A great weekend special with Dan Oliver chatting gold
Click download link to listen on this device: Download Show
You all probably think the person to blame in some options trader losing $3 million dollars was the Barclays Bank desk that manipulated the price of gold, and, of course, you would be right.
BUT IS Barclays the only GUILTY PARTY?
THE ANSWER TO THAT QUESTION IS NO.
We are supposed to have regulated markets.
The COMEX did a 3 year investigation into naked shorting and concluded that they did not see anything wrong.
EVEN WHEN MAGUIRE OUT OF LONDON POINTED OUT BEFOREHAND so much NAKED shorting would occur at such and such a time.
THE COMMISSIONERS ARE CLEARLY CORRUPT IN TURNING A BLIND EYE TO NAKED SHORTING AND MARKET MANIPULATION,
A fine for Barclays is not enough.
I BELIEVE EVERY REGULATOR, who duty it is to regulate the market, SHOULD BE FIRED.
Despite years of complaints and tens of thousands of letters received, the regulators are not doing their job.
How about all those rating services that had AAA ratings on US toxic mortgage bundles sold all across Europe
CFS we could go on and on and on and on about all the manipulation, corruption and evil market doers….whats the point? its never going to change as market since JC was a carpenter have been corrupt…….truly a man like yourself a world traveller is well aware…
But I shook Don Quixote’s hand and promised to keep tilting at windmills.
I have done that many, many times!
Remember there are profits to be garnered.
NICE ! INFO CORY ! ALL BY STRONG ! BUY GOLD !!!!!!!!
Does this fine insulate Barclays from being sued by the person who was illegally cheated out of his profit? I think not.
I wonder if this bank really is too big to fail.
I have a feeling some attorney is going to have fun with this.
Insured with anti-fungal virus protection(physical silver and gold) against the scum of the earth-the Paper Makers.
It is a travesty anybody plays their game and assists in the suffering of the majority.
Hey, I take exception to that comment about paper makers. Even we makers of banknote paper are a respectable bunch. It’s the people behind this scam of a monetary system who should be lambasted. We produce and sell banknote paper to the US Treasury, the BEP who are just another bureau within the US governmental system.
It’s the US Congress that has given the valuable privilege of issuing money to the private bank, the Federal Reserve. They bestowed it upon that institution and they alone can take it away. In our early history the honest people in the government knew how dangerous a prospect this was, that undue influence by such a bank would result in corruption and taking advantage of the populace. This is why the first and second Banks of the US were terminated. This one has lasted a whole lot longer because it was instituted without and term clause. It’s time that we got people elected to the US Congress who are responsive to the populace. They would then review the dismal 100 year history of this institution and first, make it a part of the Federal government. Then review how the Federal government creates and spends money. Right now the funding of the deficits is done at arms length. If the US Congress had to vote to appropriate the creation of new money to cover its overspending, their behavior would be curbed,
And that, Andy is a great point.
By “paper makers” I have to assume, Matt, that you are referring to the continual printing of money out of thin air.
(((((((( AL )))))))) FRANCE takes the good way in Europe !https://www.youtube.com/watch?v=PesTjewNjjY
Vive le Front National, Vive la France.
GOLD IS 1977 NOW BUY BUY BUY !!!!!!!!!! https://www.youtube.com/watch?v=C2q2bis6eLE
franky my French isn’t that good but Ms LePen is (sadly) speaking for far more Europeans than might be supposed. Here our UKIP is a softer variety of the same thing. Best, A
FALSE FLAG FALSE FLAG !!!!!!!! In BRUSSELS ! DAY NEVER STOP ! http://www.theguardian.com/world/2014/may/25/belgian-police-hunt-gunman-jewish-museum-murders-brussels
BUY BUY BUY !!!!!!!!!!!! GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YESSSSSSSSSSSSSSSSSSSSSSSSSSSSS ! https://www.youtube.com/watch?v=qdAQuiQjBZ4
FFFFFFFFFFFFFFFFFFFFFFF !!!!!!!!!!!!!!!! EUROPE ! https://www.youtube.com/watch?v=gJAJy1oJQc4
WAK UP WAK UP ! https://www.youtube.com/watch?v=OcpQHDtOYgo
MARKET OPEN GOLD DOWN ! aaaaaaaaaaaaaaaaaaaaaaaaa insanity !
Al I think paper makers really refers to the creators of paper derivatives contracts and paper representing gold and silver that probably does not exist. Reference to paper and electronic currency is probably secondary to paper metal asset creation.
Al, I know that Matt did not mean anything negative toward my profession by that. But a Paper Maker is a specific term used in our industry. Experienced Paper Makers are highly regarded and well compensated professionals. Banknote paper is a small segment of the industry where paper is sold by the pound rather than by the ton as are commodity grades. Add to that today’s sophisticated and expensive security features and that cost per pound can approach that of a good steak.
