Legendary precious metals expert Eric Sprott sat down with The Doc for an exclusive interview to discuss the Bundesbank’s gold repatriation request last month, and the correlation with massive physical gold buying in Asia.
Eric pointed out that the US government exported 30% of US annual gold production to Hong Kong in December alone, and stated that as there is no excess gold available in the US, all of his analysis suggests that the US gov’t may be exporting the German, Dutch, & Austrian gold reserves held at the NY Fed to China in an attempt to kick the can and forestall the inevitable financial collapse a little longer.
Absolutely ! When it comes to USA, Europeans, specially the ruling classes and the elites, are total bird brains and suckers. That’s also where Fox Knox gold went.
I wouldn’t worry about it. The Hunt Bros. tricked the Arabs into buying all the gold in the 70-80s, only now 30-40 years later have they had a chance to break even and get out. Central banking is a funny old game.
LOL – why not?
Don’t forget where all the real mass of gold bullion is HELD in hostage…
A small town called Basel in a small building housing the BIS…
OWNED exclusively by Rothschild…
DUCK
Eric has been identifying the problems very accurately for many many months and yet he is still only able to speculate on what may be occurring in reality. Because, despite all the visible macro factors, the price of gold continues to fall daily. It is very unlikely that the Fed is exporting gold, the USA’s or anyone else’s to China as that is the financial equivalent of selling bullets to the Taliban, so I just don’t know why he suggests that possibility. Secondly, it is unlikely that the gold in NY belonging to the Netherlands Austria etc has been sold because the Fed cannot run the risk of new calls for repatriation. I could equally validly claim that the USA has always had far, far more gold of its own than it has ever owned up to and can easily pay off all calls (but there again why a 7-year delivery date for all Germany’s gold ? )Eric claims huge manipulative short selling in the gold and silver market and has done for months. However there is no evidence that shorts, which have to close, are defaulting at settlement and a price is being paid by those pesky bullion or investment banks. I have a suggestion. Why don’t US citizens ask their elected officials to find out and tell then what is happening and not let up until they have an answer.. After all, the US is a huge democracy and all these things are done in the name of the people for the people and on behalf of the people. As all these queries have gone on for months an enquirer might have forced some answers out of the Fed or the Treasury by now. I get a strong impression that the fine people of the US are simply not asking the right questions, or indeed any questions, of the appropriate officials.
@DoTW You must be kidding. All kinds of questions have been asked in all kinds of forums and arenas. NONE get answered.
I don’t know why Eric does not consider the possibility of African, Australian and Southern Asian companies arranging sales of Au through bullion brokers into China. I don’t think we should only consider US and Canadian mines in the known export figures to China, weird as they may seem.
Instead of him bemoaning the fact that the demand is strong, yet the POG falls daily, Eric, as an expert in the PM sector, should be using his contacts and sources to find out exactly what is going on and causing these anomalous circumstances.
jarrolin, I regret to tell you I am not kidding. Forget forums, the US citizens should get answers from their Congressmen and women. Like I said ‘don’t let up until you (if you are a US citizen) until you get firm answers. Elected representatives are responsible to their constituents.
I’ve been listening to, and reading stuff from, Eric lately. Sadly for a so-called expert and huge PM specialist fund manager all I hear is that he doesn’t know what’s really going on and why price action is the way it is in various metals.
I don’t either but then again I’m not managing other people’s funds or advising them to invest in PMs.
He is. So it hardly inspires confidence to hear him say ‘I don’t know why x is happening’ or ‘I don’t know why z is happening.’
On balance we might reasonably expect more from people who want to manage our investments.
@DoTW The elected officials are shut off from the public. The discourse has been all but deliberately shut down. Top journalists like Hedges and Hunter lose their jobs, then are replaced by idiots. Look at all the documentaries that have been made by the likes of Schecter, Naomi Wolf, Palast, Errol Morris et al. These things are filled with questions that don’t get answers. I’m no huge fan of Alex Jones, but he has questions that don’t get answered. Luke at Luke Rudkowski (? sp) — he has all kinds of questions for officials, none of which they’ll answer. Try living in the US of A and getting a real answer. You’re more likely to get tasseled — true story.
As for Sprott, I think he’s basically on the money. Compare how articulate and insightful he is compared with CNBC. But, your posts suggest you’re not up to speed on things.
sorry tasered, not tasseled
sorry for my mistake ridden post. i’m a little busy today. this will probably be off the front board by the time I get back to it.
