Tag Archives: ECB

The explosive questions the gold riggers won’t answer-and the press won’t ask

Financial Markets, Gold, Market Manipulation, Precious Metals, , , , ,

Over the years, I’ve asked several skeptics of the idea that Central Banks and Governments, using the bullion banks as their agents, manipulate the gold price this question:   The Big Banks have been convicted and fined numerous times for manipulating interest rate and currency markets.  Is it realistically conceivable given this fact that they would leave the gold market alone?  The question, of course, is rhetorical and I’ve yet to receive an answer.

The answer is obvious to anyone who has looked at the facts.  I have written several articles with Paul Craig Roberts detailing how the manipulation is executed on the Comex and the motivation behind the manipulating the gold market.  Remarkably, there are public notes of a meeting chaired by Henry Kissinger in 1974  that discusses the importance of removing gold completely from the monetary system which is conveniently ignored.

The following is a re-post of an article posted by GATA’s Chris Powell. Even if you have your had in the sand and refuse to believe that Central Banks and Governments manipulate the global gold market using paper gold derivatives, at least brush the sand out of your eyes and read this carefully:

How easy it would be for any major financial news organization or trade association to confirm, expose, and combat the rigging of the gold market by governments and central banks. Such an effort could start with the documentation, most of it from official sources, collected by GATA and compiled here: Taxonomy

Everything could be nailed down to the present moment by a few specific questions put to the key participants in the rigging. These questions already have been prepared and posed, just not publicized enough.

— Three months ago U.S. Rep. Alex X. Mooney, R-West Virginia, wrote to the secretary of the treasury and the chairman of the Federal Reserve asking what the U.S. government’s policy on gold is and whether it remains, as government records from years ago establish, to drive the monetary metal out of the world financial system. Mooney also asked whether the U.S. government, directly or through intermediaries, like the Bank for International Settlements, trades in gold and gold derivatives and what the purposes of any such transactions are. Mooney’s letter is posted at GATA’s internet site here: Mooney Letter

Mooney has received no response.

– Last November GATA put similar questions to the BIS. What, GATA asked, is the purpose of the gold swaps and derivatives purchased and sold by the bank and the purpose of the bank’s involvement in the gold market generally?

The bank replied promptly but only to say it would not answer the question: BIS Letter

— Five weeks ago your secretary/treasurer and GATA consultant Harvey Organ wrote to the comptroller of the currency in the Treasury Department, Joseph M. Otting, whose office regulates the banking industry, calling attention to the recent explosion in use of the emergency procedure of “exchange for physicals” to settle gold and silver contracts issued on the New York Commodities Exchange by government-regulated banks. The financial risks undertaken by the banks in these transactions, GATA wrote, apparently were not being reported to the comptroller.

GATA’s letter concluded: “Could you review this matter and let us know your conclusions?” The comptroller has not responded.

Please click here to read the rest – it’s worth the time spent:   Unanswered Questions About Official Gold-Rigging

Hate To Say “I Told You So, But I Told You So”

Financial Markets, Gold, Market Manipulation, U.S. Economy, , ,

UPDATE (Feb 21, 2015):  A lot of pundits with poor-analysis-egg-on-their-face are now predicting that the deal struck yesterday to bail out Greece will fall apart.  Well ya, I guess eventually Greece will blow up but it will blow up with the entire EU.  Does this statement from Greek  Tsipras sound make it sound like the deal will blow up?

Greek Prime Minister Alexis Tsipras declared victory on Saturday after agreeing a last-minute conditional financial rescue deal with Europe, despite making big concessions to avert financial collapse within days (LINK)

The real beneficiaries of this deal are the people running the big banks – U.S. and European – because a Grexit would have blown up them up and the upper management of these banks could no longer milk QE by paying themselves huge salaries/bonuses.   Hey Germany:  You just made sure that the CEO’s of Goldman, JP Morgan, Deutsche Bank, Citibank, Morgan Stanley, et al will get to reward themselves handsomely with YOUR tax money.  Now ya know how we feel…

Three weeks ago I wrote that the ECB and the Greeks would reach a “kick the can down the road” agreement – that everything in between would be staged grandstanding for the benefit of Germany’s restless anti-euro population (you know, the ones that want to hold the Bundesbank accountable for the gold that the Bundesbank has claims to have). Well, guess what? They kicked the can down the road: Bloomberg, Zerohedge.

It was simple to figure this:  follow the money.   The real money wasn’t in the exposure to the Greek sovereign debt that everyone was blathering about.  The real money is in the OTC derivatives connected to the Greek sovereign debt, the former to which big Too Big To Fail Banks have a huge exposure.   I can guarantee you that the U.S. Treasury and the Fed had played a huge role in engineering this latest maneuver to put off the day of reckoning.

