wednesday2
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Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District
It is one thing for tungsten-filled gold bars to appear in the UK, or in Germany: after all out of sight, and across the Atlantic, certainly must mean out of mind, and out of the safe. However, when a 10 ounce 999.9 gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux (PAMP, with owner MTP) and a serial number (serial #038892, likely rehypothecated in at least 10 gold ETFs across the world but that's a different story), mysteriously emerges in the heart of the world's jewerly district located on 47th street in Manhattan, things get real quick. Moments ago, Myfoxny reported that a 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit. The discovery was made by the dealer Ibrahim Fadl, who bought the PAMP bar in question from a merchant who has sold him real gold before. "But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold. The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce." -
Your favorite topic Dr. B.
SRSROCCO WEIGHS IS ON YAMASHITA’S TREASURE/DRAGON FAMILY GOLD CONSPIRACIESI at times have wondered just how much gold there is in the world. I have read some of these articles and reports of the so-called hidden huge hoards of gold.
The legends of Yamashita’s gold discovered in the Philippines by General MacArthur’s Chief of Intelligence claim the treasure weighs in at over 300,000 metric tons of gold.
While these conspiracies sound nice on paper… if we look at the historical gold-silver ratio of production, we may find some answers.
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More from Mr. Mortgage Mark Hanson:
8-28 On Case-Shiller House Price Reality (No Mainstream Spin)by MARK on AUGUST 28, 2012
Summary
When…
1) rates drop by 30% YoY allowing the 70% of buyers who use a mortgage to ‘pay’ 15% more for a house on the same monthly payment;
2) foreclosures as a percentage of total sales drop 25% YoY lifting the “median” sale price:
3) and you comp YoY against a stimulus hangover year;
…”prices paid” will ‘rise’ and ‘comps’ will look great. But the benefits of stimulus and easy comps will soon turn into headwinds and difficult comps, which is exactly what happened in 2011 following the year+ long home buyer tax credit stimulus pump of 2009/10. Once again, people are mistaking stimulus for durable fundamentals, which has been a consistent problem since housing’s first dead cat bounce on QE in 2009.
This morning Case-Shiller revealed one of the most known known’s in housing; that from 7 to 5 months ago (from Feb to April 2012) the price at which people ‘contracted’ to ‘pay’ for houses increased at the median YoY by ~1% from the severe hangover period from Feb to April 2011 when rates were 150-bps higher and foreclosures as a percentage of total sales 33% greater. Feb through April escrows with 30 to 60 closing periods would have closed from April through June and are now being reported at the end of August as something meaningful. It’s incredible really.
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KWN:
"Today King World News is reporting on the stunning developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that in the metals markets, “... we’ve had a huge amount of short covering.” Norcini also stated, “Those shorts got hit hard this week, and a lot of them ran for the exits. These guys got caught with their pants down.”
Hmm.
Why don't they talk about something more important, like:
GLD/ Gold has run up to an important Resistance level, and will need Fresh Buying to punch through it
GLD ... update
KWN is heavily biased (as a Bull)
They always give the Bullish news, and you don't here about the Bearish parts of the story until AFTERWARDS, when the price is lower, and they are trying to talk it back up again.
Is that type of "news" really helpful?
On GEI I try to do better, and talk about things that will move the market BEFORE the move occurs.
Agree about KWN. But Dan Norcini is pretty straight up, bull market or bear. He's very technical. He's got a blog somewhere I haven't read in awhile.
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Whomever bought it from the CB's might lease it.
Or more gold miners could sell forward Gold
Unless the CB's want it back. Another KWN interview with Dan Norcini:
Today King World News is reporting on the stunning developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that in the metals markets, “... we’ve had a huge amount of short covering.” Norcini also stated, “Those shorts got hit hard this week, and a lot of them ran for the exits. These guys got caught with their pants down.”Just weeks ago, on July 28th, Norcini correctly predicted in his KWN interview that there would be a huge move in silver, “if they (hedge funds shorts) get caught on the wrong side of that market ... because all of those shorts are going to head to the exits at the same time.” It has unfolded exactly as Norcini predicted, much to the dismay of the hedge fund shorts.
