Stacy Summary: Interesting blog entry from ZeroHedge.
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ref. max keiser – Get 6 mo’s free storage
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Rick Ackerman-
- Karl Denninger – Market Ticker
- The Big Picture
- Mish
- David Morgan
- King World News
- SmartKnowledge
- GoldCore
fiat money and the french revolution
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crash banksters – Buy Silver & gold
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We believe that this statement from Strauss-Kahn, in itself is extremely positive for the gold price and will represent confirmation of gold’s role in the monetary system.
http://news.goldseek.com/GoldForecaster/1253926800.php
Goldbugs are getting desperate and grasping at straws!
Why would one infer THAT Strauss-Kahn is reaffirming a niche for gold in their ruddy NWO?
Laughing at their cool club name
“Special attention has to be given to the extent of the membership of the reshuffle club.”
These Oligarchs were most certainly traumatized growing up and want to rip everyone else off for their horrible silver spoon memories. What absolute tossers.
Great find … Zero Hedge gets to the bottom of things again !
Well done !
y does everyone assume the ppl “running the show” (childish way to look at things but anyway) want to f*ck everything up??!
if its backed by gold, bring on a global currency baby, yeaH!
@alister … “want to f*ck everything up??!”
Alister … wrong !
….. it’s not that they want to, but the fact that <b<they do !
Because the reason I asked about the derivatives written by the quants was a wondering about the power of their mathematical language is creating a flow of capital towards a commodity or underlying asset. Well?
What effect will the probable collapsing gold derivative market have upon the value of the underlying asset? Is the ETF market what has propped up gold since the collapse of Bretton Woods?
haha, yes but we all learn from our mistakes….eeek
@ alister
The ones in power don’t want to mess everything up, thats not what I’m saying…they just want to be able to continuously take and control the wealth of everyone in the classes below them. If they wanted to jack up the system intentionally, they could have pulled the trigger years ago. As for a gold backed currency, watch the documentary The Money Masters and you’ll find that the oligarchs would still be in control of your money. We need to end the fed.
“In the days before the development of the IMF’s S.D.R., or Special Drawing Rights, which was a preliminary attempt at a international currency and a way for governments to push gold away as a primary form of wealth/asset equivalency, there were discussions on what the role of the international community would be…”
@Phil:
Tyler makes quite the assumption here. The SDR’s would not have any effect on the gold market whatsoever seeing as the dollar went off the gold standard prior to the sdr development. Swiss franc remained pegged to gold until 2003.
http://en.wikipedia.org/wiki/Gold_franc
WHY THE BELIEF IN THE INTRINSIC VALUE OF GOLD?
There’s got to be a logical explanation for the discrepancy between gold and silver prices and for the bloated gold price outside of “inflation” or “deflation” or “tyler durden”.
@Phil:
I’m trying to be nice here, but did you shut your brain off before you read this?
Tyler writes:
“Could gold be one of the issues discussed?”
at the G20…with the paid puppets?
HAHAHAHAHAHA
@France Snoot–if gold has no meaning according to you why do central banks hold it?
in the history of our species, when has there not been a hierarchy with a correspondingly skewed division of ‘influence’, ‘power’ or ‘control’ …? hierarchy and harmony does not neccesitate (is that even a word?) conflict just like environmentalism and profit are not mutually exclusive …
read bionomics ppl! best book ive read all year, easily
@frances .. discrepancy Gold/Silver
My guess …
Silver is an industrial metal and gets “used up” as time goes on. It’s value these days is determined more by supply/demand than it’s “safe haven asset value” – especially since all currencies became fiat.
Gold OTOH .. is still the “benchmark value” for banks, especially in their financial databases and warehouses and is the main (hidden) instrument for setting interest-rates via Gold Leasing deals between the CBs etc.
@ ryan :
like faber says — buy gold and b ur own central bank!
@frances …
…In a nutshell – gold as an asset class is critical as it lies at the foundation of the entire credit/liquidity inverse expansion pyramid as presented by John Exter:
Control the gold, and you control the entire monetary system…
Do they?
I’ll probably buy physical gold until it hits 1,900. You are right about being your own bank too….just don’t go into debt to N-E-BODY
German Max Keiser
http://www.youtube.com:80/watch?v=3d5fwYerL5k&feature=sdig&et=1253879180.08
Mike
Dante,
I am just asking questions. Sh*t, one thing we’ve all learned is that we really can’t believe the bankers’ data, or the governments.
Screw John Exter.
Control the gold, and you control the entire monetary system…
Where did he come about that claim?
Well if they are credible and have any integrity these numbers say they do:
http://www.usgold.com/world-gold-holdings/
If they have no credibility, no integrity, no morals….why would you hold their paper currency and what value would you place on it?
