The Beginning Of The End
The Beginning Of The End By Michael T. Snyder - Kindle Version

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Are We On The Verge Of Witnessing The Death Of The Paper Gold Scam?

Gold BarsThe legal claims on physical gold far exceed the amount of physical gold that the banks actually have by a very, very wide margin.  And right now the bankers are scared out of their wits because their warehouses are being drained of physical gold at a frightening rate.  So what happens when their physical gold is gone but they still have lots and lots of people with legal claims to gold?  When that moment arrives, it will represent the end of the paper gold scam.  Many believe that the recent takedown of the price of paper gold was a desperate attempt by the bankers to put off that day of reckoning, but it appears to have greatly backfired on them.  Instead of cooling off demand for precious metals, it has unleashed a massive "gold rush" all over the globe.  Meanwhile, word has been spreading among wealthy families in both North America and Europe that they had better grab their physical gold out of the banks while they still can.  This is creating havoc in the financial community, and at least one major international bank has already declared that it will only be settling those accounts in cash from now on.  The paper gold scam is starting to unravel, and by the time this is all over it is going to be a complete and total nightmare for global financial markets.

For years it has been widely known that the promises that banks have made regarding their gold far exceed their actual ability to deliver, but we have never reached a moment of such crisis before.

Posted below are quotes from people that know precious metals far better than I do.  What these experts are saying is more than a little bit disturbing...

-CME President Terry Duffy: What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product.

-Billionaire Eric Sprott: So we see all of these paper (trading) volumes going through that bear absolutely no relationship to what’s going on in the physical markets. As you know I have always been a proponent of the fact that supply in the gold market was way less than demand, and by a very large factor. I think demand exceeds supply by at least 60%. The central banks are surreptitiously supplying that gold, and ultimately they will be running on fumes.

When we hear about the LBMA not willing to deliver gold, and JP Morgan’s inventories at the COMEX have gone from 2.4 million (ounces) down to 160,000 ounces, it just makes you realize that all of this paper trading means nothing. It’s the real physical market that you have to rely on.

-JS Kim: FACT #1: COMEX gold vaults were recently drained of 2 million ounces of physical gold in one quarter, the largest withdrawal of physical gold bullion from COMEX vaults in one quarter during this entire 12-year gold and silver bull. There has been speculation about the reasons that spurred these massive withdrawals of gold from COMEX vaults, but the most reasonable speculation is that no one trusts the bankers to hold on to their physical gold anymore, especially in light of Fact #2. Note below, that both registered AND eligible stocks of gold had heavily declined in recent months. Such an event signals a general distrust of the banking system from everyone holding gold in registered COMEX vaults.

FACT #2: One of the largest European banks, ABN Amro, defaulted on their gold contracts and informed their clients that they would only settle their gold bullion contracts in cash and not in physical. So much for the supposed legality of financial contracts as a "binding" contract. So whether Fact #1 caused Fact #2 or vice versa is irrelevant. What IS apparent is that the level of trust in bankers to safekeep physical gold and physical silver is disappearing, as it should be, and as it should have already been for years now. But truth always takes some time to catch up to banker spread lies and that is what is happening now. I have been warning people never to trust bankers in deals involving gold and silver for years now, as in this article I wrote nearly four years ago informing the public that the SLV and GLD are likely a banker invented scam as well.

FACT #3: Silver fraud whistleblower and London trader Andrew Maguire stated that the LBMA was having trouble settling gold contracts in bullion as well and stated that institutions that asked for physical settlement “were told they would be cash settled instead by a bullion bank.” In plain English, this is a default. So Andrew Maguire reported that the LBMA had already gone into default. In light of Fact #1 and Fact #2, the dominoes were starting to tumble and the house of cards that the bankers had built in gold and silver paper derivatives to deceive and hide the true fundamentals of the physical gold and physical markets from the entire world was rapidly starting to crumble. A financial earthquake of magnitude 2.5 was quickly threatening to evolve into one of the biggest financial earthquakes of all time in which the world’s confidence in all global fiat currencies would effectively have a well-deserved funeral.

