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Ben Shalom Beranke Fiddles In Front Of Congress, Under Oath Tragedy is like strong acid: It dissolves away all but the very gold of truth. - D. H. Lawrence Indeed, David Herbert, when the fiat-currency-driven paper gold market collapses, exposing the giant Ponzi scheme of the western Central Banking fractional gold bullion system, it will be a tragedy for the United States that will reveal the golden truth.
Here's Ben Bernanke's testimony to Congress, in which he asserts that gold is not money and that Central Banks hold gold as part of their reserves only out of tradition.
If that's the case, then where is audit of the Federal Reserve's gold vault? The audit that the Fed has spent hundreds of thousands, if not millions, to avoid - including hiring the former Enron lobbyist Linda Robertson in 2009 to help fight of Ron Paul's attempt to force an audit.
The Price Of Gold: The Fed's 60 Seconds Of Desperation Forget the myths that the media's created about the Fed. The truth is, these are not very bright guys and things got out of hand. Follow the money...just follow the money. - My paraphrase of "Deep Throat" from "All The President's Men" The price of gold was remarkably smashed $35 in the space of 60 seconds at 10:14 a.m. NY time this morning. 12,000 contracts hit the market almost all at once. To put this size in context, on Friday a little over 107,000 Feb contracts traded during the entire 23 hour Globex system session. In other words, today at 10:14 a.m., a little over 11% of Friday's total volume traded in the space of 1/1380th of the entire Globex session for a given period.
The hit came from nowhere and halted a strong rally in the price of gold that began last night in Asia. Concurrently, the dollar was selling off hard, as was the S&P 500. There was no apparent news or event that would have triggered the price smash:
The price of gold as write this has since recovered about 90% of the price hit. Silver, which was giving all indications of behaving like a runaway freight train before the hit, has recovered about 2/3 of its price-ambush.
Mere manipulation by desperate criminals?
This is the unmistakable sign of desperation. Desperation to keep a lid on the price of gold in an attempt to make the public believe that everything is ok in this country and with the U.S. dollar. But we all know otherwise...
I have no doubt that the hit was used by JP Morgan to get more long Comex gold futures and to induce a flood of GLD share selling. The GLD shares will be turned into the GLD Trust either today or tomorrow and used to remove more gold. I bet within the next couple of days, today inclusive, we'll see a large withdrawal of gold from the GLD Trust. For the record, selling of GLD shares does not trigger the removal of gold Gold can only be removed by the banks who exchange shares for gold.
