignored a far larger financial crime that has been perpetrated for 37 years and counting, and that has netted its orchestrators more than $1,000,000,000,000.00 ($1 trillion) in stolen profits. This crime is so powerful that it can produce fraudulent proceeds of $1+ billion on demand and in minutes, making it unique in the annals of theft. It is a crime that has been committed literally thousands of times since 1980, and is now being committed in the most blatant and brazen manner ever. This crime is already 285 times bigger than the LIBOR scandal, and 500 times bigger than Madoff’s swindle. It is, in fact, the largest, most destructive financial crime in history.

To read the rest of this, please click here:  Gold & Silver Manipulation

 

Hugo Salinas Price: The World Will Hyperinflate Into A Gold Standard

If one can only see value in paper currency terms, one cannot see value at all

Hugo Salinas Price – website link – posted a couple of comments on Stewart Dougherty’s guest post earlier this week. I concluded that his insights needed to be shared on the front of this blog and he gave me permission to edit them together to make them easier to read for everyone.  “I know my comment was complex but I wanted to condense the thoughts I have developed over three decades:”

I would like to take this chance to share a few of my thoughts on this. To me it is pretty clear that the American gold is encumbered. Not because of the usual reasons found on the web but because America defaulted on its gold under the Nixon administration. There are still, many foreign claims on that gold.  If America starts to use that gold officially, the gold vultures, like the bond vulture funds, will be out en masse and with force.  So it is in America’s best interest to ignore that gold – and gold in general.

The world has (finally) realized that a country with the reserve currency is not something a country should want and that the dollar can fail. The danger is that it will fail to soon. That is why the euro was created for example. The currencies from the individual countries were all issued from the US treasury.  Meaning that if the dollar went the way of the dodo, the European currencies would die with it. Enter the euro, issued from gold [the euro was originally partially backed by gold].  The gold held by the ECB is priced on a mark to market basis. You can check the website of the ECB, its number one asset is listed as gold and, sadly, gold receivables [meaning that gold is leased out].  Most of the Eurasian landmass followed this initiative [pricing Central Bank gold on a mark to market basis] – for instance, the BRICS countries.  All that is needed a rebalancing of the gold holdings of major countries. Enter China. They had way too little gold and way too many dollars. But last year they also started to mark their gold holdings to market.

Seems to me the world is ready to hyperinflate into gold.  After all, all currencies have already hyperinflated in the financial world.  When the run on real things happens, as a system operator, you don’t want that since a functioning printing press is worth way more than gold. So you want to guide the hyperinflation into a useless metal and use this gold to help equalize the tradeflows. They cannot implement a global political & economic system when things are unstable because it will fail again and soon.  Just as all reserve currencies did since late 1400.  If I were in the position of the globalists, I would aim for the Roman model. Split the money concept. Currency for spending and settling debts but use gold and silver as a final debt extinguisher.  This would function to prevent the kind of mess the EU countries are now  in. The debts of the south are the assets of the North. This is a recipe for disaster.

Let me elaborate on why I think that the world is ready to hyperinflate in gold terms. The Western public will not hold an asset that goes nowhere, at least in currency terms. The public in the East were never fooled that way. Some  – I think rightly – joke “if one can only see value in paper currency terms, one cannot see value at all”.  I also think gold is wealth and not money. Gold has always been funny in that way. So many people worldwide think of it as money even though its supply tends to dry up as the price rises.

First the Comex will be thrown under the bus to destroy the paper leverage (price suppression) game. Maybe the LBMA as well though I would not be surprised as well if it’s allowed to stay alive. Then the prices can rise and the message will sent:  “gold is the new wealth reserve to balance trade imbalances and then the Western hyperinflation will be killed.”  Central banks lose most of their gold reserves (and that is good) and gold can do what it did for millennia again, settle trade imbalances.

As usual, in historical terms, most of the average people wont have it besides a few grams. But it will be people, not institutions that control it and will help to create a decentralised counterforce to the centralized system we live in that is hopelessly out of touch with reality.

A last thing, courtesy of JS mineset, of the countries that value their gold on a  mark to market basis (a few others may have followed since this graph was created:

 

Gold & Silver: Buy The Paper Price Attacks

These premiums [the ex-duty import prices being paid for legal kilo bar imports in India] are actually quite remarkable as the need to import kilo bars only arises if Indian demand is not satisfied by Dore imports (which had a duty advantage of $15.52/oz this afternoon) and smuggled gold. Reports of apprehensions at Indian airports are continuing to appear, indicating that smuggling has in fact revived. – excerpt from John Brimelow’s Gold Jottings Report (contact John at brimelowgoldjottings@gmail.com to learn more about his service)

The price of gold & silver have had a big move since mid-December, despite the flood of “fake news” connected to the temporary disruption of gold imports into India precipitated by Modi’s now-failed attempt to limit the ability of Indians to buy physical gold and despite the plethora of fake news about the quantity of gold flowing into China both before and after after the week-long Chinese New Year observance.