Anyway, if it really were the “printing of money out of thin air” things would be a lot more lucrative for my company. As it is, shortly after the introduction of the newly redesigned US $100 bill, the BEP stopped placing further orders for the paper, projected till the middle of 2015.
However, the trend today is toward electronic representations of money while physical currency is unofficially discouraged. Cash transactions in the USA right now comprise about 30% of the total number. Large cash purchases or transfers into or out of bank accounts raise suspicions of money laundering. So unlike other parts of the world where paper currency is alive and well, here in the USA it is on the decline. It does however, make sense to continue to use physical currency. The possibilities of bank closure, ATM limitations or other unexpected limits on access to cash can be guarded against by having physical cash on hand. Plus, the banks can always play games with electronic account entries while physical currency at least holds them to some limited account.
Andy
Excellent interview.
Great interview, thanks Cory and Dan Oliver.
Yes.. Ditto to the above comments, very interesting guy!!
Marty A on manipulation and promoters… Very interesting: http://armstrongeconomics.com/2014/05/25/barclays-gold-manipulation-dr-evil/
Martin feels that manipulation is normal and common practice in the market. He is not surpised. Why should he? He is in the gang. You little people don’t count.
Intervention beget ever more intervention until the collapse. Inevitable but the timing unknown. Hey, if we knew that how interesting would the world be?
Great INTERVIEW–one of the best ever on this set over the past ten years.
http://www.zerohedge.com/news/2014-05-24/plausible-denial-aka-cancer-leadership
i am sick of leadership displaying a Sergeant Schultz admiration complex “I know nothzing” and the liberal press that blesses their lies
I pick up my newspaper this morning and notwithstanding a plethora of published complaints over the last 5 years if not decades, the paper excuses the President because he did not know. Is the Head of the Veterans Administration fired immediately for incompetence? No.
The President is merely praised for starting an investigation. (A classical technique used by politicians to blame shift and delay.)
Puke. I am sick and tired of being treated like an ignorant, ill-informed idiot. No wonder public news/information media is in decline.
Agreed!
Thanks for that Bobby. Dr Roberts is one hell of a fine individual.
I hear so much talk about the lack of volatility and the tightening of the Bollinger Bands. I remember hearing John Bollinger talk years ago that the one thing you need to watch out for when a specific market finally breaks out from the tight range is the “head fake”. Will it be a quick downside plunge followed by an upward thrust?
Andrew Maguire, whether you like him or not, is on record for saying they will have a hard time holding gold below 1285. He’s been spot on so far. And, does the Fed want gold going any lower? or do they feel they’ve run out of ammo?
An old philosopher somewhere said “may you live in interesting times”.
Absolutely no question about these times!
There is a saying in Chinese “宁为太平犬，莫作乱离人” which roughly translates to “rather live as a dog in peaceful times than to live as a human in turbulent times.”
Not sure that I would agree with that!
Japan is getting worried about its gold,
http://12160.info/profiles/blogs/karen-hudes-japan-is-now-demanding-access-to-its-gold-from-the
CFS, since you follow this website, you follow finance and geopolitics. Sounds like you might subscribe to the first saying 🙂 …..life of a dog does look attractive at times, but too boring.
Woof.
Amen Jerry C!
Japan got gold. I am surprised. I thought they have spent every penny they have to prop up dollar.
Japan holds 765 tons of gold, it did sell gold in 2011 raising $20Trillion Yen which was pumped into its economy after the tsunami/nuclear disaster
Thanks. I forgot my /Sarc sign. Japan is good at kamikaze strategy. Isn’t it?
Japan’s got real money? Ha Ha….now that is funny. Nobody is running the printing presses faster.
Will be interesting who implodes first Europe or Japan
Well, considering they are a saving society and owns a lot of treasury, it is hard to imaging they implode before they sell the bond. Who knows! Japanese policy is very strange. They totally lost the opportunity of being east asian economy. If they engages more with rest of Asia instead of hiding everything from them, it might be better. Now China and Korean are eating Japan’s lunch.
Here is a great interview: Worth listening too:
https://www.youtube.com/watch?v=MOESjgRBjk4&list=PLcsa3YAmDvnsP27lY77XyHvuFv9YcrESQ
Well Jim Rickards is now saying openly that when the global financial collapse happens “and it will” it will be fast and the typical investor will run down to the coin shop and they will be sold out, and the U.S. Mint will say sorry, we’re not shipping. You’re going to find out you can’t get it because the whole thing is set up for massive shortages in supply.
I think most of us have already come to that conclusion that major disruptions will be prominent, but for an inside like Rickards to say you won’t be able to get gold at all is an eye opener.
