We will be holding our next private Q&A meeting in London on June 1st, 2013. We will be holding only one meeting as no other dates became available, however, we will be able to accommodate a up to 1000 attendees.
The details are as follows:
Where:
Hilton London Heathrow Airport Terminal 5
Poyle Road
Colnbrook BERKSHIRE SL3 OFF UK
Hilton.com/heathrowterminal5
When:
Saturday, June 1st, 2013
Starting time is 1PM. Meeting should last until 5PM
Registration and seating will begin at 11:45 am
Cost:
A fee of $50.00US to cover costs must be paid in advance. We will not accept payment at the door unless you have pre-booked with Anna at the email address below. You can make a payment with any major credit card via the PayPal button on the webpage linked below (no PayPal account required). Please be sure to print out your transaction/receipt as this will be your entry ticket to the meeting.
If you prefer, you may alternatively pay $50.00US cash, bank check or money order made payable to Tanzanian Royalty Exploration Corporation, at the door. You must pre-register via email with Anna Stoerzinger at [email protected] in order reserve your seat(s). A confirmation will be sent to you within 1-2 business days of receipt.
Other Important Details:
This meeting is not being recorded and there will be no webcast. It is a private meeting and no recording devices will be allowed inside the meeting room.
The hotel has offered 4 hours of complimentary parking for event attendees, so please be certain to make their staff aware should you need this service.
If you have any questions regarding this meeting, we ask that you direct them to Anna only at [email protected].
Paper Gold must cease to function. Manipulation without even a concern to conceal is no longer acceptable. Gold bullion must be emancipated from no gold paper gold. The key to the emancipation of physical gold from paper gold is the warehouse supply held primarily by the COMEX.
This supply of gold has been in a distinct and significant down trend for which under present circumstances there seems little relief. Instead of the manipulation of gold lower stopping physical gold demand, it ignited a volume bull market in physical gold during a price bear phase in paper gold.
The Gold banks can be counted on to see their views as the word of a gold-man god. They still feel physical demand is an aberration that they, being all powerful and mighty, can extinguish by pounding paperless gold anytime it sticks its head up. This time they are so wrong.
The publishing of the concept of bail-in at the highest financial levels everywhere in the Western Financial World has you, me and every thinking person afraid to leave significant funds on deposit in any bank. It makes the products that banks sell (which are all some form of deposit) the last item any intelligent person wants in their portfolio.
Everyone knows this economic recovery is hanging on by a wing, a prayer and lots of lies. Everyone knows the balance sheets of the major banks in the USA are total cartoons as a product of FASB allowing banks to value their OTC derivative paper at any price they select. Many wise people suspect that if the inventory of major banks was to be held to discipline of valuing it at something like what it could be sold for, the banks would have more colossal losses.
It is possible that then the funds now reporting in depositor’s accounts would no longer exists as was the truth in Cyprus.
There are major entities from billionaires to sovereigns that have selected gold to be their medium of savings. It is about time that you have become tired of having your savings take on a form of volatility that must be unwelcome. If it is not today, the reality that paper gold is not gold is going to strike you soon. It is time you did something about it as in physical gold you have almost all above ground supply now. The answer to where has all the gold gone is well known by you, the new super wealthy. You have been accumulating gold for a decade knowing full well what the future of money and the future of gold is. When you have had enough you can shake these fraudulent gold manipulators off your back in one great shake.
You need only call the hand of the fraudulent paper gold such as was sold from up $40 today. You know that paper gold has no gold. When you have had enough of the bravado and hubris of the Gold Banks, just stand for delivery. Take delivery and end the slavery of real gold to false paper by bringing it to a screeching halt.
Force the exchanges to change their delivery contract to cash, or their creation and play thing, GLD. Physical gold demands FREEDOM. Stop speculating in paper gold as it only hinders physical.
Nothing will unnerve the paper gold shorts more quickly and do more to undercut their confidence than to strip them of the real metal and force them to come up with more hard gold bullion to make good on deliveries. "Stand and Deliver or Go Home" should be the rallying cry of the gold longs to the paper gold shorts. –Trader Dan Norcini
QE to Infinity, followed by Gold balancing the balance sheets of the sovereign balance sheet disasters. Just as there is no tool other than QE to feign financial solvency, there is no tool to balance the balance sheet of the offending entities other than Gold. It is just that simple. –Jim Sinclair
I do not care where you have stored your gold and silver. Test the storage by withdrawing a small amount to see if your request is delayed, dissuaded or refused. If you do not do this you do not deserve to have your gold.
Clients Denied Gold At Major Banks As Shortage Intensifies May 21, 2013
Today Egon von Greyerz told King World News that clients are having tremendous problems getting their physical gold out of Swiss banks as well as other major banks as the shortage intensifies. Greyerz also discussed the fact that refiners simply cannot keep up with demand, “no matter how much they produce.” Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this extraordinary interview.
Greyerz: “This week I want to talk about what we are seeing in the physical gold market, and why there is a disconnect in that market. We transfer a lot of gold from Swiss banks and other banks into private vaults for investors.
More often now, than ever, we are encountering incidents when the banks are putting up all kinds of obstacles for these transfers. The first sign of the potential shortage of physical gold started with ABN AMRO a few weeks (when they) declared that they would renege on their commitment to redeem gold accounts in physical gold
“Instead they would redeem in cash. The custodian for ABN AMRO, for the gold, is UBS, and UBS decides to what extent they hedge the ABN paper gold position.
So as there is no more physical redemption of the ABN AMRO gold accounts, it seems these contracts are no longer backed by physical gold. It’s just backed by paper, and this is of course typical for the paper market, Eric. This paper market, which is 100 times bigger than the physical market, probably has zero percent backing of physical. This is why ABN stopped redeeming in gold.
Then, last week we had an investor being refused to take his physical gold out of a major Swiss bank. They told him that the regulatory authority prevented the bank from giving the client his physical gold. That is of course total nonsense, and eventually we helped the client to get his gold out of the bank.
Another of our clients was told by a major Swiss bank that he can only take out 100,000 Swiss francs of physical gold every six months. They blamed money laundering and terrorist activity for this decision. Yet another client was again told by a major Swiss bank that his storage fees would be going up substantially. When he complained he was told that he should convert to paper gold.
The excuse for not delivering this "Down Under" man’s gold is that since the price dropped sharply they are out of gold. Don’t worry though, because "Hakuna Matata" which is Swahili for no problem, the scariest words on the planet when it applies to a delay in delivery of silver or gold.
I do not care if the mint has a sovereign name. If they do not deliver, they do not have it, period.
Hi Jim,
I bought about 250g of Gold from Guardian Gold in Sydney on April 16th. I am still waiting for delivery.
