You have to listen to this. It looks like the explosive situation in gold and silver will be forced to explode by the non-US and non-UK entities such as China and individual investors and it is very possible that our gold will try to be confiscated in an unconstitutional way again in the US. I'd be fine with that only if the Fed was shut down simultaneously and the banks were let to go under as most of them are insolvent anyways. Their gold and silver shorts are enough to more than wipe out their total assets under management.
Here is the link.
Tuesday, March 30, 2010
Monday, March 29, 2010
Great Article From Zerohedge On China Gold Demand/Supply Imbalance
Looks like gold is going to continue to shine. China might be the one to bring down the Fed/Comex/GLD scam.
Here is the link.
Here is the link.
Good To See Mainstream Media Talk About This
Glad to see a lot of people see and mainstream media talks about the retardedness in the markets.
Yahoo link to the NY Times article.
"
Yahoo link to the NY Times article.
"
Stocks Soar, but Many Analysts Ask Why
by Javier C. Hernandez
Monday, March 29, 2010
Monday, March 29, 2010
provided by
The unemployment rate remains locked in a range that recalls the economic doldrums of the early 1980s. Housing is stuck in a ditch, with foreclosures rising. And consumers are still reluctant to part with the little cash they do have.
Yet the stock markets are partying like it's 2003, when hiring was brisk, real estate was booming, wallets were fat -- and the major stock indexes started a four-year rally that would double their value and push them to new heights just before the financial crisis hit.
Judging from stock prices alone, one would think the economy was poised for a roaring comeback. But the federal government plans to unplug the economic life-support programs that stimulated production, kept interest rates low and placed a thick cushion under the real estate market.
Some analysts see ample reason for caution in equities, with many economists, including those at the Federal Reserve, forecasting tepid growth in the near term.
"The market is as overvalued now as it was undervalued a year ago," said David A. Rosenberg, chief economist and strategist for Gluskin Sheff, an investment firm. "There's a very high degree of complacency."
The incongruity of it all can be seen clearly in an analysis of price-to-earnings ratios, a gauge of how expensive stocks are relative to their performance.
Ratios in the Standard & Poor's 500-stock index are hovering about 13 percent above the average since 2005; a year ago, they were about 40 percent below the average. That suggests that investors are betting on robust earnings through the end of the year, a view that many economists do not embrace.
"The stock market has priced in a bit more than what we've got so far," said Jeffrey A. Hirsch, editor of The Stock Trader's Almanac. "We're due for a pause."
Recent rallies have been narrow, with a modest number of stocks reaching 52-week highs even when the broader market surged. There is a sense in some corners that stock prices will decline: investors are betting more on stocks' falling now than they have since July.
Mr. Hirsch, citing historical patterns, predicts a 20 to 30 percent dip in the markets before they can climb again. The Dow Jones industrial average is more than 60 percent above its lows a year ago, flirting with 11,000 for the first time since the onset of the financial crisis, though it remains more than 3,000 off its prerecession peak.
The S.& P. 500 is up nearly 75 percent from a year ago, and the Nasdaq is up nearly 90 percent.
The first part of this year had glittering reports on fourth-quarter earnings and mildly upbeat news on economic indicators like retail sales and orders for durable goods.
In response, the broad-based S.& P. 500 has climbed 4.6 percent this year. Autos, consumer electronics, regional banks and home builders -- all losers in 2009 -- have led the way. Banking stocks, which drove much of last year's rally, continue to surge, with many regional banks up more than 40 percent.
Even during some of the stock markets' better weeks, jitters have seemed to lurk just beneath the surface. The Dow rode a rare eight-day winning streak this month, but trading was light and day-to-day gains were small, casting doubt on the significance of the uptick.
During much of the financial crisis, traders clung to bond funds for safety. But as the appetite for risk has returned, investors have begun snapping up stocks: over the last several weeks, new cash has poured into American equity funds at a brisk pace, and mutual funds have shown particular strength.
Many market participants expect the momentum to continue, with stocks ending the year 10 to 20 percent higher. While few expect strong economic growth this year, investors believe that the recovery is intact and that earnings will continue to grow.
"A lot of people believe the government will just keep pumping money into this," said Doug Roberts, chief investment strategist for Channel Capital Research.
There are signs that some of investors' optimism may be excessive.
