SilverDoctors

Reuters: JPM, GS in Fight w/ the Fed Over Commodities Regulations

2012-03-02T16:20:00.000-05:00

This Reuters piece fresh off the presses leads one to believe that the Fed is locked in an epic struggle with JP Morgan, Goldman Sachs, and Morgan Stanley among others over the right for the TBTF's to expand their physical commodity operations. As last we checked the Fed and the bullion banks are on the same team, we seem to recall a quote that is apropos to this situation:
'Every kingdom divided against itself will be ruined, and every city or household divided against itself will not stand. And if Satan casts out Satan, he is divided against himself. How then will his kingdom stand?'
If anything, look for the Fed's new commodities regulations to even further ramp up the bank's commodities divisions to trading PAPER commodities.

Wall Street's biggest banks are locked in an increasingly frantic struggle with the Federal Reserve over the right to retain the jewels of their commodity trading empires: warehouses, storage tanks and other hard assets worth billions of dollars.
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Central Banks Buying Stocks, Bernanke Grocery Shops, Inflation, Greek Bonds

2012-03-02T15:47:00.000-05:00

The RNN animated metals update discusses the new program by foreign Central Banks to goose US stock markets. And, hot after Ron Paul's questioning of the Fed Chairman earlier in the week, an RNN iReporter spots Fed Chairman, Ben Bernanke at the grocery store. We talk about the Greek Bond situation.

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Even Dennis Gartman Agrees Wednesday's Gold & Silver Raid Was CB Intervention

2012-03-02T14:44:00.000-05:00

Analyst Dennis Gartman, whose overall bearishness on gold is only trumped by Jeffrey Christian and Jon Nadler, apparently has been nearly converted on gold intervention by the cartel after Wednesday's massive broad daylight raid. One of Gartman's most trusted sources has informed him that an order came in to dump 3 million ounces of gold Wednesday exactly at the London fix, and that explicit orders were given for the order to be completed in only several minutes. His source goes on to state that 'this was no free market yesterday'.

Gartman's near admission of central bank gold manipulation is below:
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Martin Armstrong: FLASH CRASH in Bonds Coming that Will End Current System

2012-03-02T13:49:00.000-05:00

Martin Armstrong discusses Wednesday's flash crash in precious metals, and states that we are 'past the point of no return', and will one day soon have a 'FLASH CRASH IN BONDS' which will end the current system.

This Flash Crash was by no means a “Fat-Finger” Error as portrayed previous. This Flash Crash was illustrating how unsettled the markets are and the lack of confidence in general that exists. Of course, the rumors prefer to blame a cascade effect that of algorithmic and high-frequency trading platforms. Others call this the robot attack. Still others say it was JP Morgan who sold gold short a other attribute it to selling one million ounces of gold all at once for an Asian fund (10,000 futures contracts).
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Greek 1 Year Bond Hits 988%

2012-03-02T13:33:00.001-05:00

This is almost like watching horse racing. We have a high today in the Greek 1 year yield of 988.135%.
Love how 3 decimal points are still required as the yield is about to pass 1000%.
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Andrew Maguire: PAGE Has Been Killed, New International Exchange Being Developed in its Place

2012-03-02T12:04:00.005-05:00

*Breaking
Andrew Maguire has told Eric King of KWN this morning that the Pan Asian Gold Exchange (PAGE) is DOA.

PAGE had been expected to open in June of 2012, and was to rival the COMEX and LBMA and provide a legitimate exchange for PHYSICAL gold and silver.
Maguire states that in place of PAGE, a new INTERNATIONAL version of PAGE is being prepared in its place, and it may launch in the immediate future.
We remain skeptical that the cartel will allow a legitimate alternative to their paper ponzi exchanges.
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Eric Sprott: Paper Prices Are a Joke: Prepare for Bullion Prices to Go SuperNova!