Regards, CIGA Peter
Dear Jim,
I remember thinking they (FT) would be proven wrong when I read this editorial piece on the way to work back in 2004.
Best regards, CIGA Mario
Dear CIGA Mario,
It never stops. Every day since $248 some elitist proclaims gold to be worthless. However when it trades over $3500 heading to god only knows where, these geniuses will be no were to be found.
This is 1976 and 1979 all over again. The vaults that are supposed to be storing gold are near empty. There is no logic whatsoever for the years to deliver German gold. It is either there or not there. No one but the Germans have the legal right to encumber it by lease. Why the German people are not going wild is unbelievable to me.
Central Banks all went lease nuts with their gold and now even though the leases are still being paid and rolled over, the gold is gone.
The worst enemies of the USA are more friendly to the USA than Wall Street scum and any Bankster out there.
Jim
Jim,
Good example of the sh*t hitting the fan. Pensioners will suffer greatly as pension funds are hit hard with the reality of reduced returns. BMO just advised customers of changes to their monthly income funds… a huge hit! For example the BMO monthly income fund has returned $.06 per unit monthly for many years (dating back 20 or more years). Suddenly it has just dropped to $.024. This means that for every $100,000 the monthly distribution drops from $600 to $240! So grandma’s $400,000 nest egg that has been generating a nice $2400/mo return now pays out $960/mo. CRUNCH!!
CIGA Burke
Burke,
A society that ignores its seniors is not a society, it is a crowd of people of little worth without a future. I am 72 so I so feel for men and women who had disciplined themselves all their life looking forward to a quiet last chapter. Now these same people will be on the streets or living like the third world’s destitute.
There is no possible argument about who is the perpetrator of this total disaster to lives of those we should respect and protect, our seniors. This is just more fallout from the flushing of Lehman Brothers and the meltdown it caused in those fraudulent legacy 1991 to 2008 OTC derivatives.
The greatest sin is the bad people who knew damn well what they are doing have been decorated with wealth untold. All you need to do it to take a ride around the posh Connecticut shore towns and look at the outrageous estates these bums live in. It is so wrong that I pray there is a God and his form is Karma.
The main reason there are no leaders for the forces of light today is that there are so few followers to the thesis of right action and do no harm. I am totally sick that we have abandoned the elderly to simply rot their way to their grave.
Jim
Hello Jim,
So QE to Infinity. But Bloomberg runs a caption on the bottom of the screen for 2 hours saying: "Fed may taper in next couple of meetings."
That’s when Gold starts down from 1400′s.
CNBC does likewise but not for so long, but it suggests tapering and has a caption on the screen so you never forget.
Until this foe is recognized we are at tremendous disadvantage as MOPE is usually Boss.
Regards, CIGA Blair
Jim Sinclair’s Commentary
Compliments of CIGA Wolfgang
Name That Black Swan By Jeff Clark, Editor of BIG GOLD (Excerpts)
What exactly is a black swan?
Like a black swan bird, something that occurs rarely in nature, a black swan event is a high-profile but rare occurrence that is beyond the realm of normal expectations. You might argue that a black swan event could occur at any time. That’s true. But our current fiscal, monetary, and economic circumstances are so tenuous that the possibility of a black swan event hitting our economy is greater than usual. What data is available now that show where we are most vulnerable to experiencing a black swan event?
Social breakdown: Many European countries still have 50% unemployment in the under-24-year-old crowd, with little prospect of improvement. The triggers are in place for a breakdown of public order in the EU. Particularly concerning would be if the disorder spread to other countries and continents.
War: While Kim Jong-un of North Korea captures all the current headlines, US General James Mattis reports that sanctions and diplomatic efforts to stop Iran from gaining nuclear capabilities are not working. He said Iran is at the point of “enriching uranium beyond any plausible peaceful purpose” and called 2013 the “year of reckoning.”
Financial system collapse: The world economy is worth about $80 trillion. Banks hold derivative positions worth about $1.6 quadrillion (1,600 trillion). If a portion of those bets came crashing down, the financial system may not have the capability to cover the losses. Even if they did, the markets would be roiled.
A major bank raid: The Ottawa federal budget last month revealed that politicians are contemplating the possibility of a Canadian bank failure. One potential solution is similar to the one just imposed in Cyprus: for the first time ever, officials did not include a guarantee in the budget language that expressly prohibits the possibility of a raid on the bank accounts of ordinary Canadians.
Now that I am traveling often to try and get you to understand that the Great Flushing has you in the crosshairs just before the Great Leveling, it strikes me to ask this same question.
Jim Sinclair’s Commentary
If you think this is not coming to North America you are so kidding yourself. I can’t imagine anyone trusting this will not happen here.
Not until 2016? That is simply comical.
EU bank customers to contribute to bail-ins? 21/05 18:04 CET
Bank customers across the European Union are facing the prospect of a Cyprus style bail-in if a financial institution gets into trouble.
The EU’s Economic Committee has approved a draft law meaning banks needing rescuing could take cash from customer accounts.
Larger depositors in Cyprus suffered this very fate during the financial crisis on the island earlier this year.
They contributed in total some six billion euros to the package which bailed out the island.
Under the new proposals accounts with less than 100,000 euros would be secure.
But customers could lose some or all of their cash over 100,000 euros.
Moody’s best prepare to fold their business. I do not think any US based rating organization has the courage to be honest about the US debt situation. Look what happened to the last one that did have such courage at the hands of the regulators.
That makes the use of the IRS against the Tea Party look like child’s play.
US warned of Moody’s downgrade
The US remains the world’s biggest sovereign debtor. In 2014, its debt is expected to amount to 76% of the annual GDP. By 2018, the figure is likely to go down, but only slightly – to approximately 71% of the GDP.
Last week, the Congressional Budget Office said it expects this year’s federal deficit to amount to $642bln. This would be about $200bln less than in 2012 and represent a reduction from 7% of the GDP to just 4% of the GDP. The deficit would be at its lowest in 5 years.
On Monday, Moody’s – which together with Fitch still keeps the US at the top of its rating scale – welcomed the Office’s forecasts as inspiring hope. On Tuesday, however, Moody’s Vice President Stephen Hess warned the US of a downgrade in the event it fails to sort out its debt and deficit problems.
We have an opinion from Dr Geldy Soyunov, a senior analyst of Russia’s Alpha Bank:
"I believe Moody’s is urging the congressional Democrats and the congressional Republicans to waste no time in finding a solution to their country’s fiscal mess."
The cold war is back and warmer. Russia vs. USA is cooking here – big time.
