15 votes

Gold: Force Majeure (Tick Tock)

The Feds have abandoned any effort to keep the paper price in line with the physical price. They are purposely breaking the link between paper and physical for one purpose and one purpose only:

When the vaults run out and Force Majeure is declared, all paper contracts will be cash settled at the fake, manipulated, driven down, low balled, paper price.

People who think that they own Gold, but do not posses it, will be forced to settle with freshly printed $$ at the fake low ball price.

JP Morgan and Comex are rapidly running out of Gold in their vaults.

At the current pace, the world’s biggest gold vault located below 1 CMP, and just next to the Fed’s own gold vault, will be empty in about 1.5-2 months.

The Comex vault is emptying at a similarly alarming rate:

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winner, winner....chicken

winner, winner....chicken dinner.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

Please help me understand this.

I own, at least I think I do, gold and silver coins through an IRA account with Fidelity. I pay a little fee every year to have them "stored." Can someone please tell me if that means that I really do own them? Or is this the same as paper gold and silver. Please please enlighten me. I find all of this so confusing.

Government clocks would sell you "Daylight Savings Time."

Banks run on "Daylight Savings Time" too. Is anything really saved? What if it were left to clocks to be measures of time, not governments nor their laws?

What if it were left to gold & silver to be measures of money, not bankers nor their accounts?

Use clocks to measure time. Use scales to weigh metal. Keep government agents & bankers off your clock & scale. Off you back too.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

If you don't hold it, you

If you don't hold it, you don't own it.

what The Bull Lion said.

what The Bull Lion said.

“Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy.”
― Ron Paul

Gold (1933) & Silver (1965) Savings Time: Please reset your year

Califrnia Gold Rush! Eureka! Ain't no time to lose! Ain't no savings in pretend breaking news about ticking clocks. Ain't no time saved by what the government insists is legally, "Daylight Savings Time." USA coinage made of gold (1933) & silver (1965) traded well above government mandated prices as there was nary a coin to be held at the government denominated price. Mandates be damned. Price is what individuals are willing to pay. Always was. Always we will.

Reset your calendar to see what was. Ask someone else to see what will be. Don't be fooled by your government pricing your things. Not their business. Tenders set price of what they seek to buy & sell. You have your own.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

SteveMT's picture

Also, the gold price decrease is not really a decrease.

The premiums are increasing as the gold price decreases. They will make the most of this scam while we can. After this gold depletion is completed, the fun really begins.

Ding! Ding! Ding! We have a winner!!!!!!!!

Right you are Steve
Gold premiums jump as physical demand outstrips supply

Wed Jun 26, 2013 8:02pm IST

(Reuters) - Gold premiums doubled in India on Wednesday as suppliers struggled to meet surging demand after a ban on consignment imports, but futures prices fell to their lowest in more than a month as international gold prices fell due to a strong dollar.

India, the world's biggest buyer of gold, now requires importers to pay upfront for inventory, making it difficult for smaller jewellers with lower working capital to source supplies. The government also raised the import duty to 8 percent in May to keep a lid on the surging current account deficit.

"There may be some demand from jewellers for raw material," said Bachhraj Bamalwa, former chairman of All India Gems and Jewellery Trade Federation, adding that premiums charged on London prices shot to $20 an ounce on Wednesday from $8-$10 on Tuesday.

Most of the supplies are being met by privately held trading houses and state-run agencies such as Metals and Minerals Trading Corp of India Ltd (MMTC.NS), State Trading Corp (STCI.NS), and PEC Ltd through their imports in April and early May as banks await guidelines from the central bank on outright cash purchases.

"We are unable to supply, though there is demand ... we give deliveries after 2-3 days," said Harshad Ajmera, proprietor of wholesaler JJ Gold House in Kolkata.

dacharlie's picture

Where is the COMEX gold going?

If what zerohedge says is correct who is buying the vaulted gold and where are they being delivered to? Personal vaults of the bankers? It will be interesting to find out who are the sellers and buyers in this mess as it's getting confusing here. Can some one explain the basic rules regarding electronically traded gold?
So if the same people or corporations are shorting gold and buying at the same time, how do they reconcile that?

So where does this leave the mines?

Watching the mining stocks, I see they're down more than 60% from their '11 peaks and falling fast. I would like to know how every mine is being controlled to not increase its supply when people are fighting over purchasing physical in most non-western countries.

I'm agreeing with the other users response to this, but...

Since, you'd like to know how every mine can be controlled, i'll give you my guess as to how... "ultimatums". ;)

I use Blue Wave, but don't expect one of THEIR silly taglines.


Mines can stockpile or just furlough operations until the physical market returns (with a vengeance). Tick Tock