2012-03-02T11:34:00.000-05:00

Eric Sprott continues to stress many of the themes he discussed with The Doc in our recent interview in this discussion with Chris Martenson, stating that paper metals prices are a joke, and investors should prepare for physical bullion prices to go SuperNova! To Da Moon!
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JS Kim Discusses Gold, Silver Manipulation with Max Keiser

2012-03-02T11:29:00.000-05:00

For those who missed it, on Monday JS Kim discussed a coming manipulation event in gold and silver that would prevent the shorts from getting overrun on the Keiser Report. Two days later, gold was smashed $100 and silver $4 as the cartel dumped 350 million paper ounces of silver and 1 million ounces of paper gold on the market, squashing gold and silver's bull moves.
Nice call JS.
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US Mint Silver Eagle Sales Drop to 1.49 Million in February

2012-03-02T11:17:00.000-05:00

After a blistering January saw the 2nd highest ever monthly sales total of 6.107 million silver eagles sold, US Mint sales slowed considerably in February, registering 1.49 million ounces sold. The 2011 February sales total was 3.24 million ounces sold.
Sales totals year to date= 7,597,000 (still a massive 2-month total), compared to 9,662,000 for the first 2 months of 2011.
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Gold, Silver CME Delivery Update 3/2/12

2012-03-02T10:48:00.001-05:00

137 delivery notices issued for silver for 3/5 delivery
44 delivery notices issued for gold for 3/5 delivery

Silver Contracts Stopped Month to Date: 810 (4.05 million ounces)
Gold Contracts Stopped Month to Date: 460 (46,000 ounces)

LTRO 2 Circle Jerk: European Banks Deposit €777 billion into ECB

2012-03-02T10:00:00.002-05:00

Image Source

Has the Western financial system become a full fledged circle-jerk ponzi scheme?
DowJones reports that ECB overnight deposits surged 63% Thursday, to €776.941 billion ($1.034 trillion) from €475.219 Wednesday.
So the ECB issues €700billion in loans to European banks, who turn around and deposit the loans en masse right back into the ECB. Well, technically it's not a circle-jerk as the funds originated from the Fed rather than the ECB.
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Nigel Farage: Mass Anger Could Trigger Euro’s Greek Spring

2012-03-02T09:42:00.000-05:00

As another nervous week lies ahead for Greece, Nigel Farage, MEP and leader of the UK Independence Party, says the sacrifices it’s being forced to make only drag the country deeper into trouble. Eurozone finance ministers have also gathered in Brussels to discuss the 130 billion euro Greek bailout – but Greece must wait another week before the money starts to flow. The final say will be given on the first tranche after Athens reaches agreement with its private creditors next Thursday.
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Turbo Timmy Geithner Open Editorial: Financial Crisis Amnesia

2012-03-02T09:37:00.000-05:00

Somehow in the midst of reportedly being arrested, questioned, and released this week, Turbo Timmy Geithner found time to pen the following op-ed that was published this morning in the WSJ.
Financial Crisis Amnesia
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Asia Buys Gold After Massive Single Trade Sell Off During Bernanke’s Testimony

2012-03-02T09:13:00.000-05:00

Wednesday’s sell off is being attributed to one massive sell trade of 31 tonnes on the Chicago Mercantile Exchange during Bernanke’s speech. There are rumors of a large US fund selling and also that the selling may have been by JP Morgan – rumored to be acting on behalf of an Asian fund. Who sold off and why is less important than the fundamentals of the gold market. Absolutely nothing has changed regarding the fundamentals of gold which remain as sound as ever with broad based demand from store of wealth buyers, institutions and central banks internationally and especially in Asia. Good volumes have been seen on the Shanghai Gold Exchange in recent days. In India, lowest gold prices in a month saw strong physical bullion demand and physical buyers hunting for gold bargains to meet the wedding season demand. India remains the world’s largest buyer of the yellow metal (900 tonnes/year) but China is expected to outpace them this year according the World Gold Council. ETF holdings gained 238,674 ounces to a record high of 70.76 million ounces, showing that institutions and investors remain keen on gold. Also, options data has not changed since Wednesday’s price falls.
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Silver Update: Bullion Banks

2012-03-02T01:56:00.000-05:00

BrotherJohnF is back with another Silver Update: Bullion Banks
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SD Bullion Closed Friday in Preparation for Grand Opening

2012-03-01T22:30:00.005-05:00

SD Bullion will be closed Friday in preparation for the Official Grand Opening Sale on Monday. Thank you to those who have already purchased through SDB this week. After seeing the demand for bullion sales from The Doc, SilverDoctors.com will be hiring the first paid employee to join me, BullRun, in working the call center. We apologize for any telephone delays you may have experienced in the last two days, we hope to alleviate wait times moving forward. Get together your fiat dollars over the weekend, you won't want to miss out on the GRAND OPENING BULLION SALE!

