Silver Price London Fix

AM    1558.50    USD 993.624 GBP    1239.265 EUR
PM    1568.50    USD 999.936 GBP    1248.011 EUR

Silver Price London Fix

AM    1555.00    USD 989.563 GBP    1229.443 EUR
PM    1549.00    USD 985.557 GBP    1225.766 EUR

Silver Price London Fix

CENTS     PENCE     EUR-CTS
2776.00    1765.340    2193.080

AM    1575.75    USD 998.764  GBP 1233.947 EUR
PM    1582.50    USD 1000.632 GBP 1239.233 EUR

Silver Price London Fix

CENTS     PENCE     EUR-CTS
2807.00    1780.530    2200.710

A failure of any financial institution or sovereign default could trigger a Credit Derivative, and create a chain reaction of derivatives triggering across the globe. It is impossible to know the true exposure any financial firm has to these derivatives, and these derivatives could cause any financial institution that holds them to fail virtually overnight.

This use of Credit Derivatives by bullion banks in particular is the primary reason that AFE vaults gold and silver bullion for its clients outside of the banking system.

From the Financial Times:

The unit at the centre of JPMorgan Chase’s $2bn trading loss has built up positions totalling more than $100bn in asset-backed securities and structured products – the complex, risky bonds at the centre of the financial crisis in 2008.

http://www.ft.com/intl/cms/s/0/8ef035de-a043-11e1-88e6-00144feabdc0.html#axzz1vTXIeQrW

According to wikipedia:

Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a “failure to deliver”. The transaction generally remains open until the shares are acquired by the seller, or the seller’s broker settles the trade

http://www.rollingstone.com/politics/blogs/taibblog/accidentally-released-and-incredibly-embarrassing-documents-show-how-goldman-et-al-engaged-in-naked-short-selling-20120515

On Wednesday, District Judge Katherine Forrest ruled the National Defense Authorization Act unconstitutional. Forrest issued a preliminary injunction which restrains the US government from administering section 1021 of the NDAA, a provision that allows for the indefinite detention for Americans with alleged terrorist ties.

Interviewee claims that peaceful US citizen protestors have been classified by the US Government as terrorists and could have been charged and held indefinitely under the NDAA, including anyone who reports on the NDAA.

Silver Price London Fix
CENTS PENCE EUR-CTS
2839.00 1795.240 2223.350

Silver is trading at $28.53/oz, €22.55/oz and £18.12/oz.

From ABC:

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, Saverin’s spokesman, told Bloomberg News in an email.

Last year 1,700 people renounced their U.S. citizenship.