“You can ignore reality, but you can’t ignore the consequences of ignoring reality.”  Ayn Rand

Autism, Financial Theft And Complete Political Corruption

Financial Markets, Gold, Market Manipulation, Precious Metals, U.S. Economy, , , ,

The powers that be that run this country are going to keep our system alive with massive amounts of printed money until they’ve swept every last crumb of middle class wealth off the table and into their own pockets.  Dave Kranzler, circa 2004

Rory’s Website: The Daily Coin

Don’t Expect Big Changes To The EU With Regard To Greece

Financial Markets, Market Manipulation, ,

Occam’s Razor is in effect here.  Although it would be a lot of fun to watch the fireworks if Greece were to leave the EU and default on its sovereign debt, I’m not selling tickets to that show.

It’s pretty simple:   If Greece leaves and defaults on its debt, it will trigger the financial nuclear bomb bank credit default swap OTC derivatives daisy chain that is embedded in every big western Too Big To Fail Bank.  My bet is that Deutsche Bank and Morgan Stanley would be among the first casualties.   The ECB and the Fed can not allow that fuse to be lit.

On the flip side, if Greece were to leave, revert to the drachma and print its way out of debt, it would create massive hyperinflation.  Unlike the U.S. $4 trillion QE, for which most of the money remains contained inside the banking system – for now, anyway – Greece would be dropping helicopters of cash outside its banking system.  The entities receiving that money would turn around and dump it for euros and dollars and the drachma would crash, creating massive hyperinflation and complete chaos in Greece.

Neither side of this issue wants either of those two respective outcomes.   Thus, the proverbial debt can will kicked down the road a bit further and the northern European countries will see some more of their wealth transferred to Greece via some kind of debt restructuring that does not trigger derivatives default events and does not force Greece to print zillions of drachmas…

I was opining to some colleagues yesterday that it seemed like both Greece and the ECB member countries were beginning to move off their initial negotiating stances.  This article confirms my view:   Greek Stocks Surge On ‘Creative’ Debt Plan.

Putin Concerned About The Security Of Russia’s Gold Reserves

Gold, Precious Metals, , , ,

Putin says Russia and China need to secure their gold and currency reserves

Russia and China need to ensure their gold and currency reserves are secure, Russia’s President Vladimir Putin told foreign journalists at the St Petersburg International Economic Forum.

Read the short article here:   Putin/China/Gold

As a colleague points out Putin’s remarks:  “he is speaking on behalf of China and that does not happen accidentally.”

Also, please note the debut of my new Youtube Video Channel.  This is the pilot episode of “Golden Truth,” which will feature short videos that expose the truth behind the headlines and other topics.  I’m collaborating with John Titus, who is an attorney and who used to have a high level patent law practice before he burned out.  His new mission is video and film production.  He has one of the best research minds I’ve ever come across. The first episode is slightly longer than what will be typical, but needed some contextual explanation which took up time and it’s very unpolished on my end:

InvestmentResearchDynamics/Golden Truth Youtube Video Channel – Episode 1

ECB Member Banks Confirm That Gold Is Manipulated by Central Banks

Gold, Market Manipulation, Precious Metals, ,

19 May 2014 – ECB and other central banks announce the fourth Central Bank Gold Agreement

The European Central Bank, theNationale Bank vanBelgië/BanqueNationale de Belgique, the DeutscheBundesbank,EestiPank, the Central Bank of Ireland, the Bank of Greece, the Banco deEspaña, the Banque de France, the Banca d’Italia, the Central Bank of Cyprus,Latvijas Banka, the Banque centrale du Luxembourg, the Central Bank of Malta, DeNederlandsche Bank, theOesterreichischeNationalbank, the Banco de Portugal, BankaSlovenije,NárodnábankaSlovenska,SuomenPankki – Finlands Bank,SverigesRiksbank and the Swiss National Bank today announce the fourth Central Bank Gold Agreement (CBGA).In the interest of clarifying their intentions with respect to their gold holdings, the signatories of the fourthCBGA issue the following statement:

  • Gold remains an important element of global monetary reserves;
  • The signatories will continue to coordinate their gold transactions so as to avoid market disturbances;
  • The signatories note that, currently, they do not have any plans to sell significant amounts of gold;
  • This agreement, which applies as of 27 September 2014, following the expiry of the current agreement, will be reviewed after five years.

Here is the press release directly from the ECB website:  ECB’s Fourth Central Banks Gold Agreement

Any questions there?  Anyone see a conspiracy theory?  Anyone who now states that the western Central Banks do not manipulate the gold market is one of three things:

1)  a psychopathic liar
2)  tragically stupid
3)  retarded

What’s more interesting that the acknowledgement of market-rigging – because we already new that ad nauseum, is outright statement that refers to gold as a “monetary reserve.” Means that the ECB and its member banks regard gold as much more than just the “asset” which is held “out of tradition,” which Bernanke stated under oath in front of Congress.

Circling back to my 3 points of conclusion just above, you can decide which one applies to Bernanke…