Embalmer Allegedly Stole Gold Crowns From The Dead

2012-03-01T21:09:00.001-05:00

A Colorado embalmer has been arrested for accumulating and cashing in over 20 gold fillings worth $4,200 from the cremated remains of deceased individuals. Removing teeth from enemy corpses was common during WWII, who knew an embalmer could recover more phyzz than the average season of Alaska Gold Rush?
Perhaps this is why the MSM calls gold a 'barbaric relic'?

A man who was working as an embalmer says he stole from the dead in order to support his family.
Adrian Kline, 43, of Brighton, is accused of removing gold crowns from the teeth of dead people and then selling them. He turned himself in last Friday.
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Virginia House & Senate Vote to Nullify NDAA

2012-03-01T18:33:00.000-05:00

Image source

The fascist and unconstitutional NDAA legislation went effective today, Thursday, 3/1/2012.
Perhaps all of our US readers should consider moving to Virginia, whose House & Senate voted yesterday to nullify the NDAA legislation that allows for indefinite detention of US citizens without trial.

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COMEX Wasteland

2012-03-01T17:37:00.005-05:00

CSI: COMEX

I sat down this afternoon and attempted to write about the reports of a single 10,000 contract gold sell order that triggered yesterday's smash in gold and silver. A SINGLE seller dumped 1 million ounces of paper gold on the market in the time-span of 2 minutes (along with 225 million paper ounces of silver)-an event that reportedly caused several traders at RJO to openly question the purpose of the sell.
For those who haven't yet heard the news: Commenting on the sell-off, CIBC World Markets wrote in a note to clients that “Gold – looks like a large seller of gold in the market. a 10k contract traded, down ticked the price by $40/oz. roughly 200k contracts trade per day, but unusual to see such a large single trade. not likely due to contract expiry either. That transaction represents 1mln oz of gold.”
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Mr. M: The Unconscious Unacceptance in the Unnecessary Murders

2012-03-01T16:26:00.002-05:00

In 1937, W.H. Auden wrote this line,

“The conscious acceptance of guilt in the necessary murder”

It comes from a poem called “Spain”, which was written in response to the Spanish Civil War. The poem later received much criticism and was dropped from the publications of his work due to that line alone. It seems that nobody was yet able to consciously accept the guilt, even far after the ‘necessary murder.’

This poem, and the avoidance of its message, exemplifies not only the mind-state of the populous in Spain at that time, but the mind-state of the American masses at this time as well.

Israel to Invest 10% of Currency Reserves in US Stocks Such as AAPL

2012-03-01T14:19:00.001-05:00

Israel announced today that it will invest 2% of its currency reserves, or $1.5 billion into US stocks (with the example given of AAPL) through UBS AG and BlackRock.
The investment is expected to eventually increase to 10% of Israel's reserves according to reports.
So lets get this straight. A nation with literally 0 gold reserves has decided to invest 10% of its CURRENCY reserves into AAPL and Netflix? We have now seen it all.

The Bank of Israel will begin today a pilot program to invest a portion of its foreign currency reserves in U.S. equities.
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Gold, Silver CME Delivery Report

2012-03-01T13:52:00.000-05:00

For the 2nd day of the March delivery month, we had 160 silver delivery notices issued, and 81 gold notices issued for delivery Friday.
That's 800,000 ounces of silver, and 8,100 ounces of gold.

Month to date numbers below:
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Silver Bullet/ Silver Shield 17: Warren Buffett Paradigm Puppet

2012-03-01T13:21:00.000-05:00

The Silver Bullet & the Silver Shield Video series continues with Part 17: Warren Buffett Paradigm Puppet
For those who have not been following the latest installments of the Silver Bullet & the Silver Shield video series, see
parts 1-6 part 7 part 8 part 9 10 &11 part 12 part 13 part 14 part 15 part 16
Read more »

Fox Business Interviews David Morgan on Gold, Silver Smash

2012-03-01T13:04:00.000-05:00

The MSM is interviewing a PM guru over yesterday's gold and silver smash!?!
Fox Biz has released an interview with David Morgan regarding this thoughts on yesterday's action. Read more »

Caption Contest

2012-03-01T11:30:00.003-05:00