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The propaganda has turned openly laughable. On the
popular major financial news networks, the recent decline in the
so-called Gold price has prompted quite the parade of clowns on the ship
of fools to trumpet nonsense. The widely published and posted Gold
price is dominated by futures contracts, and thus as corrupted as
meaningless. The entire global financial structure is crumbling before
our eyes. The gang of central bankers has applied their monetary policy
for four and a half years since the implosion of Lehman, Fannie Mae, and
AIG. The first is dead, while the second has transformed into a
sanctioned subprime lender again, and the latter is a sinkhole. The
deceptive messages are shrill, acute, and motivated from desperation.
The West cannot solve its problems, hardly properly described as a
financial crisis anymore, under the current framework bound to the fiat
paper currencies. The global monetary war is heating up notably. The
heavy liquidity has caused unfixable distortions in every conceivable
bond market niche. The new and better debt devices have been exposed for
their shams. The leading central bankers lost their credibility long
ago. The weakness is as broad as it is deep, a reliance upon paper
wealth and paper structures and paper contracts, during a time of zero
bound interest rates and unfettered hyper monetary inflation to cover
the debts. Almost no foreign USTreasury Bond buyers exist anymore. The
US has become Weimar Amerika, a fascist enclave.
More
than a crisis, it is more accurately described as a collapse of a
corrupt inequitable monetary system, and a desperate defense by the
major Western bankers to preserve their power over nations and their
governments, alongside a vile vicious violent attempt
by the United States to maintain its privilege as owner of the vast
USDollar counterfeit machinery, as controller of vast banking pillars of
paper columns, and as commander of a vast military. Leave as a footnote
the massive blossom of financial crime, well known to students of
fascist business models. The list of US leaders with Vatican slush fund
bank accounts is long. The list of big US banks under lawsuit or
investigation is long. The prosecution cases against big US banks tossed
under the rug for past multi-$billion frauds is long. The list of big
US banks caught in narcotics money laundering is long, each punished by
roughly 1/30-th of a penny per dollar involved. The list of regulator
cases that run interminably against big US banks without any action for
chronic commodity violations is long. The list of defense contractor
fraud and appropriation violations is long, none even prosecuted. The
United States has earned a reputation as a lawless land in the eyes of a
great many nations and corporations with multi-national reach. The
global shun has not just begun, it is well along. Case in point. In
Tokyo, Ireland, and Toronto, the US$100 bill is routinely rejected by
banks for deposits under the pretext of broad counterfeit. Also, Amazon
checks are rejected in Italy and Germany for deposits.
TWIN TOWERS BUILT OF BUBBLES
The
asset bubbles that require better focus are the US stock market and the
USTreasury Bond market. Each has run close to its limit on bubble
power, no longer operating as buoyant or of reliable viscosity. The
stock and bond markets suffer from a Weimar dependence, as Reich Finance
has quietly woven into the entire US bond and monetary fabric. In
numerous previous articles bearing the Hat Trick Letter brand,
discussions and evidence have been produced that demonstrate a heavy
dependence upon the Interest Rate Swap derivative contract for keeping
the long-term USTBond yields low. There is no conceivable flight to
safety, a fascist battle cry ripe with propaganda and disinformation,
intended to support the US$-based financial structures. With new supply
from USGovt debt pouring onto the table, with rollover of matured USGovt
debt pouring on the table, with absent foreign buyers of USTBonds
exiting the same table, with unresolved $1 trillion debt festering
without political solution sitting on the table, the long-term USTBond
yields should be over 7% and truly near 10%, since the United States is Greece times one hundred.
So naturally the Interest Rate Swap derivative must be relied upon to
keep US interest rates low. The USTBond asset bubble is the final bubble
before the USGovt debt default and the global rejection of the USDollar
itself. Gold serves as a strong viable reliable protection against the
USTBond asset bubble. Hence the propaganda directed against Gold by the
official media. The powers that be are scared, since the system is
collapsing beneath their feet. Or as my great gold trader source likes
to say, they are shoveling feces from under their feet.
The
US stock market is more an open sore with pus, since the USEconomy is
plagued by a powerful recession better described as a deepening
depression in its middle stages. The Dow and S&P500 stock indexes
are pushing record highs at a time when the many sectors of the
USEconomy all uniformly in reverse, all suffering, all cutting jobs, all
experiencing distress to profit margins. No better evidence exists of Weimar dependence than an economy in depression while major stock indexes register record highs.
