" alt="" /> " alt="" />

Worth watching this 1 1/2 min youT.....before reading on




Are your initial thoughts - the same as mine were.....
- funny, with a.... distant air of truth
- but couldn't happen...literally

Sadly, yes it can !
- totally legally too, and all... totally above board
- and couldn't even touch the bank in court.

The banksters have been legally able to take your money...and carte blanche...do entirely whatever they choose with it.....
- suprisingly
- with NO FIDUCIARY DUTY....to you....at all

Why, because that's .....the basis that...."you have AGREED"..... to give them your money
- and it has been that way....for a very, very ....long time !!

The Cyprus Template....saver "bail in" new template is just
- a distraction & muddying of the waters

I think if the Sheeple knew the following.....meant the above
- I think fractional reserve banking could..... "end quite quickly...and abruptly"

So here we go
(Keep your hands in the car & no standing up....let loose the roller-coaster)


.................................................................................................................

The law has been in existence for hundreds of years
- and was established in England by the House of Lords in the case Foley v Hill
- in .....1848.

When a customer deposits money with his banker, the relationship that arises is one of creditor and debtor.
- Once money has been paid to the banker,........ it belongs to..... the banker
- and he is free to use the money...... for his own purpose.

I will now quote the relevant portion of the judgment of the House of Lords handed down by Lord Cottenham, the Lord Chancellor.

He stated thus:

“Money when paid into a bank, ceases altogether to be the money of the principal…(That's you)
- it is then the money of the banker,
- who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it.

The money paid into the banker’s, is money known by the principal to be placed there for the purpose of ....being under the control of the banker;
- it is then ......the banker’s money;
he is known to deal with it as his own; he makes what profit of it he can, which profit he retains himself,…

The money placed in the custody of the banker is, to all intent and purposes,
- the money of the banker,
- to do with it as he pleases;

(now hold on tight)
- he is guilty of no breach of trust in employing it;
- he is not answerable TO THE PRINCIPAL....... IF HE PUTS IT INTO JEOPARDY,
- IF HE ENGAGES IN A HAZARDOUS SPECULATION;
- he is not bound to keep it ....or deal with it as the property of the principal, (that's you again)
- but he is of course answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands.”

(quoted in UK Law Essays, Relationship Between A Banker And Customer,That Of A Creditor/Debtor, emphasis added,)

Holding that the relationship between a banker and his customer was one of debtor and creditor and........ not one of trusteeship,
Lord Brougham said:

“This trade of a banker is to receive money, and....... use it as if it were his own,
- he becoming debtor to the person who has lent or deposited with him..... the money to use as his own,
- and for which money he is accountable as a debtor.
- I cannot at all confound the situation of a banker with that of a trustee,
- and conclude that the banker is a debtor with a fiduciary character.”

In plain simple English – bankers cannot be prosecuted for breach of trust, because it owes no fiduciary duty to the depositor / customer,
- as he is deemed to be using his own money to speculate etc.
- There is absolutely no criminal liability.

So if the bankster chooses to stick all the money on the favourite in the 3-30 at Kelso
- and loses
- you are just another...... random unsecured creditor....when the bank gets wound up.
- and it would be legal....and you couldn't touch 'em for it.

That's the terms ....you agreed to...when you give them your money.

As Michael Caine says ....." not many people know that "

So.... pass it on :o)

India ...has imported over ........900 tons of Gold so far this year while
China ....has imported just shy of 1,100 tons.
Total for just those 2 countries....2000 Tons
(& that's only so far...in 2013)

To put these amounts into perspective, the world (ex China) produces
- 2,200 tons per (FULL) year.

As an aside, with prices where they are right now, production will decrease in the future as some mines are not profitable at these levels.

My question is this, with China and India buying almost every ounce that comes out of the ground "how much is too much"?

"Too much" as in what level is THE level where existing inventories cannot absorb the demand from "the rest of the world"
(as India and China are speaking for... the current production....and more).

Where is the Gold going to come from? It is already clear that existing inventories are being squeezed as evidenced by
- the backwardated GOFO rates 8 days running.
( I would like to point out that this is not only..... the longest streak, ......but more days total ......than ALL of the last 20 years combined!)