The acclaimed trader discussed hedge fund problems in both the gold and silver markets, but first, Bill Haynes, President of CMI Gold & Silver, had this to say about what is taking place: “Eric, it (the correction) looks like it’s over. We had a big run-up in gold and silver, a price correction, and we’ve had a period of basing now for a year and a half.”
Bill Haynes continues:
“Both of the metals are moving to the upside. It’s sort of like a stealth market, but it looks like it’s launching itself higher. Before we draw back in the people who were buying a year and a half ago, we are going to have to see new highs on gold, and we are going to have to see silver in the $40s.
But we’re going to see these prices start moving higher because there is greater awareness, worldwide, of the dire circumstances regarding the world’s financial situation.....
Haynes also added: “He (Eric Sprott in his KWN interview) is talking about 6,500 tons of demand (for gold) annually, and there’s only about 4,000 tons of supply. So there is 2,500 tons being leased (from Western central banks to make up for the shortfall).
So people are not left in a vacuum about what 6,500 tons, 4,000 tons, 2,500 tons means, the US government claims to only own 8,133 tons of gold. We know that the US gold holdings have not been audited since the Eisenhower Administration, which begs the question, has any of that gold been leased?
But 2,500 tons, we’re now talking about a little over 3 years (using up the entire US gold hoard) of covering that 2,500 ton (annual) shortfall. So 2,500 tons is a huge number of shortfall in here.
The central banks have been leasing their gold, as Sprott suggests. But what happens when the central banks realize they are not going to get their gold back? The people they leased it to are the bullion houses. The bullion houses then sold it to somebody who wanted physical gold.
The bullion houses, of course, were later going to buy the gold back from another source, and return the gold to the central banks. But what happens when the time comes if there is not enough to go around to return the (gold) to the central banks?
This is going to be an explosive move to the upside. I just do not want to be out of the gold market at this time.”
Norcini noted this major development in the gold and silver markets: “Both of these markets (gold & silver) broke significantly out of those ranges. They did it on good volume, and they did it, surprisingly, when a lot of people really weren’t expecting them to do it. This caught a lot of people napping with the intensity of the move, and the ferocity with which they broke out.
You had a lot of traders in the speculative community, and by that I mean the hedge funds, had taken out some pretty good size short positions in these markets. These guys have been making bearish bets. They’ve been adding shorts.
Those shorts got hit hard this week, and a lot of them ran for the exits, and the rest is history. A lot of the momentum players are now in these markets. That tells us that we should expect, as we move forward, to see dips in price begin to be bought because I think the (computer) algorithms are now in a ‘buy’ mode.
So these guys (shorts) got caught with their pants down, and that’s reflected in this week’s COT report. Even though the COT only goes through Tuesday, we had some pretty big moves the rest of the week, so I expect we had significantly more short covering taking place this week than what’s on that report.
When we look at silver, we had a short position in there, it was one of the larger short positions the hedge funds have had going all the way back for five years. Well that short position has dropped significantly. We’re talking about nearly 17,500 (contracts) shorts that were in there. They’ve dropped that position all the way down to 8,500.
So we’ve had a huge amount of short covering. My guess is another 3,000 to 4,000 (contracts) of those shorts came off after the COT cutoff date. Above $32.50 I think you are going to see a significant amount of short covering occur. If silver can then climb to $35 to $35.50, that’s the last line of defense for these shorts.
You’ll see some very sharp short covering above $35.50, and you’ll see a huge new influx of money coming into silver, which will take it very quickly to $40.
It’s the same thing in gold. You had a large amount of short covering in gold take place, and new longs come into that market as well. Their net long position has jumped about 28,000 (contracts) in one week’s time. That’s a big jump.
They (speculators) are coming back (into gold) with a vengeance. They are coming back in at very low levels of exposure to the long side of the market. There is a lot of room for these guys to come piling into the market. There is potential for a very strong move upward as these funds begin to rebuild their positions on the long side.