Roll out the electronic wheel barrows. The dissonance is loud and
clear. Even the public is displaying signs of cognitive dissonance, a
remarkable and new phenomenon. They smell a rotten market held up by
false pillars. The Working Group for Financial Markets operates under
the cover of the Exchange Stabilization Fund, run by the vast expanse of
the USDept Treasury. The primary activities of a department named with
treasury in the title are to manage multi-$trillion debt and to rig the
financial markets. Witness Reich Finance. In 2010 and 2011, the big
factor exposed was flash trading, the hyper-active algorithms that
comprised over 80% of NYSE stock volume in trades. The private retail
investor has largely vanished. In 2012 and 2013, the big factor to be
exposed has been USGovt secretive support for stocks, with direct lines
from the US Federal Reserve. If and when, unless and until the US stock
market falters badly, the US population will be stirred and motivated
for action, as the people object to lost wealth, phony wealth, and
newfound poverty. They will pursue Gold & Silver in new regiments
and armies.
REICH CLAIM OF GOLD BULL MARKET END
A
few years ago, the personal response was often anger at deceptive
stories promulgated on the mainstream financial news networks. They are
less news nowadays, more Wall Street and USGovt promotional platforms
with a public address speaker system. No longer is the reaction laced
with anger and outbursts at the television set. Instead, the personal
response has turned into laughter and amusement. This week, after
profound declines in the corrupted paper Gold & Silver prices, the
Bloomberg and CNBC paid shills have actually stated that the gold market
has suffered a tarnish, that the gold bull is likely dead. They
state their three well researched reasons, which deepened the laughter
and heightened the amusement. They repeated their segments with shill
message. Their harlots spoke without breaking a smile or revealing their
obvious compromise in integrity.
The Reich Finance motivated media maven talking heads stated that 1) other asset classes are better performing than Gold.
What plain rubbish! This might be true for COMEX gold and for mining
stocks. Obviously, if the USDept Treasury with the ESFund and the USFed
with its channels through JPMorgan offices support the stocks and bonds,
then all other asset classes not Reich sanctioned will appear to be
worth less. However, the truly worthless assets are those stocks and
bonds supported by the printing press with Weimar nameplate. Remove the
props for stocks and bonds, and remove the suppression for Gold &
Silver, and the major stocks would drop 30% in 30 days, and major bond
yields would rise to 5% in 30 days, and the Gold price would rise 30% in
30 days, and the Silver price would rise 50% in 30 days. Reich Finance
sponsors major Dow stocks and USTreasury Bonds with corrupted money and
unending propaganda messages. Both are at nosebleed levels, far in
excess of true value.
The Reich Finance motivated media maven talking heads stated that 2) improved economic data divert investments away from Gold.
What plain rubbish! The national Gross Domestic Product flirted with 0%
in Q4, even after lifted by the typical routine 5% to 6% adjustment
lie. The USEconomy has been stuck in a powerful recession of at least 4%
to 5% decline each year since 2008, with no sign of escape. Each 1% lie
on price inflation translates to a 1% lie on growth. Americans have
been so bombarded by economic mumbo jumbo garbage, that they no longer
know what inflation is anymore. Numerous measures reflect distress and
backsliding in the national economy, from the broad ISM indexes
(manufacturing, service) to the numerous Fed business indexes (like
Philly Fed, Empire Fed, Richmond Fed, etc) to the sector indexes (like
retail, banking, home sales, etc). For several years the aggregate data
pushed out by the USGovt office elves has been in conflict with the
components that comprise the aggregate. In other words, the majority of
retailers publish distress signals, while the USGovt stat rat clowns
post national retail growth figures. The whole does not equate to the
sum of the parts. Even the supply chain shows direct signs of
interruption, long a Jackass forecast which has finally begun to show
itself. See the Wal-Mart shelves, and the Apple inventory. It could be
China at work.
The Reich Finance motivated media maven talking heads stated that 3) lower consumer price inflation has undercut the Gold demand as a hedge.