Brimelow goes on to assert in one of his Monday updates that, “Viewed from a US-centric and technical perspective, gold’s friends have something to worry about. However the Asian buying is about as strong as it ever usually gets and for that reason the Bears’ prospects are probably limited.”  Note, the “technical perspective” indirectly references that use of paper gold by the western bullion banks in their attempt to control the global price of gold.

As an example of the price-control mechanism implemented in the western paper market, you’ll note that after a surprise bounce in gold on Friday, likely stimulated by paper short-covering on the Comex, was met with an attack after the Monday a.m. LBMA gold price “fix” and again right after the Comex floor paper gold trading commences:

These are typical times during the day, when the physical gold buying markets in the east are closed for the day and the western paper market manipulators take control of global gold trading via LMBA forwards and Comex futures and OTC derivatives.

Just as notable about Friday’s move higher in gold during NY trading hours is that fact that the price was moving in correlation with a move higher in both the dollar index and the U.S. stock market.  Often, there is an inverse correlation between gold and the USDX/Dow/SPX.

There’s is an “invisible hand” in the market pushing the prices of gold and silver higher in defiance of the attempted price control schemes being exerted in London and New York. This silent operator is without the pressure being exerted in the physical market.

This week I’m sure will prove to be a bit of a price roller-coaster, as the semi-annual “Humphrey-Hawkins” (as it used to be called) Fed Chairman testimony on monetary policy and the economy is a time used by the western CB’s and bullion banks to control the price of gold using paper. After all, they can’t have the price of gold moving higher when the Fed’s El Hefe is extolling the virtues of the fiat currency and fractional banking system in front of Congress and the world, which begins today.

The point here is that it’s my view that the next longer term trend move in gold is higher, which means that price attacks should be used as buying opportunities, both for the metal and the mining shares.  In fact, the mining shares were quite stubborn about going lower when gold was being hit hard in New York after being hit hard in London.  Typically this is a signal to the market that prices in the precious metals sector are going higher.

 

Trump Fiddles While The United States Burns

If history is any guide, global changes of this magnitude mean that the entrenched systems run by central banks and Deep State politics are set to be destabilized on a level we may have not witnessed in our lifetimes, which means assets like bitcoin, gold, and silver could become the safe havens of choice for investors.  – Mac Slavo, SHTFplan.com

Mac’s comment above was in response to the news that First Majestic CEO, Keith Neumeyer, is prepared to join the legal battle being waged against the world’s largest banks for manipulating the gold and silver markets.   Good luck with that.

But even if the plaintiffs make some headway against the banks, this fight will take years to wage and it will likely do little more than provide some temporary relief from the financial market’s equivalent of pancreas cancer.

While the precious metals community engaged in a celebratory end-zone dance when Deutsche Bank admitted to malfeasance in its paper silver trading business, the insolvent bank coughed up a fine that was mere pittance of the billions it made over the years rigging the LBMA.

To make matters worse, JP Morgan was mentioned nowhere in Deutsche’s testimony.   JP Morgan has by far the largest silver vault on the Comex, with an alleged 82 million ozs in its custody.  The next largest is Brinks with 25 million.  I say “alleged” because it’s quite doubtful that a large portion of JPM’s reported holdings exists anywhere other than as an entry on its daily vault report.  Ask Germany about that…

JPM also happens to be the largest market maker in Comex silver futures, it’s part of the bank cartel that fixes the price of silver on the LBMA everyday and it’s the vault custodian of the alleged silver that is supposed to belong to the SLV trust.   Does it make sense that JP Morgan went unnamed in the Deutsche Bank confessional?   If that happens to pass your smell test then we would suggest that you blow your nose thoroughly and take another sniff.

With regard to the manipulation of precious metals, if you want to kill a snake, you have to cut off its head. Similarly, if you want to end precious metals manipulation, you need to destroy the BIS.  The directive and authority to manipulate the metals comes from the mother of all Central Banks.  JP Morgan is the BIS’ chief agent in executing the directive. Deutsche Bank was given explicit instructions to omit all references to JP Morgan from its superficial mea culpa.

Mac is correct in his assertion that systems run by Central Banks are becoming destabilized.  And he is correct in his implied assertion that this will lead to much higher precious metals prices.  Bitcoin?  Who knows?  Bitcoin is a de facto digital currency and thus yet another fictitious form of money with a computer system as its counterparty.