If we clear $1,680, you’ll see some short covering above $1,680. But you’ll see a significant amount of short covering, of a panic type nature, if gold goes through $1,700. In other words if gold gets a ‘handle‘ of 17 in front of it, and gold refuses to break back down, the shorts are in trouble and they know it, and you are going to see them come out of there very quickly.”
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Today billionaire Eric Sprott spoke with King World News about one of his frightening predictions, “I always postulated that the financial system would go bankrupt, and it has, save for one thing, it got bailed out.” Sprott, who is Chairman of Sprott Asset Management, also added, “But I don’t think the central planners have a winning hand here. They’re not going to win.”
Sprott then warned, “God knows when we get there (to the end of the current system) what we are all staring at.” But first, here is what he had to say about the last decade: “When I reflect back over the decade, I think I can come almost come up with 2,500 tons of net change in physical demand, in a 4,000 ton market on the supply side, which hasn’t changed in that 12 years, that was in balance 12 years ago. How do these ETF’s get to buy gold? How do these central banks go from sellers to buyers?”
Eric Sprott continues:
“How does China come in and buy 500 tons? How did all of this happen with no increase in the supply of gold? It’s getting more extreme by the day. If I take today’s numbers, I think there’s probably a 2,500 ton shortfall of physical gold. I must conclude that the G6 central banks are continuing to lease their gold into the market.
It’s not called a ‘sale’ because theoretically they still own it (on paper), but it’s been leased to a bullion bank that’s sold it to someone, and it’s not coming back again....
“I am sniffing that there’s going to be a day when those central banks that are leasing it, realize they won’t get it back, are going to put up the sign and say, ‘No mas. We’re not going to sell any more. We’ve lost this game.’ (They will ask themselves) what are we doing here? Why do we keep suppressing the price of gold?
Everyone knows there’s a financial crisis going on. And if they (central banks that have leased out gold) ever try to get it back, they’ll never get it back, and who knows where the price of gold can go, but it can go a long, long way from here.
I argue that there is 6,500 tons of demand and 4,000 tons of supply (each year), and the extra 2,500 tons is coming out of central banks that are leasing it. Imagine if they just stopped leasing it. Who knows where the price would go? You would get such chaos (disorderly upside trading in gold).
I can sense it has a lot of upside here. Total chaos can happen when we all realize that on a sovereign basis, the ‘Emperor has no clothes.’ Who knows how high it’s going to go, but we’re not talking about just hitting a new high above $1,920. We’re looking at much bigger numbers.
I sense big things happening in gold, in a tsunami-like sense, where all of the sudden you get this whole new group of people moving in there. The ownership of precious metals is so small in the world, like 3/4 of 1%. And if you take out guys like Paulson and myself, and others, who are so concentrated in (gold), what does the average guy have in gold? Nobody is there, and none of these pension funds are there.
There have been lots of studies done by prominent thinkers, suggesting gold should be a way more significant part of a portfolio, minimum 2% to 5%. If you want to get a little aggressive (according to the experts) 10%. Well, you and I both know you cannot get that kind of money into gold at these prices. Yes you can, if the price wants to go way up.
There’s a shortage of physical gold already (that’s available for sale at these levels). We have these Ponzi paper markets that hide what’s going on in the physical market, but I can assure you the physical market is well tied together here.”
Sprott also added: “I always postulated that the financial system would go bankrupt, and it has, save for one thing, it got bailed out. But it was bankrupt. So, yes, they’ve deferred it and pushed it out. This has all played out according to script, although people interfered with the script.
They changed all of the rules with things we had never heard of in our lifetimes. But I don’t think the central planners have a winning hand here. They’re not going to win. God knows when we get there (to the end of the current system) what we are all staring at.
There’s only one way to survive it, and that’s to own something that will maintain its value, and certainly gold and silver are on the top of that list.”
Sprott had this to say about silver: “I’ve alway been a believer that it (the gold/silver ratio) will go back to its historic ratio, which is 16/1. If the gold price went to $3,200, that would imply the silver price would go to $200. Well, a move from (the recent low of) $26 to $200, is a hell of a lot better than the move from $1,600 to $3,200.”