What plain rubbish! My focus has been directed to Shadow Govt
Statistics to note the very consistent CPI rate between 8% and 11% for
each of the last several years. They produce defensible reliable factual
estimates on a variety of economic statistics, free from bias, which
for a trained statistical analyst is very easy to identify. With the
nonsensical CPI claimed at 2% to 3% in managed style by the USGovt
clowns, the inflation lie has been a steady 5% to 6%, in conservative
terms. Ironically, of the many people contacted over the years who
invest in the acceptable US stock sectors like technology or media or
retail or banking, they tell me that they do not believe the USGovt
published statistics on CPI (inflation) or GDP (economic growth). When
pressed on their justification for stock investments therefore, they all
say the same thing. These statistics are all they have to work with,
everybody reacts to the same statistics, and it is all ok. When informed
about Shadow Govt Statistics, many enlightened have heard of them but
do not act on their information.
MOTIVE FOR GOLD INVESTMENT
The
motives for buying Gold are growing with each turn of the season, and
each crumbling platform. The reasons are many and should be listed in
outline form for emphasis. The most important motives are:
1)The major central banks are printing new money with utter abandon.
The USFed admits to expanding the USDollar supply for USTBond and
USAgency Mortgage purchases at the tune of $80 per month. In January
alone, the USFed poured $1.2 trillion into the big European banks,
through the Euro Central Bank channels. The USDollar debasement
initiatives do not lift Gold price so much as they undermine the major
currencies in unison relative to Gold. The effect is to shine a bright
light on Gold for its legitimacy.
2)The major central banks are engaged in Competing Currency War in open style,
with major nations participating. They are justifying their actions, as
to preserve their export trades. They are rendering damage to other
nations which attempt to hedge their outsized reserves. The victim is
global trade, in a steady relentless decline. The competitive
devaluations are deeply damaging to both trade and the trust behind the
fiat paper currencies themselves. The war debases all major currencies,
and lifts the integrity of Gold.
3)The major banks in the United States, England, and Western Europe are insolvent,
almost without exception. Since April 2009, the United States blessed
the corrupt accounting via a Congressional bill that endorsed a plan by
the gutless Financial Accounting Standards Board. They declared any big
US bank can dictate the value of their assets on balance sheets, even
using original date valuations before market impact, even if no market
exists anymore for the asset. The London banks are busted from property
loans and Southern Europe sovereign debt gone bad, with the LIBOR
scandal adding to their bankrupt image. The European banks are busted,
with heavy reliance upon the property market. The PIIGS nations have
actually suffered added damage from the goony loony Euro Central Bank
LTRO bonds which acted like large grenades. With major banks no longer
serving as a strong physical foundation for the Western monetary system,
the flight to Gold continues in a brisk pace. The big banks will soon
buy Gold by the truck load.
4)The
sovereign bonds of Southern Europe have recently been joined by UKGilts
and USTBonds as impaired bonds with little or no global demand. The
Anglo-American bond game has seen its jig up. The PIIGS bonds are
supported by extreme Euro Central Bank efforts. The USTBonds are
supported by extreme USFed efforts. The Japanese are openly selling
their own JapGovtBonds, the opposite. All sovereign bonds are in effect supported by the Weimar engines of phony money
and burned oil, complete with hissing sounds from the great strain. The
collection of sovereign bonds serves as Nemesis to Gold. With the lost
prestige and lost squeaky clean AAA ratings, as the debt downgrade
parade continues, the effect is to lift Gold demand. The race is on
whether the USTBond or UKGilt will be downgraded next. Maybe both at
same time!
5)The negative real rate of interest continues to serve as the primary cylinder to the Gold Bull Express Locomotive.
Interest rate paid to savers is abysmal and low. The standard 2%
certificate of deposit is an embarrassment to attract savers and their
capital. The official USTreasury Bonds offer roughly 2% and 3% on the
10-year and 30-year vehicle in commitment. This is woefully inadequate.
The CPI is over 7% in conservative terms, resulting in a loss of at
least 4% per year to savers. The real rate has been negative since 2003
and will continue to be negative for years to come, at least until the
USGovt debt default. Gold demand is in lockstep with negative real
interest rates.
6)All paper wealth is crumbling and eroding in value.
The global financial crisis, better described as a global monetary war
to preserve the fiat paper currencies led by the USDollar, has resulted
in colossal damage to home equity, commercial property, mortgage bonds,
junk bonds, secondary stocks, shipping vessels, even some collectible
art. Stocks and bonds are turning worthless, despite their bubbly prices
posted, since they are supported by artificial corrupted means. The
proof is absent legitimate buyers. Mining stocks have been in deep
trouble for four to five years, due to share dilution, rising costs,
difficult deposits, resource nationalism, and labor strikes. Add to
their troubles the shortage of engineers, and Wall Street mining stock
index suppression, alongside spread trades to support the largest miners
(old guard of forward sellers and corrupt players). As paper wealth
continues to crumble and vanish, the tangible assets like crude oil,
farmland, and Gold rise in demand.