Interest rates, kept at historical lows by the Fed during the financial crisis, are starting to rise because of the flight from bonds and concern over rising debt, particularly that of the United States.
Standard mortgage rates hovered near 5 percent last week after auctions of seven-year Treasury notes were met with weak demand, sending yields higher. A sustained rise in interest rates would crimp growth by making borrowing more expensive for consumers, businesses and governments. It could also attract some investors away from equities and into bonds.
Another concern is the nation's intractable unemployment rate, which has hampered consumer spending and worsened a foreclosure crisis in the housing market. Employers are still not adding jobs, though the rate of job losses has declined in recent months, raising hopes that a turning point is at hand.
Consumer confidence has improved modestly from its low a year ago, but spending is still weak.
Some clarity may come to the market on Friday, when the government releases its monthly snapshot of the labor market. Forecasters expect the data to show 200,000 new jobs, with the unemployment rate holding steady at 9.7 percent.
When first-quarter earnings results begin trickling in next month, investors will be looking for signs that companies have put cost-cutting behind them and strengthened revenue.
"We've managed to at least temporarily suspend the financial crisis," Mr. Roberts said. "The question now is, 'You've gotten past the first act; what's the encore?'"
"
Related Article To JPM 'chase' Case In Gata
Here is the Gata article on the outrageous event. I highly hope this does not just get hushed down. Where are the major news agencies on this????!!!!! Instead of lying about how consumer spending is going up -which it isn't and besides even if there is an increase they have to look at how the nominal is leagues under what it was before and of course you will have an increase when you go to almost nothing- they should rather talk about stories like this.
Similarly, why did not anyone really follow up on the $130 billion of treasuries that were in the suitcases of a couple of Japanese men crossing into Switzerland? What do you think happened there???
Here is the link: http://www.gata.org/node/8477
Similarly, why did not anyone really follow up on the $130 billion of treasuries that were in the suitcases of a couple of Japanese men crossing into Switzerland? What do you think happened there???
Here is the link: http://www.gata.org/node/8477
WOW!!!! Attempted Murder In Gold Fraud. Big Banks And The Fed Need To Be Ended
Will the authorities start doing anything to stop these unlawful activities? Ken Lewis was threatened by Bernanke, Paulson and Geithner in the last couple years and now Andrew Maguire was the target of a hit and run while driving with his wife. The fact that the police is not telling who the man is shows that the person is either tied very directly to JPM or the Fed or some similar institution and the police probably through pressure or some form of other illegal activity is persuaded not to let this be public or the person is -even scarier- a government agent of some sort. An economic hitman if you will. This is a very dangerous situation and a very bad sign for the future.
The Fed needs to be shut down as the top banks that are insolvent, which is all of the big ones. They are getting out of control and starting to think they are above the law. They should be reminded they are not. Don't you think it was funny that Paulson put in a clause in the $700 billion "bailout" bill that he was never to be investigated for criminal activity or any other wrongdoing??? If you don't think you are doing something criminal, would you need such a clause???
Here is the article from the NY Post:
"
JPMorgan 'chase' story in UK
By MICHAEL GRAY
Last Updated: 4:51 AM, March 29, 2010
Posted: 12:37 AM, March 29, 2010
A London-based precious-metals trader who had accused JPMorgan Chase of manipulating the gold and silver markets was involved in a bizarre weekend car accident that triggered a police chase before the suspect was nabbed.
Andrew Maguire, a metals trader at the London Bullion Market Association, and his wife were traveling in their car when a second car coming out of a side street struck their vehicle. That car then hit two more vehicles before fleeing.
London cops using helicopters and patrol cars chased the hit-and-run driver before nabbing that person, whose name has not been released by authorities.
Maguire and his wife were released from the hospital yesterday. London police would not comment on the accident investigation.
The hit and run occurred after Maguire's name came to light Thursday during a US Commodities Futures Trading Commission hearing on limiting gold and silver positions held by large market participants in order to prevent manipulation.
During the hearing, Maguire was identified as having sent e-mails to Bart Chilton, a CFTC commissioner, and Eliud Ramirez, head of the commission's enforcement division, alleging that JPMorgan had used its massive metals positions to manipulate the commodities markets.
In one e-mail, Maguire wrote, "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits," referring to last week's CFTC hearings.