US to step up support for opposition if Assad spurns political solution DEBKAfile May 22, 2013, 7:28 PM (GMT+02:00)
Secretary of State John Kerry said Wednesday that if Syrian President Bashar al-Assad was not prepared to discuss a political solution to end Syria’s civil war, the United States and others would consider increasing support for his opponents. Kerry also told a news conference in the Jordanian capital Amman that there were several thousand fighters from the Lebanese group Hezbollah taking part in Syria’s conflict, with Iranian support.
When is enough going to be enough? When did the USA lose its courage? Where are the true Patriots?
No Arrests on Wall Street, But Over 7,700 Americans Have Been Arrested Protesting Big Banks Zaid Jilani
As Senator Elizabeth Warren (D-MA) has said, the nation’s biggest banks have essentially gained “too big for trial” status, and the federal government has failed to prosecute any executive at a Big Bank for financial fraud.
While Wall Street has escaped prosecutions, thousands of Americans have been arrested in the course of protests against the banks. As of May 2013, that number is 7,736 — according to the website Occupy Arrests, which tracks arrests.
On Monday, dozens of homeowners who have faced abuses by Big Banks rallied outside the Department of Justice (DOJ) in Washington, D.C. They demanded that the agency finally prosecute Wall Street banks who have become, as Senator Elizabeth Warren (D-MA) has said, “too big for trial.”
The march, consisting of well over a hundred demonstrators, started at Washington, D.C.’s Freedom Plaza. The marchers came from as far as Portland, Oregon, and large contingents came from cities plagued with foreclosures, such as Atlanta and New York City.
If you keep large deposits or own bank deposit products of any bank in the West in your portfolio you have either lost your mind, or are the laziest of all investors.
Change the misinformation below to from today forward.
EU plans saver expropriation from 2016 21.05.2013
The EU reportedly has agreed with "overwhelming majority" that from 2016, savers must bleed event of bank failure. Deposits over 100000 euros are then gone. EU Law Committee: Cyprus was a model.
The Legal Affairs of the European Parliament has reportedly expressed yesterday evening with "overwhelming majority" for expropriating savings of about 100000 euros, if a bank goes bankrupt. An appropriate legislative proposal agreed to the Legal Affairs of the European Parliament. Balances below 100000 euros are said to be safe.
From 2016, large bank accounts are to be recovered in the event of a bankruptcy, it provides the new law. The plan is based on the procedure in Cyprus.
"Cyprus has shown how important it is to have clear rules to attract shareholders, bond owners and depositors in a bank failure" – it said in a press release of the EU regulatory committee last night.
Syrian-Hizballah’s capture of Qusayr opens direct weapons route to Lebanon
Shortly after Prime Minister Binyamin Netanyahu pledged Sunday, May 19, to maintain Israeli operations in Syria against the passage of advanced Iranian weapons to the Lebanese Hizballah, Syrian troops and their Hizballah comrades stormed Al-Qasayr, the northwestern town which commands the high road from Syrian Homs to Lebanon’s Hermel Mountains.
This was a major victory: Iranian arms for Hizballah can now go through from Syria to destination unobstructed.
In more than two years of battling the Assad regime, this was one of the rebels’ most devastating losses after three weeks of bitter fighting and the last of a whole row of recent setbacks.
Bashar Assad in contrast has gained huge advantages from his al Qusayr victory, as debkafile’s military sources report:
1. It cuts off the Syrian rebels’ main supply and communications route via Lebanon through which their Arab backers Saudi Arabia, Qatar, the UAE to send them fighters, arms and funds. 2. Rebel positions in the nearby town of Homs become increasingly vulnerable, as the Syrian army regains control of the main highway links between Damascus, Homs and Aleppo. Qusayr also links Damascus with the Mediterranean coast, where Alawites and other regime loyalists are concentrated. 3. After the rebels were pushed out of Al-Qasayr, Turkey remains their only accessible source of supplies.
DEBKAfile: 50 Hizballah fighters die in al Qusayr battle
DEBKAfile’s military sources report that Hizballah suffered 50 losses when its combatants along with Syrian troops stormed the strategic town of al Qusayr Sunday after weeks of siege and bitter fighting. More than double that figure of wounded were admitted to Beirut hospitals. According to one report, Hizballah appealed to the public to come forward with blood donations.
Prehistoric Dog Lovers Liked Seafood, Jewelry, Spirituality MAY 22, 2013 06:00 AM ET // BY JENNIFER VIEGAS
An analysis of ancient dog burials finds that the typical prehistoric dog owner ate a lot of seafood, had spiritual beliefs, and wore jewelry that sometimes wound up on the dog.
The study, published in PLoS ONE, is one of the first to directly test if there was a clear relationship between the practice of dog burial and human behaviors. The answer is yes.
"Dog burials appear to be more common in areas where diets were rich in aquatic foods because these same areas also appear to have had the densest human populations and the most cemeteries," lead author Robert Losey, a University of Alberta anthropologist, told Discovery News.
The discovery negates speculation that dogs back in the day were just work animals brought along on hunting trips.
"If the practice of burying dogs was solely related to their importance in procuring terrestrial game, we would expect to see them in the Early Holocene (around 9,000 years ago), when human subsistence practices were focused on these animals," Losey continued. "Further, we would expect to see them in later periods in areas where fish were never really major components of the diet and deer were the primary focus, but they are rare or absent in these regions."
Gantz: Assad will pay the price for Golan escalation. Syria: We fired on Israeli patrol
Syria and Israel crossed verbal swords Tuesday, May 21, after an overnight exchange of fire on the Golan. IDF Chief of Staff Lt. Gen. Benny Gantz warned that Assad would pay the price for bringing terror to the Golan, after Damascus for the first time claimed responsibility for the gunfire on an Israeli Golan patrol Monday. Syria also threatened to strike back for Israel reprisals. The chief of staff refuted the Syrian claim to have destroyed an Israeli army vehicle that crossed to the Syrian side of the border as false.
Defense Minister Moshe Yaalon said: “Our policy is clear – we don’t interfere in Syria’s civil war, but neither will we let the fire spill over onto our territory. Last night,” he added, “we destroyed a Syrian army position on the Golan which fired at an IDF patrol.” He spoke during a tour of naval facilities in Atlit and Haifa.
On a visit to the Golan, Gen.Gantz and OC Northern Command Yair Golan ordered Israeli Golan positions to return any fire coming from the Syrian side, a reversal of previous policy.
No one was hurt on the Israeli side. But this time, unlike the two previous incidents, Israeli forces directed a Tamuz rocket at the source of the gunfire and identified a direct hit.
At first the MSM reports gave no indication other than a voluntary suspension due to financing needs voluntarily made to financial authorities. If that were so then there would be no need for a police investigation.