‘tassled’ ….. what clubs are you a member of jarrolin….? lol
‘But, your posts suggest you’re not up to speed on things.’
This is a very common response in the US.
If you don’t agree with someone …insult them.
(You are right of course. How DARE I have an opinion…!)
jarro ‘Compare how articulate and insightful he is compared with CNBC. ‘
Alas that doesn’t really claim much fame, but to address your point, what I’m hearing is Eric’s own voice saying he does not know what’s going on. I’m not mis-quoting him.
‘I don’t know what will break it to be honest-’
‘ I think SD had the article that one of the car maker’s was stocking silver in Switzerland – so I don’t know exactly how tight it is,’
‘ It really said they audited the schedule of holdings- which I don’t even know what that means, the schedule of holdings. ‘
‘..the purchasing of platinum and palladium for investment purposes are all moving up here. I’m actually a little stunned that the price hasn’t moved more than it has because in my mind, we have an absolute shortage of the two commodities! ‘
His words, not mine.
jarro ‘Look at all the documentaries that have been made by the likes of Schecter, Naomi Wolf, Palast, Errol Morris et al. These things are filled with questions that don’t get answers.’
Look at the Frontline interview with Lanny Breuerre HSBC . That asked difficult questions. The answers were so utterly pathetic that Breuer resigned. That was good investigative action.
If US citizens feel unable to obtain, or even strangle, answers out of their elected representatives then democracy in the USA has already died and there is no point in citizens voting for any candidate.
Look jarro, If I can find this out by just googling for a minute or two then why can’t Eric do it?
And as this is all on record how come Eric and all other PM fund managers are not suing JPM in concert?
Andrew Maguire (whistleblower) is often interviewed by King World News
From Wikipedia, the free encyclopedia
Andrew Maguire is an independent bullion trader and a whistleblower. He notified United States regulators that fraud had been committed, manipulating prices in the international gold and silver markets. Maguire and his wife were injured in a hit-and-run accident a day after he was identified as the source of the allegations.
Background
Andrew Maguire has 40 years of experience as a trader and is a former Goldman Sachs trader.[1][2] On March 29, 2010, he was interviewed on the radio with Gold Anti-Trust Action Committee (GATA) board member Adrian Douglas.[3] He went public in April 2010 with assertions of market manipulation by JPMorgan Chase and HSBC of the gold and silver markets,[1] prompting a number of lawsuits,[2] including a class action lawsuit.[4] Maguire said “JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses (on their short positions) by the Fed and/or the U.S. taxpayer.” “No one at JPMorgan is familiar with Andrew Maguire,” said Brian Marchiony, a JPMorgan spokesman. HSBC declined to comment. Maguire currently provides the DayTrades and Metalstrades services at Coghlan Capital wherein subscribers can view his daily trades in real time.[1]
Market Manipulation
GATA chairman Bill Murphy gave a detailed account of Maguire’s allegations to the Commodity Futures Trading Commission (CFTC), stating how “JP Morgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. [He] explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as the ad-hoc events.”[5]
According to Maguire, the precious metals markets trade “pretty much in tandem”, but because the silver market is so much smaller, it is harder to disguise one’s activities and therefore easier to figure out who is behind a manipulative event.[6] After Bear Stearns and their short silver positions were acquired by JPMorgan, manipulative events in the silver market became more frequent. Maguire decided to inform the CFTC. He contacted commissioner Bart Chilton, who had Eliud Ramirez, a senior investigator from the CFTC’s enforcement division, get in touch with Maguire.[6][7] Maguire explained the manipulations in great detail, both over the phone in an hour-long interview and afterward, in a series of e-mails with screen shots.[6]
Maguire then predicted a manipulative event in the silver market and gave detailed information in an e-mail to the CFTC about what to expect, sending it on February 3, 2010, two days prior to the event. The event transpired exactly as Maguire predicted.[8][9] While the event was taking place, Maguire sent e-mails in real time, pointing out certain details because the CFTC enforcement seemed not to know what to look for or how to interpret the data.[6]
Hit and run
Maguire and his wife were injured in London in a hit-and-run accident on March 26, 2010,[10] the day after Maguire’s name came to light during a CFTC hearing on limiting gold and silver positions held by large market participants in order to prevent manipulation.[11][12] Maguire believes the accident was an attempt on his life.[13] The driver of the other vehicle was apprehended after a police chase, both on the ground and from the air in helicopters, but his name has not been released.[12] Maguire said, “We got hit in the side at full acceleration and tried to corral the cars in a gas station, including the guy who hit us with a commercial vehicle.” The assailant then sped away, hitting at least two more cars.[12] Maguire said the police told him the assailant was known to them, but he has been unable to get further information about the case.[13] The assailant was reportedly given a slap on the wrist.[10]
Ongoing criminal investigation
The United States Department of Justice’s Antitrust Division and the CFTC are conducting civil and criminal probes steming from a New York Post article concerning Maguire’s allegations.[14] Following publication of the article, JPMorgan released a statement that they are not under investigation by the Department of Justice or the CFTC.[14] The CFTC has interviewed 32 people and reviewed 40,000 documents, but as of May 2011, no action has been taken.[10] On February 24, 2011, in less than an hour, the price of silver fell $1.50 per ounce before recovering.[10] Another London-based trader, Richard Guthrie, wrote to Chilton to complain about the event, asking “How many investors lost money and positions to the financial benefit of an elite few?”[10] Chilton believes violations of the law have taken place and wants to see prosecutions move forward,[10] but the five-member commission has yet to act.