The problem is that as the destabilization process unfolds, the Establishment will fight back hard in an effort to maintain control.   This blow-back will be in the form of a further advancement toward Governmental totalitarianism. With the geopolitical and economic wheels beginning to fly off rails, at this point it’s fait accompli.    In today’s episode of the Shadow of Truth, we discuss the general systemic decay of the U.S. and Trump’s role as the modern day Nero:

Physical Gold Buying Soars In Asia

Gold was pushing $1230/oz overnight, as the methodical take-down of gold and silver in the NYC and London paper markets has triggered an avalanche of demand for physical gold in the eastern hemisphere.

Last night ex-duty import premiums in India were $14 over spot gold.  In Shanghai the premium to world gold was $9.76.  Delivery volume into the Shanghai Gold Exchange rocketed to an extraordinary 86.55 tonnes (it was 35.9 tonnes on Wednesday).  The open interest on the SGE was 807 tonnes.  To one observer’s recollection, John Brimelow of John Brimelow’s Gold Jottings, this is the first time the open interest has been over 800 tonnes.

In Viet Nam the premium paid by the public was $90 over world gold.  The spread has been wider over the last 15 years, but not much and only during times when there’s been high “backwardation” between the physical delivery bullion markets in the east vs. the fraudulent paper gold markets in London and NYC.

To reinforce this nebulous idea of gold flowing from west to east, and unusually high amount of gold was shipped out of the Comex kilo bar vaults yesterday.  320,434 ozs left the Comex.  Over 12,000 kilobars have left JP Morgan’s kilobar vault account in the last two days.  This is being attributed as evidence of Asia’s voracious demand right now, as NY and London – when those two conduits actually clear real metal – trade 400oz LBMA grade bars whereas Asia prefers kilobars.

The price of gold is being attacked right now in a manner that is quite reminiscent of the way it was attacked in the summer of 2008, right before the global financial markets collapsed, led by the fall of Lehman.

Something really ugly is coming toward the global economic and financial system.   The dollar index soared from 72 to 86 between June 2008 and October 2008, while gold and silver were systematically taken a lot lower.   We know how that played.

Similarly, the dollar has gone parabolic in the last week without any visible news or events that would have triggered this move.   Too be sure, if Trump implements his borrow and spend program for infrastructure projects, the Fed will have to print a lot of money to monetize the avalanche of Treasury debt issuance, given that the rest of the world is now dumping their Treasuries.

Both of those factors should be dollar-bearish and gold-bullish.  In good time that’s how this will play out.

In the latest episode of the Shadow of Truth, we discuss the extraordinary “backwardation” that has developed in the price of gold between the west and the east.  We also discuss evidence of the ongoing collapse in the U.S. economy.

Is Bottom In For The Latest Gold Market Paper Attack?

The move by Modi to eliminate large-denomination cash bills from India has set off an unanticipated physical gold buying frenzy that has driven Indian ex-duty import premiums in the mid-$30’s.  It’s the widest I’ve seen in them in the many years I’ve been tracking that data (via John Brimelow’s Gold Jottings report).  “”I’m getting non-stop calls from unknown numbers from people asking for gold,” the jeweller told a Reuters reporter in an interview inside his shuttered showroom..”

Ditto for China.  The SGE premium last night was $12.59 to spot gold.  As Brimelow describes: “In this case the high premiums probably simply reflect capacity constraints among Chinese import dealers. Possibly there is a Trump/devaluation effect boosting local appetite, besides of course the price decline.”

My personal view is that, given the extreme amount of paper being launched at the LBMA and Comex right now, and given that the price of gold seems averse to going any lower (at least for now), the worst of the beat-down is over.  Too many people are looking “down” right now…Eric Dubin has also called a “double bottom in gold.”   He and Jason discussed the precious metals market, among many other topics in their lates Welcome to Dystopia episode, which you can access here:   The Bottom Is In.

 

Fundamentals Will Take Gold & Silver Higher Now

In the absence of the extreme degree of price intervention being conducted by the western Central Banks and bullion banks in the paper gold and silver markets, the price of both precious metals would be several multiples higher.  That this intervention occurs not only has become overtly visible to all market participants, but recent prosecution/settlement events have rendered this assertion indisputable.

After a massive move that started in mid-December 2015, the sector began selling-off in early July.  This correction was a function of both characteristic market technicals and conspicuous paper market manipulation in the New York and London paper gold/silver “markets.”

But after nearly five years of oppressive, unfettered market manipulation, the physical market has put a floor beneath the market.  After a price “correction” of 8% in gold and 16% in silver, the metals are now ready to go higher from here.  This was “telegraphed” by the recent price-action in the junior mining stocks as represented by the GDXJ junior mining stock index:

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The junior mining stocks – especially the smaller exploration companies – similarly signaled the move higher in the metals ahead of the rest of the sector beginning in early December 2015.