-Jim Sinclair: I think the reality is the supply situation is extremely volatile at this point, and even discussing it is like rubbing a raw nerve to the people who are in charge. The amount of discussion on the subject of warehouse supply, supply that is represented by the gold leases, indicated to the central planners that the demand for physical was going to continue to effect the exchanges.

Although they did not expect any grandstand delivery, the mere continued draining of physical inventories was threatening the very functioning of the paper exchange. That threatening of the paper exchange and its ability to continue functioning is really taking off the blinders and revealing the truth behind the critical question, ‘Where is the gold?’

The question now is, ‘Where has the gold gone?’ Who has all of this gold? Because of the nature of gold leasing, all of this gold has been purchased and it has gone somewhere. The reality of the empty vaults reveal that the gold has gone missing.

-Ronald Stoeferle: We’re seeing this rush to physical gold not only in the retail market, but also for the institutional players...[it's] just overwhelming…I [estimate] a 130-to-1 [ratio of paper to physical gold]…and I think in the last week we were really close to [triggering] a default of the paper market.

-Gerhard Schubert, head of Precious Metals at Emirates NBD: I have not seen in my 35 years in precious metals such a determined and strong global physical demand for gold. The UAE physical markets have been cleared out by buyers from all walks of life. The premiums, which have been asked for and which have been paid have been the cornerstone of the gold price recovery. It is very rare that physical markets can have a serious impact on market prices, which are normally driven solely by derivatives and futures contracts…

I did speak during the week with several refineries in the world, of course including the UAE refineries, and the waiting period for 995 kilo bars is easily 2-3 weeks and goes into June in some cases. A large portion of the 995 kilo bars in the UAE goes normally into the Indian market, but a lot of the available 995 kilo bars are destined for Turkey, at this time. We heard that premiums paid in Turkey have reached anything between US $ 20 and US $ 35 per ounce.

-James Turk: Another indication of the demand for large bars is the huge drawdown in the gold stock in COMEX warehouses. It is noteworthy that COMEX reports show the drawdown is largely the result of dealers removing their inventory, their working stock. When that happens, you know the availability of supply is constrained.

What all of this means, Eric, is one thing. If the central planners want to keep the precious metals at these low prices, to meet the demand for physical metal they will need to empty more metal from central bank vaults, or borrow metal from the ETFs as some have suggested is happening. Otherwise, the central planners will have to step back and stop their intervention, thereby letting the price of gold and silver rise so that demand tapers off, bringing demand and supply of physical metal back toward some kind of balance.

We've seen this same situation several times over the last twelve years. It is what I have been calling a “managed retreat.” Despite the current weakness, I firmly believe we have again entered a critical period where the central planners will need to retreat once again in order to let the gold and silver prices climb higher.

-The Golden Truth: And then I get a call from a close friend in NYC last Friday.   His career has been in private wealth management in the private bank department of the Too Big To Fail banks.  He's been looking for work and chats with old colleagues all the time.  He called my Friday and told me he just got off the phone with a very high level private banker from a big Euro-based TBTF bullion bank, but who was at JP Morgan until about six months ago.

This guy told my friend that there is a scramble by many very wealthy European families/entities to get their 400 oz bars out of the big bank vaults. He knows this personally, for a fact.  He said the private banker community is small over there and the big wealthy families all talk to each other and act on the same rumors/sentiment.  The Bundesbank/Fed and the ABN/Amro situations triggered this move.  He knows for a fact JPM tried to calm fears about 3 months ago by sending a letter to it's very wealthy clients assuring them their bars were safe, in allocated accounts.  He said right now those same families are walking into the big banks like JPM and demanding delivery of their bars or threatening to take their $100's of millions in investment portfolios to competitors.  His wording was "these people are putting a gun to the heads of private banks and demanding their gold."

