One of the little-known items on the Fed’s balance sheet is a vital asset it received from the U.S. Treasury a long time ago…
During the Great Depression, in 1933, President Roosevelt issued an executive order requiring anyone with gold to surrender it to a Federal Reserve bank or any member bank of the Federal Reserve system.
The Federal Reserve banks also required the commercial banks to hand over their gold to the Fed. Now, suddenly, the gold went out of the commercial banks into the Federal Reserve Bank. Continue reading
THE next financial crisis will be worse than the collapse seen in 2008, and investors should seek shelter from the storm in precious metals and crypto currencies, according to an analyst who has predicted a triple market burst.
Mike Maloney said housing, bond and stock markets are now in for a big fall, after forming an ‘everything bubble’ which will have devastating effects when it bursts.
The crash will push investors into gold, silver and the likes of bitcoin, according to the gold analyst. Continue reading
New questions emerge on several billions paid out to Iran by Obama admin
Iran may have received an additional $33.6 billion in secret cash and gold payments facilitated by the Obama administration between 2014 and 2016, according to testimony provided before Congress by an expert on last summer’s nuclear agreement with Iran.
Between January 2014 and July 2015, when the Obama administration was hammering out the final details of the nuclear accord, Iran was paid $700 million every month from funds that had previously been frozen by U.S. sanctions. Continue reading
ICBC Standard Bank is buying Barclays’ London precious metals vault, giving the Chinese bank the capacity to store gold worth more than US$80bn in the secret location.
The vault is one of the largest in Europe, with a capacity to hold 2,000 tonnes of gold, silver, platinum and palladium. It has been operational since 2012.
ICBC Standard Bank said on Monday it has signed an agreement to buy the vaulting business and transfer the associated contracts, subject to consent. The deal is expected to complete in July.
- A Texas Bullion Depository could soon be in the works
- One proposal calls for building a facility in Shiner
- A depository could be in place by late this year or early next year
DALLAS — Tarek Saab has a golden vision for Texas.
So he, and his company — Texas Precious Metals — set up a booth at the Republican Party of Texas state convention in Dallas to tell Texans about it.
“Texans as a group are some of the largest gold buyers in the world,” said Saab, chief operating officer of the company. “The only options they have to store it right now are in a bank or their home.”
This is tantamount to predatory sales of high interest credit cards to young college students. What’s going to be interesting is how the naïve “investors” may not realize the tax implications and are going to get hit for capital gains. What if there’s a “buy” or “sell” option for cards? The average person on the street might not know these basic fundamentals. Legal ramifications involving shareholder revolts and lawsuits could also get a little interesting for companies as well.
Are age limits still going to apply? Depending on what state you live in, the age limit is 18 or 21 for buying, selling and trading.
There’s many questions and this will definitely be something to keep tabs on. Wall Street has just entered into ‘desperate mode’.
As we noted this morning, in the New Normal world, the only marginal buyer of Index futures are central banks [and] when it comes to individual stocks, the biggest buyer is the company itself.
The retail “dumb money” abandoned ship long ago after watching 40% of their 401ks go up in smoke on the heels of a meltdown catalyzed by the implosion of the American home ownership dream which, thanks to the Fed and Wall Street, had been supercharged and securitized. To the extent the turmoil in September and October of 2008 didn’t drive the individual investor permanently onto the sidelines, the subsequent realization that the entire “market” is nothing but a giant casino being manipulated at every turn by greedy cabals with names like “The Cartel” finished the job. Continue reading
Over the past several years, incidents involving fake gold (usually in the form of gold-plated tungsten) have emerged every so often, usually involving Manhattan’s jewerly district, some of Europe’s bigger gold foundries, or the occasional billion dealer. But never was fake gold actually discovered in the form monetary gold, held by a bank as reserve capital and designed to fool bank regulators of a bank’s true financial state. This changed on Friday when Russia’s “Admiralty” Bank, which had its banking license revoked last week by Russia’s central bank, was reportedly using gold-plated metal as part of its “gold reserves.” Continue reading
There’s no question that the world economy has been shaky at best since the crash of 2008.
Yet, politicians, central banks, et al., have, since then, regularly announced that “things are picking up.” One year, we hear an announcement of “green shoots.” The next year, we hear an announcement of “shovel-ready jobs.”
And yet, year after year, we witness the continued economic slump. Few dare call it a depression, but, if a depression can be defined as “a period of time in which most people’s standard of living drops significantly,” a depression it is. Continue reading
August 20 (King World News) – The Stock Market Has Turned Bearish
Richard Russell: “As subscribers know, I wish the best for America and believe that America is the hope of the world. Yet there are a few things that worry me.