While the Central Banks would love nothing more right now than to take gold and silver down to zero, the markets – driven by the physical deliver bullion markets in the eastern hemisphere, appear to want the market to move higher.  The sequence of trading events beginning yesterday through today illustrates this dynamic.

After a big rally in the mining stocks and metals in the first half of the trading on Wednesday, the miners slammed after the FOMC meeting statement was released in the afternoon.  The HUI was taken down from its high of 226 (up 7 pts) to close down down 4 points at 215.   This signaled a likely price ambush in the metals, which occurred just after midnight EST, taking December gold down $14 from $1301 to $1287 – silver was taken below $18.

The mind-set going into the NYSE was that the HUI would get slammed again.  But the market had different ideas.   The HUI began moving up at the open.  It’s been up as much as 2.5% from yesterday’s close.  Shortly thereafter, the metals began to rally as well. Historically, after a reversal like yesterday, the metals and miners typically continue lower for at least few days.   But with the mining stocks leading the way, it is highly probable that the next move from here will be higher (with plenty of manipulated volatility, of course).

In today’s episode of the Shadow of Truth, we explain why the precious metals sector has shifted into a trend in which every price pullback should be used to accumulate and add to positions in gold, silver and your favorite mining stocks.

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BREXIT: An Expression Of Political Freedom

In the latest episode of Market Update, we explore the “aftermath” of the BREXIT vote and the fact that the global markets have become manipulated by the Central Banks to the extent that it’s impossible to tell the difference between reality and fraud.

“There had to be hedge funds that blew up on Friday that we’re not hearing about”

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BREXIT Destroys The Gold/Silver Manipulation Cartel

Just a quick note on this referendum as we are in the final minutes of the voting. My sister’s friend is in the army.  They came over for dinner tonight and he was asking about the vote and what my thoughts were. I then returned the question and he had said that 90% of the lads in his camp, which are in the hundreds, were all voting to leave. Their reasoning, in a British army camp of lads aged between 18 and 35, was because they don’t believe they should be getting webbed up in wars that we shouldn’t be fighting. He said they pretty much all can agree on the fact that the wars are dictated by Washington, via Brussels, and what they say goes and its not something they support.  These were his words and I have to agree.  – A British friend of the Shadow of Truth

The elitists had a lot to lose if the BREXIT referendum succeeded.   Just like AP declared Hillary the nominee did BEFORE the Calif primary, the WSJ sent out an online article yesterday afternoon saying the REMAIN vote had won.  But this last-gasp attempt to rig the vote failed.

The elitist narrative said that BREXIT would take down the British economy.  The details of this were never explained but NWO’er, George Soros, warned as much last weekend. This was just another scare tactic used to cover up the fact that a BREXIT would undermine considerably the western elitist holy grail of a one world, one Government system.

The Ruling Body of the EU is the European Council, often described as the supreme political authority.  Its members are not elected.  It’s the fortress of totalitarian political control the western elitists have been methodically imposing on Europe, the UK and the U.S for several decades.  If anything, the BREXIT victory represents a last gasp attempt to preserve democracy and Rule Of Law.

At the root of every political upheaval is indeed are hidden economic issues.  The BREXIT should undermine the effort of the western elitists to impose the TPP Treaty, which is designed to advance the confiscation of individual self-determination.  But more significantly is the issue of gold and silver:

The day that QE2 was announced by the Fed. That day, that morning, they were just beating the living daylights out of gold. People on the site were like “oh boy, this is going to be terrible”. I said NO, this is what the banks do. They try to reset the price as low as they can before the news because they know they are trapped. – Craig Hemke, Shadow of Truth

This is exactly what has transpired over the past week leading up to the BREXIT vote. Same game, different scenario. Craig went on to say “Ahead of what they knew was going to be gold bullish regardless of the outcome.” [BREXIT vote]

Since the end of 2014, there have been several notable indicators signalling a high degree of stress between the fraudulent paper bullion market used by the Central Banks to suppress the price of gold/silver and the available supply of physical metal to deliver into the paper claims.

One such indicator that is now stretched to an extreme is the Comex, where the amount of paper silver contracts issued represents over one billion ounces of silver.  This is more than seven times the total amount of physical silver reported to be sitting in Comex vaults.  It’s 45 times more than the amount of “registered” (available to be delivered) silver on the Comex.   It’s 25% more than the annual global production of silver.

Likely, the most significant collateral damage inflicted on the NWO’ers by BREXIT is that it will destroy the ability of the western Central Banks to manipulate the price of gold and silver.   The Shadow of Truth hosted Craig “Turd Ferguson” Hemke of TFMetalsReport.com to discuss this overlooked significance of the BREXIT victory (Part 1 followed by Part 2):

Part 2: