Quote from Eddie George, Governor Bank of England in 1999, when BoE dropped 400 tones of Gold, 50% of the BoE’s gold on the market:
“We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K.”
“I warn you that politicians of both parties will oppose the restoration of gold, although they may outwardly seemingly favor it. Unless you are willing to surrender your children and your country to galloping inflation, war and slavery, then this cause demands your support. For if human liberty is to survive in America, we must win the battle to restore honest money.“
Howard Buffett, 1948
Can you spot the extremes in these charts?
By Greg Hunter’s USAWatchdog.com 4.8.21 (This replaces WNW 4/9/21 & Saturday Night Post 4/10/21 – Yes, I think it’s that good!!)
There is no one working harder on the massive 2020 election and voter fraud than My Pillow CEO Mike Lindell. The voter and election fraud has been documented in many ways, and it was used to steal the election from President Donald Trump. Insiders from the Deep State swamp, Democrats and Republicans worked together, along with foreign countries, in the biggest fraud in history. Lindell thinks all the new election fraud proof, added to what has already been uncovered by his team of data scientists and election experts, will ultimately put President Trump back in office as the rightful winner of the 2020 Election. Lindell predicts Trump will be back in office in August and explains, “For one thing, the country will be ruined by August if he doesn’t get back in there. With everything I know to get all the evidence out over the next 5 weeks to the masses, whether you are Democrat or Republican, it doesn’t matter if you know this was an attack by China on our country. Even the Democrats are realizing that this isn’t the party they voted for. This is socialism and communism. What I want to do is get all this out there and just flood the Internet and flood everybody with information and the evidence. Then I want to get this case before the Supreme Court. I believe with what’s going to come before them, they are going to have to accept the case because it was an attack on our country. There is no statute of limitations for fraud, and this is the biggest crime and the biggest cybercrime in history. They are going to have to pull that election down. I don’t know if we have a new election or we just give it to the rightful winner, which was Donald Trump, who had 80 million votes for Trump to 66 million for Biden. With all this stuff that is coming out, I think August is a good time frame.”
Originally posted in 2017, still relevant and even more so today.
This Is The Mechanism Of The Gold Price Reset As A Product Of The Market Place
originially posted May 15, 2017
Due to its criminal hyper-manipulation, gold¹s price has become a paradox.
Paper gold’s weakness actually reflects the forthcoming strength of the physical gold market. I feel this statement, as paradoxical as it seems, hits the nail on the head.
Contained in this statement is the basis for my conclusion and the formation of long term plan since gold made its high in it last bull run from 1968 to 1980.
Those that read my writings have heard the plan at least once a year since my exit from the paper gold business in 1980.
In the period of 1968 to March 1980 it was rumored that I was the largest volume gold trader in the world. If there was someone larger I never met them.
In 1980 the Wall Street Journal ran an article “Bull Takes off his Horns,” which I hold as a reminder of that period.
The statement that GG points out in the opening note to me finds its roots in the school of “Free Gold.” This group of thinkers is absolutely correct on its main subject, gold itself. Like any other group there are offshoots that hold various views that can cloud the main thesis. In my opinion, their foundation is the only correct answer to what gold is, how gold functions in the economic system, why the paper gold market was started, by whom it was started and for what purpose the paper gold market actually exists. This school of thought goes on to predict that the future of gold’s value is not as an alternative currency for the exchange of good and services but as a storehouse of value for holders both public and private.
In March of 1980, which was the end of the 1968 gold bull market, a client of one of my firms came to visit. He was extremely happy for the experience and came to thank me. I told him that he was thanking the wrong person. His great success was based on his courage and understanding that made him so successful. The client was Carl Seaman of Seaman’s furniture in the New York metropolitan area. Carl had made himself one of the first 1% due to inherently knowing Jesse Livermore’s discipline that major fortunes are when you are right and do not deviate. He was one of the world’s greatest traders.
I asked Carl if he would wait for me for a few moments. I called the accounting department on the 8th floor requesting a check for the collective balance in all of Carl’s accounts. That check was indeed a hum dinger. I held it and asked how many feet away was the revolving door to my firm’s main office. He replied about 20 feet. I handed Carl his checks and asked him never to come back again, to call me only as a friend. We will never do this again in the way we did based on paper gold.
I told him I anticipated a bear market in gold of no less than 15 years and that I was in the process of selling all my firms and then I would walk out the same door.
The next fortune in gold will be made via long physical gold margin free in an enormous way. Due to the volatility of the price of gold there can be no margin involved nor paper gold derivatives.
The formula is simple to expound but very hard to exercise. It called for full utilization of our capital individually to identify a huge deposit of gold relatively inexpensive to mine. The key is NOT to sell the gold produced but to get your leverage from bullion refiners, not banks, that loan to producers as part and parcel of their business. The strategy is to own a gold mine that mined its product, paid the host government their royalty and other charges, then use the production as the basis to borrow funds required for operations at an inexpensive rate. We then put all our funds in US 10yr. T Bonds yielding almost 15%.
What I proposed was a public mining company that held all it’s gold refined and above ground not in a bank, but in a non-financial company, in a refinery that is not in North America and does make loans to its clients based on refined to market product. The price that I envisioned the entity might be worth is many billions assuming my final prediction is correct.
The fight to build this has been enormous. It has required close to everything I have and 19 years of life.
The strategy has required 100% dedication of my time and finance to fight in many instances attempts at the largest claim jump in history by the Chinese, using every modern method known to financial engineers.
They have not succeeded. There is much more to be done and risk therein, but survival has been the key so far in this field while awaiting the next bull leg in the final gold bull market.
A recent NI 43-101 for the first time has hinted at the developing size of this strategy that I believe will write history because of the basic tenets of “Free Gold” in a somewhat different way that “Free Gold” anticipates.
In 2013 CIGA Belgium wrote the following letter that I feel you should read and re-read now. If you do you will be one of the very few that really understands all about gold and its outrageous future. You will understand the huge selling into the paper market and why it is limited in time by its own construction.
CIGA Belgium has permitted me posting excerpts as long as his identity is confidential.
Dear Jim, (written to me on February 18th 2013)
We are only just now arriving at a time period that will bring about “The Currency Wars”. Everything prior to this was only a preparation period to build an alternative currency. The years spent traveling this road were done to prepare the world for an escape medium when the dollar finally began it’s “price” hyper-inflation stage.
Few investors can “grasp” that in reality, our dollar has already been hyper inflated, but without the higher price effects. Years of deficit spending, over borrowing, debt expansion have created an illusion that the dollar was immune to price inflation. This illusion is evident in our massive trade deficit as it carries on with no negative effects on dollar exchange rates. Clearly other investors, outside the Central Banks were helping in the dollar support process without knowing they were buying into a dying currency system.
The only thing that kept this process from showing up in the prices of everyday goods was the support other Central Banks showed for our currency through exchange intervention. As I pointed out in my other writings, this support was convoluted at best and done over 15 to 20 years. Still, it’s been done with a purpose all this time. That purpose was to maintain the dollar for world economic trade, without which we would all sink into depression. Indeed, the mainstay of this support required an ever expanding world dollar base. There is simply no way the old dollar debts along with the new ones could have been serviced without this money expansion.
The entire long term process is/was very clear to a few major financial players as they prepared for the dollar’s retirement as a reserve. Their main strategy for dealing with this was found in several positions. One was a long term buying of real physical gold. The other was the acceptance that all trade and investments would eventually transition away from dollar use. To combat this they began to denominate their paper assets and business transactions in other currencies (now the Euro holds the main transition flow). This was done because, as the dollar prices of real things first show real signs of rising, all forms of dollar derivative contracts would begin to unravel.
Better said, the process of dollar contract failure would show up in the form of discounts on these derivatives from par value. Because most of our “end time” dollar world has built itself into a huge derivative game, this discounting will occur across the board in almost everything we deal in. Not just gold.
The first signs that official dollar support is winding down is seen in real world pricing and official policy. The most obvious “first” price sensitive arena to reflect a “real coming inflation” is not gold as so many think, it’s the stock markets. Their long term bull run, mostly starting around the early 80s completely reflected this official sanction of world dollar expansion without price inflation. It’s only in the last year that we can see where equity markets are telegraphing a transition into dollar expansion “without world support”. Better said, major price inflation is coming on a level equal to hyper status. Many stock markets have headed straight up in reflection of this.
Another area where we see this change is in crude oil. For years, every rise in crude prices was quickly shut down from added supply. Done to add the producers portion of help to the dollar support effort. Even war in the oil fields was not allowed to create a dollar destroying price rise. Once the Euro was born and seen in operation as a possible “backup” currency, added crude supply to keep prices low was no longer available. Prices have risen and fallen in a broken fashion that will continue it’s upward bias. This policy change is not only a vote of confidence in Euroland, it’s also a Euro reserve support function that will lead to much higher physical gold prices later. Oil around $30 (and $45+ later) now values gold upwards to $930 using the old one gram = one barrel from a pre 1971 gold dollar price ratio. This has fueled ongoing trade in gold by the BIS as it seeks more physical gold supply outside the LBMA paper contract world. A process that can only further destroy the present contract gold illusion as expressed in a paper dollar gold marketplace. Eventually, $930 gold crude will become the absolute bottom pricing range as real dollar price inflation begins.
The most recent example of official policy change toward the dollar was found in the Washington Agreement. It marks the end of Euroland support for the paper gold markets that helped maintain a dollar/ oil settlement bond. In the beginning (1980s) it was a joint effort by at least two factions that has today become only a single effort by one faction. The US/Britain.
Even with this, the US accepted a reworked IMF gold structure. Because of this, they (US) are today operating two policy positions that contradict each other. One tries to use an escalation of the gold price to maintain IMF support for foreign US debt, while the other tries to keep the “gold trading desk” of several market makers solvent through an even lower price.
This places Euroland, the BIS and major world physical gold players on a direct collision course with the US backed contract gold marketplace. The effects of this will “most likely” be seen in a literal flood of new paper gold entering this arena in an effort to maintain “bookkeeping” credibility for the market makers. Today we see the beginnings of this change impacting the market as it is evolving into little more than a large paper float that exists mostly for this “bookkeeping” purpose. It will stay viable until dollar price inflation dries up to physical supply that to date still sells into this market. No doubt, the mine companies will become the very last sellers to support this arena. Possibly, selling into it’s paper pricing all the way down.
For years, gold bugs have figured that gold would be the next dollar escape mechanism. Not another currency. They gave little thought to the reality that our modern world could not, would not price gold as a “reserve free trading asset” without a digital paper money reserve to do it in. Once the dollar begins it’s decline through price inflation, it’s use as a reserve and more importantly it’s use to establish a gold market will stop. This will cause an unexpected delayed positive impact on gold values as gold’s paper marketplace goes through tremendous convulsions. We may see dollar price inflation in all things, yet gold values fall as contracts fail from constricted supply. Eventually, even the mining sector will be forced from shareholder loses and poor contract price economics to abandon the dollar pricing contract system. I expect that during this time the physical price of gold will be soaring as it’s lack of trade constricts supply. Most paper gold traders today, don’t understand how a real dollar price inflation shrinks physical gold trade, no matter how high or low the price goes. Further, they continue to use the various dollar gold derivatives even as their paper supply mushrooms. A process that forces the contract gold price down. Yet, all the while they are proclaiming that they are “in the gold market” and bemoaning how the manipulation of the metal is giving them loses.
It’s important for new players to understand that no government or private banker in the world today can manipulate the dollar price of traded physical gold once real price inflation begins in the reserve currency. A failing currency system would find governments and bankers selling into a virtual “black hole” of demand.
Prior to dollar price inflation effects, the impact of official policy can only manipulate paper contract prices. Just because traders are willing to sell physical gold for a paper settled contract price doesn’t mean that’s the real gold value in the world today. More to the point, this is simply a temporary condition that could exhaust itself before price inflation, once physical delivered against paper prices dries up. Thereby forcing contract prices into discount and destruction.
This modern paper market is relatively a new concept in world gold trade. It was created by banks, western traders and mine operators themselves over the last 15+ years. They supported this market by buying into it instead of buying and trading only real gold. True, the paper promoters may have been dishonest in presenting the effects of this process, but no one was forced to use it! Without user cash flow giving credibility to these paper derivatives, the market would not exist in it’s present form. Yes, it’s true that the Euroland and dollar faction agenda, along with oil interest and indeed physical gold traders all benefited from this investors market making cash flow! But this is reality for any investment where a buyer of a contract abrogates the security of present real ownership into a paper position with counterparties risk. Even today, call option buyers give their money away in support of this illusion, instead of buying coins outright. Truly, western gold paper traders and gold stock investors today a have evolved and in no way represent what the term “gold bug” used to mean. Today, physical gold advocates are the real gold bugs as they now posses the real leverage paper players only think they have!
Bill Holter’s comment on the above is exchange is:
I believe it was Isaac Newton who theorized for “every action there is an equal and opposite reaction”. Just as stretching a rubber band too far, the “reaction” often times is much faster and far more violent! As an addendum, wasn’t it an “Apple” that fell on his head?
By Greg Hunter’s USAWatchdog.com
Gerald Celente, a renowned trends researcher and publisher of “The Trends Journal,” is back to talk about two of the biggest trends taking shape for 2021. One revolves around Covid-19 (CV-19) and the experimental so-called vaccine, otherwise known as the “jab.” The other is a rebounding economy destined to crash. First, the CV-19 jab, as Celente explains, “There are going to be new political movements: anti-tax, anti-vax, anti-immigration and anti-establishment. We are going to see a big anti-vax movement. To make the point on how they are going to be selling this . . . They are selling it now that there is going to be a new strain of CV-19, and you better prepare for it. It’s going to happen every year, and you are going to have to get vaccinated. So, we are going to start seeing a big anti-vax movement.”
The economy in blue states is performing much worse that in Red states, and that is fueling big government to raise big taxes. Celente says, “The streets out here in New York are dead. . . . They are dead. Now, they are raising the taxes. The first thing they did was tolls. The next thing they are going to do is a gas tax, soda tax, sales tax, property tax and school tax. Business is dead. New York City is dead. Brooklyn is dead. Park Slope is a slope alright, a downhill slope. The office occupancy rate in New York City is still at 14%. All the businesses that depend on commuters are gone, and this isn’t coming back.”
Bill Holter’s Commentary
Some history for those who believe it matters…
Central Banking As An Engine Of Corruption
April 3, 2021
Thomas J. DiLorenzo
Much has been written about the famous debate between Thomas Jefferson and Alexander Hamilton over the constitutionality of America’s first central bank, the Bank of the United States (BUS). This was where Jefferson, as secretary of state, enunciated his “strict constructionist” view of the Constitution, making his case to President George Washington that since a central bank was not one of the powers specifically delegated by the states to the central government, and since the idea was explicitly rejected by the constitutional convention, a central bank is unconstitutional.
Treasury Secretary Alexander Hamilton notoriously responded by inventing the notion of “implied” as opposed to enumerated powers of the Constitution.
George Washington signed legislation creating the BUS not because of the strength of Hamilton’s argument but because of a shady political deal. The nation’s capital was being relocated from New York to Virginia, and Washington wanted the border of the new District of Columbia to abut his property at Mount Vernon. In return for a redrawing of the district’s border, Washington signed the Federalist’s legislation creating the BUS.
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Renowned radio host, filmmaker and book author, Steve Quayle, contends the evil elite have long warned about drastically reducing the global population. They even carved it into the infamous Georgia Guide Stones. It says the world should be comprised of only a half billion people, not the 7.9 billion living on the planet today. Quayle says the Covid-19 (CV-19) vaccines are part of the plan to kill off a stunningly large part of humanity. Quayle explains, “The bottom line is we are talking about the depopulation in the United States and the rest of the world in the order of 7.4 billion people. The population on earth right now is around 7.9 billion people. The question for the elite globalists that erected the Georgia Guide Stones is how are all those people going to die? That’s what I believe is happing right now. The globalists are initiating their ‘extinction protocols.’ This is why they would not settle for Ivermectin, Hydroxychloroquine (HCQ), zinc, vitamin D, Z-Pack and etcetera. (These are medically proven safe and effective ways to treat CV-19.) This did not fit the depopulation agenda. The lies on the narrative of the whole Covid-19 . . . bio weapon, the deaths will be eclipsed by the vaccinations. I don’t use the word vaccination because by the classic definition of vaccination, it does not fit. This is an injection of a DNA altering mutagenic substance using ‘messenger’ RNA. . . . The global depopulation is underway. We have so many events taking place in the purported vaccine. Women who are pregnant, who should not be taking vaccines, are reporting miscarriages. Little children are having obscene reactions, and now it’s come out that it is absolutely sterilizing the children. Sterilization of the planet goes right along with the ‘extinction protocols.’”
Bill Holter’s Commentary
As the saying goes…”you have been warned!”
Feds Warn Mortgage Firms: “Tidal Wave Of Distress” Coming As Forbearance Programs Set To Lapse
April 3, 2021
The Consumer Financial Protection Bureau (CFPB) warned mortgage firms Thursday “to take all necessary steps now to prevent a wave of avoidable foreclosures this fall.”
As of March 30, approximately 2.54 million homeowners remain in forbearance or about 4.8% of all mortgages, according to the latest data from Black Knight’s McDash Flash Forbearance Tracker.
Visuals for you from down under.