7)Absence of reliable inventory in the COMEX.
The shuffling games have reached extreme levels. Silver supply is
shuttled daily from the old vaults in Basel, London, and the Roman
Catacombs. The raids done on the handy Exchange Traded Funds have been
regular and frequent, as GLD vaults and SLV vaults are the object of the
grabs. They act like Wall Street and London bullion central banks for
the privileged corrupted big banks to draw upon, and thus show the price
discount to the spot Gold price (signal of widespread corrupt shorting
practices). The COMEX will someday shut down, from lack of inventory and
lack of clients. The true Gold price will be revealed when the giant
crime scene is shut down.
8)Neither Russia nor China sells any of its gold output on the global market.
They are each a leader in gold mining output. The largest mining firms
in South Africa, which as global leaders supplied a tremendous volume
for decades, are the victims of marxist nitwits who have systematically
been destroying the national cash cow with higher taxation and wrecked
electricity grid. The gold shortage grows acute, as a result.
9)The large New York and London banks are being gradually drained of their gold bullion.
From March to August, an astonishing 6000 metric tons were removed from
London alone by large powerful Eastern entities. Many of the
transactions were conducted off-market, with extreme force applied and
duress felt amidst leverage. The players received no press attention,
but the activity was reported to the Jackass by a broker participating
in the process. The shortage of Gold within the power centers will
result eventually in a Gold default among the banks. The Gold price will
be jettisoned higher by an order of magnitude.
10)The gold accounting practices are steeped with fraud.
The central banks lease out gold, but the party leasing the gold
reports it in accounting, and the central banks report it in accounting.
The JPMorgan gold vaults reside alongside the New York Fed gold vaults,
where perhaps the double counting is doubled once more in overlap,
making for quadruple counting. The gold held in inventory is much lower
than reported. The Russian and Chinese gold reserves are at least three
times higher than reported, possibly five times higher. Then the Congo
gold trade, as in smuggling, accounts for 1000 metric tons on no ledger
sheet. The Gold supply is far lower than reported in the West, and much
higher in the East. The price mechanisms are controlled in the West. The
true Gold price will reflect the true gold inventory. The East will
force it.
11)The Allocated Gold Account scandal is fast gaining attention.
It will see a climax in the German official account demand for
repatriation. Numerous class action lawsuits totaling in the $billions
are underway in Switzerland for massive abuse. The plaintiffs in my view
are forced to sign non-disclosure agreements in order to proceed. The
pillage of private Gold accounts is gaining attention at the lower
levels. The abuse of official national Gold accounts like from Germany,
Austria, Netherlands, Venezuela, Ecuador, and Ghana have come into view.
Again, the true Gold price will reflect the true gold inventory. Libya
was liberated last year (of its 144 tons in London, that is) to
compensate for London bank shortages in gold.
12)The new Gold Trade Finance system is coming into view.
The Iran sanctions galvanized the development of alternative methods
for non-USDollar trade settlement among Eastern nations. Iran has many
trade partners, a situation that has remained firm for a few thousand
years. As Turkey and India continue to step forward as gold intermediary
agents, with banks and commercial entities providing the service, watch
the Gold Trade flourish. Their channels could very likely converge with
the numerous Chinese Yuan Swap facilities in place, which started the
non-US$ trade practice years ago. Gold will sit at the core (along with
Silver and Platinum) in the gold trade notes and settlement system.
RAMPANT GLD FUND INVENTORY RAIDS
The
GLD exchange traded fund is undergoing big changes, with sudden
reduction in its gold inventory. Giant raids are being executed by the
big US banks. They struggle mightily to meet demand and to prevent a
price spike that would result from a default. The news story is simple,
but the meaning is enormously significant. The story is perfect for
distortion by the propaganda trumpets on the mainstream financial media,
which have no motive to report correctly on the details. The Gold
holdings in the SPDR Gold Trust, with trading symbol GLD, remain the
biggest Exchange Traded Fund backed by bullion in the world. It is also
the most corrupt, whose custodians designed it for easy gold bar
inventory raids by the big US banks. The GLD gold bar inventory decreased 3.02 metric tons to 1323 tons as of February 14th, the lowest level since early October.
The mainstream news story stops short of asking the natural follow-up
question of where the physical gold bars went, where the delivery was
directed, and who is the buyer might be. The simple fact is stark and
ugly: no buyer is involved. It is a basic high volume raid. The
big US banks short the GLD shares and arrive to pick up the three tons
of physical gold bars in armored trucks. The dimwitted sheeple who
invest in the GLD fund have their gold leased and borrowed like stock
certificates right under their sleepy noses. Someday the ETFund will be
drained dry of gold bars, its investors left dumbfounded. The GLD share price discount to the spot Gold price is the hint of abuse via rampant shorting.
My hope is soon a GLD discount to spot Gold price becomes much bigger
and is posted publicly, even debated. The big raid of gold bars, easily
enabled, makes possible the defense of the Gold price. The massive rise
in investment demand is met by massive raids of the corrupted GLD gold
fund, in balance. In the process, the gold price looks tame, calm, and
unaltered.
The financial news talking heads and very
attractive strumpets and supposed expert guests talk about Gold being
the trade on fear. What utter nonsense! Gold is the trade against
monetary inflation gone out of control, the plethora of toxic sovereign
AAA bonds, the broken insolvent banks, and the economies subjected to
fierce attack on capital from a rising cost structure.
GLOBAL DEMAND
The
Chinese gold imports from Hong Kong continue in a storm surge flow
without interruption. The annual data is impressive, as imports to China
almost doubled in the last year. The constant controlled price by the
Western shamans combines with rising Chinese domestic income to enable a
brisk Gold business in bars, coins, and scrap. Every month, huge gold
imports flow to China from Hong Kong on a consistent basis. The
annual data is out for 2012. It showed a surge of 94% in increased
import of gold bars, coins, and scrap. The 2012 total was 834,502
kilograms, versus a total of 431,215 kilograms in 2011. The imports
for December alone were an impressive 114,405 kilograms (=114.4 metric
tons), according to the Hong Kong Census & Statistics Dept. The jump
even for a single month was solid, as imports were 90,764 kilograms in
November. That comes to a 12.6% monthly sequential gain for the final
month of the year (not annualized). Income growth within China is
significant enough to enable China to displace India as the world's
biggest gold consumer. Their demand has grown markedly for copper,
energy, and farm commodities also.
Furthermore, a
very odd red herring appeared in the Q4 trade deficit report issued by
the USGovt. It appeared as a bulging line item, with industrial supplies
as the heading, which showed a big jump. It is led by non-monetary gold
being exported, mostly to Hong Kong. The Hat Trick Letter reveals more
information on the odd story, within the Gold & Currency Report. On
its face, it looks like the Chinese might be demanding gold bullion to
finance the US trade gap, and the USGovt is concealing this fact. Some
gold refiners might be involved, which would account for the
non-monetary gold label.
Lastly, the fast rise in
minted Gold & Silver coin demand has become a major global story.
Somehow the mainstream harlots like Bloomberg and CNBC neglect to
mention the record setting demand for coins by the USMint, the Canadian Royal Mint, and elsewhere
like for the Austrian Philharmonics and the Chinese Pandas. Details on
coin sales also are provided with analysis in the February Gold report
for the Hat Trick Letter subscribers. One should know that large
investors are pursuing large supplies of Gold bars and Silver bars. The
market in volume in several parts of the world is extremely tight with
low inventory supply. My best source reports that in certain world
market centers, for authenticated large volume sales in the
multi-$millions, the Gold price is near $2000 per oz and the Silver
price is near $40 per oz. The divergence between real physical markets
and the COMEX corrupted market is growing. A point of proof is the fast
rising price premium on Silver Eagle 1-oz coins. So the USGovt itself,
through the USMint, reveals how the true Silver price is much higher.
Another story not reported by the compromised lapdog servile financial
press.
ZERO BOUND RATES & LETHAL SOLUTIONS
It
bears repeating, that the US Federal Reserve is stuck in the zero bound
corner. Raising interest rates would cause severe problems, if not
systemic breakdown, and rapidly. The USFed under Chairman Bernanke is
bluffing with an empty hand, in almost a laughable pathetic way. They
are out of options, out of alternatives, and out of weapons. They have
lost all credibility and have forfeited their prestige. Worse, by
guaranteeing ultra-low interest rates until the labor market improves
through yearend 2015, the hapless USFed assures a systemic failure for
the United States. They assure the breakdown because low rates near
0% raise the cost structure, reduce profit margins, shut down business
segments, and actually result in widespread job cuts. The Zero Bound
kills capital, in a land that has forgotten what capitalism is.
