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lol Gaz,,
I have to admit, the article was a little lame from a bull side pov

Ed Steer had a lot of interesting comments early this morning:



Trading volumes, which were already high by noon in Tokyo, are now through the roof. Gross volume in gold is just north of 60,000 contracts as of 3:35 a.m. EDT...and silver's volume, net of rollovers out of the July delivery month, is over the 11,000-contract level. The dollar index has been climbing slowly but steadily all night long...and is currently up 28 basis points at the moment.

It's too bad that Wednesday's and today's trading activity won't be in tomorrow's Commitment of Traders Report...as the cut-off was at the 1:30 p.m. EDT Comex close on Tuesday.

How long this can go on is anyone's guess, but "da boyz" are milking yesterday's FOMC news for all it's worth...and based on the current price action, I wouldn't be surprised if JPMorgan Chase is now net long the silver market as well...a fact that won't be known for sure until the COT Report on June 27th.



And as I hit the 'send' button on today's missive at 5:15 a.m. EDT...gold is down forty-three bucks...but was down about fifty bucks at its London low of $1,303.30 in the current front month, which is August. Silver got smacked below the $20 price mark in the July contract...$19.985 to be precise...but has obviously recovered off that low, but is still down a bit more than a buck from Wednesday's close in New York. Gross volume in gold is now over 106,000 contracts...and silver's net volume is just over 20,000 contracts...and rollover volume out of the July delivery month is very heavy for this time of day. The dollar index is now up 49 basis points and knocking on the 82.00 door.

The thin edge of the wedge is getting thicker all the time.

When JPMorgan decides the time is ripe to let prices rip to the upside, it's my opinion that they will be allowed to rise high enough to virtually kill gold demand stone-cold dead on a world-wide basis for as far into the future as I can see...and they'll also put silver at such a high price that current owners will be selling in droves...and silver will become the new gold.

It's only the timing of these events that's unknown...but that day is coming.

Of course nobody at the CFTC or the CME Group will do or say anything...and the same goes for any of the precious metal companies that we own shares in...as they sit idly by and watch the precious metal prices get trashed...their companies raped...and their shareholders decimated.

I await the New York trading session with a morbid fascination.

A month ago, when stock markets around the globe were hitting all time highs, we wrote "The Bronze Swan Arrives:
- Is The End Of Copper Financing China's...... "Lehman Event"?"
(which as so often happens, many read, but few appreciated for what it truly was)
- the end of a major shadow leverage conduit
(one involving unlimited rehypothecation at that),
- and the collapse of a core source of shadow liquidity.

One month later,
China's "Lehman event"...... is on the verge of appearing,
- and with Overnight repo rates hitting 25% last night,
- coupled with rumors of.... bank bailouts.... rampant,
( it may very well already have)

But don't expect the secretive Chinese politburo and PBOC to disclose it any time soon. So now that the market has finally once again caught up with reality, for the benefit of all those who missed it the first time,

- here is, once again, a look at the arrival of.... China's Bronze Swan

Mentioned this a while back (but now seems to be getting a mention)

Greece is notably missing its Troika goals and the issue..... just became
- a lot more critical.

As The FT reports,
- the IMF is preparing to ........suspend aid payments to Greece
- over what it claims is a EUR 3-4 billion shortfall that has opened up.

Between healthcare budget shortfalls, central banks refusing to roll-over Greek bonds, and amid signs that even the scaled-back privatization plans that Athens had agreed to being behind schedule,

The IMF - following its own admissions of mistakes..... in the Greek bailout,
- has warned EU officials
- the shortfall will require it....... to stop aid payments..... by the end of July

(The Greek haircuts - and the holes it left in their balance sheets -led to the takedown of Cyprus....& "The Template")

Dominoes - will wobble and topple again.

