Via RebootingCapitalism. Canada, the 5th largest gold producer in the world, as a nation holds exactly zero ounces of gold as currency reserves. This is something I have not been alone in anticipating, but it looks like Mr. Something had to give, and the shortlist included precious metals — but when? Was it possible the central banks really did pull off a perpetual motion machine?
All I do is run a few businesses with customers all over the world, so wtf would I know about anything…. He claimed GB's botton gold with his victory. Their five-year-old daughter has arrived back bottlm Britain, after making the "bittersweet" decision to bring her Brown bottom. Anti Brexit demonstrators attend a protest at Parliament Square. The period itself has been dubbed Brown bottom some commentators as the Brown Bottom or Brown's Bottom. Our Daily Prayers. After all, the price dropped.
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- Brown Bottom.
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Everywhere, and at times of greatest trials, men have appeared, prophets and saints who cherished freedom, who preached that without God man is defenseless against evil. The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.
Thereafter, any attack even on the least of men is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all. Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind.
Let us commend our past to His abundant forgiveness, and trust our future to His loving kindness and tender mercy.
Let us allow ourselves to be fashioned according to His will, not for His sake, but for our own. Remember to feed the least of His creatures, the birds and the animals. And be mindful of the hearts of those you meet, encouraging them with a kindness and a smile.
The moneyed interests and their enablers tolerate the corruption because they have profited from it, and would like to continue to do so. Discipline and silence is maintained by various forms of soft financial rewards and career and social coercion. The bottom referred to, of course, is the bottom of the gold price, and the sale of approximately tonnes of the UK's gold at the bottom of the market.
The sticky issue is not so much the actual sale itself, but the method under which the sale was taken and who benefited. There has been widespread speculation that the manner in which the sale was conducted and announced was in support of the nascent euro, which Brown favored.
This does not seem to hold together however. There is also a credible speculation that the sale was designed to benefit a few of the London based bullion banks which were heavily short the precious metals, and were looking for a push down in price and a boost in supply to cover their positions and avoid a default.
The unlikely names mentioned were AIG, which was trading heavily in precious metals, and the House of Rothschild. The terms of the bailout was that once their positions were covered, they were to leave the LBMA, the largest physical bullion market in the world. The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London's financiers a bit uneasy.
The sale as bailout was given impetus by this revelation which surfaced some years later. George said "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.
Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U. Gold, Goldman, and Gordon This is the undercurrent of the inquiries in England today, and the controversy surrounding Brown's Bottom. There is thought that the information disclosed on the London sales will be heavily redacted to protect the involvement of the US Federal Reserve bank, which is said to have engaged in gold swaps to further depress the price, in conjunction with a major producer and a NY based money center bank.
The people of the UK deserve answers. Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored. Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days — by the end of April.
The sale is expected to be become a major election issue, casting light on Mr Brown's decisions while at the Treasury. Last night, George Osborne, the shadow chancellor, demanded that the information was published immediately. The documents should be published immediately. It is understood that Mr Brown pushed ahead with the sale despite serious misgivings at the Bank of England. It is not thought that senior Bank experts were even consulted about the decision, which was driven through by a small group of senior Treasury aides close to Mr Brown.
The Treasury has been officially censured by the Information Commissioner over its attempts to block the release of information about the gold sales. The Information Commissioner's decision itself is set to become the subject of criticism. The commissioner has taken four years to rule on the release of the documents, despite intense political and public interest in the sales. Officials have missed a series of their own deadlines to order the information's release, which will now prevent a proper parliamentary analysis of the disclosures.
It can also be disclosed that the commissioner has held a series of private meetings with the Treasury and has agreed for much of the paperwork to remain hidden from the public. The Treasury was allowed to review the decision notice when it was in draft form — and may have been permitted to make numerous changes.
In the official notice, the Information Commissioner makes it clear that only a "limited" release of information has been ordered. Ed Balls, who is now the Schools Secretary, Ed Miliband, now the Climate Change Secretary, and Baroness Vadera, another former minister, were all close aides to the chancellor during the relevant period. If the information is not released by the end of April, the Treasury will be in "contempt of court" and will face legal action.
A spokesman said last night that the Treasury was not preparing to appeal against the ruling. The Treasury pre-announced its plans to sell tons of the tons held by the Bank of England, which caused prices to fall.
Since then, the price has increased rapidly. The proceeds from the sales were invested in dollars, euros and yen. Max Keiser Reports. Newer Post Older Post Home. Our Daily Prayers. Our prayers are for the intentions of our readers, and for all those who visit here this week. Especially we pray for those whose hearts are hardened against all grace by greed, and fear, and pride, so that they may experience the three great gifts of our Lord's suffering and triumph: repentance, forgiveness, and thankfulness.
Translation Service. Beignets de Calamars. Full English Breakfast. Gigot de Lotte aux aubergines. Scotch Egg. Pizza Bolognaise. It is available for your use at no cost, but with attribution and a link to the original posting. In providing information, I hope this allows you to make your own decisions in an informed manner, even if it is from learning by my mistakes, which are many. As a standing policy I never provide individual investment advice to anyone.