The consequences of rate hike in any exit strategy would be felt in the following ways:
a)Raise
borrowing costs to finance the USGovt deficit, and possibly force those
costs to rival the bulging endless war costs. A $700 to $800 billion
borrowing cost line item might be considered low. Rate hikes are totally
out of the question.
b)The
USFed would torpedo their best clients that accepted low-cost loans
according to the Dollar Swap Facility. The total bestowed upon European
banks alone is well over $3 trillion from the ample supply in 2011, plus
the recent huge round. The biggest Western banks would be ruined in a
matter of a couple months. Rate hikes are absurd on their face.
c)The
USEconomy would be forced to contend with higher consumer borrowing
costs for cars, homes, boats, and more, while businesses would be
dealing with higher borrowing costs for trucks, communications
equipment, and machinery. Rate hikes are not even remotely likely.
d)The
US Housing market would be forced to enter a recognized depression,
instead of the false recovery. This market cannot recover effectively
with sub-4% mortgage rates and subprime lending, courtesy of the USGovt
agencies like the FHA. Rate hikes are not going to happen, period.
e)The
big US banks would see their USTBond carry trade ruined. It is their
primary source of profit, certainly not commercial lending or investment
banking. The big US banks borrow at near 0% and invest in 2% or 3%
long-dated USTBonds. Higher rates would force them to sell the long-term
USTreasury Bonds, and thus exacerbate any exit strategy by the cornered
USFed. Rate hikes would be blocked before they happen.
f)The
interest rate derivatives would cause a nuclear event. The JPMorgan
interest rate derivative collection is over $72 trillion in notional
value. If Interest Rate Swap contracts have been keeping the long-term
rates under 3% for two years in steroid driven activity in hidden rooms,
then their unwind would cause the long-term USTBond yields to rise
toward Greek levels, and far past Spanish and Italian levels. Thus the
label of a nuclear event. Rate hikes would cause a decade of darkness.
The
other solutions like the numerous liquidity facilities by the USFed,
the Dollar Swap Facility for the benefit of European banks, the vacant
Long-Term Refinance Operation bonds by the Draghi Euro Central Bank, the
toxic bond redemptions, the deliveries of toxic paper onto the Fannie
Mae doorstep, these are all pathetic central bank exercises that solve
nothing. They fail to address the grotesque insolvency of the big
Western banks, the rampant deficits of the Western governments, and the
internal insolvencies within the many Western economies.
NEW GOLD TRADE SYSTEM
A
new trade settlement system is coming, which works around the toxic
USDollar. While the United States slips inexorably into the Third World,
with several key traits already showing in glaring style, the rest of
the world will follow the Eastern lead. The Chinese and Russians will
show the way, with a hidden German hand, as the trade settlement is to
be conducted with Gold Trade Notes based upon a core of gold, silver,
and platinum. If nations wish to be benefit from supply routes, they
must acquire the Gold Trade Notes. The entire system is ready for
implementation, sure to shock the New York and London paper traders in
the empty temples. The paper IOU rubbish will no longer be accepted.
Great changes cometh, in a grand Paradigm Shift.
For
over two decades, trade has been dominated by the USDollar in
settlement, led by the crude oil sales by OPEC. It defined the
Petro-Dollar and the Grand Surplus Recycle. Those ways are being
gradually pushed aside. As trade is settled increasingly outside the
USDollar, led by Eastern nations, the entire global banking structures
will shed their USTreasury Bonds no longer required. Once again, in a
more natural order, the trade will dictate the banking reserve
practices. The banks will accumulate Gold bullion, diversify out of
USTBonds (even USAgency Mortgage Bonds), and begin to act like real
banks again instead of toxic paper factories and obscene derivative
casinos. The Jackass does not discuss the corrupted COMEX paper gold
price any longer. It does not deserve the attention, nor the respect,
nor a capital "G" in the name. Shocking events are coming, like
earthquakes and tsunamis to foster change. The United States will be
largely left behind as valid physical Gold takes center stage in the
global financial system, the trade settlement system, and the banking
system. The next important new bankers will be those in physical
possession of Gold bullion without encumbrance of counter-party, like
the Sprott Fund, like bullion banks that do not cooperate with the
diabolical New York and London banks.
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