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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.

Bill Holter's latest.......it's a good 'n

http://blog.milesfranklin.com/interest-rates-have-risen-50

Omce - my favourites are maples as they are much more shiny than other coins but I have Brits too & I don't mind paying vat. My purchases are all legal & I keep a log. I've got gold too with certificates.

I was left coins by my grandad & been given alot of jewellery over the years - I'm a size 10 blonde beauty - what can I say. Got diamonds too. One whopper.

I keep in touch with a local coin dealer who has a huge safe & he keeps Krugs. He deals in stamps too - really nice guy - old school. The thought of the empire & fiat going t&ts up scares him but all his kids are highly educated & he'd hate to think they'd ever blame him for system failure. Hence the well stocked safe I guess.

He's been in business 40 years.

I've got huge green eyes btw - if you met me you'd be speechless - guaranteed!

Mml - going to wait and see on that one. I prefer to hold physical gold. Silver is more useful & I think in terms of value pro rata it will outdo gold. Agq & coins are my hedge/drug of choice. Asset rich.

I'm a size 10 blonde beauty - what can I say. I've got huge green eyes btw - if you met me you'd be speechless -

Oh my!

Not a fan of Brits - prefer Maples,Libs and Harmonics. Is there any difference, other than silver content for Brits?

I hate paying VAT - I've already paid tax at least once before I buy Silver - why should I be taxed again other than to underwrite some lazy git on welfare popping out numerous kids who think's it is his/her right to live free off other people's hard work....

Prefer physical anything to mining shares frankly.Given how miners have underperformed the underlying. Bought MML too soon - averaged down a couple of times.Thinking of doing so again.Sub 100p they look tasty.

Snurkle - as the east also thinks and appreciates - gift prices

The central banks also appreciate it too - as much as they can get

Andrew Maguire
“Just off wholesaler calls. Most are too busy to talk at this time, but today (Thursday) will be ...
- the largest volume day this year and ...possibly 2 years.

Central bank purchases
- are almost certainly.... far in excess of paper sales.
- We are so close to the marginal cost of production that my contacts are saying the gates are wide open here .....to purchase ...all physical... that is available

These were immense amounts of...... paper gold hitting the market,
- yet there is .....absolutely zero physical gold..... for sale
- and nothing... but buy orders... in the wholesale market.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/21_Maguire_-_TAKE A HINT- back up the truck.html

and - we are getting reports of .....extremely large allocations of gold,
- but also..... far larger direct producer deals ....being struck ...outside the paper markets.

I'm a size 10 blonde beauty - what can I say. I've got huge green eyes btw - if you met me you'd be speechless -


LOL !