@Phil:
It’s value these days is determined more by supply/demand
Market valuations are not tied to supply and demand anymore.
@Dante:
If they have no credibility, no integrity, no morals….why would you hold their paper currency and what value would you place on it?
Exactly. Welcome to the realm of spaghetti pricing. Take a number, get in the queue, you will receive your government allotment of slop when and if your number is called. Oh, and don’t bother protesting….
If I gave you a choice between ($, euro, yen etc)100,000gold or same amount ( paper currency) and I told you it would be held for one of your heirs 200 years from today…which would you choose?
@Dante:
Whatever weighed the least. Don’t want to carry around white-man’s burdens forever!
http://www.lewrockwell.com/woods/woods123.html
Tom Wood’s argument for the Audit of the fed…
Rob Kirby at http://www.contraryinvestorscafe.com was stunned to realize the gold price and market must be completely fake because of its behaviour, which implies volume based price manipulation (like the stock market). This means there is only a fraction of the traded gold in physical reality, the rest is artificial volume. In the light of that news the memo makes sense, because with a doubling of gold consumption every ten years (7-8% growth) we are looking at a current global annual demand of about 7 times the annual output. So there has been a ‘non-alarmist’ policy in place by pretending there was a gold market only to not attract attention or make it popular as an investment. Meanwhil it has been the cornerstone of international trade.
Its funny how the US in the memo pretends to be up against the speculators, as Wall Street speculation probably helped destroy US liabilities (like they did with the oil countries wealth in their custody) so that they didn’t need to show the gold.
If you can’t see the playing field you are the ball..
@Ryan
I have it in head that, like myself, you’re in Ireland. If so, where and how to you buy your gold?
@Dante:
Did you see this link?
http://www.nytimes.com/2009/09/25/world/europe/25treasure.html?_r=1&hp
Nobody got to keep the inheritance. We tie ourselves to physical hopes in a metaphysical reality.
What we give our progeny is the ability to preserve their dignity. Man can’t take that away from them if they know how to keep it.
@Danny … “Gold Buying ”
A cheap flight to Germany ?
You can get it at any bank here … VAT free .
Declare it at customs when you fly back of course.
I’m pretty sure the Gold is VAT free across all EU countries.
Maybe Stacy can tell us ?
So many disinterested parties all trying to figure out how they can claim it….just goes to show you how insignificant of a find it was…if it was monopoly money it never would have hit the papers.
Frances if you find Merlin send him my way…I think I could use his services to solve a majority of the worlds problems.
@Phil
Yeah its VAT free as far as I know. Any bank?? jeebus!! Ireland is so backward when it comes to gold. The money I pay to get gold shipped to me should be going into buying gold itself!
Declaring it at customs…??? never did anything like that before, gonna haver to plead ignorance. But not a bad idea Phil, thanks.
We should call you Dr Phil – your very helpful altogether. LOL
@Dante:
LOL. My bet is when we look in the mirror, Merlin looks back at us!
About the article, I was thinking something completely different. Funny the male/female perspective. I thought about the blood, the agony, the betrayals, the secrecy, and the desire that led that gold wrought stuff to be buried in the first place.
@Danny .. EU Gold
…In the EU there is no longer any VAT on investment gold coins and bars due to an EU Gold Directive (98/80/EC) which came into law on January 1st 2000. The exemption of VAT on gold applies to a number of categories, one of which is “non-numismatic coins of a purity greater than 900/1000 minted post-1800 which are or have been legal tender in their country of issue or which have been admitted to the approved list of investment gold coins by a Customs Authority”…..
http://www.gold.ie/doing_business.php
Here’s another link :
http://europa.eu/legislation_summaries/taxation/l31012_en.htm
Dante:
Your gold chart is backed by the full faith and credit of the IMF:
“Data are taken from the International Monetary Fund’s International Financial Statistics (IFS), June 2009 edition, and other sources where applicable.”
Rep. Alan Grayson skewered Fed lawyer lackey this morning:
http://www.youtube.com/watch?v=mXmNpdYpfnk&feature=channel
He asked directly if the Fed manipulates markets, if all the gold they own is really there and if entities like JP Morgan are front running trades when they exicute trades on behalf of the Fed.
Great theater!
@Danny .. buying Gold at a German bank
I just remembered something !
Due to money laundering compliance, you’d need to open and fund a Germany bank account with the usual ID and references. ( i.e. that is, assuming an EU citizen can do that without having to be resident in that particular country )
Once you have that , you simply order the Gold at spot price and they’ll then call you to come and pick it up as soon as it arrives.