Paper gold is finished, but it does not know it yet. The value of COMEX seats have a downtrend of massive proportions, indicating something other than good.
A police presence in this situation is due to a complaint so we may have had a small exchange fail of its contract here.
Hong Kong Police Investigate Failed Mercantile Exchange By Simon Lee and Eleni Himaras May 22, 2013
Police began probing the Hong Kong Mercantile Exchange Ltd., owner of the failed commodities market set up by a member of the city’s cabinet, after the securities regulator found suspected financial irregularities.
The arrest of three men after the May 18 shuttering of the exchange prompted its Chairman Barry Cheung, who sits on Hong Kong’s Executive Council, to say he is taking a leave of absence from all public positions. Cheung hasn’t been accused of wrongdoing.
HKMEx lost its trading license after failing to attract sufficient volumes as it competed with rivals such as the Chicago Mercantile Exchange and the London Metals Exchange, which was bought by Hong Kong’s stock-exchange operator last year. Cheung, who ran the 2012 election campaign for the city’s Chief Executive Leung Chun-ying, is the latest in a series of prominent Hong Kong government and business figures to be affected by criminal investigations.
“This will have an impact on Hong Kong’s image of clean government,” Ivan Choy, political scientist at Chinese University of Hong Kong, said of the series of investigations involving high-profile figures.
Two terrorists behead a British soldier on a London street, first such Islamist outrage in the West
Two as yet unidentified Muslin terrorists chanting Allahu Akbar assaulted a British soldier on a street close to the Royal Barracks at Woolwich in southeast London, shot him, hacked him with knives and a machete and finally beheaded him. This happened in broad daylight Wednesday afternoon, May 22, in the presence of dozens of witnesses, the first such outrage seen in a West European capital.
Witnesses told the police that the two terrorists covered in blood had held up body parts of their victim and shouted: "We swear by Allah never to stop killing you.” British TV stations are airing gruesome scenes of the episode.
The terrorists drove up to their victim in a car, jumped out and after the murder wandered about in the area, apparently lying in wait for more soldiers to come out of the Royal Artillery command barracks 400 meters from the scene of their attack.
London police reached the scene after 20 minutes. When the two killers ran towards them brandishing knives and a firearm, the police shot and injured them. They were taken to separate hospitals and placed under heavy guard in case of attempts to rescue them. Police sources said later they were treating the incident as a politically-motivated Islamist terror attack, but have not identified the killers.
Revenge of the Bear: Russia Strikes Back in Syria Posted by Jezreel Jann Villaruel Yañez on Tuesday, 21 May 2013 13:19
President Vladimir Putin of the Russian Federation has drawn a line in the sand over Syria, the government of which he is determined to protect from overthrow. Not since the end of the Cold War in 1991 has the Russian Bear asserted itself so forcefully beyond its borders in support of claims on great power status. In essence, Russia is attempting to play the role in Syria that France did in Algeria in the 1990s, of supporting the military government against rebels, many of them linked to political Islam. France and its allies prevailed, at the cost of some 150,000 dead. Can Putin and Syrian President Bashar al-Assad pull off the same sort of victory?
Even as Damascus pushes back against the rebels militarily, Putin has swung into action on the international and regional stages. The Russian government persuaded U.S. Secretary of State John Kerry to support an international conference aimed at a negotiated settlement. Putin upbraided Israeli Prime Minister Benjamin Netanyahu over his country’s air attacks on Damascus. Moscow is sending sophisticated anti-aircraft batteries, anti-submarine missiles and other munitions to beleaguered Assad, and has just announced that 12 Russian warships will patrol the Mediterranean. The Russian actions have raised alarums in Tel Aviv and Washington, even as they have been praised in Damascus and Tehran.
The Syrian regime has been on a military roll in the past few weeks. It has made a bloody push into the hinterlands of Damascus, fortifying the capital. With Hezbollah support, it has assaulted the rebel-held Qusair region near northern Lebanon, an important smuggling route for the rebels and the key to the central city of Homs. The Baath government needs to keep Homs in order for Russia to resupply the capital via the Syrian port of Latakia on the Mediterranean. The Syrian government’s victories would not have been possible without Russian and Iranian help.
Please add to this headline that mandatory savings accounts will be by mandate invested only in US government special treasury instruments. The only retirement you can expect is when you are lowered into the ground, or put into the crematory.
Thank you to all the unprecedented super wealthy, fully bailed out, fraudulent OTC derivative manufacturers and distributors, good ole boys and girls. May you rot in hell eternally for what you have done to the common man! Thanks to you the USA needs no enemies as you have destroyed our heritage from within.
Mandatory Savings Accounts Are Coming Your Way By Dan KadlecMay 09, 2013
The retirement savings crisis in America has brought us to this point: It’s a near certainty that mandatory savings accounts are in the future of anyone with a full- or part-time job.
The world’s largest investment firm BlackRock, with $4 trillion under management and a lot of weight to throw around, is the latest to sound the call. “We need a comprehensive solution to retirement savings that includes some form of mandatory retirement savings,” CEO Laurence Fink said this week. He added that his firm has been agitating “quite noisily” for retirement overhaul and that going forward “we’ll be louder as a firm.”
Fink’s call for mandatory savings accounts is in sync with other prominent thinkers in the retirement savings field. Alicia Munnell, director of the Center for Retirement Research at Boston College, is on record favoring these accounts. She says they should be designed to provide 20% of pre-retirement income. Munnell’s colleague at the Center, Julie Agnew, in a study credits mandatory savings accounts in Australia for that country’s “high individual saving rates and broad coverage at reasonably low cost to the government.”
U.S. Senator Tom Harkin, an Iowa Democrat and chairman of the Senate Health, Education, Labor and Pensions Committee, is looking at legislation this year that would make saving for retirement more widely available through a so-called USA Retirement fund, though it would not necessarily be mandatory. Billionaire Peter Peterson floated the idea of mandatory accounts several years ago
The Australian system increasingly is being held up as a model for the U.S. In Australia, employers must contribute 9% of pay (rising to 12% in 2020) to every full- or-part-time worker between the ages of 18 and 70. This makes the accounts a little like a traditional pension in that the employer is funding them. But the accounts are owned and managed by individuals, as with a 401(k).
The OTC fraudulent derivatives legacy of 1991 to 2008 is not a victimless crime. The manufacturers and distributors of these WMDs have blood all over their hands.
Their money is cursed. They and everything they touch is damned.
More Americans Committing Suicide than During the Great Depression Posted on May 17, 2013 by WashingtonsBlog
Higher Numbers of Americans Take Their Lives than During the Depths of the Great Depression
Suicide rates are tied to the economy.