I know this information is good because I know my friend's background and when he tells me his source is plugged in, the guy is plugged in. Not only that, my friend's source said that there's no doubt that someone like a John Paulson, not necessarily specifically him, but entities like him or it may include him, have held a gun to GLD and demanded delivery of physical in exchange for their shares.

Regarding the Bundesbank/Fed situation, recall that the Bundesbank asked to have some portion of its gold sitting - supposedly - in the NY Fed vault in NYC sent back Germany. The total amount is 1800 tonnes.  After behind the scenes negotiations, the Fed agreed to ship 300 tonnes back over seven years.  To this day, the time required for that shipment has never been explained.  Venezuela demanded the return of its 200 tonnes held in London, NYC and Switzerland and received it all within about four months.

And regarding the ABN/Amro situation.  ABN/Amro offered a gold investment account product that offered physical delivery of the gold in the investment account when the investor cashes out.  About a week before the gold price smash, ABN sent a letter to its clients informing that the physical delivery of the bullion was no longer available and that all accounts would be settled with cash at redemption.

I believe it was these two events that triggered the big scramble for physical gold by wealthy families/entities who were suspicious of the integrity of their bank vault custodial arrangement anyway.

*****

So what does all of this mean?

It means that we are entering a period when there will be unprecedented volatility for precious metals.  There will be tremendous ups and downs as this crisis plays out and the bankers try to keep the paper gold scam from completely unraveling.

Meanwhile, nations such as China continue to stockpile gold as if the end of the world was coming.

According to Zero Hedge, Chinese gold imports set a brand new all-time record high in March...

Quite the contrary: as export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons.

And the number for April is expected to be even higher.

Does China know something that the rest of us do not?

We are also seeing a rapid decoupling between spot prices and physical prices.  In fact, it is quickly getting to the point where the spot price of gold and the spot price of silver are becoming irrelevant.

For example, demand for silver coins has become so intense that some dealers are charging premiums of up to 30 percent over spot price for silver eagles.

That would have been regarded as insane a few years ago, but people are now willing to pay these kinds of premiums.  People are recognizing the importance of actually having physical gold and silver in their possession and they are willing to pay a significant premium in order to get it.

We are moving into uncharted territory.  The paper gold scam is rapidly coming to an end.  In the long-term, this will greatly benefit those that are holding significant amounts of physical gold and silver.

The Beginning Of The End by Michael Snyder

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  • Cam

    Most of the people quoted in this article have been massively wrong for the last couple of years. Why believe them now? Sinclair, in particular, has been making a fool of himself recently. If mainstream commenters had been as wrong as these clowns you would laugh them out of the room.

    • Don

      use your own head tool…

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      mainstream commenters have been wronger! LMAO

    • Ayn Rand

      Mainstreamers HAVE been as wrong. Michael has proved it in many of his articles. Tell me when these people were dead wrong. Offer facts to me.

    • Syrin

      In that case, I suggest you sink your money into the bond market, the US dollar, and the Dow. Ignore all economic indicators, and show us just how wrong we are.

    • Gay Veteran

      you know the paper gold market is rigged when 400 TONS of paper gold was sold off in one day

    • 007

      Cam, how are the pay and benefits working at the Fed?

      • K

        More likely a paid shill, for one of the banking industry groups. May even be johnny from a previous article. I have heard a rumor, they only get paid if someone reacts to their posting. Just a thought.

  • jaxon64

    I posted an offer on a numismatic site I am a member of, to buy ASE’s at $560 a roll plus shipping ($28+ an ounce) …….the silence is deafening –not a single acceptance of my offer even though silver is supposedly at under $24 an ounce?…go figure.
    Johnson/Matheney, Englehards and any national .999′s are all selling at $32 an ounce plus on ebay and apmex and others are asking 20% or more for spot costs…just nuts.
    The disconnect of Wall Street to the real world could not be more evident than this….

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      do you think 1 oz of pre-1964 quarters/dimes is worthwhile? it is about 1.20 face.

