Vervolg op Count Down: Goud goed!

Gek­luis­terd aan het laat­ste nieuws is het fascinerend te zien dat van­daag de edel­metaalko­ersen bij aanzwellende vraag en sterk afne­mend aan­bod met pro­cen­ten omlaag keilen. Valt dit logis­cher­wi­js uit te leggen? Ja, alleen van­wege zware gecoördi­neerde manip­u­latie op de Com­mod­i­ty Exchange in New York (COMEX). Hier gaat het alleen om papieren futures en niet om fysiek metaal.

Deze ontwik­kel­ing is des te opval­len­der gezien de onder­staande ontwik­kelin­gen:
(Van­wege de actu­aliteit is de ver­tal­ing achter­wege gebleven maar hopelijk kunt u dit vol­gen. Deze bericht­en sluiten naad­loos aan op mijn laat­ste col­umn ​‘COUNT DOWN’)

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Fed­er­al Reserve Admits: We Have No Gold

The fol­low­ing exchange between Con­gress­man Ron Paul (R‑TX) and the Fed’s attor­ney Scott Alvarez proves, with­out a shad­ow of a doubt, that The Fed­er­al Reserve has no gold back­ing the US dollar.

Most in the alter­na­tive news sphere sus­pect­ed it – now it’s fact.

The Fed­er­al Reserve does not own any gold at all. We have not owned gold since 1934, so we have not engaged in any gold swap.

What appears on our bal­ance sheet is gold certificates…Before 1934 the Fed­er­al Reserve did, we did own gold. We turned that over by law to the Trea­sury and received in return for that gold certificates.

The exact rela­tion­ship between the Fed­er­al Reserve, the US Trea­sury and these non-trade­able gold cer­tifi­cates is not exact­ly clear, but an attempt to explain what’s actu­al­ly going on has been put forth by gold​news​.com:

In any case, we can ana­lyze the impli­ca­tions of the basic facts and come to a cou­ple of conclusions:

1) The wide­spread notion that the Fed owns gold is false. The corol­lary to this is the mis­tak­en belief that the Fed under­states its gold hold­ings on its bal­ance sheet by only report­ing cer­tifi­cates based on the $42.22 statu­to­ry gold val­ue. The Fed does not in fact own the US gold stock mul­ti­plied by the mar­ket price of gold, unless the Trea­sury defaults and even then its not clear. The Fed does, how­ev­er, own a claim to cur­ren­cy totalling $11.1 bil­lion and this val­ue has a remote chance of going up sig­nif­i­cant­ly if the Trea­sury reval­ues its gold and main­tains the prac­tice ini­ti­at­ed in the Par Val­ue Mod­i­fi­ca­tion Act.

2) The fact that the Fed owns no gold, nor claims to any gold, means the fun­da­men­tal val­ue of the dol­lar lacks any back­ing besides dol­lars them­selves, not includ­ing Fed build­ing and equip­ment. Dol­lars are in essence worth a lot less than many peo­ple thought, and the Fed is much more impo­tent in using the prowess of their assets, and con­duct­ing mon­e­tary pol­i­cy in gen­er­al, than many believed. In all, Alvarez’s clar­i­fi­ca­tion strength­ens the case for gold’s high dol­lar val­ue immensely.

An inter­est­ing per­spec­tive, and one, if true, sug­gests that the val­ue of your dol­lar in terms of gold is actu­al­ly much less than believed – like close to zero. Our cur­ren­cy is not only not backed by gold, but in the event of a dol­lar melt­down the only assets back­ing the world’s reserve cur­ren­cy are worth­less tox­ic mort­gages pur­chased by The Fed in recent years from insol­vent bank­ing institutions.

The only thing hold­ing this thing togeth­er at this point is mar­ket con­fi­dence. When that goes, every­thing else goes with it.

Author: Mac Sla­vo
Date: June 6^th, 2011

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CNBC: 96% of view­ers think Ben Bernanke is full of it
Thurs­day, June 23, 2011

From Prag­mat­ic Cap­i­tal­ism:

… A full 96% of vot­ers say they do not have con­fi­dence in the Fed Chair­man’s han­dling of the econ­o­my…

Now, this is no ​“sci­en­tif­ic sur­vey” (accord­ing to CNBC), but the results are real­ly stag­ger­ing. This is a vote of no con­fi­dence from fair­ly informed mar­ket watch­ers.

I won’t rehash all of my 2009 argu­ments when I said Dr. Bernanke had no busi­ness being Fed Chief in the first place (or being reap­point­ed), but I cer­tain­ly still stand by those com­ments. I think Pres­i­dent Oba­ma made a huge error in judg­ment when…

From Zero Hedge:

One small step toward Exec­u­tive Order 6102 part 2, and one giant leap for corruptcongressmankind.

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From: FOREX​.com <info@​forex.​com>
Date: Fri, Jun 17, 2011 at 6:11 PM
Sub­ject: Impor­tant Account Notice Re: Met­als Trad­ing
To: xxx

Impor­tant Account Notice Re: Met­als Trad­ing

We want­ed to make you aware of some upcom­ing changes to FOREX.com’s prod­uct offer­ing. As a result of the Dodd-Frank Act enact­ed by U.S. Con­gress, a new reg­u­la­tion pro­hibit­ing U.S. res­i­dents from trad­ing over-the-counter pre­cious met­als, includ­ing gold and sil­ver, will go into effect on Fri­day, July 15, 2011.

In con­junc­tion with this new reg­u­la­tion, FOREX​.com must dis­con­tin­ue met­als trad­ing for U.S. res­i­dents on Fri­day, July 15, 2011 at the close of trad­ing at 5 p.m. E.T. As a result, all open met­als posi­tions must be closed by…

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Robert Bron­cel
Pub­li­cist US Markets