So worrying about Japan or Europe may be meaningless in the big picture. Because the follow-on effects will manifest quickly thereafter.
You either have it or you don’t.
Thanks Vortex.,A
The whole interview V.
http://usawatchdog.com/catastrophic-outcomes-may-come-faster-than-expected-james-rickards/
Thanks Rev, appreciate it!
I sure hope they Tar and Feather all these financial collapse pumpers “IF” the world’s financial system doesn’t fall apart.
So if gold and silver physical is going to be in a NO supply situation what would stop the governments of the world (except those countries where their central banks are net buyers) taking over every producing mine and making physical ownership illegal…..not like they haven’t before!
Europe or Japan will be the Pin looking at the debt balloon….and with China clearly slowing down, the USA gets sucked into the black hole as well
jj, more likely a government would just buy the production.
Maybe “negotiate” a set price for so many years or onces.
No need for a confiscation.
As China breaks down and especially as real estate people pull moned out of real estate, one has to wonder where that money will go.
It seems to me the only choice Chinese real estate billionaires have is to invest in gold and platinum.
bb, like the government will ever do the goldbugs a favour remember being long gold is anti US$, anti global governments
CFS when Japan’s economy collapsed from insane heights did they buy Gold? When Europe imploded did they buy Gold?
More likely Chinese billionaires buy Us high end real estate and US equities….its been the trade since Sept 2011
Knocking the US equity market (US economy in general) these past 3 years and continuing to pump the precious metals market has been the complete opposite effect of making money!
Dow up 57%….S&P up 72%…Naz up 90%….Gold down 33% …Silver down 60% and the HUI down 65%
The only way anyone’s portfolio made up of gold and silver bullion or stocks to be UP since Sept 2011 would have required trading, short and long the swings!
jj, just sayin is no need for a confiscation or making gold ownership illegal.
Gotta remember that mining companies are “in” on the schemes, especially Barrick.
Nothing saying were the price 1400 the government would take all production at 1500.
The government replenishes supply and the company says hedging is good for the company.
Im sure there are other ways as well without making ownership illegal.
Agree bb, lets face it we all have no idea how this mess will unfold.
Just presently the other side of the coin as you are, who’s to say a currency backed in gold isn’t just a couple years away, doesn’t mean the new set price will allow individual ownership only central banks, I don’t trust they at all….do you?
jj, I am in George Carlins camp, “not one word do I believe”.
Maybe Im wrong, but I just don’t see gold ownership becoming illegal, what for?
Nowhere other than the states would make it illegal, and they could increase their holdings pretty much at will. Might take awhile but they could.
Nothing saying 8k tons is in the ameircan vaults but also nothing saying its not.
The American dollar shouldn’t drop to zero overnight, they can buy gold too.
And what do they really care if a few goldbugs make a buck, most Americans don’t own any or know what it is anyway.
bb, Carlin was fantastic at stating the obvious
Look around at every country that doesn’t own gold they’d be the first to make it illegal, Canada?
Good to hear you not in the manipulation camp as your correct why would the Feds care about the price of gold and who would benefit from much higher prices, cause we all know the US is the biggest gold holdings in the world at least that’s what the last audit in 1956 revealed, lol
Chin, Russia, and every other major country has massive US$ reserves, less than even a couple months ago but still massive holdings…US$ to zero, complete silly talk
jj, don’t get me wrong, Im totally in the “manipulation camp”.
Its one way they protect the dollar.
good one andrew
“Rickards explains, “Putin said he envisions a Eurasian economic zone involving Eastern Europe, central Asia and Russia”. ~~ Jim Rickards
———
What Jim is not telling you in that interview is that a new Eurasian currency is just one more of the building blocks along the path to a global currency. Indeed it is an essential part of the whole process such as was embarked upon by Europe when the Euro was created that the globe evolve into a groups of major currencies. Russia must develop its own or it will not have bargaining power once a new global reserve is finally under serious consideration. This should partially explain the efforts by Russia, China and others to fortify their vaults with gold to use in negotiations. No major power can come to the table empty handed. While it cannot be certain gold will play a key role neither can its possible inclusion be ignored. The other major currencies for inclusion in negotiations are going to be those that are in popular usage across the world now. Yen, Sterling, Dollars, Euro, Yuan, Loonie and Francs will all play a role. All we are really seeing here is an evolution of currency groups based around major trade blocs but we should anticipate these will all eventually merge into a single globally accepted trade currency. Between now and then the many countries not part of a major currency will fall under the umbrella of one or another of the major choices and we should anticipate that as some countries default they will adopt the currency of one of the major sponsors.
Unless the governments of the world are completely clueless, lol
Just looking at how badly the Euro$ experiment failed would surely suggest 1 currency is not an option unless it has 1 measure of debt, bond platform….Good Luck!