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MSNBC (msm, liberal/progressive), right now, is doing a very long segment on returning to the gold standard. Never even heard them mention the word gold before! This is probably very bullish for gold - the fact that it's being introduced to a whole new group of people.
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Stimulus Hangover About to Begin (in the US)
8-22 Housing…The Stimulus Cycle is over. Let the hangover (triple-dip) beginby MARK on AUGUST 22, 2012
Housing saw its stimulus peak in q2. Now for the year+ long hangover / “triple-dip” trade.
Rates, sentiment, and prices – in aggregate — have never been better and YoY comps never easier to beat – comping against a stimulus hangover/double-dip year — and still July Existing Sales was only up 2.3% YoY. For the remainder of the year – and through July 2013 at least — YoY comps will be negative, as last year’s Twist ops and lack of rain/snowfall benefit turn into a headwind.
Bottom line, this year’s housing stimulus cycle (once again mistaken by WallSt, the media and bloggers for a “durable recovery” with “escape velocity”; a full blown “recovery” without ever stopping at the bottom for a while) is now over and the stimulus hangover begins. This is a repeat of the 2009/2010 home buyer tax credit stimulus cycle followed by the 2h’10/1h’11 hangover/double-dip.
The Sad Part About This
The sad part about the upcoming stimulus hangover / “triple-dip” event is that it didn’t have to turn out this way. The Fed did its job. By creating negative real yields and forcing mortgage rates to levels that not only forced first timers in all at once (very much like the tax stim of 2010) but forced institutional investors into rental property investment in search of yield, they created more than ample demand.
But the relentless bank and gov’t foreclosure kicking can kicking – banks in order to kick losses and gov’t to get re-elected – on the 5 to 6 million ”rolling” distressed loans IN ADDITION TO the re-leveraging of 5 to 7 million high-risk legacy loans into higher risk / leverage new-vintage loans (aka loan mods) took away millions of units of supply that would have otherwise been purchased by first timers and investors over the past year.
In short, if foreclosures and short sales had been running at 2+ million a year like they should have been all along house sales would have been 50% to 75% greater this year, “escape velocity” may have been reached, and this would have gone a long way into the ultimate de-leveraging of 20+ million legacy years homeowners that needs to occur before this housing market ever finds a “durable” bottom.
But because it all continues to be about can kicking, housing will go into a ”triple dip” in the next couple of quarters, which will last a couple of quarters at which time rates will be forced under 3% in order to recreate the same conditions that came on 3.5% this time around.
Bottom line, the never ending cycle of stimulus boomlets (always confused with fundamental economic “recoveries”) and busts continues.
If you're not familiar with this guy, he's been spot on for many years, including pre-bubble burst.
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Haven't posted on this thread in a long while. If this is too "fringe", feel free to delete or ignore.
China is busy recasting all of their gold reserves into smaller one kilo bars in order to issue a new ‘gold backed’ global currency. This is no doubt the reason for the recent trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. Expect to see more nations sign new trade agreements with China in the near future.GATA now estimates that 80% of the gold (40.000 metric tons) supposedly stored in the vaults/allocated accounts of the bullion brokerages is long gone. Clients retrieving their allocated gold have had much trouble in doing so, and when they do manage to take possession, their gold does not bear the registered serial numbers they are supposed to. One can only wonder how much of the allocated gold is now 1 kilo bars. Additionally we now read that China is interested in purchasing Gold mines.
Here is an excerpt from Jim Willie’s recent ‘Hat Trick Letter’
CHINA RECASTS GOLD BARS
China is well along an ambitious plan to recast large gold bars into smaller 1-kg bars on a massive scale. A major event is brewing that will disrupt global trade and assuredly the global banking system. The big gold recast project points to the Chinese preparing for a new system of trade settlement. In the process they must be constructing a foundation for a possible new monetary system based in gold that supports the trade payments. Initally used for trade, it will later be used in banking. The USTBond will be shucked aside. Regard the Chinese project as preliminary to a collapse in the debt-based USDollar system. The Chinese are removing thousands of metric tons of gold bars from London, New York, and Switzerland. They are recasting the bars, no longer to bear weights in ounces, but rather kilograms. The larger Good Delivery bars are being reduced into 1-kg bars and stored in China. It is not clear whether the recast project is being done entirely in China, as some indication has come that Swiss foundries might be involved, since they have so much experience and capacity.