I’m not sure , but it may be possible to do it on-line + fax or post !
FWIW
Frances…your point is? I mean its a compilation of statistics…I can’t verify each one…but my point was if gold had no value, why report? why keep track of?
The main point is the perception of value that the currencies have as an asset class by virtue of implied backing of a hard asset.
@ Danny
Not in Ireland…sorry. Just another wage slave in the states. I’ll be getting some Australian Gold Bullion from a supplier in Arizona. I only go Canadian or Australian with my new gold purchases. Tough luck in Ireland…some times you’ve just got to get pissed to dull the pain, specially on a Friday.
The main point is the perception of value that the currencies have as an asset class by virtue of implied backing of a hard asset.
Interesting analysis, Dante! Yes, perhaps so. Or to give one confidence in the central banks as authority derived from precedent. Part of the general matrix.
@Dante:
If you look at the link to the Grayson’s interrogation, you will note that the most pointed question is “well, how much gold is there at the Fed.” This question is for the public’s edification. BIS is contriving the Fed audit: they wanted one in the summer of 2008, but Bush asked them to wait until the end of the fed’s fiscal year.
Grayson is a politician from Florida. We just love those guys down here! Born, bred, Baptist.
This article written by Willem Middelkoop (Google translation from Dutch) says it all. Here some snipbits:
And now we still rely on the honesty of bankers to place the question of why the CV Nout Wellink not simply state that he is a member of the American lobby club “The Trilateral Commission”. This membership is obviously incompatible with its independent position as president of De Nederlandsche Bank. The Trilateral Commission, formally established the USA, Europe and Japan closer together, critics say is designed primarily to U.S. interests. In this regard, Mr Wellink has certainly earned his membership.
He supported, as president of the BIS in Basel, for years the U.S. policy of Alan Greenspan to the financial world to be unregulated. This made it incredibly simple for Wall Street bankers to its risks and losses, using derivatives, and the world to dump accounting profits as bonus share. But he also, at the request of the Americans would dump gold in order to support the dollar, amazes me to this day.
From: Nout Why sell our gold? http://tinyurl.com/ye6um7g
@reason for gold price
It is illogical to assume that gold has no value. Totally irrational, in fact.
The monetary gold price is ajusting to advances of its real or intrinsic value against commodities. The monetary gold price has lagged since the inflationary blow off of 1980. This is because of hedging programmes in place by large miners facing deficits in times of increasing costs and declining revenues due mostly to production declines. The monetary gold price is below its real price by many hundreds of dollars. What we are seeing is the return of demand for bullion as insurance against currency devaluation, which is affecting the normal practise of front running trades in the bullion banks ahead of central bank sales. The commercial banking sector has manged to gain control of a large portion of the gold market and maintained that control even in the face of major shifts in demand.
During a shift into a deflationary cycle, monetary gold prices as well as the world’s reference currency should see major advances, as commodity prices decline.
The following article will help greatly to understand the real price of gold, if this is what you’re tilting at:
http://safehaven.com/article-14515.htm
Japanese Yen up 2% on the day.
If the system ever got this honest how would the so called self made men in government make money?
Michael Moore with Dylan Ratigan on MSNBC’s Morning Meeting today.
http://www.ritholtz.com/blog/2009/09/michael-moore-talks-capitalism/
doh… Been saying it for a year…
All through history Gold has been more or less STATIC – in 1650 an ounce of gold bought you a nice outfit with ruffles and silly looking shoes with that curly shit happening around the toes; in 1900 it got you a top notch suit; in 1950 that same ounce got you fitted out like a Madison Avenue ad guy; today an ounce get’s you an off the rack Ermenegildo Zegna or Hugo Boss threads, etc.
Clearly gold is inflation-proof. Which obviously is a good thing since fiat paper CREATES inflation out of “thin air” as well.
If gold were to go to, say, $14,000/ounce and STAY there, then a new suit will also cost you about $14,000 – the suit is for example purposes only, apply it any other consumable and you arrive at about the same ratio.
Since most gold is traded as PAPER, that paper is essentially WORTHLESS when the Wrecking Crew get around to fixing the gold price again (deflation). Having actual possession of bullion though, assuming you can ride out the 10 or 20 year long hoarding by the Gold Masters at bargain prices, during which time personal gold possession will likely be criminalized again, you will survive intact when They re-open the gold spigot again.
That is essentially the relationship bankers have with gold. It’s merely another tool to acquire YOUR assets on the cheap when it suits (!) them. At some point they will Crash the gold market and what better excuse could they have than a “gold backed” SDR global currency that would REQUIRE the Criminalization of personal gold ownership – it simply wouldn’t be cricket to let the Lower Classes, like us, to…like…you know…acquire assets on the cheap like They do?