Also lurking in the shadows is allegedly a second Dutch bank to call a halt to delivering out Gold (RABOBANK).
Why would this be?
Why would any of this be?

Why is the Gold market so tight after so much (alleged) "selling"?
Shouldn't inventories be not only flush with product but simply overflowing with so much metal that they don't know what to do with it? Where did all of this "metal" that was sold, in a panicked, fast and furious fashion go?
Did it evaporate?
Is it being held in some alien, invisible vault system that we don't know about?

Of course not...because it was not GOLD in the first place.
We are now more than 90 days past the April "fool's" selling of supposed Gold. This is enough time to look back and see for sure what happened. At the time "we" said that the selling was not physical Gold and in fact was merely paper contracts without any real metal backing.

"We" said that only those who wanted a lower price would ever sell futures in the fashion that they were sold. Well guess what, WE were right. If we were wrong then Gold would be plentiful right now...it is not.
- Not only is the Gold market "tight",
- it is tighter than it has ever been over the last 20 years.

I took some serious flack back in April when I said that "the plan" all along was to default. I said this because I knew that there was no way......
- 1,000+++ tons of real metal could, or ever would in that fashion hit the market over less than 12 trading hours.

So here we are, 90 days later and inventories have done nothing .....but bleed everywhere you look.

Not only that but as I see it, some deliveries have not even been made. Unless someone can show me where JP Morgan has concluded their.... May deliveries
- or delivered anything at all on their June deliveries
( I will assume that I have read their reports correctly)
- and are in serious arrears.
Please, send me data that illustrates the movement of Gold from JP Morgan to those contractually entitled to receive it.

That said, I will again state what I wrote back in April.
- We are facing a major default in both the Gold and Silver markets on COMEX which only has left a mere....... 29 tons of registered Gold inventory available for delivery.

I also believe we will see the LBMA in the same boat though they do not publish inventory numbers. All that is needed is to look at the inventory drain coupled with the explosion in demand caused by fraudulent prices to see that this will come to a head shortly.

August COMEX deliveries of Gold should be at least 30 tons
- which would take care of all existing registered for delivery inventory...and then what?

What happens after August? Like I said "How much is too much?" ...demand that is

Bill Holter (Franklin Mint)

Detroit file for chaper 9 bankruptcy

http://m.bbc.co.uk/news/world-us-canada-23369573

Which will result in a trillion of losses on the bond markets.

Yes - really.

Bigger than some might think.

Let it sink in.........

Then sit back & watch the bond market crash!

Ouch!

Andrew Maguire (top guy) - Bill Murphy entered his testimony at the CFTC silver manipulation hearing

“The mainstream media has this myopic focus on the over 600 tons of GLD redemptions, while in reality we are witnessing
- massive bullion demand
- far in excess of these .....relatively small ETF redemptions.
This bullion demand is actually putting enormous pressure upon immediately deliverable LBMA bullion stocks.

“What is notable, is that since the ABN AMRO bank default .....became public,
- it forced that defensive attack by ....the Fed and the Bank for International Settlements....
- & it forced that defensive attack.

It was a desperate attempt to bail out an imminent collapse of

- the largest bullion houses in London.

And despite an over $400 rigged decline in the gold price,
- here we are back full circle, with the bullion bank inventories again under stress.

A rigged $400 discount may have delayed the default,
- but it also ramped up Eastern hemisphere bullion buying,
- and ......was far in excess..... of what was gained.
I guarantee you that....... was not in the plan when they rigged this (takedown).

Thanks to the paper discount,
- the LBMA fractional reserve bullion inventories
- have been drawn down.... at such a fast rate
- that there is lots of evidence......... they are now running on fumes.

The smashdown has enabled the bullion banks to cover their paper shorts,
- but the Western central banks
- are deeper in the glue now...... than they ever were.

These outsized, mismatched leases are having to be rolled over while they scramble to meet this.... unanticipated Eastern hemisphere demand.
- By the Fed creating such huge downward derivative momentum, what they did....
- was they unleashed a monster.

Taking the price (for gold) sub-$1,300 was a fatal mistake.
- What it has done is accelerated the physical demand exponentially
- and placed the whole fractional reserve Western bullion banking system back at risk again.