The Boston Globe reported in 2011:
A new report issued today by the Centers for Disease Control and Prevention finds that the overall suicide rate rises and falls with the state of the economy — dating all the way back to the Great Depression.
The report, published in the American Journal of Public Health, found that suicide rates increased in times of economic crisis: the Great Depression (1929-1933), the end of the New Deal (1937-1938), the Oil Crisis (1973-1975), and the Double-Dip Recession (1980-1982). Those rates tended to fall during strong economic times — with fast growth and low unemployment — like right after World War II and during the 1990s.
During the depths of the Great Depression, suicide rates in America significantly increased. As the Globe notes:
The largest increase in the US suicide rate occurred during the Great Depression surging from 18 in 100,000 up to 22 in 100,000 …
We’ve previously pointed out that suicide rates have skyrocketed recently:
The number of deaths by suicide has also surpassed car crashes, and many connect the increase in suicides to the downturn in the economy. Around 35,000 Americans kill themselves each year (and more American soldiers die by suicide than combat; the number of veterans committing suicide is astronomical and under-reported). So you’re2,059 times more likely to kill yourself than die at the hand of a terrorist.
The West is the predominant military power as long as they pick on little countries and failed states. Goodbye GPS, goodbye smart everything.
China Conducts Test of New Anti-Satellite Missile May 21, 2013 Bill Gertz
China’s military on Monday conducted the first test of a new ground-launched anti-satellite missile that was fired into space and disguised as a space-exploration rocket, according to U.S. officials.
The test was carried out early Monday from the Xichang Space Launch center and was identified by officials as the new Dong Ning-2 ASAT missile.
The ASAT test comes a week after China protested the release of the Pentagon’s annual report on the Chinese military buildup that mentioned Beijing’s development of anti-satellite weapons.
The Free Beacon first disclosed the existence of the new missile in October and a missile researcher reported in January that a new ASAT missile was being readied for its first test.
Chinese Foreign Ministry spokesman Hong Lei was asked if China conducted an ASAT test during a briefing for reporters in Beijing on Tuesday. He did not deny that it was carried out.
“I am not aware of the development that you described,” he said. “China has consistently advocated the peaceful use of outer space and is opposed to militarizing and conducting an arms race in outer space.”
I was headed down the ramp into the lake in, what we hope is, a floating car when Little Ditti, the constantly staring at me rescue tiny poodle, literally shot out the window. He put so much energy into getting out of the car window heading for the water that he must have covered almost 5 feet before his trajectory decayed. I had to brake, stop about 6 inches from the lake, get out (which is a trick in itself as there really are no doors) and go get him. Getting back into the vehicle, we put on the a/c and closed the windows. The following has nothing to do with floating cars, only the regular type.
How do you know when it is time to hang up the car keys? I’d say when your dog has this look on his face!
Jim Sinclair’s Commentary
If you cannot see the writing on the wall you are really blind.
In Cyprus the IMF officially suggested the nationalization of pension funds. The treasury always hits the pension program of government employees.
When the Fed cannot QE in order to buy all the bonds of the US Treasury, private pension funds will be the buyer.
US Treasury secretary says he has begun tapping federal retiree pension fund to avoid default Article by: MARTIN CRUTSINGER , Associated Press Updated: May 20, 2013 – 7:52 PM
WASHINGTON – Treasury Secretary Jacob Lew said late Monday he will begin tapping into two government employee retirement funds to buy more time before the U.S. Treasury is faced with the prospect of defaulting on the national debt.
In a letter to congressional leaders, Lew said that he would tap the civil service retirement and disability fund and a similar fund that covers retired postal workers. The law allows him to remove investments from these funds to clear room for more borrowing until Congress votes to raise the debt limit
Under the law, any investments diverted from the pension funds must be replaced with interest once Congress approves raising the debt limit.
Lew has said the various bookkeeping measures he is allowed to employ should provide enough maneuvering room to keep the government from defaulting on its debt until after Labor Day. Other estimates say Lew may be able to forestall a default until as late as November.
In January, Congress voted to temporarily suspend the debt limit but that suspension ended Sunday.
Cell phone users ‘have no legitimate expectation of privacy’ – judge Published time: May 17, 2013 00:08 Edited time: May 17, 2013 15:19
A federal judge recently ruled that if someone has their cell phone turned on, their location data does not deserve protection under the Fourth Amendment, meaning law enforcement can track individuals without a search warrant.
New York magistrate judge Gary Brown decided in favor of Drug Enforcement Administration (DEA) agents who were seeking his approval over a warrant on a doctor who they suspected was being paid for issuing thousands of prescriptions. The warrant would have compelled the physician’s phone company to provide real-time tracking data from his cell.
Brown, certainly to the delight of police, issued a 30-page brief outlining his opinion that, by carrying a cell phone, someone is essentially waiving their Fourth Amendment right to due process.
“Given the ubiquity and celebrity of geolocation technologies, an individual has no legitimate expectation of privacy in the prospective of a cellular telephone where that individual has failed to protect his privacy by taking the simple expedient of powering it off,” Brown wrote.
“As to control by the user, all of the known tracking technologies may be defeated by merely turning off the phone. Indeed – excluding apathy or inattention – the only reason that users leave cell phones turned on is so that the device can be located to receive calls. Conversely, individuals who do not want to be disturbed by unwanted telephone calls at a particular time or place simply turn their phones off, knowing that they cannot be located.”
The temperature is over 90 degrees today. The sheep deeply appreciate their hair cuts.
Jim Sinclair’s Commentary
Please note in the sheering of the sheep who is the hard working person and the relaxing supervisor with an ice tea.
Jim Sinclair’s Commentary
I am so happy for this lady. She has her values right. She just goes with the flow on her loss of property but finds what she really cares about without looking.
Woman Finds Dog Lost During Tornado While Being Interviewed May 21, 2013 11:01 AM
MOORE, Okla. (CBS Houston/AP) – A woman who thought she had lost it all found one of the things most precious to her while being interviewed on live television – her pet dog, buried alive under the rubble of her former home.
Since the first day that QE came on the scene this has been the party line.
Isn’t the new more transparent Federal Reserve a joke?
Dudley Says He Can’t Be Sure If Next QE Move Is ‘Up or Down’ By Joshua Zumbrun – May 21, 2013 2:29 PM MT
Federal Reserve Bank of New York President William C. Dudley said he has not decided whether the Fed’s next move should be to enlarge or shrink its bond buying program as he called for a fresh look at its eventual retreat from record asset purchases.
“Because the outlook is uncertain, I cannot be sure which way — up or down — the next change will be,” Dudley said in a speech today in New York.
