Invest for the Best but Prepare for the Worst
RETIRO DOS BISPOS © QUINTA DA FONTE DO BISPO
CXP 797A, EN270
Richard E Bassett
Richard J Bassett
(351) 281 971 484
Mobile: 966 006 436
Low Risk Investment
Backed by EU Funds
Supported by the Portuguese Government
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Wall Street Wants To Trap Your Money
SEC Chairman, Mary Jo White, is not on your side. If she had any sort of backbone and wanted to protect the public from Wall Street’s den of thieves, there would be people going to jail right. She does not have your best interests at heart. BlackRock? They just want all your money. – Rory Hall, Shadow of Truth
Consider yourself warned. In fact, the first warning from the elitists was fired in January 2010, when the SEC voted almost unanimously to allow Money Market Funds to suspend investor redemptions during periods of “extraordinary circumstances.” Of course, it’s during those periods of time – when the financial system is melting down – that investors would want to get their money out of money market funds.
As of September 10, a total of $2.66 trillion was held in money market funds. I would surmise that 98% of the investors in these funds have no idea that their money will be “frozen” the next time financial panic hits this country. Undoubtedly their “trusty” financial adviser never disclosed the existence of “redemption gates” on money market funds. Returns are so skinny on these funds there’s really no reason to leave your money in them. The eventual cost of the convenience these funds offer will be the amount of your investment.
It was only a matter of time before the trend in redemption gating the fund industry moved to mutual funds. While the latest proposal being considered by the SEC is not a hardcore redemption gate, the agency is looking into allowing mutual funds to impose a surcharge on investors who want to get their money of these cesspools during times when the market is dropping quickly.
The current proposal would allow mutual funds to charge extra fees to investors who leave the fund when the market is taking a dump. The rationalization being that there’s extra “trading costs” involved in selling securities when the market is “volatile.” This is highly misleading because “trading costs” are accounted as operating costs, which are costs incurred ratably by all investors in the fund.
It’s interesting that these “extra costs” didn’t seem to occur in 1987 when the stock market dropped in 22% in one day. Or in March 2000, when the Nasdaq fell 93% over the next 29 months. Or in October 2007, when the S&P 500 fell over 50% over the next 17 months. These were all periods of “high volatility” and fund investors were fleeing en masse.
And, of course, there didn’t seem to be any “extra trading costs” involved when the market volatility was heavily skewed toward the upside starting in April 2009 and the masses were rushing back into these funds.
Make no mistake about it, this is the next step closer toward enabling the mutual fund industry to impose redemption gates on all mutual funds. After all, what better way to help the Fed prop up a collapsing stock market – which will be collapsing for valid fundamental reasons – than to prevent investors from taking their money out.
Wall Street, with the Government’s full backing, has two goals in mind: 1) seduce the retail public into putting all their money in mutual funds, especially funds loaded with hidden risks and derivatives; 2) figuring out how to force them to keep it there. Be clear about one thing, the entire Governmental system is moving toward totalitarianism. One of the cornerstones of a totalitarian system is capital controls.
The Comex Is One Big Lie
The total amount of ALL gold held by ALL market participants at ALL the Comex warehouses, whether it is on offer or not, is about 218 tonnes. That is less than one month’s demand for physical bullion in China and India and India alone. And by far the vast majority of that gold is not for sale AT THESE PRICES. And given the leverage of paper claims everywhere, not just Comex but at the more important LBMA, and one can see that a misstep by the gambling goofballs of Wall Street could lead to quite a messy market situation. This also is what Peter Hambro said. – Jesse’s Cafe Americain (must read article)
In fact, the United States itself has become the biggest lie in history, but that’s for another day. For some reason there’s a debate raging about whether or not a shortage of bullion – gold and silver – really exists. That in an of itself is a fatuous endeavor because nearly every ounce of gold ever mined still exists. Furthermore, there will always be a fiat currency price level at which a holder of gold or silver will be willing to exchange their bullion for paper currency.
Even more silly is the fact that the paper bullion market apologists point to the published Comex warehouse stock of gold and silver and use that as their “proof” that there’s plenty of bullion available. I’m not sure why the argument uses the Comex as the point of focus. Maybe because, in theory, it has more “transparency” than the LBMA.
However, there’s one small problem in using the Comex as data a proof of existence: “The information in this report is taken from sources believed to be reliable: however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.”
This disclaimer showed up mysteriously without any formal news release on the daily Comex warehouse reports in June 2013. The legal translation of that one sentence goes like this: “this report shows numbers which represent quantities of gold and silver which may or may not exist and the CME hereby is legally immune from any legal claims against it should those numbers be fraudulent.”
My point here is that the Comex is a big lie. It’s the precious metals market equivalent of Enron. The trade and inventory data are cleared, accounted for and reported by the big banks that operate the Comex. Do you trust the banks to report accurately and honestly the data in that report with an air-
Anyone can see that the Comex is nothing but a paper bullion trading exchange. The amount of gold represented by the paper gold open interest is now well over 200x the amount of alleged gold that has been designated as available to be delivered. As of today, the paper gold o/i is more than 6x greater than the total amount of gold reported to be held in Comex vaults (see the disclaimer again).
The entire matter could be settled with an independent audit made available to the public. It should be required by law because if myself and many others are right, if and when the Comex defaults the the CME will likely look to the Government for a bailout. Here’s why:
41 million ounces of paper gold – the current open interest in paper gold – is valued right now at around $45 billion. If and when the Comex eventually defaults, the only card it has to play is the force majeur clause in Comex contracts, which enables the Comex to settle paper contracts in paper currency. But as of its latest 10Q, the CME had only $1.5 billion in cash and $21 billion in book value (which assumes its assets are properly marked as to their worth).
My friend and colleague, Craig Hemke, offered some compelling arguments today in response to neanderthal analysts who were out and about serving up half-
Back to half-
The facts that have been willfully omitted are these: In 1998, the Comex only reported total ounces, not registered vs eligible. Second, the total amount of gold reported at the time was only 1 million ounces. Finally, the comment in yellow was added by me. This denotes the infamous “Brown’s Bottom” when the Bank of England dumped 400 tonnes of gold on the market, marking what turned out to be the bottom of the bear market in gold.
About 5 years later, a hearing was conducted to find out why Gordon Brown unloaded half of England’s gold on the market. This stunning full-
“In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George said “We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.
Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K.”
When you shine the light in the right places, the truth emerges. Now we know that the Bank of England bailed out the Comex and LBMA in 1999. It will be interesting to see if a bailout is possible this time around, because the western Central Banks have been drained of most of their gold and the paper to physical leverage numbers are significantly larger by several factors than they were in 1999.
Fraud Within the Financial System -
A Black Swan Event is approaching!
The Template for the Next Crisis: Bail-
Austrian Economics, Money Freedom
Wall Street Wants To Trap Your Money
Safe Assets In A World Gone Mad
Negative Interest Rates: What’s Next?
This has Never Happened Before!
Additional facts for you to take into consideration!