Maguire could not benefit from this whistleblowing but he clearly put his own life in danger.
It seems Bart Chilton is part of the problem not part of the solution.
The PMs market seem to be false markets. And eastern countries especially China benefit the most and must be laughing the most at how this manipulation supports their buying of physical gold at a lower than true market price.
Apart from criminality regarding the JPM interference is the claim of JPMs losses on shorting being defrayed to the US taxpayer.
So much for ‘free market economy.’
This article suggests that JPM is involved in crimes of market rigging , criminally supported by the Fed and thus the government of the USA whether Republican or Democrat.
The CFTC headed by Bart Chilton is complicit by way of the 4-year investigation of the Silver market rigging still not being made public.
@DoTW I think Sprott does have knowledge of Maguire. What makes you think he doesn’t? My sense of Sprott is that his confusion derives from all the money printing and the need to manipulate metals prices. I think that China is complicit and participatory in metals manipulation is widely understood. I’ve never heard Sprott mention it. The great concern isn’t the manipulation of metals. It’s money printing. What does it matter if the price of my silver coins goes up? Not very much. I can earn more dollars. But what if they destroy the dollar? I guess I have insurance in the metal. But that’ll be little consolation if society falls apart. Sprott is confused and he openly admits it. I don’t know of anybody who can clear up the areas of confusion. Can you?
‘I think Sprott does have knowledge of Maguire. What makes you think he doesn’t?’
I’m pretty sure that it was on one of this site’s recent video presentations that he said he did not know who was doing the shorting or why or what they thought they would get out of it. If it wasn’t here it was on KWN or Marketwatch, but it was one of the three and my best recollection is that it was here. Whichever of the three, HE SAID IT. (Maybe he was bullshitting?)
“I don’t know of anybody who can clear up the areas of confusion. Can you?’
Did you actually read the stuff about Maguire? Don’t you find that compelling?
‘I think that China is complicit and participatory in metals manipulation is widely understood.’
Oh man get real, China isn’t complicit. Why would it need to be? It simply takes advantage of lower metal prices. It’s laughing at the US and JPM. China doesn’t need to screw the USA, The USA is screwing itself to defend low interest rates.
And you claim I’m the one not up-to-speed. Get off your fucking knees and grow a pair.
http://www.guardian.co.uk/business/2013/feb/22/bank-england-yuan-trade-china
The UK and China cooperate to steer around the US Dollar.
Another step toward Yuan Reserve Currency status.
@DoTW The Maguire stuff is good. When the likes of Jim Rogers and Sprott say they don’t know something, I have to believe they are up to speed. They’re so up to speed that they can play around, with what they do and don’t know. Let me ask, what would you like from Sprott, in terms of knowledge, that you’re not getting? I would say he’s rather vanilla. But he’s a straight shooter, in my book.
I hope you’re right that China isn’t complicit. That makes it a kind of ally for PM owners. That’s fine by me.
As for growing a pair, I think I’m stuck with what I’ve got. And you ripped me for calling you not up to speed. Then, you kick me in the nuts. How is that a better debate tactic?
“It is very unlikely that the Fed is exporting gold, the USA’s or anyone else’s to China as that is the financial equivalent of selling bullets to the Taliban…”
Selling bullets to the Taliban… They did better than that, search for Operation Cyclone…