JPMorgan inherited the positions when it acquired Bear Stearns two years ago.
When the allegations first surfaced last week, JPMorgan declined to comment.
"
The Fed needs to be shut down as the top banks that are insolvent, which is all of the big ones. They are getting out of control and starting to think they are above the law. They should be reminded they are not. Don't you think it was funny that Paulson put in a clause in the $700 billion "bailout" bill that he was never to be investigated for criminal activity or any other wrongdoing??? If you don't think you are doing something criminal, would you need such a clause???
Here is the article from the NY Post:
"
JPMorgan 'chase' story in UK
By MICHAEL GRAY
Last Updated: 4:51 AM, March 29, 2010
Posted: 12:37 AM, March 29, 2010
A London-based precious-metals trader who had accused JPMorgan Chase of manipulating the gold and silver markets was involved in a bizarre weekend car accident that triggered a police chase before the suspect was nabbed.
Andrew Maguire, a metals trader at the London Bullion Market Association, and his wife were traveling in their car when a second car coming out of a side street struck their vehicle. That car then hit two more vehicles before fleeing.
London cops using helicopters and patrol cars chased the hit-and-run driver before nabbing that person, whose name has not been released by authorities.
Maguire and his wife were released from the hospital yesterday. London police would not comment on the accident investigation.
The hit and run occurred after Maguire's name came to light Thursday during a US Commodities Futures Trading Commission hearing on limiting gold and silver positions held by large market participants in order to prevent manipulation.
During the hearing, Maguire was identified as having sent e-mails to Bart Chilton, a CFTC commissioner, and Eliud Ramirez, head of the commission's enforcement division, alleging that JPMorgan had used its massive metals positions to manipulate the commodities markets.
In one e-mail, Maguire wrote, "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits," referring to last week's CFTC hearings.
JPMorgan inherited the positions when it acquired Bear Stearns two years ago.
When the allegations first surfaced last week, JPMorgan declined to comment.
"
Saturday, March 27, 2010
Whistleblower On JPMorgan And The Inaction Of The CFTC
I guess this is what happens yet another Goldman guy is at the head of the CFTC instead of someone like Brooksley Born, who was eliminated back int he day by the like of Greenspan, Rubin and Summers among others. A lot of the things Mr. Maguire says are similar to what I have been saying in the gold market in terms of trading patterns and the sizes that show that it cannot be any private party as there is no one big enough to do it other than the Fed or JPM with the support of the CFTC and the Fed.
Here is the link to GATA.
"
Gold Anti-Trust Action Committee
to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue."
Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.
This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.
This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.
Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.
* * *
From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today
Dear Mr. Ramirez:
I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.
These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.
Please ignore the last few slides as they were part of a training session I was holding for new traders.
I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.
As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.
This kind of trading can occur only when a market is being controlled by a single trading entity.
I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.
I am sure you are in a better position to look into the exact details.
It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.
Kind regards,
Andrew Maguire
* * *
From: Ramirez, Eliud [CFTC]
To: Andrew Maguire
Sent: Wednesday, January 27, 2010 4:04 PM
Subject: RE: Silver today
Mr. Maguire,
Thank you for this communication, and for taking the time to furnish the slides.
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]
Sent: Wednesday, February 03, 2010 3:18 PM
Subject: Re: Silver today
Dear Mr. Ramirez,
Thanks for your response.
Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders.
I sent you a slide of a couple of past examples of just how this will play out.
Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels.
Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels.
Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be "invited" on board, which will further add downward pressure.
The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen?
Only if a market is manipulated could this possibly occur.
I would ask you watch the "market depth" live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.
This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets.
I am aware that physical buyers in large size are awaiting this event to scoop up as much "discounted" gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical.
Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk.
I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 2:11 PM
Subject: Fw: Silver today
If you get this in a timely manner, with silver at 15.330 post data, I would suggest you look at who is adding short contracts in the silver contract while gold still rises after NFP data. It is undoubtedly the concentrated short who has "walked silver down" since Wednesday, putting large blocks in the way of bids. This is clear manipulation as the long holders who have been liquidated are matched by new short selling as open interest is rising during the decline.
There should be no reason for this to be occurring other than controlling silver's rise. There is an intent to drive silver through the 15 level stops before buying them back after flushing out the long holders.