The Euro has not failed.
Okay Bird what kind of home made brew are you drinking to much of?
The Euro$ was not a failure…Holly Shit!…the weekends election results are because everyone has benefited from a single currency, forget its measure vs the US$…Europe is completely Fc’d ask the Greeks if the benefited from the Euro$, French, Spain, Italy heck even the German sheeple want the $Mark back
So what? Are they switching to dollars? Did the ECB just shut down? Are Europeans clamouring to use Yen and Yuan instead? Maybe you heard there was a run on the banks or a collapse was at hand. Last I heard Greece was still in the EU and they have Euros in their pockets……man, what are you smoking? We must read different news.
Marty weighs in on this weekends election results
jj So that Farage doesn’t become a one trick pony, he’s going to need a team of other charismatic guys and gals behind him to give forward momentum for next year’s General Election. I thinks he knows this already.
Yes he will! he has a lot of work ahead of him
I think Farage will bring over some of the Conservative Eurosceptics into UKIP.
Maybe even Conservative MPs.
Us as seen from Australia:
Anyone notice the WTI/Brent spread narrowing……hmmmm.
Credit Swisse just put out a report that they expected oil to rise the most of all commodities this year.
Imo Oil next to taxation is the single biggest effect on global growth, consumption….remember at $150 oil how it put the breaks on global growth….much higher oil is like another form of taxation from driving to eating to heating to everything!
200 is the new 150!!!
u not w in Suisse
free markets
Gold futures stopped trading at 1300ET for the Memorial Day holiday… seconds after that Spot Gold prices exploded higher from $1291 to $1312… of course liquidity is extremely light but it seems someone was anxious to get their hands on the real thing… Gold has breached its 200DMA, 100DMA, 50DMA, as well as the crucial $1300 (that Morgan Stanley said would never be seen again).
Zerohedge reports the action, bb
Tues is Option expiry for both Gold and Silver May/June is an active month always good for some wild swings before the dust settles
http://www.zerohedge.com/news/2014-05-26/wtf-chart-day-spot-gold-spikes-over-20-futures-close
No similar action in London, Globex, or Hong Kong.
London currently showing $1292.7
Birdman, this is what I’m smoking, facts!…11 pages highlighting the failure of the single currency experiment by egotistic political morons….the currency market told them in 2001 it would not work unless all debt was spread across the union…they didn’t listen!
http://www.zerohedge.com/search/apachesolr_search?keys=euro%24%20failure
Armstrong warned against its failure from day 1…single currency failure
http://www.safehaven.com/article/24880/martin-armstrong-on-the-sovereign-debt-crisis
The death of the Euro is highly exaggerated. It is not dead until it is dead. Speculation does not count.
okay funs over where is Birdman?
You think Armstrong runs the world? If he told you the euro will die is it true?
Big difference between death and failure, its a failed currency…..unless your a goldbug and you ignore FACTS……the people voted this weekend and the masses are not happy 12 years later under 1 union
My suggestion is you stop reading the news and start thinking for yourself.
Your right!…no thought process here, I’m gone
Nice one jj!
Yeah, I should not have said that. I apologize jj. It is just may nature though.
US news media:
You probably heard that Obama did not meet with Hamid Karzai when he visited Afghanistan yesterday.
You probably did not hear that the President of Afghanistan refused to meet Obama.
Did you hear that three of the empty seats of the Federal Reserve’s FOMC 11 man committee are vacant with no nominations. Obama asleep or disinterested?
Did you hear that 13 out of the Homeland Security Dept’s top 48 positions are currently vacant.
Obama asleep or out playing golf?
You probably have not heard that rarely on Obama’s official activities calendar does anything be scheduled before 10:00 a.m.
Could it be that this is the laziest President ever?
No wonder the Veterans Administration admits 27 deaths due to veterans waiting for treatment, despite multiple complaints at all levels.
CFS whats really sad if you had told any of those vets your going to die on homeland soil waiting for treatment they’d think your completely nuts!
Very, very sad!!!!!!!!!!!!!!!!!!!!!
I believe the real number is many times 27.
What is really sad is that despite very large increases in the VA budget, despite increasing complaints over the last 5 years, nothing is being done.
Obama’s call for an investigation is a nothing response; merely a blame-shifting delay tactic.
(Because Obama will never admit that Government could not supervise a medical program.)
Same story, 50th chapter. For many gold bugs, when prices go up, it is destiny; but when prices go down, it is manipulation.
Big business figured out a long time ago, whats the upside vs downside….we can make Billions selling a pill to deal with X and if someone dies we get sued for a few 100mill….do the math!!!….Crime does pay!!…..
Everything traded has those with the biggest positions moving markets to their liking….its nothing new.
The next Big move could be to the downside……June is going to be very exciting!