      • kfilly

        Those coins are about 90 percent silver. Yes, they are worth more than their face value. The good thing is a lot of people know that, and they are recognizable and I would assume somewhat harder to counterfeit. I also believe that $1 dollar (any combination) in those coins was a troy ounce as our currency used to be to be tied to gold and silver. I could be mistaken on the exact amount, butit sounds right. You can Google that. Also, if the coins are worn they are worth less because they physically weigh less.

        • smallergovnow

          one dollar coins are 0.77 oz of silver…

      • Mondobeyondo

        Yes, one ounce of pre-’64 silver coins (90% silver) is quite valuable. Right now an ounce of almost pure silver is going for around $24.20, soooo… they’d be worth somewhere in the neighborhood of $20.00. Not bad.

        Now would be a good time to go to a nearby coin store or dealer and scoop up some of that pre-’64 pocket change before silver goes higher.

    • http://www.facebook.com/joe.kleinkamp Joe Kleinkamp

      Jaxon,
      That is the kind of real data people need to see. Silver prices in the $22 – $23 range are just as bogus as the government’s unemployment or inflation rate figures.

    • Mondobeyondo

      Spot silver is going for around $24.00 an ounce, but those .999 dealers aren’t going to sell their goods at spot price. They have to make a profit, y’know…

      • K

        For now, more profit then I will give them. Good to see you Mondo.

    • iceman

      I went to my coin dealer last week and had enough money to buy ten one ounce silver rounds. I got two and was told to come back in a month! I am sure glad that I started stacking years ago! I don`t even care who the maker is anymore as I will buy just about anything now.

  • marvin nubwaxer

    buy guns, as many as you can, build a bunker then stuff it full of survival gear and food. that’ll bring down the economy even faster.

    • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

      you are clearly an obama fellationist

    • Ayn Rand

      I think it would help the economy. You just gave the gun industry, bunker industry, survival gear industry, and food industry a good bit of business.

      • Ayn Rand

        BTW, a lot of that stuff is made in AMERICA, so yeah, you would help the economy.

      • Syrin

        Yeah exactly. What a moron. Besides, an economy works best when people work best in their own self interest. This F tard thinks we need to work for the collective. What an idiot.

    • Mondobeyondo

      The day may be coming when lead will be a precious metal too…

    • Robert (qslv)

      Is that you, 2Gary2?

  • K

    Michael, paper gold is just the latest of the scams to be exposed. None of the bankers went to jail after 2008. None of the bankers went to jail over the mortgage scam. In short the rich and the bankers, are no longer answerable to any laws. So why should they not cheat and steal as much as they choose, it seems they have been given permission.

    • markthetruth

      We know who started it !

      President Richard NixonGate !

      A so called ” Anti Communist ” ?

      the end..

  • Syrin
    • Tim

      That’s pretty funny.

  • jokyjo

    I paid $8 over spot/oz. last week for silver. The paper price is already irrelevant.

    • 007

      The price for one ounce silver U.S. coins has been 36.00 each on eBay and hasn’t changed for months.

      • Lionel

        Ampex is selling 1oz Canadian Mint coins for $47.00. Buying 5 gets a discount of $2 each =$45.00 on sale.

  • stroea

    Have you ever heard of The Boy Who Cried Wolf? He made a joke out of wolves among his sheep. There came a time when the wolves really did come and he couldn’t get any help. All the people just laughed at him. For several years now, people like the author of this article have been “crying wolf”. Nothing that they predict happens. When will the “wolves” really come?

    • Anonymous

      Go back to watching American Idol.

    • me myself

      The real problem with “people like the author” is that they underestimate the power of the status quo and how entrenched ruling classes will go to any length to remain in power. Really thats been the fault of all the so called “doomers”. Since 2010 I’ve thought 2017-2020 when kicking the can ends. Lesson is don’t underestimate the ability of governments and financial systems to stave off collapse and the lengths they will go for self-preservation.

    • El Pollo de Oro

      The wolves are already here, and they’ve been eating us alive throughout this economic horror movie. The wolves have names like Bernanke, Geithner, Dimon, and Corzine.