Regards,
Andrew
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]; GGensler [CFTC]
Sent: Friday, February 05, 2010 3:37 PM
Subject: Fw: Silver today
A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? I have honored my commitment not to publicize our discussions.
I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position.
It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue.
Bart, you made reference to it at the energy meeting. Even if the level is in dispute, what is not disputed is that it exists. Surely some discussions should have taken place between the parties by now. Obviously they feel they can act with impunity.
If I can compile the data, then the CFTC should be able to too.
I would think this is an embarrassment to you as regulators.
Hoping to get your acknowledgement.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 7:47 PM
Subject: Fw: Silver today
Just logging off here in London. Final note.
Now that gold is undergoing short covering, please look at market depth right now in silver and evidence the large selling blocks in a thin market being put in the way of silver regaining the technical 15 level, which would cause a short covering rally and new longs being instigated. This is resulting in the gold-silver ratio being stretched to ridiculous levels.
I hope this day has given you an example of how silver is "managed" and gives you something more to work with.
If this was long manipulation in, say, the energy market, the shoe would be on the other foot, I suspect.
Have a good weekend.
Andrew
* * *
From: Andrew Maguire
Sent: Tuesday, February 09, 2010 8:24 AM
To: Ramirez, Eliud [CFTC]
Cc: Gensler, Gary; Chilton, Bart [CFTC]
Subject: Fw: Silver today
Dear Mr. Ramirez,
I hadn't received any acknowledgement from you regarding the series of e-mails sent by me last week warning you of the planned market manipulation that would occur in silver and gold a full two days prior to the non-farm payrolls data release.
My objective was to give you something in advance to watch, log, and follow up in your market manipulation investigation.
You will note that the huge footprints left by the two concentrated large shorts were obvious and easily identifiable. You have the data.
The signals I identified ahead of the intended short selling event were clear.
The "live" action I sent you 41 minutes after the trigger event predicting the next imminent move also played out within minutes and exactly as I outlined.
Surely you must at least be somewhat mystified that a market move could be forecast with such accuracy if it was free trading.
All you have to do is identify the large seller and if it is the concentrated short shown in the bank participation report, bring them to task for market manipulation.
I have honored my commitment to assist you and keep any information we discuss private,however if you are going to ignore my information I will deem that commitment to have expired.
All I ask is that you acknowledge receipt of my information. The rest I leave in your good hands.
Respectfully yours,
Andrew T. Maguire
* * *
From: Ramirez, Eliud
To: Andrew Maguire
Sent: Tuesday, February 09, 2010 1:29 PM
Subject: RE: Silver today
Good afternoon, Mr. Maguire,
I have received and reviewed your email communications. Thank you so very much for your observations.
* * *
"
Here is the link to GATA.
"
A London trader walks the CFTC through a silver manipulation in advance
Submitted by cpowell on Thu, 2010-03-25 23:41. Section: Daily Dispatches Additional Statement by Bill Murphy, ChairmanGold Anti-Trust Action Committee
to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue."
Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.
This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.
This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.
Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.
* * *
From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today
Dear Mr. Ramirez:
I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.
These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.
Please ignore the last few slides as they were part of a training session I was holding for new traders.
I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.
As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.
This kind of trading can occur only when a market is being controlled by a single trading entity.
I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.
I am sure you are in a better position to look into the exact details.
It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.
Kind regards,
Andrew Maguire
* * *
From: Ramirez, Eliud [CFTC]
To: Andrew Maguire
Sent: Wednesday, January 27, 2010 4:04 PM
Subject: RE: Silver today
Mr. Maguire,
Thank you for this communication, and for taking the time to furnish the slides.
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]
Sent: Wednesday, February 03, 2010 3:18 PM
Subject: Re: Silver today
Dear Mr. Ramirez,
Thanks for your response.
Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders.
I sent you a slide of a couple of past examples of just how this will play out.
Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels.
Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels.
Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be "invited" on board, which will further add downward pressure.
The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen?
Only if a market is manipulated could this possibly occur.
I would ask you watch the "market depth" live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.
This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets.
I am aware that physical buyers in large size are awaiting this event to scoop up as much "discounted" gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical.
Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk.