MSM - not really mentioning this much
(but just in case you doubted - the Cyprus Template - ready and waiting for a Co-Op plus.... full application))

George Osborne – slipped this little nugget in his Mansion House Speech :

“High-street banking will be ring-fenced
- so that - taxpayers are better protected
- when ........things go wrong.
- We...... will be able to.... bail in creditors ....when.... a bank fails
- rather than turning to the public purse.”
(unquote)

Will, when, when (so not..if's.. either)

Jeff Nielson's latest

Gold Bears Ignore Supply Contradictions

http://www.bullionbullscanada.com/gold-commentary/26268-gold-bears-ignore-supply-contradictions

CME Hikes Gold Margins By 25%

How very unexpected.
- And how, judging by today's massive selloff,
- it is almost as if someone knew in advance this would happen :o)

Can JPMorgan just get back to restocking its vault with whatever gold it needs to meet its massive delivery demands (at three year low prices)
- so some normalcy.. can return to the market?

Euro MP Nigel Farage

Asked re - the continued ferociousness of this attack on gold and silver, & if he senses desperation on the part of the West?
Response

“I think there is a degree of desperation, but the wise investor in commodities and precious metals
- is the person that plays the long-(term) game.
- If you think you can beat the markets in the short-term
- you may as well go to the bookmakers and have a bet on the next horse race because .....you are not going to win money,
believe me.

I did this (traded gold on the LBMA) for 20 years.
In the short-term, if you are a man on the street, you will lose money.
- You’ve got to look for the long-term trend,
- and all of the reasons behind a big upward move in gold,
all of those basic fundamentals ....are still in place.

The fact that we’ve had an absolutely loopy period of money printing, which has boosted the stock markets and reduced the price of gold,
- does not mean .....the fundamentals have changed.

And the long-term (big money) investors ....are buying gold.... on dips.”

Just read your post about the 25% margin hike.........on a sell off like we've had.
Boy oh boy, they really are showing their true colours here........ one of desperation.

I have to admit though when Bill Holter was talking about China being the real manipulator, it sort of makes sense. They could well be throwing these shorts into the markets to make it really hard for the likes of JPM when people stand for delivery... hence the ridiculous margin hikes.
China has deep enough pockets to play this games as what else are they going to spend their soon to be worthless dollars on?

We'll probably never find out what is really going on behind the scenes. I reckon initially up until $26 it was JPM &co fooling around, but I am of the belief that China has taken over their game and are in control now until all the phyzz is gone... to them.

Of course I could be wrong though, but it doesn't seem to make any sense otherwise.

Completely off topic, but thought it worth while a mention

The following is a small extract from a news paper article that shows you how much JPM charges for holding a payroll card account.
It was brought to my attention by Max Keiser



According to the complaint filed, the JP Morgan Chase payroll card lists several fees, including a $1.50 charge for ATM withdrawals, $5 for over-the-counter cash withdrawals, $1 per balance inquiry, 75 cents per online bill payment and $15 for lost/stolen card.

Gunshannon said she had taken her concerns to the main office of the franchise holder - Albert and Carol Mueller, trading as McDonald's, in Clarks Summit. She was told that the card was the only option, she said.

http://articles.philly.com/2013-06-17/news/40008232_1_debit-card-minimum-wage-fees

"According to the complaint filed, the JP Morgan Chase payroll card lists several fees, including a $1.50 charge for ATM withdrawals, $5 for over-the-counter cash withdrawals, $1 per balance inquiry, 75 cents per online bill payment and $15 for lost/stolen card."

Usury in all senses of the word Snurkle.

I can't believe banks get away with this outrageous behaviour frankly.

Especially as the end user has no choice as their employer chooses the abuser
What a farce.

I all honesty I wasn't aware that is how it works in the US. I presume it's not with every employer, just the big mega chains?

Need to do a bit of research into this........when I have a bit of time spare.

Snurkle -
Re being paid by card (McDonalds)

- it's the old system of the old mining towns with just a modern twist.

The mine - owned the town - the miners didn't get paid cash - they got company "chits" - which could only be used...in... the company town
ie - to pay
- the company exhorbitant rents
- the company - rip off shop prices
- the company - extortionate pubs
- and the company - high priced "places of entertainment"

From the lyrics of 16 Tons

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the..... company store

A Scandanavian University - established that just 147 corporations control
- a massive 60% of.....the whole world turnover
(& that's what they could track - it doesn't include - nominee holdings, control via private foundations & trusts, Lichtenstein set ups & similar etc)

Even within what they could track - the core of control "super entities" I believe they called them were - The Banks
(controlled of course by - the dynasty families).