This is very similar to the abyss that Gordon Brown stared into when the Bank of England was forced to bail out Goldman Sachs 13 years ago.”
(The famous Brown's bottom rescue)

More comment from Maguire
- BofE - stepping in to bail out LBMA shortfalls
- and likely massacre of Hedge Funds

“The LBMA bullion stocks are thin. For example,
- the LBMA delivery conditions were extended from 2 days ....to 5 days.
- Why..... do you think this little known decision to extend delivery times was made at the request of the bullion banks?
The fact is that the gold market has been in tight supply for some time now.

There is just very little physical (gold) for sale in size at these current levels. In the past
- I reported leased gold..... regularly appeared at the (London) fixes,
-where the Bank of England ......would step in at the clearing hour,
- after the fix, to lend metal....... to meet these delivery shortfalls

“Much less of this is now happening. Because....
- many of these accrued positions, ......they already can’t be paid back (within the originating terms).

So on a short-term basis they have to be rehypothecated, further rolled out, and they match even further out forwards and futures (contracts).

These guys are digging an even deeper hole.
- Talk about an act of desperation.
- When viewed from a wholesale market perspective, it’s absolutely clear this is an act of desperation.
There is only one other alternative -- you buy back these leases.

The first stage we just discussed is what we’ve already seen.
- The second is now happening
- and it’s about to accelerate, which is going to ignite very large hedge fund short fuel above the market.
- These funds are the bullion banks’..... reserve fuel.

It will be the next source of bullion bank short covering, and it’s going to place the funds in serious trouble. (They will be) left holding the bag.

■GOFO negative 10 days and counting
- indication of gold shortage...... of historic proportions

■90% silver out of stock at nearly all US wholesalers, shortages again occurring in Eagles, Maples, and even generic rounds and bars
■Cartel defending $1,300 gold and $20 silver with everything they have because they know a gigantic level of short covering will ensue at prices just above those levels

Even Reuters - seem to be backing up the above assertions too !!

Reuters
Friday, July 19, 2013

A dislocation in the gold futures market
- indicating that demand for....... physical delivery of the metal
- is now ........far outweighing - supply
- has intensified..... in recent weeks,
increasing concern in the market that the change may not be a momentary blip

- and participants may have become...... over-leveraged.

http://www.reuters.com/article/2013/07/19/derivatives-gold-reaching-SHTF-stage

Gold went into backwardation in comparison to the three-month futurescontract in early January, meaning the spot price rose above the short-dated future contact. Now that process looks set to creep out the futures curve to longer-dated maturities,
- signalling some cause for alarm ***.

"The fact that has remained and widened ... indicates that the physical market has tightened up substantially, a postulation that is corroborated
- by the growing premiums being paid ... and the ongoing wholesale delays in the delivery of substantial bullion tonnage,"
wrote Ned Naylor-Leyland of Cheviot Asset Management in a report this month.

"What is happening now is that the absolutely inevitable 'run' ***
- on the 100:1 leveraged bullion banking system ....is truly underway."

Backwardation is a concern in gold markets because in theory demand for physical delivery...... should never ....outweigh supply,
- since the amount of available gold is a known, fixed quantity.

The current dislocation indicates that holders of gold futures
- have begun.... demanding delivery***.
- But because of the large amount of leverage in the market,
- participants are not able.... to deliver on their obligations***.

"More and more people....... want their gold... today,
- at a higher price,
(no matter that they can buy a future much cheaper,")
- said Guillermo Barba, economist at the New Austrian School of Economics in Mexico.

"The actual message of the backwardation is that
- there is behind the curtains...... a lack of confidence..... in the fiat monetary system,***
- a de facto rejection of paper money by some people who prefer the real money (gold and silver),"***
said Barba.

"That's why a fall or rise in gold prices... is not so relevant anymore.
- The monetary 'fire alarm' message, courtesy of the relationship between spot and futures prices, is: ....

- run for your gold***,
- there is not enough.... for all***."

The squeeze we have been waiting for....... is closing in***,

- it is always darkest ......just before dawn."