I believe the US economy is sinking into recession as described by John Williams of Shadow Statistics. I believe we are in a period of deflation and deleveraging. I am convinced that the Fed knows the economy is contracting and this is the reason that they have not yet raised rates. Continue reading
The State of Texas is setting up a gold-backed bank that will allow depositors to bypass the controversial Federal Reserve System and its fiat currency in banking and commerce, according to the state representative who authored the recently enacted law. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository for anyone who would like to deposit and trade in precious metals. The implications are as big as Texas.
While some analysts have said the move may be another sign heralding Texas’ eventual secession from the union, or preparation for financial Armageddon, its advocates say the depository simply makes financial sense. Among other benefits, the institution will provide more options to consumers weary of the increasingly troubled traditional banking and monetary system, which is viewed by the public with growing suspicion. And experts say the effect of making it easier to use sound money in commerce could be far-reaching. Continue reading
Over the last several months there have been numerous reports highlighting the frantic activities of the world’s ultra-wealthy elite. From the purchasing of emergency hideaways and airstrips to warnings from their financial advisors that it’s time to shift their assets into physical holdings, it appears that a lot of powerful people are afraid of a significant shift set to take place in the near future.
In his latest interview with Future Money Trends Keith Neumeyer, who recently penned a very public (and very viral) letter to the Commodity Futures Trading Commissions outlining the rampant manipulation by concentrations of shadowy market players taking place on commodities exchanges, shares his insights on what many believe to be a coming global reset. Continue reading
Since 2012, there’s been an unprecedented call from foreign nations to repatriate their gold from Federal Reserve vaults in the U.S. This is an incredible development given many countries’ 71-year reliance on the Fed as a custodian for their bullion. Over the last few years, countries including, but not limited to, Germany, the Netherlands, France, Belgium, Austria, Poland, Ecuador, Finland, Switzerland, Venezuela, and Romania have either formally requested repatriation of their gold or are in discussions with the Fed about it. Some of these nations, mind you, have held more than 50% of their entire reserves of bullion in the U.S. since 1944, when the Dollar became the world’s reserve currency.
Something huge must have happened in the last few years to prompt such action. That something may be a break in foreign gold holders’ trust in the Fed as a custodian of their precious metals. Continue reading
Almost half of Germany’s gold is stored in vaults under the streets of Manhattan. Or is it?
Peter Boehringer hates the word “conspiracy.” It implies something crazy, and if you spend even a little time with the 45-year-old German, it becomes clear he’s driven by a desire for order. On a recent morning in Munich, he’s dressed in a cobalt blue shirt that matches his blue tie and blue eyes. His black hair is cropped close above his receded hairline. In his gray Volkswagen minivan, the cup holder contains two identical water bottles, each filled to the same level. At the end of a daylong interview, for which Boehringer has arranged an hour-by-hour itinerary, he sends a follow-up e-mail with a numbered summation of points he’s made. No. 2 says that the crusade he’s been waging for the last three years is simply about transparency. “Questions,” he writes, “by definition cannot be ‘conspiracy theories.’ ”
Boehringer is a gold bug, a member of the impassioned tribe of investors and academics who distrust central banks and paper money, unless the governments that print it will exchange the cash for gold or silver from their vaults. He has an asset management firm that invests his own money and that of clients in gold, silver, and mining stocks, and he’s a founder of the nonprofit German Precious Metal Society, which educates the public about “the craziness of unbacked monetary systems,” he says. In short, Boehringer is worried that the global economy is built on a fiction of currencies that aren’t backed by precious metals. Which is why he set out to make sure the gold that Germany and other nations say they have actually exists. Continue reading
With memorandum S-7258, titled “Implementation of New NYMEX/COMEX Rule Regarding Special Price Fluctuation Limits for Certain NYMEX and COMEX Metals Futures and Options Contracts” released moments ago by the CME Group, and set to become effective on December 21, 2014, and which seeks a 5 minute trading halt when “price movements in lead-month primary futures contracts result in triggering events”… “as a measure that is consistent with promoting price discovery and cash-futures price convergence” in order to “deter sharp price movements that may, for example, be driven by illiquid central limit order books prevailing from time to time in otherwise liquid markets”, one wonders why now, and what does the CME know about upcoming volatility, or lack of liquidity, in the precious metals space that nobody else does (and does any of this have to do with the “berserk” algo test from November 25?)? Continue reading
While the exchange-traded fund covering gold miners is outperforming the precious metal itself, McEwen Mining founder and chief owner Robert McEwen said Wednesday that he remains bullish on gold. Continue reading