I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 2:11 PM
Subject: Fw: Silver today
If you get this in a timely manner, with silver at 15.330 post data, I would suggest you look at who is adding short contracts in the silver contract while gold still rises after NFP data. It is undoubtedly the concentrated short who has "walked silver down" since Wednesday, putting large blocks in the way of bids. This is clear manipulation as the long holders who have been liquidated are matched by new short selling as open interest is rising during the decline.
There should be no reason for this to be occurring other than controlling silver's rise. There is an intent to drive silver through the 15 level stops before buying them back after flushing out the long holders.
Regards,
Andrew
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]; GGensler [CFTC]
Sent: Friday, February 05, 2010 3:37 PM
Subject: Fw: Silver today
A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? I have honored my commitment not to publicize our discussions.
I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position.
It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue.
Bart, you made reference to it at the energy meeting. Even if the level is in dispute, what is not disputed is that it exists. Surely some discussions should have taken place between the parties by now. Obviously they feel they can act with impunity.
If I can compile the data, then the CFTC should be able to too.
I would think this is an embarrassment to you as regulators.
Hoping to get your acknowledgement.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 7:47 PM
Subject: Fw: Silver today
Just logging off here in London. Final note.
Now that gold is undergoing short covering, please look at market depth right now in silver and evidence the large selling blocks in a thin market being put in the way of silver regaining the technical 15 level, which would cause a short covering rally and new longs being instigated. This is resulting in the gold-silver ratio being stretched to ridiculous levels.
I hope this day has given you an example of how silver is "managed" and gives you something more to work with.
If this was long manipulation in, say, the energy market, the shoe would be on the other foot, I suspect.
Have a good weekend.
Andrew
* * *
From: Andrew Maguire
Sent: Tuesday, February 09, 2010 8:24 AM
To: Ramirez, Eliud [CFTC]
Cc: Gensler, Gary; Chilton, Bart [CFTC]
Subject: Fw: Silver today
Dear Mr. Ramirez,
I hadn't received any acknowledgement from you regarding the series of e-mails sent by me last week warning you of the planned market manipulation that would occur in silver and gold a full two days prior to the non-farm payrolls data release.
My objective was to give you something in advance to watch, log, and follow up in your market manipulation investigation.
You will note that the huge footprints left by the two concentrated large shorts were obvious and easily identifiable. You have the data.
The signals I identified ahead of the intended short selling event were clear.
The "live" action I sent you 41 minutes after the trigger event predicting the next imminent move also played out within minutes and exactly as I outlined.
Surely you must at least be somewhat mystified that a market move could be forecast with such accuracy if it was free trading.
All you have to do is identify the large seller and if it is the concentrated short shown in the bank participation report, bring them to task for market manipulation.
I have honored my commitment to assist you and keep any information we discuss private,however if you are going to ignore my information I will deem that commitment to have expired.
All I ask is that you acknowledge receipt of my information. The rest I leave in your good hands.
Respectfully yours,
Andrew T. Maguire
* * *
From: Ramirez, Eliud
To: Andrew Maguire
Sent: Tuesday, February 09, 2010 1:29 PM
Subject: RE: Silver today
Good afternoon, Mr. Maguire,
I have received and reviewed your email communications. Thank you so very much for your observations.
* * *
"
IMF's Gold Scam
IMF at thew most fortunate times comes to the aid of the Federal Reserve in trying to bully the gold price down. Well.... After all IMF is a subdivision of the Fed. They have been coming out with "news" releases every couple months announcing that they are selling their gold and yet they never do. The rare occasion was when India called their bluff and bought the majority of gold IMF "had" for sale. The result was an explosion in the price of gold. China calls the IMF's bluff, too, but did not end up buying any from the IMF yet as the IMF does not want to physically deliver the gold which is a no-go for the Chinese. Smartly so. India was OK with just getting the bookkeeping as well as a group of smaller central banks.
Recently, however, some money managers such as Eric Sprott and some others that are much larger than Eric Sprott are told to have tried to buy the gold the IMF supposedly had for sale, but they were refused by the IMF. Funny how that works. If the IMF keeps announcing the same thing over and over, why on earth are not selling the gold to these willing buyers???!!! Of course this is a rhetorical question. There are several reasons. One of them is that the gold belongs to the member countries and the IMF does not even have physical possession of the gold. The second is they do not want to deliver anything physical and want to make only a bookkeeping entry. That would not work with private investors such as Eric Sprott. These make it clear that the IMF is just trying to bully the gold price down in a concerted effort with The Fed and the likes of Gordon Brown. And that is just ugly.
