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jesusfreakinco (29.61)

Gold: Could spike 250-300 any day ; Physical deliveries...

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October 09, 2009 – Comments (8) | RELATED TICKERS: TRX , GLD , SLV

Central Banking: A Blight On Humanity

...a number of well-heeled market participants “bought” substantial tonnage worth of gold futures on the London Bullion Market [LBMA] and immediately told their counterparties they wanted to take instantaneous delivery of the underlying physical bullion.

Because these banks did not have the bullion to honor their contracted commitments, one or both of them approached the counterparties and asked if there was any way they could settle this embarrassing matter quietly on a “cash basis” to absolve the banks from fulfilling their physical bullion delivery obligations.  The purchasers were not interested in a ‘cash settlement’ and demanded delivery of physical bullion giving these banks 5 business days to resolve the situation.  A premium of as much as spot plus 25 % [that would be 1,250 – 1,300 per ounce of gold] was offered to settle this matter in fiat money instead of the embarrassment of a very public “failure to deliver” on the part of the London Bullion Market Association.

Stunningly, if accurate [and there is absolutely no doubt in my mind that this is not accurate], this means that gold is already in SEVERE backwardation and this fact is being hidden from the public.

To think that anyone wonders why our financial system and fiat money will soon to be TOAST?

http://www.financialsense.com/fsu/editorials/kirby/2009/1009.html

Now I see why Alstry picked 9.09 as such an important date.  We are just a few days behind, but the truth may soon come out...

JFC

 

8 Comments – Post Your Own

#1) On October 09, 2009 at 10:37 PM, jesusfreakinco (29.61) wrote:

Gold floor is in...

China pushes silver and gold investment to the masses

http://www.mineweb.net/mineweb/view/mineweb/en/page33?oid=88452&sn=Detail

China, unlike the US, wouldn't be caught selling investments (i.e. gold and silver) to the masses...

JFC

 

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#2) On October 09, 2009 at 10:51 PM, ayekappy (< 20) wrote:

Stunningly, if accurate [and there is absolutely no doubt in my mind that this is not accurate], this means that gold is already in SEVERE backwardation and this fact is being hidden from the public.

 

Umm... so that means the author believes it is not accurate?

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#3) On October 10, 2009 at 1:05 AM, cthomas1017 (35.39) wrote:

This just doesn't pass the "smell test".  No reference even to the position of the quoted sources. No details.  No claims of any supporting documentation.  I've been a gold bug and still am, but I've tired at these "no quotes and no sources articles".  But the thing that tops it off for me is that severe backwardation is being hidden from the public.  How does that happen?  A black market for gold where it trades for much more than on the open market?  That really is stunning.

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#4) On October 10, 2009 at 1:27 AM, Starfirenv (< 20) wrote:

The tectonic plates "could" shift too. And chickens "could" become the new currency.

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#5) On October 10, 2009 at 9:58 AM, Chromantix (98.66) wrote:

Chickens... fowl beasts to be sure.

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#6) On October 10, 2009 at 12:55 PM, jesusfreakinco (29.61) wrote:

CT

"No reference even to the position of the quoted sources. No details.  No claims of any supporting documentation."

You really think that JPM and Deutsche would want the press right now if this was true.  Would the CBs be a source.

Perhaps this is the first article on it.  We should know within the next few days or weeks if this is true.  How long can they keep the price down if this is true?

JFC

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#7) On October 10, 2009 at 3:32 PM, Entrepreneur58 (50.76) wrote:

"IF ACCURATE (AND THERE IS ABSOLUTELY NO DOUBT IN MY MIND THAT THIS IS NOT ACCURATE)"

If there is no doubt in your mind that something is not accurate, it means.... .........IT IS NOT ACCURATE!   April Fools.

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#8) On October 10, 2009 at 10:43 PM, cthomas1017 (35.39) wrote:

JFC,
I can't disagree with what you wrote in #6.  Just raising the issue that there really isn't any real "news" in the article that a novice CAPS member might take as a reason to invest in metals.  If gold peaks $200 in the next week or so, then I guess we could conclude that the article above might have some degree of truth to it.

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