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redneck
1000+ Penny Miser Member
1273 Posts |
 Posted - 12/12/2008 : 05:28:31
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Here's another article on Gold Backwardation with a little more history.
Bastards...
Trilateral Plan to Corner World Gold Market?
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Excerpt;
Noted Romanian economist, Professor Antal Fekete, released a critical report on December 5, 2008, entitled “Red Alert: Gold Backwardation.”
For the first time in history, gold futures sold below spot price and creates a potential crisis in gold delivery at the end of December. Fekete states,
“According to the December 3rd Comex delivery report, there are 11,759 notices to take delivery. This represents 1.1759 million ounces of gold, while the Comex-approved warehouses hold 2.9 million ounces. Thus 40% of the total amount will have to be delivered by December 31st. Since not all the gold in the warehouses is available for delivery, Comex supply of gold falls far short of the demand at present rates. Futures markets in gold are breaking down. Paper gold is progressively being discredited…”
“Gold going to permanent backwardation means that gold is no longer for sale at any price, whether it is quoted in dollars, yens, euros, or Swiss francs. The situation is exactly the same as it has been for years: gold is not for sale at any price quoted in Zimbabwe currency, however high the quote is. To put it differently, all offers to sell gold are being withdrawn, whether it concerns newly mined gold, scrap gold, bullion gold or coined gold. I dubbed this event that has cast its long shadow forward for many a year, the last contango in Washington #8213; contango being the name for the condition opposite to backwardation (namely, that of a positive basis), and Washington being the city where the Paper-mill of the Potomac, the Federal Reserve Board, is located. This is a tongue-in-cheek way of saying that the jig in Washington is up. The music has stopped on the players of ‘musical chairs’. Those who have no gold in hand are out of luck. They won’t get it now through the regular channels. If they want it, they will have to go to the black market.”
Conclusion
If Fekete is correct, and he has seldom been wrong, then the trap is snapping shut on who will own the gold in 2009. Free-market supplies of gold are drying up, but the price is being kept low as global institutions sop up whatever crumbs are left.
Several very serious implications can be drawn:
* The massive amounts of gold leased to bullion banks will ultimately be seized by these same banks as collateral against worthless paper loans made to the Central Banks.
* Central Banks (including the Federal Reserve) could well be left to disintegrate in order to give way to a single global central bank controlled and fueled by the bullion banks who have Monopoly control over the world’s gold.
* These superbanks are all closely tied to the goals and membership of the Trilateral Commission, whose members have methodically carried out a monetary policy designed to bring about this eventuality.
* For all practical intent, individuals will be frozen out of the gold market at any price.
Indeed, a global totalitarian state may be closer than we think; as the globalist’s golden rule states, “He who has the gold, makes the rules.”
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Trilateral Plan to Corner World Gold Market?
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