Dudley adds his voice to a debate on the Federal Open Market Committee about what to do with its program of bond purchases, designed to lower the 7.5 percent unemployment rate. While many Fed officials have voiced support for shrinking purchases as the next step, Dudley, who is also vice chairman of the FOMC, signaled willingness to increase purchases.
Officials last week expressed a range of views on the program. Philadelphia Fed President Charles Plosser called for shrinking purchases at the Fed’s next meeting; San Francisco’s John Williams favored a reduction “perhaps as early as this summer.” By contrast, Boston’s Eric Rosengren said low inflation and high unemployment suggest there may be a need for even more stimulus, not less.
Stocks extended gains after Dudley’s comments. The Standard & Poor’s 500 Index climbed 0.2 percent to 1,669.16 after earlier declining as much as 0.2 percent. The yield on the 10-year Treasury note fell to 1.93 percent from 1.97 percent late yesterday.
Grassley charges U.S. attorney undermined Fast and Furious whistleblower May 20, 2013 By: David Codrea
A newly-released Office of Inspector General’s report shows the Justice Department sought to undermine a key Fast and Furious whistleblower’s credibility, Sen. Chuck Grassley charged today in a press release. “U.S. Attorney Dennis Burke leaked a sensitive document to the press regarding a whistleblower who had come forward with allegations of gunwalking … he leaked an internal memo regarding Fast and Furious suspect Jaime Avila to the New York Times, and … he lied to Deputy Attorney General James Cole,” Grassley’s release charges, adding. “The document leaked to Fox News was deemed so sensitive by the Justice Department that it was not provided to Congress, except in a secured room at department headquarters.”
Crediting Special Agent John Dodson as “the whistleblower who had the guts to come forward and tell Congress the truth about Operation Fast and Furious,” Grassely charged “The Inspector General confirmed that Mr. Burke went to great lengths to discredit Special Agent Dodson and Congress’ investigation into the gunwalking that led to the death of Customs and Border Patrol Agent Brian Terry.
“Mr. Burke’s refusal to cooperate with the Inspector General’s investigation shows me that he didn’t operate in good faith,” Grassley explained. “His actions are indicative of this administration’s willingness to attack whistleblowers who cooperate with Congress and show the administration’s commitment to undermine legitimate congressional oversight."
Long-time Gun Rights Examiner readers will recall this column’s efforts to get Grassley’s office, along with the media, Darrell Issa and the National Rifle Association to notice and investigate this story first brought to light on the CleanUpATF whistleblower site and first reported by citizen journalist Mike Vanderboegh of the Sipsey Street Irregulars blog in December, 2010. Vanderboegh and this columnist specifically warned against attempts to smear whistleblowers back in January of 2011, and a week later were the first to report on retaliation against them.
Today’s score is one for maybe up and maybe down and another for sideways.
Fed’s Bullard backs continuing QE program By Greg Robb
WASHINGTON (MarketWatch) – The Federal Reserve should continue with its present bond-buying program and adjust the rate of purchases in view of incoming data on growth and inflation, said St. Louis Fed President James Bullard on Tuesday. In a speech to an economic conference in Frankfurt, Bullard said the Fed’s bond buying, commonly known as quantitative easing, is the best policy option at the moment and has been effective. He rejected calls by some, inside and outside the Fed, for the central bank to do nothing, saying this risks the mildly deflationary situation experienced by Japan. Other tools, like cutting the interest the Fed pays for banks to park reserves at the central bank, or to "twist" short-term government debt on the Fed’s balance sheet into longer-term debt, would have only minor effects, he said. Bullard said European leaders should consider a quantitative easing program if more easing is desired. The program should be GDP-weighted, as there is no European-wide government bond market, he said.
It is as they say it is, but what is the alternative that is politically viable? Has Ms. Lagarde decided to oppose Chairman Bernanke and Draghi? She is delving into a league of heavier hitters.
BIS and IMF attacks on quantitative easing deeply misguided warn monetarists Monetarists across the world have warned that the International Monetary Fund and the Bank for International Settlements are making an historic error by calling for a withdrawal of emergency stimulus before the global economy has fully recovered. By Ambrose Evans-Pritchard 3:59PM BST 19 May 2013
The two watchdogs launched broadsides against central bank largess last week. The BIS — the forum of central banks — was particularly blunt, seeming to imply that quantitative easing "does not work".
Critics say this risks undermining the credibility of radical measures when more may yet be needed. They fear central banks could repeat the mistake made in 1937 when the Federal Reserve lost its nerve and tightened too soon, tipping America back into depression.
"The BIS and the IMF are deeply misguided and risk doing the world a grave disservice. The biggest threat right now is irrational fear of bubbles among central banks," said Lars Christensen, a monetary theorist at Danske Bank.
"How can they criticize the Bank of Japan for pulling the country out of 15 years of deflation and the longest asset price collapse in modern history?"
Mr Christensen said deflationary forces are stalking the global economy, making it essential to offset budget cuts with monetary stimulus. The US is tightening fiscal policy by 2pc of GDP this year, the most in half a century.
Adding beats reducing. Central banks do not buy gold to flip it at a better price, like Russia who values their gold at market, they know what is going to take place.
Since yesterday was the 20th of the month, The Central Bank of the Russian Federation updated their website with their April data. It showed that they added another 200,000 troy ounces of gold to their reserves…bringing their total up to 31.8 million troy ounces. Here’s Nick Laird’s most excellent chart updated with that data…
Jim Sinclair’s Commentary
Why work?
Swingeing socialist tax policies in France mean thousands of millionaires have paid more than 100% of their annual income By Daily Mail Reporter PUBLISHED: 16:00 GMT, 19 May 2013 | UPDATED: 16:00 GMT, 19 May 2013
Taxes on the rich imposed by Socialist president Francois Hollande meant more than 8,000 French households had tax bills that exceeded their income last year.
It is thought the exceptionally high level of taxation was due to a one-off levy last year on the previous year’s incomes for households with assets of more than 1.3million euros (£1.1million).
It comes after Mr Hollande implemented a temporary 75 per cent tax on earnings over 1million euros (£845,000), aimed at offsetting the cost of a rebate scheme imposed by his right-wing predecessor Nicolas Sarkozy, which capped overall taxation at 50 per cent of personal total income.
French business newspaper Les Echos said Finance Ministry data showed in total nearly 12,000 households paid taxes worth more than 75 per cent of their 2011 income due to the levy.
Mr Hollande’s implementation of the tax has been judged unfair by the Constitutional Council, meaning it has recently been hastily rehashed to target companies rather than individuals.