I will only occasionally disclose my personal positions for purposes of illustration. Understand that my own circumstances could differ greatly from your own, and therefore what is suitable for me may not be suitable for you. My comments are intended to be reflection on general macro financial and economic events and trends.
Prepare and roll out the pie crust according to your favorite recipe. Unlike national currencies, the yellow metal is not tied to any particular country. Every house maid needs to be dealt with like this. Meredith collects data to deliver the best content, services, and personalized digital ads. Blog Recipes How to get pie crust to brown on the bottom Location, location, location Author. Freezes well, baked or unbaked. So why did he sell the gold?
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The dollar began to rise, from about mg gold to mg on 6 July, the day of the first sale. It makes sense, as the UK was selling a lot of gold However, we note that if he wanted to—pardon the dollarish— push down gold , he was not particular effective.
That lasted but a few months. The price bottom just about coincides with the end of his selling. What has not been seen until now is a look at the gold basis and cobasis during this time. Was gold becoming abundant due to selling? Or did something else happen? Here is a graph showing the continuous gold basis and cobasis, overlaid with the price of the dollar. We believe this confirms our view that there is a lot of gold out there. This was as clear a case of short selling as can be.
Actually, the market price began falling before the announcement, which suggests that privileged information may have leaked. Yet the market makers handled this with aplomb. The basis moved, but not that much. Wait… Brown is selling large quantities of gold and yet gold is become less abundant and scarcer, peaking at significant scarcity indeed?
Those fool speculators thought they could short gold with impunity. After all, the price dropped. A major country was selling in quantity.
We assume the charts painted a bearish picture. Even some gold bugs may have thought that with major governments against them, the price could be driven down even further.
This was the end of a long period of a falling gold price. Sentiment must have been in the pits. If you were watching the basis, you would have seen this move coming. Here is a graph of our fundamental price, zoomed in to show just a small window around the price explosion. The difference between the fundamental and market prices gives us the premium or discount. Here is a graph of that for the same time period.
You might have traded before the fundamental moved decisively based on the basis graph. The fundamental by itself would still have gotten you out of the trade. By 14 Oct, it had overshot and come back down and was clearly falling. There is one other thing worth mentioning. Linear thinking may be tempting and convenient. However, we see here that Brown set something in motion. A linear view would ask how much price drop to expect for a given quantity of gold.
Like draining a tank of liquid, how much will the level drop for a gallon pumped out? That is not what happened. Brown jerked on a spring. He set it in motion, reverberating for quite some time. Obviously, many buyers increased their purchases of gold perhaps in response to the drop in price.
New buyers came into the market. A linear model like supply and demand curves cannot explain what happened or predict what will happen. Virtually all of the gold mined over thousands of years is potential supply, at the right price and under the right conditions. Everyone is potential demand, at the right price and under the right conditions. Brown had a modest effect on price, but he perturbed the market and that changed the conditions. Ironically, it could even have been the British, who had been happy to own pounds knowing that each pound represented a certain amount of gold backing.
This is just conjecture, but it would fit. This week, the prices of the metals fell. However, with all the previous discussion, we are sure you want to see the fundamentals of supply and demand. Next, this is a graph of the gold price measured in silver, otherwise known as the gold to silver ratio. It moved up a bit. In this graph, we show both bid and offer prices. If you were to sell gold on the bid and buy silver at the ask, that is the lower bid price.
Conversely, if you sold silver on the bid and bought gold at the offer, that is the higher offer price. For each metal, we will look at a graph of the basis and cobasis overlaid with the price of the dollar in terms of the respective metal. It will make it easier to provide brief commentary. The dollar will be represented in green, the basis in blue and cobasis in red.
We had a rising price of the dollar the mirror image of the dropping price of gold , and a slightly falling abundance the basis and slightly rising scarcity the cobasis. The metal became less abundant and scarcer. Contributing to kitco. Interactive Chart. Make Kitco Your Homepage. Kitco Gold Index. Search Stocks.
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Keith Weiner Monday June 19, Kitco Commentaries Opinions, Ideas and Markets Talk Featuring views and opinions written by market professionals, not staff journalists.
Several features are noteworthy: The basis begins to fall on the announcement, but not a lot yet. The cobasis may be arguably said to begin to rise.
Both appear to change character. The dollar begins rising immediately i. Once he began the actual selling, the price did not move much further. Notably, the basis and cobasis begin much larger moves.
Gold became significantly scarcer. Three months later, we see a wicked backwardation. That is no small number, like the many little temporary backwardations of today. And not a near-month contract cobasis, but the continuous cobasis. This is big, albeit only one day. Gold could become scarcer for a while, and to a point. But when the shorts push it past the breaking point, the price of gold snaps violently to the upside. Here is the gold graph.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
Kitco Metals Inc. Pound, stocks slip; lawmakers reject Brexit law timetable Oct 22, PM.