So in effect ...."The Families" are collectively "The Company"
- we get paid "their Company" - fiat chits
- and get to spend them back with "the Company"....shop.

"Saint Peter don't you call me 'cause I can't go
I owe my soul to the..... company store"

Worth reading in full
-The Banksters are quietly beavering away in Luxembourg
- putting the finishing touches to the European template of....
- how much can be stolen from the punters via the "bail ins"

Quote.....
The latest text requires national resolution funds to hold at least the equivalent of
- 0.8%
- of banks' insured deposits,
- higher than an earlier proposal of 0.5%
(That they hold a whole 00.8%).

However, national regulators will have less scope to prevent some liabilities from being bailed in, which they are allowed to do if that would protect financial stability. Exclusions from bail-ins
- will now be limited to..... 2.5%
- of an institution's total liabilities,
(down from 3% in an earlier text).

Or to put that the other way 97.5% of an institutions liablities - CAN - be bailed in

Liabilities of course being.....Senior Bondholders - Junior Bondholders - Shareholders and....
- nearly forgot....Savers/Depositors etc
(97.5 % ....of which - CAN - be bailed-in)

http://www.nasdaq.com/article/eu-wont-fix-minimum-level-of-eligible-bail-in-funds-20130620-00694#ixzz2Wq4nVGVK

Still worried about the fictional paper price - of precious metals

(Not 97.5% but - A full ZERO % of that - falls in the above bail-in plans)

a snippet from Ed Steer's daily

I just knew it was going to be busy at the store yesterday, as the phone rang about a dozen times before the owner picked it up when I called in yesterday morning. We were busy all day long. Good silver orders...but the amount of gold we've been selling over the last couple of months continues to astound me. Yesterday was no exception.

Since yesterday was the 20th of the month...and it fell on a week day...The Central Bank of the Russian Federation updated their website...including their new gold reserve numbers. It was fourth month in a row that they added 200,000 troy ounces. Their reserves, at least the ones they admit to, now total 32.0 million troy ounces

Holding steady snurks. :*0

Yesterday’s price drop has again led to..... increased demand in China
- and much of Asia.
Reuters report
- that traders say that China “snapped up bullion at lower prices.”
- India too
- In Thailand, gold shops on Bangkok’s Chinatown saw huge demand.. as people rushed to buy gold at bargain prices.
As gold prices in China have dropped continuously in the past week,
- the volume traded in the Shanghai Gold Exchange
- climbed to a one month high on Wednesday.

Then there's the Rothkiddies owned Reuters - "but analysts & sentiment looks blah, blah etc"

http://uk.reuters.com/article/2013/06/21/markets-precious-idUKL3N0EX0FK20130621


It is always worth looking at gold’s last bull market in the 1970’s when gold rose from $35/oz in 1971 to over $183/oz by January 1975.
- In the next 21 months, gold fell in value by nearly 50% to $104/oz by late August 1976.
- This led to many pronouncements that gold’s bull market was over and the bubble had burst.
But (once TPTB had restocked)

In the next 40 months from August 1976 to January 1980, gold rose 8 fold from nearly $100/oz to $850/oz.

Agree with you Gaz,

Let them take it down, for whatever reason they have or for whoever they are doing it for.
The upside to this is huge and I keep adding as and when I can. Personally I see it as a gift and am certainly not upset about it. If I can keep adding to the stash at these levels for a few more months I'd be grateful, but also if the price was to rise from here on, I'd be happy too.
I'm in no rush ....

Are you just buying AGQ and other silver miners Squirrel or focusing on the actual PM itself. Have been tucking away Maples, Libertads and Harmonics over the last 3 years or so. Tempted to go for a bigger chunk this time round.

Pity the bastard of a Chancellor charges VAT on silver purchases tho. Typical governments, want a piece of every pie.