The story of recasting in London is confirmed by my best source. It seems patently clear that the Chinese are preparing for a new system for trade settlement system, to coincide with a new banking reserve system. They might make a sizeable portion of the new 1-kg bars available for retail investors and wealthy individuals in China. They will discard the toxic USTreasury Bond basis for banking. Two messages are unmistakable. A grand flipped bird (aka FU) is being given to the Western and British system of pounds and ounces and other queer ton measures. But perhaps something bigger is involved. Maybe a formal investigation of tungsten laced bars is being conducted in hidden manner. In early 2010, the issue of tungsten salted bars became a big story, obviously kept hush hush. The trails emanated from Fort Knox, as in pilferage of its inventory. The pathways extended through Panama in other routes known to the contraband crowd, that perverse trade of white powder known on the street as Horse & Blow, or Boy & Girl.
http://truthbroadcastnetwork.com/uncategorized/china-launching-gold-backed-global-currency/
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LEEDS Video
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Ben Pietsch video:
“Do you remember the time you spent in the King’s Chamber and wouldn’t speak of it? What happened?”
Even on his deathbed, Napoleon refused to discuss the matter. These things fascinated me.
Some of the books talked about pyramid power, a special energy that exists within the pyramid’s perfect geometrical structure. If someone builds a small replica of the pyramid, keeping the dimensions exactly in proportion and aligning the model with true north, certain very interesting things happen.
For instance, you can place a piece of fruit inside the replica, and it will not rot for one month or more. You can easily test it by putting one apple inside, one outside. In a few days, the apple outside decays, while the apple inside does not. Razor blades placed inside remain sharp for weeks when used, whereas ordinary blades left outside become dull after three or four shaves. Plants watered with water left inside the pyramid flourish better than plants watered with regular water. Such experiments were easy to set up and verify. These and many other things intrigued me.
Before leaving, I received a call from a man named Ben Pietsch from Santa Rosa, California. He introduced himself by saying he was a pyramidologist. He had lectured and written many articles on the Great Pyramid, including an unpublished book, Voices in Stone, which he later sent me - a fascinating work. He had heard via the grapevine that I was going to Egypt to play my flute inside the Great pyramid. He loved the idea and said that sonic vibrations constituted an integral part of the structure. In fact, he said, every room has a basic vibration to it; if we found it and identified with it, we would become attuned to that particular space. I had never heard that theory before, but it made sense to me.
The King’s Chamber is the main chamber in the Great pyramid. Within this chamber is a hollow, lidless coffer made of solid granite. Pietsch said that if I struck this coffer, it would give off a tone. I should tune up to this tone in order to be at one with it, thereby attuned with the chamber. “And by the way,” he said, “you’ll find that note to be A-438.” In the West, our established A-note vibrates at 440 vibrations per second. He was saying that the A-note of the coffer was two vibrations lower than ours, which would make their A-note slightly flat, only a shade lower in pitch, but different nevertheless. Although he had not personally visited the Great Pyramid, he seemed to know this quite definitely.
/see: http://www.bibliotecapleyades.net/piramides/esp_piramide_19.htm
Speaking of pyramids, I just saw an Ancient Aliens which was about ancient structures and one of the focuses was comparing the pyramids in Geza with the pyramids in Mexico (can't remember the city). The largest pyramids both have the exact same footprint, although Geza's is twice as tall as Mexico's. But both locations have 3 pyramids built in an almost straight line, same configuration in both locations, which resembles one of the star formations. The suggestion is that they had help building them. Really good episode. The take-away was no way could man alone have built some of these things. Even with modern machinery and a billion man hours, some of them could probably not be built the way they are.
