Bobby <<I can't believe nobody commented on this.>> The Time Is Now.
Its now friday 2am est and I see a couple posts about this new and
should be ok approach for the IMF gold sales to pass thru the USA
Congress. But no no no no no and a Big NO, ain't going to happen.
Follows is GATA news from Bill Murphy via Le Metropole Cafe.
(off/on topic) Those who say GATA puts out lies and garbage and we should
trust places like banks, especially when THEY tell us all is going very
good and show us the FACTS to "prove" it, welllllllllll read on.
... back to their same old tricks. All of a sudden they are floating talk
that the IMF is finalizing plans that outline a proposal for central banks
to buy some of the Fund's gold reserves, freeing about $2 billion to ease
the debts of the world's poorest countries.
Well three cheers for the Cafe's John Brimelow. Here is what he had to
say about the latest IMF gold sale scheme:
New York, Sept. 2 (Bloomberg)------ John Brimelow, director of
international equities research at Donald & Co. in New York, comments on
the International Monetary Fund's plan to possibly sell gold to direct
buyers rather than in the open market. The IMF is considering gold sales
from its reserves to finance debt relief for the world's poorest countries.
"If the IMF takes an "off market" approach, that means instead of going
to the marketplace and offering the gold to all and sunder they will
negotiate with a specific buyer, " Brimelow said. "Any large party could
negotiate directly, a central bank, a hedge fund, or another parastatal
institution. Its rather like a block trade in the securities business."
This approach "can avoid pressuring the market," although that's
assuming the person (who) buys the stuff hangs on to it," Brimelow said.
"If they don?t sell it or they don't lend it then it?s a transaction
that won't damage the market."
The problem is, "central banks don't report what they are lending.
There's no way of tracking it,"' Brimelow said. If the IMF sells gold to
central banks that lend it to the market, "through the back door, the
IMF would be achieving the same effect as selling the gold" directly to
the market, he said.
"It seems to be a thinly camouflaged version of the original plan and I
don't think it's going to fly," Brimelow said. The key obstacle would be
getting consent from the U.S. Congress, which has so far blocked direct
market sales. " I think the IMF bureaucracy is displaying extraordinary
arrogance and even stupidity in its dealings with Congress. At a very
deep level it doesn't understand how the American political system works."
John has it nailed. The IMF and their "Hannibal Cannibal" cronies don't
give a tinker's darn about the poor. 36 out of the 41 poor gold
producing countries have already asked them not to sell this gold. Yet,
they persist in the charade. Why? Because their buddies, the bullion
dealer, "big money crowd" gold shorts, are desperate to have gold supply
hit the market and all they care about is keeping the gold price down.
These devious crumb buns need the IMF gold supply to cover their gold shorts.
Our team will do what we can to shut them out of their nefarious plans.
All my contacts in the Joint Economic Committee and Senate Banking Committee,
etc. have left for the Labor Day weekend. I will contact them all next week
and send them John Brimelow's comments along with a few of my own.
Bank Scandals. One after another. Why there aren't more people looking
into the biggest banking scandal of all time - the manipulation of the
gold market and orchestration of low prices. It blows my mind. We have
had Credit Suisse being shown the exit from Japan, The Bank of New York
under siege for siphoning the money of the Russian elite and Russian
mobsters out of that country, and today word of two more big banking
scandals.
The first was First National Bank of Keystone in West Virginia. They have
been touted in the past as one of the most profitable banks in the country
with a reported capital ratio of 16.5%. That ratio purports them to be one
super sound bank. But low and behold, the Office of the Comptroller of the
Currency just abruptly shut them down. It turns out that half of their
$1.1 billion in assets, or $515 million of them, were phony.
One day a banking "King", the next day a banking "Disaster". What was
the difference from one day to the next? Simple - the truth came out.
That is what is going to happen in the gold market...
The second big story of the day was about GATA nemesis, Martin Armstrong and
his Princeton Economics International. Martin has publicly decried GATA and
of what we speak. He is known as a mega short term gold (looking for sub $200)
and silver bear, putting his money where his mouth is as far as we can tell.
Sources tell us one of his hedge funds is short 20 million ounces of gold.
He is the most vociferous silver bear in the world and constantly expounds
that the price of silver is headed for $2.80 and pontificates that silver
ranks as the world's worst investment.
The funny thing here is when the price of silver shot up last year to
$7.80 after the Warren Buffet silver buying news, he ranted and raved
that the silver market was being manipulated. Then, he called for a CFTC
investigation. There was no basis for what he had to say and the CFTC
told him so. Not that the CFTC would have a clue what is going on in the
metals market's anyway. How quick were they to pull the trigger on the
big Sumitomo copper scandal?
Months ago I told the Cafe sources told me that Martin Armstrong's operations
were under scrutiny. This is what the press had to say today:
Sep. 2 - New York - Reuters - New Jersey Firm lies at heart of Republic probe
"At the heart of a regulatory probe that ie expected to stall a merger
between Republic New York Corp. and Britain's largest banking group,
HSBC Holdings Pic, are the U.S. bank's dealings with affiliates of a New
Jersey economics forecasting firm.
Republic's brokerage unit came under regulatory scrutiny for allegedly
mispricing investments for one of its clients, Princeton Global
Managements and Princeton affiliate Cresvale International, sources
close to the situation told Reuters on Thursday. The company that owns
these two entities is Princeton Economics International, a forecasting
and derivatives trading firm that is based in Princeton, New Jersey.
The bank, which is cooperating with Japanese as well U.S. regulators,
said it fired the management of its futures trading operations and
suspended the head of its Philadelphia-based securities unit, James Sweeney.
Princeton Global is an investment company owned by Princeton Economics
and helps Japanese institutions hedge their foreign currency transactions.
Princeton Economics also owns futures broker Cresvale Investments,
the Tokyo office was investigated by Japanese authorities in May.
Cafe members might like to know that Republic has been the known silver
and gold floor broker for the honorable Mr. Martin Armstrong. Plus you
might also like to know that that Mr. Armstrong's prediction is that the
yen will go to 278 to the dollar.
Get the picture. Mr. Princeton is mega short the yen and mega short gold
and silver. We know what is happening to the yen shorts. Martin Armstrong
has berated us publicly for our views of what is going on in the gold
market. What goes around comes around. Boomerang time here and only a
matter of time before this guy blows up and is carried out.
Bloomberg reports that, " Martin Armstrong is considered to be the biggest
individual silver futures trader on the Comex division of the New York
Mercantile Exchange." I will send the stretcher to the Comex for him.
Seriously, the question that needs be answered here is why was Republic
marking up the value of the hedge fund. What is there to hide? Is Martin
Armstrong's group in serious trouble? Certainly he has some sort of big
problems. How easy will it be for him to cover his massive gold and
silver shorts if he has to? Does he call Alan Greenspan like ...
Midas
Bill Murphy
GATA gata.com
Le Metropole Cafe lemetropolecafe.com |