The IMF is already a worldwide highly disliked institution. They are shown to statistically lower the living standards including health and education levels of the middle class and the poor in the countries they are involved in. You can see a lot more evidence and factual references in the book "The Debt Threat" by Noreena Hertz. Adding other unethical activities such as trying to manipulate what is supposed to be a free market is beyond hypocritical and puts the legitimacy of the IMF in question.
You can read more about this topic at GATA's website. Like usual GATA is doing a great job in uncovering the gold manipulation scam.
Recently, however, some money managers such as Eric Sprott and some others that are much larger than Eric Sprott are told to have tried to buy the gold the IMF supposedly had for sale, but they were refused by the IMF. Funny how that works. If the IMF keeps announcing the same thing over and over, why on earth are not selling the gold to these willing buyers???!!! Of course this is a rhetorical question. There are several reasons. One of them is that the gold belongs to the member countries and the IMF does not even have physical possession of the gold. The second is they do not want to deliver anything physical and want to make only a bookkeeping entry. That would not work with private investors such as Eric Sprott. These make it clear that the IMF is just trying to bully the gold price down in a concerted effort with The Fed and the likes of Gordon Brown. And that is just ugly.
The IMF is already a worldwide highly disliked institution. They are shown to statistically lower the living standards including health and education levels of the middle class and the poor in the countries they are involved in. You can see a lot more evidence and factual references in the book "The Debt Threat" by Noreena Hertz. Adding other unethical activities such as trying to manipulate what is supposed to be a free market is beyond hypocritical and puts the legitimacy of the IMF in question.
You can read more about this topic at GATA's website. Like usual GATA is doing a great job in uncovering the gold manipulation scam.
Wednesday, March 24, 2010
Gordon Brown To Explain Why He Sold Britain's Gold
When will Greenspan and Bernanke be asked about the same question. Although not publicly done, the US Federal Reserve is short more than 30,000 metric tonnes of gold, a number equal to the combined holdings of all central banks in the world. This is an explosive situation. It has been done to create the illusion by the Federal Reserve and a couple other big central banks such as that of Britain that fiat money works so that banks can continue being in the center of power. Most politicians let this happen as they are either in the pockets of banks or because it helps them continue their undisciplined fiscal habits.
The following is from the UK Telegraph:
"
The following is from the UK Telegraph:
"
Explain why you sold Britain's gold, Gordon Brown told
Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves.
By Holly Watt and Robert Winnett
Published: 11:55AM GMT 24 Mar 2010
Published: 11:55AM GMT 24 Mar 2010
Gordon Brown pushed ahead with the of Britain's gold despite serious misgivings at the Bank of England, it is believed Photo: REX/ALAMY
The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £7 billion.
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. "Gordon Brown's decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds," he said. "It was one of the worst economic judgements ever made by a chancellor.
"The British public have a right to know what happened and why so much of their money was lost. The documents should be published immediately."
Between 1999 and 2002, Mr Brown ordered the sale of almost 400 tons of the gold reserves when the price was at a 20-year low. Since then, the price has more than quadrupled, meaning the decision cost taxpayers an estimated £7 billion, according to Mike Warburton of the accountants Grant Thornton.
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.
HOW AUCTIONS COST TAXPAYER £7BN
"
WiMax Is Here!!!!
I think this is one interesting technology. I know the discussion on LTE, the alternative to Wimax, that was supposed to be already out, but it isn't and Wimax is out and working. Imagine having broadband on your Blackberry or iPhone or even being able to take your laptop anywhere and being able to use it at the same speed and security. The related stocks are S and CLWR. Disclosure: I am long both and recently added some more.
The two articles below are interesting and this surely is something to watch:
Article 1:
"
The two articles below are interesting and this surely is something to watch:
Article 1:
"
Clearwire Announces WiMAX Expansion Markets, New 4G Mini 10 Netbook
This year's CTIA show in Las Vegas is all about what's next: 4G. What's interesting is that most carriers don't even have 3G figured out; AT&T's 3G network still isn't robust enough to handle bursts of traffic in major cities, and yet the mobile world seems set on moving on to WiMAX, LTE, neither, or both. Clearwire is the major provider of WiMAX in the U.S. today, and there's no surprise to see the company making a number of major announcements at America's largestwireless show.