    • Adinju

      Michael should have cried wolf since Bill Clinton signed NAFTA. We would have been financially wiser and have more of the silver and gold the feds tryna take away.

    • http://www.facebook.com/people/Jaime-Moksha/100001262695705 Jaime Moksha

      I often feel the same way as you do. I thought housing would have collapsed a decade before it did. Governments may be powerful, but mathematics are stronger. It just takes a while and most of us totally underestimate the time involved. I am continuing to buy gold and silver, but wouldn’t be surprised if I wait another decade or more till it pays off.

  • Madmankitchen

    large portion of kilo bars are going to turkey. who is getting paid off in turkey? hmmm…… turkey is getting paid in silver to support Israel, giving permission to Israel to use turkey air space to attack Iran. hmmm. no it cant be that easy.

  • markthetruth

    Banks Don’t care ! With the Fed, Who needs
    Gold when they can sell ” THIN AIR ”

    the end…

  • 007

    If it gets out of hand, unfortunately, Obama will outlaw personal ownership. It will be a wild ride until then. Roosevelt outlawed it with an executive order.

    • L6Echo

      That didn’t work when Roosevelt did it and it won’t work this time either. What did work was devaluing the dollar, and it’s pretty clear that’s what they’re doing this time around. Besides, they don’t need to confiscate again, most investors don’t hold physical bullion. They can just close the ETFs and cash everyone out, then the gold price will go through the roof while the investors get paid out in devalued currency.

    • HumanLiberty

      Also, Roosevelt’s EO did NOT outlaw ownership by private citizens, but by employees of the executive branch, which is the only body over which POTUS has such power. It was a trick, and the people fell for it, but no one was prosecuted for non-complience, as it was a bluff from the outset. All EOs that appear to apply to the general population are like that – legal word games, eaten up by a non-comprehending public. Let’s not fall for that any more.

  • Benjamin Collier

    All I know -and I feel this in the most basic, instinctual way possible- is that this is ALL going to blow up in our faces & SOON. This runaway train has been hurtling along on its broken track for so long that the inevitable crash IS coming.

    • MeMadMax

      The only bubble gum left thats holding it all together now is the reserve status of the dollar. If the world starts rejecting the dollar, particularly the oil cartel, then its all over. And china is working on that as we speak.

      • http://www.facebook.com/mykel.scott.77 Mykel Scott

        Really ? Lets see what 30 % of the world does . When america says no gold no food . )

        • Des Malone

          where do you propose America will get the food from after devastating the population who will be armed and pissed off?

      • Guest

        Ha, gold only has value if you expect a recovery, or a continuation of the norm. Do you really expect the world to continue on as is after the collapse of the dollar? lolololololol!

  • Lennie Pike

    Does this mean that the paychecks of Bart Chilton and Gary Gensler of the CFTC are even a greater scam?

  • Mondobeyondo

    Don’t follow the paper trail. Follow the money (gold and silver) if you really wanna know what’s happening…

  • http://twitter.com/mijj mijj

    I have a piece of paper. I’ve written upon it “1 Troy Ounce Gold 99.99%, Guaranteed Redeemable by God Himself”

    It is certified as 100% valid by myself.

    .. do i have any offers?

    If it helps, i can use a Certificate Printing program to make the piece of paper awesomely official-looking.

    • http://twitter.com/mijj mijj

      .. in other words, i’m surprised the price of paper gold is noticeably higher than unused, plain paper.

      • Lionel

        College degrees are next in line to inflated values of paper lol.

  • Ralfine

    This website is very much focused on financial services. Those were the guys who created the mess. Dump them.

    Of you are not interested in the mess continuing, focus on basic economies, like mining, farming, manufacturing, craftsmanship, research, entrepreneurship. These are the things that make a country great.

    • Richard T.

      Of course, but with the financial services or the monetary system so messed up, you cannot contribute to the real economical growth, because the storage of value is not there.

