20 December 2013
JP Morgan Takes On More Gold, 61,790 Ounces Come Out of Mocatta
The big stopper JPM added about two tonnes of gold, and 61,790 ounces of bullion came out of the Scotia Mocatta registered inventory.
This brings the total deliverable (registered) ounces of gold down to 432,612 which is a number that we have not seen in this inventory category since the early 1990's, well before the gold bull market.
Supposedly Simon Weeks of Scotia Mocatta, who is also the chairman of the LBMA, was encouraging producers to start hedging their production, committing their bullion to the banks before prices fall any further.
Now I don't know if that is true, but if I were a highly leveraged bullion bank or mint, and I had multiple paper claims on each ounce of inventory, I would probably encourage my analysts and other sales associates to talk up the bear case too. But this is what Andrew Maguire says, and it is only hearsay.
If I were such a one as Weeks I would come out and deny it, if it was not true. Either you said something as market guidance to some participants, or you did not.
By the way, I wonder what happened to those two JPM whistleblowers that Andrew knows, who are stashed away in some lawyers' offices somewhere.
What a funny, opaque market. More like a game of liar's poker than an efficient and transparent clearing mechanism where informed producers and buyers meet to allocate resources. But economic theory says that fraud is not possible because people are purely rational and act in their long term best interests, always. And at least on the mythical planet of Vulcan, where many Ivy League economists apparently originate, logic dictates that honesty is the best policy.
Are There No Workhouses? Are There No Prisons?
Don't bother sending news of the cruel propaganda stunt by Peter Schiff saying that if Walmart pays its employees a living wage, then the price of goods at Walmart will have to rise substantially. That canard has been used to justify every abuse of human beings and their labour since the days of Pharaoh.
Read this instead: Walton Family Earns $29 Billion In Six Months
"Income inequality is continuing to set records, and the Waltons are emblematic of this trend. Just last week it was reported that the top 1% of U.S. earners took home 19.3% of household income last year.
This is the highest proportion in a century; we have officially surpassed Great Depression-era levels of income concentration at the top. For the other 99% of Americans, household income went up a whopping 1% in 2012."
“No business which depends for existence on paying less than living wages to its workers has any right to continue in this country.”
Franklin Roosevelt
Obama's disapproval rating is 53%. The only thing that saves him is that the Congress' disapproval rating is around 74%.
If Obama is a socialist lefty, then Herbert Hoover was Mao Tse Tung. The only thing that Obama has in common with a real progressive politician like Franklin Roosevelt is that they are both 'traitors to their class.' Obama is corporate product, a brand.
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