Throughout 2010, Clearwire plans on expanding their footprint in a big way. New markets that will see 4G service include Los Angeles, Miami, St. Louis, Cincinnati, Cleveland, Pittsburgh and Salt Lake City, and those markets are on top of ones already announced for 2010: New York City, Houston, Boston, Washington, D.C., Kansas City, Denver, Minneapolis and the San Francisco Bay Area.
Another debut that really caught our eye was an all new Inspiron Mini 10 from Dell. This very netbook has seen quite a few iterations, and nearly every carrier has a model available with built-in WWAN. The only major carrier left out? Clearwire, but that changes today. Now, a 4G-equipped Mini 10 is slated to ship on April 1, 2010, and while the machine will look exactly like every other Mini 10, it will be able to surf on 4G airwaves if you're in a 4G location. The machine will cost $249.99 after an instant rebate, and it will be sold through both Clear and Dell channels.
Article 2:
"
Throughout 2010, Clearwire plans on expanding their footprint in a big way. New markets that will see 4G service include Los Angeles, Miami, St. Louis, Cincinnati, Cleveland, Pittsburgh and Salt Lake City, and those markets are on top of ones already announced for 2010: New York City, Houston, Boston, Washington, D.C., Kansas City, Denver, Minneapolis and the San Francisco Bay Area.
"ADDITIONAL 4G MARKETSClearwire currently provides 4G service in 27 markets across the United States. The company expects to cover up to 120 million people by the end of 2010. The CLEAR customer experience is similar to that provided by Wi-Fi, but without the short-range limitations of a traditional Internet hotspot. CLEAR uses a wireless 4G technology that differs from Wi-Fi called WiMAX, which provides service areas measured in miles, not feet. Today, CLEAR delivers speeds comparable to DSL connections, with average mobile download speeds of 3 to 6 mbps and bursts over 10 mbps.*The company previously indicated that some of its new 4G markets scheduled to launch in 2010 include: New York City, Houston, Boston, Washington, D.C., Kansas City, Denver, Minneapolis, and the San Francisco Bay Area.Today, the company disclosed the names of some additional cities where Clearwire plans to launch 4G service in 2010, including: Los Angeles, Miami, St. Louis, Cincinnati, Cleveland, Pittsburgh, and Salt Lake City. Additional cities will be announced later this year. As previously announced, Clearwire will launch service in Houston in the coming weeks and the majority of the new 4G markets will launch toward the end of the year.ADDITIONAL 4G DEVICESOn April 1, the Dell Inspiron Mini 10 netbook featuring the Intel® Atom™ processor N450 with embedded 4G technology will be available for customers through select CLEAR retail locations, telesales andwww.clear.com. This addition will further extend the company’s leadership in 4G mobile computing. Today, Clearwire customers can select from one of 30 different 4G-ready Intel® Centrino® Advanced-N + WiMAX 6250 embedded netbooks and notebooks from leading manufacturers including Dell, Lenovo, Fujitsu, Samsung, and Toshiba. The Mini 10 will be available for $249.99 after instant rebate.In addition, consumers unsatisfied with the speeds and limitations of 3G networks, or the need to seek out Wi-Fi hotspots, can use the upcoming Apple iPad on Clearwire’s open 4G network. With the portable and battery-powered CLEAR Spot, any off-the-shelf Wi-Fi device (compatible with 802.11b/g) – including the Apple iPad – can experience 4G wireless speeds at home or on the go. When coupled with a CLEAR USB modem, the CLEAR Spot ($139.99) creates a personal Wi-Fi hotspot for up to eight users that travels with consumers anywhere they happen to be within Clearwire’s 4G service areas. Later this year, Clearwire expects to introduce a next generation CLEAR Spot with integrated 4G technology.
Article 2:
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Sprint Overdrive 3G/4G Mobile Hotspot by Sierra Wireless
Sprint Overdrive Turbocharges Wireless Internet
Getting broadband used to mean snaking Ethernet cables through your house. Now you don't even need to be at home. Sprint's Overdrive delivers wireless internet with speed that's comparable to what you'd get from a cable modem, provided you're in the right city.