      • Ralfine

        Storage of value? Storage of wealth can be done in real estate and a few other thinys difficult to take away, like knowledge or qualification.

        Time is money.
        You sell your time to get money, and you use money to get time.

  • Ralfine

    “And then I get a call from a close friend in NYC last Friday. His
    career has been in private wealth management in the private bank
    department of the Too Big To Fail banks. He’s been looking for work and
    chats with old colleagues all the time. He called my Friday and told
    me he just got off the phone with a very high level private banker from a
    big Euro-based TBTF bullion bank, but who was at JP Morgan until about
    six months ago.
    This guy told my friend…

    I know this information is good because I know my friend’s background
    and when he tells me his source is plugged in, the guy is plugged in.
    Not only that, my friend’s source said that there’s no doubt that
    someone like a John Paulson, not necessarily specifically him, but
    entities like him or it may include him,…”

    LOL

    I love this source.

  • WarriorClass III

    What we are witnessing is the Planned death of America, and by extension the western world.

    The Immigration Reform Act of 1965 was the Planned Destruction of America. This has truly changed the face of America. Almost half of the people currently living in this country are here due to that Act, and others are here due to the ever more liberal Work and Student Visa programs as well as illegal immigration. Our country has become ever more degraded morally, intellectually, and economically since the immigrant invasion. This has allowed the further demise of our school system and the complete takeover of collectivist ideology in that system, and the community at large. These brainwashed Eurotrash socialists and third world bottom-feeders have no history or tradition of natural rights, and in fact have never heard of the concept, or understand that the Constitution was an attempt to codify those natural God-given rights. They do not understand what our Founders understood – that men who are drawn to centers of power are by nature the worst among us, and that laws are needed to keep them in check. They do not understand or respect the Constitution that was written as a witness against the fallen nature of man, and that it is timeless as man’s nature has not changed and will not be out-dated until that nature has become angelic.

    This is destruction by design, and the US government is all in on the deal – getting large payoffs from Big Oil and others for each foreigner brought in to this country. If you don’t believe me, go into any upper middle class neighborhood and see how many Indians, Asians and Europeans live
    there compared to native born Americans. You will be astounded. Once the American middle class is completely eliminated, of course the foreign workers will be dropped in favor of cheap American labor, and the destruction of America will be complete and the landscape littered with
    unemployed foreigners demanding welfare.

    This process is already so far along that there is no way it will be changed by punching a button on your rigged voting machines.

    Why would these businesses do this and why would our government promote it? First there are massive payoffs everywhere in the Worker/Student visa programs using our tax dollars. Ultimately the goal is total control of the world and the American middle class is in the way. Even as gun and ammo prices double, Americans are buying everything produced in these industries and there isn’t an arms manufacturer or ammunition factory that can keep up. Obama has cut off imports to help dry up the market – the
    LAST thing he wants is an armed America.

    The American people are aware that something is VERY WRONG even if they can’t put their finger on exactly what it is – And America is preparing
    for war. Make no mistake about it – they are not just buying “guns;” the American people are buying military pattern semi-automatic rifles to the
    point that they are now back-ordered for 2 years for some brands and at least a year for others. Americans may have been dumbed down, but most are not yet retarded and at some level know they will not be voting themselves out of THIS mess.

    There is a civil war brewing in this country and to think otherwise is whistling past the graveyard of history.

    • Lionel

      Obama and the NWO puppetmasters are only hoping that the citizens protest with their arms. The term Martial Law , TSA, and police lockdowns come to mind. Maybe the patriotic Americans who live in the countryside are becoming wiser, but there isn’t that many wiser ones in the urban areas. Even if someone in the urban area was stockpiling weapons in their attached houses, shoebox condos, etc, someone is going to report those persons. Agenda 21 wants everyone to live in a shoebox so that people can be monitored. Sorry to the liberal minded, but overpopulation and global warming are fake issues. America has only 315 million people, but the “overpopulation” is caused by the government in bringing in mass immigration to devalue the American wages.

