We have a very good relationship with Casey Research. They have not been on board with our contention that the price of gold is manipulated. But in the following interview with Casey’s Chief Economist, Bud Conrad, they have finally come around and now do admit that gold is manipulated. Better late than never. Please watch this short interview with Bud Conrad below. Among other things, he says the dollar will implode and be replaced with a new (and probably partially gold-backed) currency; gold will hit $10,000/oz. before the new currency is introduced; JPMorgan is manipulating the gold market (another of our contentions, along with Ted Butler and Bill Murphy) and he even suggests that China benefits from manipulating the futures market to push down the price, which allows them to redeem their shares in GLD for cheap physical gold. There has been an enormous outflow of physical gold from GLD in the last year – it makes sense that a lot of it is flowing East.
For the first time since 2004, the four largest banks are not short gold (on Comex). JPMorgan is taking delivery (going long) on over 60% of the contracts. Smart money will notice this shift from short to long and step up accumulation of gold now.
In Our Lifetime: “It Will Implode… We Will See the Demise of the Dollar” – Bud Conrad
The following post below is on JSMineset.com, this ties right into Bud Conrad’s interview (above.) Bill Holter wrote about this earlier this week.
I have been following the December Deliveries and posted the following on a Precious metals message board. I thought you might appreciate the potential situation right now on the COMEX that I see…
COMEX DEC GOLD UPDATE:
Still 597K ounces outstanding in position to issue delivery (Tuesday Final).
109K ounces have stood for delivery so far (Including another 35K today), JP Morgan has been the long side on 90% of these ounces, so they are acquiring even more gold.
Outstanding registered gold in the warehouses increased from 590K to 655K. This increase is essential because, as discussed in another post, there weren’t enough registered ounces to actually assign all the potential deliveries in December.
The shorts at the COMEX have or had a problem for sure. The problem is this – there is not enough registered gold to cover all the warrant transfers. That means shorts must be scrambling to find registered gold, or to find eligible gold they can transfer into register gold. IMO, this is indicated by how few of the outstanding futures have actually been issued for delivery after 3 days into the delivery period (~20%).
–jsmineset.com, December 4, 2013
And this is why I never sell my gold – not even when the price drops from $1900 to $1200. The issues presented by Larry Kotlikoff are real and we will pay the price. The economy, the stock market, the bond market and the dollar all have a bulls-eye on their back. I’ll take my chances with gold and silver. Below is an article from Greg Hunter from USAWatchdog.com:
By Greg Hunter On December 4, 2013
Boston University Economics Professor, Laurence Kotlikoff, says, “The country is in worse fiscal shape by many miles than Detroit. So, the country is essentially bankrupt.” Dr. Kotlikoff estimates the long term debt and liabilities of America are more than $200 trillion! He is spearheading a bill in Congress called The Inform Act. It is an attempt to wake up the nation to our dire financial situation so something can be done to fix this enormous problem. Dr. Kotlikoff explains, “The bill has been endorsed by over 1,000 economists, including 15 Nobel Prize winners in economics . . .Never in the history of this country have this many top economists from all political persuasions endorsed a piece of legislation like this.” Dr. Kotlikoff and his fellow economists all contend, “The country needs to do honest accounting.” The professor charges the government is “disguising the true problem.” Dr. Kotlikoff says, “The government is printing mountains of money to pay its bills. The Fed is printing 29 cents of every dollar that Uncle Sam is spending.” What happens if this continues? Dr. Kotlikoff says, “Eventually somebody recognizes this and starts dumping the bonds, and interest rates go up, and inflation takes off, and were off to the races.” In closing, Dr. Kotlikoff warns, “This is going to crash, but there are different ways for cancer to kill you. It can be very gradual . . . or it can attack some organ and you can die overnight. Either of those outcomes can happen.” Join Greg Hunter as he goes One-on-One with Professor Laurence Kotlikoff.
Is there no justice? No, absolutely not, unless you are a TBTF banker or rich hedge fund manager. This will not end well. Once the hardships set in, Americans will start to take to the streets, and heads will roll. And as for justice – who gets screwed? Just us! Here is an article from Zero Hedge below:
Submitted by Tyler Durden on 12/03/2013 16:43 -0500
When former Tyco International CEO Dennis Kozlowski was convicted for stealing $150 million in company money in 2005 on 22 criminal counts including grand larceny, conspiracy, securities fraud/sales and falsifying business records to a prison term of 8.33 to 25 years, he became the poster child for corporate greed. Shortly thereafter the entire financial system nearly collapse when everyone on Wall Street became a poster child for corporate greed and nobody went to jail. As such it became a moot point to make anyone a symbol for “corporate greed” since the Department of Justice itself admitted there is a brand new category reserved for the uber-greedy ones, also known as Too Big To Prosecute. Which is why moments ago, news broke that Kozlowski was granted parole after serving 100 months in jail, exactly nobody was surprised.
–Zero Hedge, December 3, 2013