[KR656] Fear-mongered Scottish NO voters

We discuss the United Kingdom waking up to a new motto: “IT’S NOT WORTH THE RISK,” following the outcome of the Scottish independence referendum. We also look at the breakdown on who voted for independence (the under 54’s) and who didn’t back independence (the over 55’s) so as the taxpayer owned Royal Bank of Scotland said of the result, “It’s business as usual.” In the second half, Max interviews an investor, who unlike 55% of the population of Scotland, truly has no fear about taking risks, Brock Pierce. Max and Brock discuss bitcoin as the internet 2.0 and what the future holds for the technology.


VIDEO: Why the US is deeply insolvent

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America is deeply insolvent. We’re just not admitting it yet.

Perhaps not surprisingly, official statistics leave out our unfunded liabilities when calculating the net worth of the nation. Once these liabilities are added back in, America’s net worth plunges into the negative tens to hundreds of $trillions.

Our vast debts alone place an unfair and immoral burden on future generations, and realistically can and will never be pad off. Factoring in the unfunded liabilities just makes the situation beyond absurd.

Click here to watch the 18-min video


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Stacy Summary: The Isle of Man CryptoValley Summit was actually quite interesting. While nothing will compare to the first bitcoin conferences which were filled with anarchists, hackers and other free-spirited ...

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Jim Willie: The Crash Heard Round the World- Saudis to Reject USD for Oil Payments

Putin kicked out the Rothschild bankers from his country.  Putin interrupted the USGovt heroin trade supply routes out of Afghanistan. Like Abraham Lincoln 150 years ago, the elite banker chambers wish to remove Putin and to suppress Russia, but the sprawling nation has joined at the hip with China.  Thus Russia cannot be isolated any more than a bear can be bear hugged.  The nation spans 12 time zones and is a top supplier of numerous important commodities. The Russia & China bond is growing and will result in a marriage, the consummation being a baby called the Gold Trade Standard.
The King Dollar is being displaced, kicked off its throne.  Its squire the Petro-Dollar is undergoing demise.  The Ukraine War is the USDollar Waterloo event.
The Saudi rejection of the USD in exclusive oil payments will be the crash heard around the world.
The marriage between the Saudis and Chinese is a process well along, with each month featuring yet another high level conference. The Saudis will make the announcement in the coming weeks or months, as a genuflection before the Chinese, with a hat tip to the Russians. Soon the crude oil price will be set by the Russia-China tag team, priced in YuanWhen the Gold Trade Standard is entrenched, the diversification away from USTreasurys in the global banking system will become a torrent. Bank system practices will follow trade payment practices. When installed, it will cause prosperity in the East and havoc in the West.
The Crash Heard Round the World is coming.  The USDollar will be rejected, and replaced by the Gold Trade Standard.

Click here for the latest Hat Trick Letter on the CRASH HEARD ROUND THE WORLD:

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Comedy critic Kate Copstick on Jewish prejudice and the Scots/UK legal system

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“The scariest people I ever met were the Glasgow Serious Crime Squad. They would have ‘fitted you up’ faster than a Chinese tailor. Just unbelievable! — The clue’s in the name. The Serious Crime Squad. They commit serious crimes.”  Read my latest daily blog in full here

• SO IT GOES – John Fleming’s Blog


Silver Slaughter- Are We Headed to $15?

With silver smashed to a new bear low breaking long term support at $18/oz Friday, Alasdair Macleod joined the show to break down the trading action in precious metals, discussing: 

  • Friday’s silver slaughter- is the bottom finally in, or are we looking at a silver bloodbath on the Globex open Sunday night and a drop to $15? 
  • SGE international gold trading platform goes live- Alasdair discusses the long term implications, stating that the Gold market is being wrested from the West
  • September COMEX silver futures set to break new all-time volume record, shattering May 2013′s previous record
  • Physical silver demand EXPLODES as SDBullion records highest single day sales total ever Friday, physical silver shortages return to US wholesale & retail markets- is a silver premium spike next? 
  • A classic example of Madness of the Crowds: Alibaba US IPO overtakes Walmart market cap- legendary gold trader Jim Sinclair on why Friday “is a day that should be memorized
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French Vegetable Farmers Burn Down Tax Office Because Sanctions on Russia Have Caused Falling Prices

French Vegetable Farmers Burn Down Tax Office After Sanctions on Russia Drive Prices Down

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The farmers in Morlaix are upset because of falling prices on their products after Russian embargos on European foods shrunk their export market.


Are We Ready for Daily-Life Drones?

This exploration illustrates how ill-prepared we are, legally and socially, for the multitude of issues and conflicts that will inevitably arise as private drones become cheap and ubiquitous.

A recent experience provided grist for a “what-if” exploration of how drones may start impacting daily life. And I don’t mean delivery of packages and pizzas.