Most U.S. carriers offer reasonably fast 3G wireless data, which tops out at about one megabit per second. Sprint is the first American carrier to start rolling out a faster 4G connection, available so far in 29 cities including Austin, Texas, where we put it through its paces during the SXSW Music, Film and Interactive Festival.
Like the Verizon MiFi, which we reviewed last year, the Sprint Overdrive takes a wireless data connection and uses it to establish a local Wi-Fi hotspot you can connect your devices to.
The Overdrive behaves pretty much like a regular Wi-Fi router, with all the standard options (including security), except that you can unplug and carry it out the door and it still works just as well as it did at home.
It only supports up to five devices at a time, which is enough for your laptop, cellphone, iPad, portable gaming device and digital camera. In our tests of a new unit at the default settings, we squeezed just shy of three hours of battery life out of the device while engaged in typical internet usage (browsing, e-mailing, uploading a video file, streaming music). Crucially, that's just enough for a morning telecommuting session from a park or coffee shop, although we wish an optional battery pack were available to keep us online longer before we had to retreat to a power outlet.
So, just how fast is Sprint's 4G network? On a Wi-Fi-connected Motorola Droid, we averaged 1.53 Mbps downstream. On a laptop, our connection speed using the Overdrive was 3.16 Mbps downstream and 0.59 Mbps upstream. Given that the average American broadband speed was 3.9 Mbps in Q3 of 2009, according to Akamai's most recent report, the Overdrive lives up to its promise of delivering mobile broadband.
If you're willing to take a leap on voice over Internet Protocol, the Overdrive offers a plausible cellphone alternative, assuming you can deal with its short battery life. It's small enough that you could leave it in your bag or pocket, then use Skype on an iPod Touch for your phone service. An iPod Touch ($200) and an Overdrive with a two-year unlimited 4G service plan ($100 upfront, $60 a month) pencils out to $1,740, much less than the $2,500 you'd pay for an iPhone 3GS ($100 upfront and about $100 a month for unlimited service). Even adding Skype credit at 2.1 cents a minute, the Overdrive-iPod plan is probably cheaper overall, with much faster data connectivity and support for multiple devices.
Extras include a microSD slot for adding up to 16 GB of shared network storage; an option to reduce Wi-Fi range to conserve power; a well-designed, browser-based dashboard; and GPS integrated with Google Maps, Mapquest, Microsoft Bing or Yahoo.
Sprint's 4G service is available in a handful of cities so far, and the company says Boston, Denver, Kansas City, Houston, Minneapolis, New York, San Francisco and Washington, D.C. will go online later this year. If you're outside these areas, it drops down to Sprint's slower but nearly ubiquitous 3G network.
WIRED Wireless speeds approaching that of your home or office. Pocket-friendly design. LCD and browser-based interface make it easy to use.
TIRED 3-hour battery life is barely enough to keep up with modern laptops. Gets warm with sustained use. 4G network isn't widely distributed yet.
- Manufacturer: Sprint
- Price: $100 (with $60/month 2-year unlimited 4G data plan)
- "
New Home Sales - Lack Thereof
US New Home Sales number was the worst of all time at 308,000. Down 2.2% from January. The sales are down huge in Midwest as well as what people will call storm-hit areas in trying to find an excuse. The huge declines in the Midwest are a sign that their excuses are pointless and the housing market continues to be in the crapper.
Stock and fixed income markets as well as materials going up on a recovery of housing markets and economy overall are build on false hopes and false representations. There is a huge bubble in all of these markets and that bubble will eventually burst. This is starting to look more and more like the great depression when after the first big leg down markets had a huge run up on complacency and smoke-and-mirror effects only to crumble soon after. This happened several times until the stockmarket for example were down 90% from the peak. This I remind you was at a point when this country was a manufacturing economy and growing rapidly in real terms not in the made up terms of today’s growth (ie. There is no growth right now). Besides back then the US
Do not get fooled by momentum trading as most of money managers of today are nothing but momentum following monkeys, which is brilliant, don’t get me wrong, but is not a long term strategy or an investment for the future as most of these people blow up at some point or another losing more money than they ever made for their investors. These people should be nothing more than a speculative investing of your portfolio and you should not go above 20% for such investments depending on how much money you have and what your intentions are.
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