- “It’s Gotta Be Close”!
by Bill Holter, http://blog.milesfranklin.com/
The title “It’s gotta be close” is a direct quote from John Embry. For those of you who don’t know John, he works side by side with Eric Sprott and is probably the preeminent mind when it comes to mining companies. “It’s gotta be close” was John’s response to Glenn Beck’s video release a week ago. You see, Glenn Beck as I mentioned this past week would sometimes “go there” but never really “get there” as far as gold was concerned. Yes he has promoted gold for a few years but never ever until the last year gotten into the “crazy conspiracy theories” that gold’s price could actually be manipulated. This would have been “too far off of the envelope” for him…but he has now jumped in feet first and no matter what he says or wants you to believe, he is “mainstream.”
But why now? Because, as John said, “We gotta be close.” “Close” as in the entire suppression scheme blowing up sky high so that anyone and everyone can see and know what has been going on for years. The revelations are piling up “bigger and faster” than ever before. In just the first 2 weeks of 2014 we have heard from Germany 4 times regarding their gold. On Jan. 5th they said that they have received 37.5 tons of the 87.5 that they had expected. Now it turns out that only 5 of those tons came from the NY Fed and the bulk from Paris. They claimed that these 5 tons was re-refined in the U.S. Then a week later they changed their mind and said that it was refined inside of German borders. Let me put this 5 tons in perspective for you, the Fed lent out over $17 trillion to banks and financial institutions back in 2008 to “save the world” (over half to foreign institutions) yet we can only muster up less than $250 million (with a measly “m”) worth of gold that was supposedly being safe kept…did we “lose it?” Sell it? Lease it? Something is VERY wrong here. Do you realize that the Fed conjured up this $17 trillion within a month’s time while we can only send $250 million worth of gold over the course of an entire year? Doing the math in my head, the Fed lent out 68 THOUSAND! Times more in cyber credits than the real money they sent back to its owners. The German people should be screaming bloody murder; the American people should wake up and understand this. The stage is set for a buying panic…”it’s gotta be close!”
This past Thursday, Bafin’s President Elke Koenig claimed that “gold price manipulation” is worse than the LIBOR manipulation. Let me also put this in perspective for you, “Bafin” oversees the German banks, brokers and insurance companies, everything financial if you will. An equivalent of “Bafin” in the U.S. would be the supervisory arms of the Fed, the SEC, NASD, CFTC, FDIC and state insurance regulators ALL rolled up into one. The statement by Ms. Koenig was huge and loud if you were, actually listening because she is not some secretary or middle manager. She is the president of Bafin! You can bet the ranch that she did not make this statement off the cuff, lightly or by mistake. Think of the far reaching ramifications of a statement like this? Just on her words alone a buying panic can get started because she has now lent credence to us “conspiracy (fact) whackos” and everything that we’ve been saying. This is the equivalent of Ben Bernanke, Mary Jo White, Frank Zarb, Gary Gensler and Sheila Bair all making a joint statement that “gold’s price is manipulated.” But wait there’s more! Deutschebank announced Friday that they will no longer participate in the “London fix” and will market their “seat.”
Another little tidbit yesterday was Koos Jansen’s revelation that China imported 79 tons of gold for the week. Yes, for the WEEK, not month! This would amount to a run rate of 320 tons for the month or close to 4,000 tons for the year compared to global production of 2,200 tons (ex. China and Russia). Then we add in to this mix another big bleed from COMEX registered inventories which still seems to have some December deliveries left…with February less than 2 weeks away. Feb. if you recall delivered some 40 tons last year…COMEX only sits on 11 tons currently and some of this still needs to settle December!