Interesting article
(NB - as it states.....The reports..... have not been confirmed ....officially)

http://rbth.asia/business/2013/07/17/GAME CHANGER-china_reportedly_planning_to_back_the_yuan_with_gold_47997.html

China reportedly planning.... to back the yuan with gold

According to media reports of early July,
- the People's Bank of China is mulling the possibility of...... phasing out the dollar
- as the reference currency..... for the yuan exchange rate,
and...... to start using gold as the reference point.

How safe is money in the bank - worth a 30 sec glance

- the list of US Banks - the FDIC ....has taken into receivership
- if you do keep scrolling & scrolling down - then scroll some more to te very bottom
- all bar the last couple of dozen.... at the very bottom of.... that page

Are - just since.....2012

http://www.fdic.gov/bank/a very-very long list/of individual/failed/banklist.html

Interesting - bigger picture
- have the Saudis & friends just - poked the US in the eye...with a big pointy stick
- Have they seen the writing on the wall ?
- ie - that the US engineered "uprisings" - will eventual lead to; and be used against them too.

The Saudis et al.... have undertaken.... that if the Egyptian military....oust..the US puppet
- and the US withdraws a Billion in aid ...to Egypt - by way of retaliation for...their puppet being ....ousted
- then (shock) ....they will give - repacement aid

In fact they have gone....further (with the pointy stick stuff)

Namely

Saudi Arabia approved..... €4 billion in aid to Egypt
- and the UAE has offered...... €2 billion
in desperately needed support for the economy.

The news is a double slap-in-the-face to Washington who had insisted
- that Morsi’s government .....buckle..... under to harsh IMF conditionalities as precondition for financial help.

http://www.globalresearch.ca/saudis-unprecedented--uses the pointy stick-at washington-over-egypt/5343092

Then again in US psyops, is it just.....
- organise uprising
- install their puppet - as the sheeple expect (& reject)
- oust him
- then the sheeple wont suspect - the next guy is just
......puppet Mk II

Sahara is far and away better qualified to comment - but
- this allegedly signals a potential
- "cycle low"


-

An opinion from
Global European Anticipation Bulletin.
(the clip is from their - subscription only update - which will be updated on their public list....somewhere later down the line)

The GEAB site is http://www.leap2020.eu/

GEAB shockingly says, “Historians will certainly consider the 2008 crisis as a warning shot....... before that of 2013.
- All of the world’s regions won’t be ....a "can be summarized as"
- i.e ....the following ...& all....affected the same way
- but all........ will suffer.

According to LEAP/ E2020 the stages of this second crisis as follows:

End 2013,
Financial impact:
- collapse of financial markets especially in the US and Japan.
- Banks can...... no longer be saved by the states
- and BAIL-Ins are put in place;

-End 2013 / 2014
- Spreading to the real economy:
- The financial impasse causes / reveals a major world recession and the reduction of international trade;

2014,
social impact:
- The economic deterioration causes unemployment to explode, in the United States the dollar’s decline lowers the standard of living, riots mushroom everywhere;

2014
political crisis:
- the governments of the most affected countries are under fire for their handling of the crisis, forced resignations and early elections are expected,
..... if not coups;

2014-2015,
International management of the crisis:
- together Euroland and the BRICS.... impose
- a new international monetary system
- and lay down the basis of..... new global governance;

(That's daddy Pres. Bushe's....When we win...& we will ....there will be a New World Order
- ie One World Government....in my speak)

2015: The least affected regions have exited the crisis definitively;

2018:
It will take the United States, the United Kingdom and Japan.... five years to purge themselves of the crisis with,
- ultimately, a greatly reduced standard of living
- and a considerable loss of global influence
(resulting from their refusal to participate in the re-casting of global governance on new bases).”

.....................................................................................................................

That last para - especially the comment in brackets seems strange to me, as
- who are the biggest drivers towards NWO/One world government ??
- the ex....
- slaves are just commodities
- invade countries that we want resources.....
- British Empire...Dynasty Families
(The ones who raked in ....ALL the profits from.... the whole empire .....and have been using them as...... a common objective collective....ever since)

Bleak outlook opinion - so lets hope....the good guys....win
..instead then

I recollect what happened to a plane bound for Russia carrying much of the
- anti bankster....Polish government
- who wouldn't play ball

Hungary....tells the IMF...take a hike !!

http://www.spiegel.de/international/europe/hungary-calls-on-imf-to-close-its-budapest-office-a-911250.html

A long-running dispute between Hungary
- and the International Monetary Fund
- escalated on Monday when the head of the country's central bank
- called on the IMF
- to close..... its office in Budapest,
saying ....it was no longer needed.