  • Tosheba

    Of course not mentioned here is the very same scam and possibly worse outcome in the silver market.

  • JAH666

    I’ve read all the current comments after reading the article. I read ZH and other sites. There is no doubt that the paper gold industry has been scamming people with impossible promises for decades. The known quantities of physical gold could never cover that which is on paper. Hypothecation of physical gold went through the roof in the last two decades. The real worry I see is when some nation like Germany finds out they have been scammed and can’t take delivery of promised PMs. Who can say what would be the fallout from a revelation like that.

    • piccadillybabe

      Putting gold into one’s porfolio for diversification sounds like it makes sense but I never could understand why you would not want the real deal. Those retirement specialists always claimed that the paper was just as good or better than the physical, claiming you don’t have to worry about storing it or having it “stolen.” Sounds like the paper is worth zip now due to the scam artists running Wall Street.

  • markthetruth

    There is a Recovery in the “National DEBT” as it Reaches new Record Highs Every Day !

    the end…

    • El Pollo de Oro

      When people say there are no growth areas in the collapsing BRA economy, I respond that there is one major growth area: the national debt. That grows by leaps and bounds with each passing day.

      El fin.

  • http://www.facebook.com/jeffrey.missal Jeffrey Missal

    If when I buy gold/silver/etc, you can be sure I’ll be able to touch it. “Paper gold” is no better than the FRN.

  • none

    GOOD NEWS: Micheal.
    I added a picture to my profile.
    Now my comments are “as good as gold”!

  • dmllc

    i know a guy who knows a guy who work in tbtf too

  • Blackhawk

    The end of gold paper scam would be the end of the Ponzi scheme that we call financial system. The end of the financial system is the end of this current economic model based on exponential growth for the simple fact that the financial system is a very big slice in this economy.
    If anyone sees a different outcome please make your views public.

  • smallergovnow

    try finding someone to sell you junk silver for less than 23 times face… can’t…

    • bobcat

      You’re quite right. The premium has gone up considerably as the melt price has gone down. The increased premium reflects the growing disconnect between the paper market and the physical market.

  • http://www.facebook.com/mykel.scott.77 Mykel Scott

    Sweet , nothing funnier than rich people getting it dry no lube from the mega wealthy cabal. What are they going to do about it ? Squeal like a 1%er now )

  • strangewalk

    People are buying gold because they know the age of fiat currency is untenable. However, for all practical purposes gold only has value in relation to paper money. Can you go into a store and buy anything with gold? No, because first it would need to be assayed and proven genuine. Second, the real value of gold as a trading medium is purely arbitrary. In Weimar Germany gold only had value because it could be traded for dollars or pounds, but what currency could be traded for gold if the dollar collapsed? In short, gold will only have value if the dollar has value. Also, today no major country will ever be able to back it;s money with gold, because there is not enough gold in the world, either that or the price of gold would need to go over $50,000 per ounce.

  • steveo

    It seems simple to me. They are so overhedged with paper and they could not hold the prices down any longer that they finally decided to do one final reduction and pay it all off with worthless cash, before precious metals EXPLODE! Otherwise it would cost them trillions more in settlement of gold at $10K per ounce. The end is near, they are flushing the toilet one last time to pay it off at this absurdly low price before everything collapses and gold’s price jumps by a magnitude.

  • JailBanksters

    Sadly, they (JPM) will simply replace one scam with another scam. They (JPM) are not going let a hundred years scamming the public just come to an end because of some stupid yellow metal.

  • WarriorClass III

    You haven’t seen my comments on the bankster cartel or the Federal Reserve, then? Or that the reason the Founders didn’t address Corporations was that it was left to the provence of the states, all of whom only allowed Corporations to exist for the benefit of the people and state at large – they were required to be for a public purpose – not for profit. You neither know what us “religious” people think, nor American history. BTW, do you know who got that law changed in the first state to do so? Look it up, you may be surprised. And then not so much. Then the “conspiracy” may become clear to you.

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