Read more ›

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LBMA Plans New Gold Fix – Desperate Attempt To Maintain Status Quo

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LBMA Plans New Gold Fix – Desperate Attempt To Maintain Status Quo

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In other LBMA related news, Reuters reported today that there are at least 15 companies interested in running the upcoming replacement to the London ‘Gold Fixing’ auction. Like the recently introduced replacement to the ‘Silver Fixing’ which is now being run by the CME Group and Thomson Reuters, the LBMA has appointed itself as the coordinator for a new London Gold Price auction and is currently soliciting Requests for Proposals (RfPs) from interested parties.

When the new silver fixing auction was being debated in the summer, the World Gold Council (WGC) took the initiative and organised a conference of gold market participants including miners and refiners to work out the key features of a new gold price auction. This WGC initiative appears to have been shot down by the LBMA who felt threatened that a gold mining representative organisation was muscling in on the London gold ‘price discovery’ mechanism.

In advance of the LBMA choosing the winning bid, which may well be CME Group/Thomson Reuters again, the LBMA will be holding another seminar for ‘market participants’ that will feature presentations from the short-listed candidates.

As per a similar LBMA Silver Price seminar that was held in June, the upcoming LBMA gold price seminar will no doubt include various concerned regulators attending as ‘observers’ such as the Bank of England and the Financial Conduct Authority (FCA), as well as the International Swaps and Derivatives Association (ISDA).

ISDA will be concerned about how ‘price discovery’ in the new LBMA Gold Price auction will impact the huge outstanding pile of gold price related derivatives that ISDA coordinates. Since gold is a monetary metal and is strategic as the basis of all fiat currencies, the Bank of England will no doubt be sending senior representatives to the seminar to protect the Bank’s interests.

And since trade ‘clearing’ of the phenomenally large volume of loco London unallocated account gold fixing trades is so important for the six bullion bank members of London Precious Metals Clearing Limited, it will be a given that HSBC, JP Morgan, Deutsche Bank, Barclays,  ScotiaMocatta and UBS will attend the LBMA seminar in an attempt to preserve the City of London’s unallocated account clearing status quo.

 

LBMA Gold and Silver Forward Curves Withdrawn From Next Monday (22nd September 2014)
From next Monday, September 22, the London Bullion Market Association (LBMA) will cease to publish and supply end-of-day forward curve data for gold and silver forward trades to the London Metal Exchange (LME) and LCH.Clearnet.

Therefore, today is the last business day that this long dated forward pricing data will be supplied by the LBMA.

Forward trades are over the counter trades where the two participants agree to buy/sell gold or silver now and sell/buy it back at a later date, usually with one leg of the trade being gold or silver and the other leg being US dollars.

Since the LME will no longer have this data, they cannot price forward trades and so cannot provide a clearing service for London gold forwards since they will not have pricing data to ‘mark to market’ any outstanding gold forwards for their clients.

This forward curve data had been supplied by the eight LBMA forward market makers since 2009, and then by seven market makers after Deutsche Bank dropped out earlier this year.

The CME Group also provides a clearing service for gold forwards and it is unclear how the cessation of the pricing data to the LME might affect the CME’s service. The CME Group was recently appointed by the LBMA to be the calculation agent and platform provider for the new LBMA Silver Price.

Shorter term gold forward data, in the form of Gold Forward Offered rates (GOFO) will continue to be supplied by the forward market makers and published by the LBMA. Therefore, the gold/silver forwards decision by the LBMA and its associated Market Makers will not affect (GOFO) data. GOFO data will still, for the time being, be published in London each business day at 11am.

View GoldCore’s Latest Webinar Here: How to Buy Bullion Today and When To Sell


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At home with UK gangsters The Krays – lemonade, opera and poofs

 

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“All he wanted to do was buy her things and make a fuss of her while she wanted to live a life with things that women and young girls normally want – such as children and sex.” 
- Read my latest daily blog in full here

• SO IT GOES – John Fleming’s Blog


Armageddon

Stacy Summary: Doom in the silver market if you were hoping to swap your silver for fiat.

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In the paper silver market, ETF buyers have been accumulating silver while dumping gold; in fact the demand for silver to gold ratio is at its highest ever:

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The CHART OF THE DAY shows shares outstanding for the biggest U.S. silver ETF surpassing those for the nation’s largest gold fund by the most since 2006, when the iShares Silver Trust was created. Retail buyers are sticking with silver even as prices fell 4.4 percent this year, the most of any precious metal. Gold’s 2 percent gain wasn’t enough to halt declines in selling, and assets in the SPDR Gold Trust are set for a second annual loss. — Bloomberg

And here is the silver supply of the silver ETFs going back to 2006.

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I guess the hedgies are selling. Most of the selling is happening in New York where the paper is traded; they’d get a much higher price in China or India if they had physical and cared about fiat profit.

In other news:




June 2013 Lows Break As Silver Plunges to $17 Handle

Silver has just broken below the June 2013 low of $18, continuing its post FOMC “taper” sell-off Friday, plunging to a new bear market low of $17.77. 
Gold is also continuing its sell-off, but has held above $1215, still $35 off the June 2013 lows of $1179.

Click here for more on Silver’s plunge to new bear market lows:

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