Like the Cylons say: “all of this has happened before and will happen again”.
The very minute this bullshit SDR starts looking like a global reality, I’m dumping my gold and buying silver instead – silver, at least, is a CONSUMABLE commodity and the consumption reserve is only about 5-10 years: i.e. they need to find MORE of it to actually MAKE shit that we actually USE, like electronics, for example.
THEY have Long Term Interests and that’s why they get the fat paychecks, WE have Short Term Interests (our lifetime), and that is why the Capitalist uber-class will ALWAYS win.
That is why the system needs to be brought down in a hurry, in a Violent Insurgency that see’s these jokers’ heads on thousands of pikes. Short of that, you are dooming your children and grandchildren to another age of asset stealing, serfdom, bullshit vaccines, false flags, war, etc, ad infinitum.
Capitalism is the disease. Killing the Capitalists is the cure.
“today an ounce get’s you an off the rack Ermenegildo Zegna or Hugo Boss threads, etc…”
@Ilya:
You remind me of a marble fountain spouting water in a garden setting: eloquent, beautiful, harmless, and ineffectual.
The ounce of gold you insist buys one clothing must be exchanged for currency before the duds can be attained. Gold is pegged to the dollar.
“At some point they will Crash the gold market and what better excuse could they have than a “gold backed” SDR global currency ”
Did you dream this one up? Gold is not the issue. The issue is control, and the big boys are going to circuit the world on different wiring.
“The very minute this bullshit SDR starts looking like a global reality”
The sdr has been a global reality since August 28 when the IMF allocated (created) 250B + sdr rights in members’ accounts. The sdr most probably will be used by the elite as a means to collapse the currencies in an orderly manner without a loss to those participating in elite interest.
Ilya, you need to read Bill Gross if you want to understand about the “new normal”.
@frances
I was pointing out the Inflation-Proof reality of gold. It’s not a hard concept to get around.
“Gold is pegged to the dollar”
So what? Its also pegged to the Euro, Ruble, Yuan, Yen, Rial…you have to buy it with Something, no?
“Gold is not the issue. The issue is control, and the big boys are going to circuit the world on different wiring. ”
So why don’t they just destroy all the gold instead of hoarding, or sometimes, dumping it? Obviously “control” is the weapon they use.
“The sdr most probably will be used by the elite as a means to collapse the currencies in an orderly manner without a loss to those participating in elite interest.”
No doubt. That does not differ from how the USD is used now. My point is that gold will be crashed when the SDR, or whatever they choose to name it, becomes the coin of the realm.
Gold’s worth is obviously arbitrary but People Choose to believe in it and, therefore, it has worth. It’s been that way for more than two thousand years and it’s going to take a very serious mindfuck to change that anytime soon.
The Elites can trade their paper SDRs until they get calluses, I don’t give a shit. It’s just another house of cards. Another Ponzi scheme leading to Another transfer of wealth upwards.
The problem is Capitalism and “free markets” and Globalization and USURY. Eliminate those and you eliminate the need for wars and war economies.
The place to start the dismemberment is NATO, then the WTO, then the central banks – that are privately owned by a certain group of people who think the rest of us are non-human.
It’s going to happen eventually, probably not in our lifetimes, but the age of banking peonage will end if we are to survive as a species.
@Ilya:
take a very serious mindfuck to change that anytime soon
We need to be prepared to be chaste from fear. Remember Obama’s adage, “Choose hope…not fear.”?
You acuse posters here as suffering from myopsy, yet you chant personal rhetoric as truth: the hope, the desire, the change only through murder of those who do not share your limited and limiting perspective on money-based systems allowing the free-flow of capital.
Gold is priced in dollars, not ruble, yen…the dollar acting as reserve currency should figure a tad in your diatribes.
@frances
“…the dollar acting as reserve currency should figure a tad in your diatribes.”
No shit. That is exactly the POINT of my “diatribes”, the USD reserve status. That needs to end. And when it ends so does NATO, the WTO, the IMF/World Bank, US empire of military bases, US sponsored coups d’etat, US wars of aggression, and US meddling in the internal affairs of sovereign nations.
So, yeah, the USD reserve status is CENTRAL to Everything I say here. I thought that was obvious.
No shit. That is exactly the POINT of my “diatribes”, the USD reserve status. That needs to end. And when it ends so does NATO, the WTO, the IMF/World Bank, US empire of military bases, US sponsored coups d’etat, US wars of aggression, and US meddling in the internal affairs of sovereign nations.
Ilya:
The US and the dollar have been tools of an elite progenizing hegemony out of Europe. Names and sovereign tags are superfluous.