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In case this haven't been posted before....
interesting, huh? from: http://www.zerohedge.com/news/imminent-25-trillion-debt-ceiling-hike-will-unleash-gold-price-surge-1950-and-higher
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I should have known better than to think that the $2.00 mark would stick. Thought the latest PR was different, more significant. Wish the market thought so! Hopefully AMEX will be next. Yes, I follow IHUB and Allan too...certainly lots of cheerleaders there. The skeptic in me still is looking for what's wrong with this thing
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Lots going on with NNVC, eh? Doc Solar, good job getting in at $.56! My average is around $1.50, having bought more last week at $2.04. Given your professional experience, how do you feel about the risk now? Dr. Harris with her UC Berkeley lab seems to be a huge endorsement.
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$0.60 to $70 would be even better
I'm sure you'll see those prices again...this stock is very volatile with a lot of manipulation.
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I've owned this one for over a year. You're lucky to get in now at $.80!
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Thought this was an interesting comment made by Max Keiser on his own blog:
max keiser
Sep 6, 2009 at 3:02 am
US dollar just above support
Gold just under resistance
to keep the dollar up and gold down every single one of the banks involved in keeping the price of these two from breaking out has to “cooperate” this weekend.
If only one of the crew dissents – the scam breaks apart.
My guess is that somebody is going to get itchy and start dumping dollars without Goldman’s permission and this could get crazy.
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http://gold.approximity.com/since1985/Gold_GBP.html
At least one "good" effect of Sterling's ride into the sunset.
Wow, you GBP people must be pretty darn happy. That is, if you're more in gold than GBP
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Jason Hommel discusses his meeting with the Chief Financial Officer and the Treasurer of the Perth Mint.
That sounds juicy....hope to find the time this weekend. I bet PM is getting rather annoyed that Jason keeps accusing them of fraud
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From the Best of YouTube Thread, this girl
says buy gold and silver if you can. Oh, and she says Peter Schiff was right.http://uk.youtube.com/watch?v=AcTjTdJQMx8
Thanks to sideshow for posting it.
http://www.greenenergyinvestors.com/index....amp;#entry81778
And this one:
http://uk.youtube.com/watch?v=Yqe4eFYdWBI&...feature=related
She's annoying! No clue...reminds me of Ann Coulter.
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This is not easy to answer. Sure gold might get the smackdown in dollars but I'm guessing you're buying and selling in GBP?
Nope, I'm in USD
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I gotta thank you Cgnao. I always read your posts with great interest, but haven't taken any action, until your latest prediction. I decided to sell a portion of our bullionvault at $816. Plus I sold some juniors. Now I'm sitting on some cash. How long do you reckon this smackdown will last?
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However, you never know what an impending market holiday can throw up. Waiting a few weeks may bring some stunning bargains.
That's true. Retail is going to go bankrupt left and right. More liquidation from hedgefunds and institutions? Think we'll hit new HUI lows? I kinda thought late Oct was our low.
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New thread time - hurrah.
For the record I can see some major declines in pretty much everything (including gold) as we run up to Christmas.
Not that it really matters, you just can't get an ounce of gold for love nor money these days.
It might be worth putting in some stink bids on miners just before the markets close for the holidays though. And there's always the prospect of an end of year tax sell off to create a few bargains. Happy hunting.
Here are my stink bids, which I adjusted after today - GFI @$5.35, SSRI @ $6.75 and SLW @ $2.65. Too high?
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Someone is withdrawing 60kg of gold from BV. There’s a public notice on the BV websiteNice to see that, being that I might want to withdrawl myself someday.
says buy gold and silver if you can. Oh, and she says Peter Schiff was right.
Someone is withdrawing 60kg of gold from BV. There’s a public notice on the BV website
GOLD
in Gold, FX, Stocks / Diaries & Blogs
Posted
Not just one - 10 more found
Gold Counterfeiting Goes Viral: 10 Tungsten-Filled Gold Bars Are Discovered In Manhattan
http://www.zerohedge...vered-manhattan