Jim is so right, pensions are going to be gone in the future. With the severe amount of underfunding the writing is on the wall. Anyone depending on a pension for future income is nuts in my opinion! In 10 years gold will still be here, pensions may not. The choice is simple.
CIGA BT
Public sector pensions ‘will be reduced by a third’ under reforms
Four million people will be affected by the changes, although some will be better off Hilary Osborne guardian.co.uk, Friday 17 May 2013 16.28 BST
Proposed changes to public sector workers’ pension schemes will reduce the average value of the benefit by more than a third for four million people, according to a report by the Pensions Policy Institute (PPI).
However, some people at the bottom of the income scale will be better off under the reforms.
The coalition plans to make several changes to public sector pension schemes to reduce the costs of running them. These include raising retirement ages in line with the state pension age and increasing the contributions made by employees.
Twelve months to save final salary schemes, says pensions minister Steve Webb says there may be ‘no point trying to apply electrodes to the corpse’ but a version could be saved Hilary Osborne guardian.co.uk, Wednesday 15 May 2013 17.09 BST
There may only be a year to save company pension schemes that offer a guaranteed payout to savers, the pensions minister, Steve Webb, has warned.
Defined benefit (DB) pensions, also known as final salary schemes, have been under pressure in recent years as a combination of increased life expectancy and low gilt yields have made it increasingly expensive to provide the retirement incomes promised to members.
Research by the Pensions Protection Fund showed that by the end of April 5,142 of the UK’s 6,316 private sector schemes were in deficit, with the total shortfall between liabilities and assets adding up to £257bn.
A friend and I flew from Alaska to attend the Saturday seminar. Your vast knowledge is so impressive and it was an honor to share the room with you. I asked a question specifically about my gold backed IRA and got a great answer from you.
Thank you so much, CIGA Farrel
Hello Mr Sinclair,
Saw this article this afternoon in The Daily Bell by Catherine Fitts. She writes very well about what you would call the great flushing.
Thank you again for speaking in LA Saturday for those of us on the West Coast.
Kindest regards, CIGA Jeff
Make Way for the Killers & the Great Tax Haven Roundup By Catherine Austin Fitts
There are no scandals in Washington. There is simply a turnover. We are preparing for an escalation of the global financial war. The old team is simply being told to step aside. Make way for the killers.
When G-7 concluded their emergency meeting in London last weekend, they announced that they were going to target tax havens. What does this mean? After months of G-7 central banks buying mortgage bonds and equities, the hunt for capital is on. Of course, we knew the tax havens were in the crosshairs already – only intelligence agencies can dump out the kind of leaks we have been seeing over the last month leading up to the G-7 meeting.
However, the seriousness of the capital moves underway were underscored by the swiftness with which a "scandal" was trumped up and ready to go at the IRS, with headlines on Monday morning, the leadership was out on Wednesday and a new acting from OMB in at the IRS on Thursday. Wonder who the new commissioner will be? That is being sorted out now. It will be someone masterful at legal warfare – "lawfare."
A serious attack on the offshore havens, sufficient to direct $20-30 trillion in the direction that the G-7 wish it to go will also require the right kind of leadership at DOJ. Yes, Holder is certainly willing to play ball – he has done a perfectly adequate job supplying guns to the Mexican drug cartels and beating up on the Swiss. However, someone with international experience who is a lot meaner and trusted in certain congressional quarters is preferred. After all, asserting jurisdiction over $32 trillion is one amazing squabble.
Remember, whatever equity markets get that capital will have their P/E’s head up, which means they can go buy up everyone whose stock is trading in the markets that don’t get the capital. Backed by the capital accessed through the financial coup d’etat, think of the acquisition binge that is coming.
Thank you for attending. Remember the Great Flushing precedes the Great Leveling.
Jim
Dear Jim,
Thank you for your Q&A session yesterday. I traveled from Washington state solely to attend your session, and left knowing that it might have been the most important conference I have ever attended. I was touched by your genuine concern for us. Your only goal was to inform us, with no personal side agenda. You are a very generous man.
I was unable to ask my one question during the session, and did not want to bother you after it ended, considering you have just spoken for 4 1/2 hours without much of a break, so here it is: What event, or set of events, would change your posture regarding the future of physical gold, paper gold’s pricing power, and the banking system’s risks?
Thank you again for your passion and dedication, CIGA Mark
Dear Mark,
1. Sincere effort to reduce government spending. 2. Fair and equitable tax schedule supporting the establishments and continuation of business activities. 3. A separation between government and the major US corporations like Church and State. 4. The USA values it gold holding, after a third party audit of its holdings, at market price. 5. Emancipation of physical gold from future gold. 6. A total cessation of OTC derivative manufacture and distribution of any type or kind.
7. The declaration that high frequency trading is only the act of illegal front running of legitimate orders and banning it. 8. The closing of the Exchange Stabilization fund and its activities.
The emancipation of physical gold from fraudulent paper gold would result is a very high price for physical gold so in a real scenario to fix things gold is at new highs and worn by a currency like a necklace. It is voluntary to wear gold, but wearing it gives significant competitive value to wearing currency.
Heads we win, tails we also win.
Sincerely, Jim
Hi Jim,
Mr. Hudson proudly wears his gold eagle. He protects our treasury from the evil bankers. Even though he is Tennessee born and raised, he is a Vermont Yankee at heart. He went through three homes before we rescued him at the age of 10 months. We brought him north and he has become quite the appreciative gentleman. He is wondering if you could post a face shot of his cousin Yankee Doodle.
Sincerely, CIGA Thomas
Thomas,
Yankee Doodle is very much a patriot as well. Between Hudson Doodle and Yankee Doodle the emancipation of physical gold from paper gold is a sure thing. In fact, a many trillions of dollars sure thing.
Jim
Jim,
In the near future, the only employment will be in the technology field and gambling (trading).
Let’s just hope that computers will be in the position to buy things, as humans do now. Otherwise, we’re in a world of deep doo-doo. Why manufacture anything if there is no one to sell to? What will we do with all that time on our hands? (I’d better go back and watch the 1960 film The Time Machine with Rod Taylor, Yvette Mimieux, and the Warlocks to refresh my memory).
We’ve always looked at technological improvements as if it were the universe… meaning it has no end. Well, I do believe we’ll wake up one day and see ourselves heading toward a brick wall. An economic brick wall.
I prefer the gambling aspect of a career choice because you still need brains to reason and consolidate global and economic events, and still maintain the ability and agility to modify your actions. Something computer algo’s cannot do. Black Swans are just not in their vocabulary… yet.
In the technology arena, I see computers making and programming other computers. They already manufacture products, perform surgery, maintain logistical support, render soldiers obsolete in wars (see drones), and much, much, more. Anyone doubting this has simply to research companies like iRobot that look to take over every aspect of human productivity. So much for high tech jobs.