Relations between the government of Hungarian Prime Minister Viktor Orbán.... and the International Monetary Fund ......have never been especially good.
- Now they have hit rock bottom.

Another chart opinion (not mine - I may add :o)





The opinion given on the above ?

■Against gold, silver appears to be
- “carving” out a rounding bottom formation.

■Note the MACD indicator,
- which is trending higher.

■China is apparently preparing to substantially increase their use of solar power, and a fair amount of silver is required to do that. Also,
India has enacted a ban on gold bar and coin sales.
Silver could benefit from increased buying there,
- if the ban isn’t lifted soon.

■Silver has a cyclical tendency to bottom against gold,
- about once every 4 weeks.

I suggest ...as always... DYOR (& lots of it)
- but FWIW basis - the opinion given by the originator of the chart's thoughts ...... (Morris Hubbartt of superforcesignals.com) is....
- in his opinion based on the above

- to buy silver now,
- and more .....if it drops next week,
- to take advantage of the current cycle!

Does look like a bottom maybe forming there gaz, having a bit of trouble relating it to netdania's gold/silver chart though there seems to be some desparity but agree theres certainly a lot going for the precious metals imo. Looking forward to tonights asian trading reckon "if"pog can come back over 1300 it'll lift silver over the $20 and we'll be off esp if JPM's long.
Mind you sometimes think that JPM's position is the only thing that matters here if they're long we're going to be quids in if not then heads down and prepare for another shafting imo.

Eric - true - with JPM now net long, and apparently stacking physical silver (for their own account :o) like there's no tomorrow, coupled with not having made their last 2 months crimex deliveries - and if they did they would be 100,000 oz short in their delaer account
- then things are looking fairly desperate

Next week is an option expiration.... on the COMEX for gold and silver on the 25th

All it needs next is
- another reason for delays to cover their ass or a force majeure.

Most businesses in trouble commonly go for.....a fire
- to hide/resolve much of their troubles/tracks.

In fact re JPM itself..... there we go :o)

.......................................................................................................................

Will this be the force majeure or..... just another excuse for delays whilst they try to cover their ass ??

Option this time.....no it's not a joke.

Firetrucks and ambulances in front of.... JP Morgan’s headquarters
- at 1 Chase Manhattan Plaza,
(early report so it could be the vault at it's former HQ at broad St)
- with fire-fighters stating they are responding to a...
- COMMERCIAL VAULT.... FIRE IN THE BASEMENT!

Standard plan book.....play No 987

hxxp://www.ustream.tv/recorded-footage/JPM-HQ-The Predictable- ExpectedFire-

Standard plan playbook No 986 was

- Sorry hurricane sandy - has flooded the basement of the certificate repository in N York
- that's the one with the physical bearer bonds in !!
(Gold certificates commonly being in the form of..............:o)

Standard Plan playbook No 985 was

- oh dear the transformers have exploded at the power station - supplying most of the power to the NY Financial district

I forget what standard playbook No 911 was
- but I know nearly a trillion in gold was kept in the vault.....of some sort of tower or other
- & trillions of settlements in the markets.....were made on trust
(ie no evidence of ownerships required)

Is the bottom in or thereabouts
(as they say)

The Green Spots - highlight golds previous bottoms






Speaks for itself :o)







Does it look like we should have.....a nice big "Red Spot" at the very far right :o)





Make of 'em - what you will

But add in GOFO rated still running negative....11 days and counting
- plunging Crimex inventory
- the Morgue down to....it's very last tonne
- massive volume going thro the shanghai exchange
- huge far east premiums
(as much as $300 per oz - in a recent physical gov't auction in vietnam)
- Andrew Maguires comments - a few posts back
- Portugal, Ireland, Greece - all seeking to renogotiate their bailouts/needing more bailout
- Ratings agency downgrade - of one of Europes...actual "bailout funds"
- Impact of rising T-bond rates on....interest rate swaps
- Japan with a paperweight on "print"....until they hit desired inflation
- Comment that Italy will need a bailout...this year
- Detroit going into chapter 11 (city employees likely to lose 90% of their pensions)
- Month by month new record numbers on US foodstamps
- Middle East ....unrest
- The Cyprus debacle
- The Cyprus template - now in place UK, Canada, Australia, N/Zealand etc etc
- RothKiddies working on a Cyprus style - "Good Bank/Bad Bank) for a UK high street bank
- GLD bleeding physical (inventory down 30% this year) - sprott physical...down ZERO






