It's about the contango right? Here's Professor Antal E. Fekete's DRESS REHEARSAL FOR THE LAST CONTANGO http://goo.gl/MMzB2 " all newly mined gold, surpassing the quantity of all gold ever mined in the world prior to 1947, has gone into private hoards, from which it will be next to impossible to coax it out. The measure of this act of disappearance of gold is the vanishing of the basis, or the last contango" Now it's just struck me about those dictators being 'overthrown'....the former US puppets are all taking off with the countries PM holdings..is that why Mubarrack took so long to exit....and he has big connections in the UK, where the comex resides. An angle on the overthrows is that it's being facilitated by the CIA...but for what reason? To scoop up all the gold for the US in preperation for a new gold backed system? Or from the evil side..to scoop up all the gold and silver from these countries to prevent the comex/ ponzi from collapsing..thus keeping the prices down longer? We keep you safe, you give us your countries PM..you get to keep your houses and ponzi cash
A gold backed currency doesn't have to be 1:1 backed by gold - neither the Bank of England nor the US maintained a 1:1 backing when they were on a gold standard. So unless Fort Knox is empty (and it could be!) there's no need to increase gold holdings to go back onto a gold standard. The biggest problem the US has is the federal interest payments that need to be made, not whether there's enough gold in the system - and whether the world would "accept" a US gold standard. If we accept the figure of total gold production throughout history as being 165,000 metric tons, at today's price of $43600 USD/kg, that's only $7.194 trillion USD in gold on the planet above ground. The US national debt is almost exactly double that at $14.147 trillion, and the interest is over $200 billion for 2011. Looking at the interest in tons of gold, that's 4,587 tons of gold in interest this year. It's alleged that there's only 4,176 tons of (unaudited) gold currently in Fort Knox - less than this year's interest payments on the federal debt alone. So confiscating gold is not going to solve the US economic woes - they could never confiscate enough to use it to pay off what's owing, or to reasonably increase their holdings to a fractional backing level that would instill confidence that couldn't be already met with the current level of backing using what's already available. If the world wouldn't accept a US gold standard with fractional backing of say 2%, why would they accept one with 3 or 4%.
I don't think the US plans on "paying off" the debt. If they did... why are will still printing more money. This is just a bubble that is waiting to bust.
Listened to a schiff video tonite, with ben bernanke saying something briefly about taking on more debt (printing more money) being a good thing at the moment. This will all be so obvious after the event. His words will be quoted in the future, as the words of foolish men. Even though, they're doing it deliberately. They know it's the road to "our" disaster. Not theirs.
Was talking more about paying the interest rather than the principle - the annual federal interest bill already exceeds the alleged value of what's in Fort Knox.
Listened to the same clip. Peter sounds like someone who's about the flip the hell out and scream 'WHAT THE HELL IS WRONG WITH YOU PEOPLE?' at the top of his lungs on national radio or something. He really has tried his best (I honestly don't know why he bothers in all honesty) to educated the masses, but they're not really listening that hard. Instead of standing at the cliff edge trying to coax the sheep back and not fall into the abyss, he should stand aside and let it happen unto itself. It will anyway and he doesn't stand a chance of being dragged off the edge with them. Back on topic, if they reintroduced the Gold standard tomorrow, Australia would actually do all right. We have a lot of natural gold in the ground here still and our annual gold production is actually comparable to what's going on out there in industry.
It was actually the introduction of the Gold standard to the British Pound that made the Great Depression so bad in Australia. The British Pound strengthened because of the gold backing and because the Aus Pound was pegged to it - it drove the price of our money up and made our exports too expensive. If Aus decided to go to any form of Gold standard now - I think the short to mid term effects on our export economy would be disasterous and a lot of Australian jobs (IT, Call centres, manufacturing, agriculture etc) would be driven overseas even more than they have been already as they would be completely prohibative to operate. And if anyone thinks "my jobs secure because I...." I can tell you that recently I was contracting to a large Australian company that has a lot of employees here across many industries and the project we were working on was at what price the Aus $ needed to go to before it was more economical to start moving operations O/S. A lot of these operations were ones that people would think would be impossible to move O/S - but basings and commuting people into and out of foreign countries is becoming VERY economical now. I was surprised at how little the $ had to move before a very large IT call centre was more economical in Singapore than in Sydney. malachii
I thought that was Justin Hommel's mom (Mom's Silver Shop). I recall watching a Youtube video where Schiff's mom was in a shoe shop and that she was in some way connected to that industry rather than silver.
I haven't been keeping up with the latest threads of late but can anyone tell me what happened to the Comex failing in March? wasn't March that all hell was to break loose?
Dunno, if we should believe what we read. But the end game is that, when industrial users and others that really want silver can't get it. The whole game gets exposed. So say 2000-4000 contracts per quarter, this game will continue for a lot longer. The people that take delivery are the ones that probably have contractual obligations downstream to their customers and will want it at any cost. Slam
That Winton person, quoted above on havey organs blog .... i get a gut feeling when reading those posts that it's crap. Have since the first one came out before this March delivery. Just the way it's written, feels like someone big noting themselves or plain bull sh*ting for their own manupilative profit. Why would u pay someone over 50 per contract. There's still enough silver in the world to cover those standing for delivery. Admitedly, if comex did have to scramble to buy more physical to cover these contracts, the price would certainly rise, which is what they don't want. I am confused, and refusing to think about it too much anymore. U can't trust anyone anymore. I'm even losing any respect I had for Schiff. Self interest is everyones motivation. Including mine.