Perhaps Jim Rogers is correct with his espousals of having your children become farmers.
As long as computers can’t execute alchemy, as in making gold, I know I’ll feel secure.
CIGA Wolfgang Rech
Dear Wolfgang,
I have better advice than the other Jim.
Move to Tanzania, consolidating thousands of subsistence farmers into modern farming, and benefit thereby.
Jim
Dear High School Graduate: Everything You’ve Been Told Is False 5/21/2013 @ 3:05PM
When I graduated from Omaha Creighton Prep High School back in 1977, my fellow grads and I entered a benign, forgiving, if U.S.-hegemonic, economic order where one could find paid work — albeit of a blue collar variety — just by completing high school. A world where even a C-student was guaranteed some kind of white-collar employment just by earning a college degree; any kind of degree, with any kind of major, from a wide variety of public or private institutions.
High School Graduates of the Class of 2013, those days are over. Not only are there not a plethora of decent-paying jobs just waiting for you upon graduation, there are structural changes afoot in the U.S. economy making your human labor “incidental.”
You’ve probably noticed this at the proliferating self-checkout stations at your local CVS. You see it in the increased use of robots in surgery, auto assembly, and warfare, and in the increased use of high-frequency-trading computers — as opposed to human traders — on Wall Street. You see it in the increased operating efficiencies of corporations across the fruited plain, almost all of whom have enjoyed record profits post-2008 without an appreciable increase in their human labor pool.
I enjoyed both days in LA, thanks. Ran across this article where a currency is being devalued for a different reason but the people still value gold as a store of value.
CIGA Ken
Ken,
What is interesting here is that Euroland is softening on the entire embargo so let’s see exactly how much crushing the USA is going to do. Maybe they will fire cruise missiles at camel caravans smuggling gold.
Jim
Gold crush: U.S. ready to shut down gold sales to Iran By Perry Chiaramonte Published May 20, 2013
The U.S. is trying to stop the gold rush to Iran in a bid to undermine the Islamic Republic’s plummeting currency, but critics say the move is more likely to hurt ordinary citizens than the rogue regime’s leadership.
A top Treasury Department official told lawmakers that, starting July 1, the U.S. plans to crack down on all transfers of gold to the Iranian government or its citizens. The move appears aimed largely at banks and gold brokers in Turkey and the United Arab Emirates. Companies operating from within those nations have shipped large amounts of gold to Iran as Tehran attempts to stabilize its currency, the rial, amid increasing international economic isolation.
"We have been very clear with the governments of Turkey and the UAE and elsewhere, as well as the private sector that is involved in the gold trade, that as of July 1 all must stop, not just the trade to the government," Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen told members of the Senate Foreign Affairs Committee last week.
The rial has lost two-thirds of its value against the dollar since late 2011, largely as a result of U.S.-led sanctions targeting the banking system and oil exports. The sanctions are in response to Iran’s ongoing nuclear weapons program. The U.S. can impose sanctions on foreign companies that violate the Iran policy, as long as those companies also seek to do business with parties in the U.S. To date, the Obama administration has not penalized any companies in Turkey or the UAE for trading in gold with Iran.
I flew from Indiana via Chicago on Sunday morning to be at your meeting. It was a long day, but worth every minute. If you make it to Chicago, I will see you there as well.
Thanks for everything, CIGA Jeff
Dear Jim,
It certainly appears so.
Regards,
CIGA Luis Ahlborn Sequira
Robin Hood in reverse – gold being taken down to make the rich richer
The legendary Robin Hood took gold from the rich to give to the poor: Today’s financial elite appear to be doing the reverse, but not with physical metal which is still flowing the other way.
I hope you are in recovery at home and with all your critters by your side!
What a delivery in LA combined with the Q&A! I was impressed with the quality and depth of the questions and the number of people asking those questions. You have educated your followers well, and I don’t believe anyone was disappointed with your responses or answers to specific questions. Even the one man on Saturday who was almost looking for a fight over his losses left the microphone in the end respectful of your relentless service to the community.
“Outside the banking system?” You spoke of investing in the currencies of the BRIC nations in accounts in those countries. I believe the motivation for this was that these countries had a healthier grasp on successful business basics, less debt, and more gold to back their currency. If that is accurate, are these simply exemptions to the get “outside the banking system?”
Much thanks, CIGA Blake
Dear Blake,
My quest to see CIGAs get out of the system means out of the Western financial system by being off the balance sheets of Western financial institutions. I suggest in the BRICs and Singapore. My intention is to see you there not seeking privacy, but storage of hard assets and some fiat currency for transactions.
This is why I am committed to traveling to see all CIGAs until capital controls occur, closing the exit door legally. I leave for London in about a week.
Respectfully, Jim
Hi Jim,
My husband and I drove down from the central California coast on Sunday for the LA Q&A. We enjoyed it so much!!! Thank you for coming. It was wonderful to get to meet you. You may remember me, I was wearing my Comet pin especially to show you, but I forgot to mention it.
Since you love dogs so much, I thought you might get a kick out of this multiplicity shot of Smidgen, who will sit wherever you put her. This photo may look like duplicated images of Smidgen, but it is eleven different poses from those exact locations… including the one on the table outside.
Thank you so much for sharing your knowledge with us. It is SO MUCH appreciated.
CIGA Evaan
Jim,
It was a pleasure. I flew from Australia to attend and enjoyed every moment.
Today Egon von Greyerz told King World News that clients are having tremendous problems getting their physical gold out of Swiss banks as well as other major banks as the shortage intensifies. Greyerz also discussed the fact that refiners simply cannot keep up with demand, “no matter how much they produce.” Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this extraordinary interview.
Greyerz: “This week I want to talk about what we are seeing in the physical gold market, and why there is a disconnect in that market. We transfer a lot of gold from Swiss banks and other banks into private vaults for investors.
More often now, than ever, we are encountering incidents when the banks are putting up all kinds of obstacles for these transfers. The first sign of the potential shortage of physical gold started with ABN AMRO a few weeks (when they) declared that they would renege on their commitment to redeem gold accounts in physical gold.
“Instead they would redeem in cash. The custodian for ABN AMRO, for the gold, is UBS, and UBS decides to what extent they hedge the ABN paper gold position.
So as there is no more physical redemption of the ABN AMRO gold accounts, it seems these contracts are no longer backed by physical gold. It’s just backed by paper, and this is of course typical for the paper market, Eric. This paper market, which is 100 times bigger than the physical market, probably has zero percent backing of physical. This is why ABN stopped redeeming in gold.
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