- India - moving heaven and eart - to stop the sheeple....buying gold
- ABN Amros April Gold Default (punters only get fiat if they want to withdraw..their own metal)
- Germany told - must wait SEVEN years for return of it's ...own gold
- Central Bank buying of gold


- Fed Having To - take up ever increasing T-Bills - as Foreign Holders are.....quietly.... Dumping Them





And China - seems to be taking - all it can get hold of - massive ever increasing year by year imports (as well as retaining it's own....mining production)






Now ponder this chart in the light of - Just ...the above Chinese Demand
- and really put it in.....perspective


The left chart denotes.....Imports into China (just via the Shanghai exchange)
- now the really interesting....right hand chart
- the vertical bars - are DELIVERED GOLD......JUS via Shanghai
- the really interesting "greyed out area" - is TOTAL mining supply







Conclusion on that chart imo ??
If the equivalent of ..Newly mined "world" supply.... is totally being delivered through Shanghai
- all that Russian Central Bank gold purchased - plus all the other sundry central bank gold purchases - and the Indian & other far eas countries huge gold imports
- must be ....coming from somewhere ???
- and as we have accounted for...all the world new mining suppl as....going thro' Shanghai (just on an ccounting basis)
- where then also is ...The US Mint, Australian Perth Mint, South Afican Mint (and all the private mints)....getting there Gold
- For that matter....where is the LBMA getting it's gold to deliver
- unless they are buying through Shanghai (which is doubtful...to say the least)

The physical rape of GLD doens't cover it
- nor does the fall in Comex invent-ory

So where is...the supply coming from...to meet such huge demand ???

Moving on further into La La land accounting :o)

What happens when you are insolvent & bankrupt ??
- your debts just get bigger & BIGGER
- what happens when you go even beyond that ??
- ie you make cutbacks & ....austerity measures and....
- still...your debts still get bigger & BIGGER
- Like is happening in......The USA
- and well all over the place.....eg Euroland

The proud Q1 debt-to-GDP outliers, where the local economies are expected to continue plunging
- and thus..... in La La Land economics - send the stock markets (if mostly that in the US) surging,
- are the following:

•Euroarea: 92.2%, ...up from 88.2% a year ago
•Greece: 160.5%, ....up from 136.5% a year ago
•Italy: 130.3%; ....up from 123.8% a year ago
•Portugal: 127.2%, ...up from 112.3% a year ago
•Ireland: 125.1%, ...up from 106.8% a year ago
•Spain: 88.2%, ...up from 73.0% a year ago
•Netherlands: 72.0%, ....up from 66.7% a year ago


I think that all justifies ....the current bearish position in the ....... safe haven need for....
- being "in" precious metals

What do you think ??

GazKaz, are you saying, IYHO, that the price of GOLD and SILVER will probably rise post 25 July COMEX option expiration?

I currently hold POLY but mistimed my buy [in at 881p] and would like further exposure to precious metals but my timing sucks. if we are at the bottom [or possibly a bit above in the case of SILVER] then my timing would appear to be right.

any thoughts?

Alex

GazKaz, are you saying, IYHO, that the price of GOLD and SILVER will probably rise post 25 July COMEX option expiration?

I currently hold POLY but mistimed my buy [in at 881p] and would like further exposure to precious metals but my timing sucks. if we are at the bottom [or possibly a bit above in the case of SILVER] then my timing would appear to be right.

any thoughts?

Alex

Hello my lovelies.
It's been awhile and boy have I enjoyed being off grid. No news papers, tv, internet, just carefree on the beach with my precious family. Quality time!!

Hopefully today I'll have a little bit of time to go through all the post since 10 July. It looks like Gaz has been holding the fort tremendously well. Cheers buddy.
With a little luck I'll help share the 'input' load with you later on.