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Johnny writes:

Do you know of a broker that would give me certificates or allow me to register my shares directly in my name?
What is your opinion of goldmoney.com for bullion storage?
My concern is with stacking all this silver that when the time comes to liquidate it I won’t be able to move it-  specially if i need to move it fast ?
How do you see this playing out ?
Appreciate your work Doc (more…)

Turkey’s gold sales to Iran (used as currency purchasing sweet Iranian crude) soared 30 FOLD in March to 9 tonnes, compared to 30kg in February.
US economic sanctions of Iran by locking them out of the SWIFT payment system is backfiring, as it is serving only to hasten the reserve currency shift from dollars to gold.

Reuters- Turkish gold sales to Iran in March soared over 30 times and gold companies said Iranians were turning to gold for savings and possibly trade as Western sanctions tighten. (more…)

Nassim Taleb, professor of risk engineering and author of The Black Swan discusses the ‘incompetence‘ of JPMorgan in managing their own risk in this excellent interview, then goes on to compare JPM to the mafia.
‘They don’t know what they’re talking about when they talk about risk. The tools they use to manage risk don’t work…What Mr. Dimon said is nonsense, they are using the wrong tools.  It’s not a fluke, it’s part of the system, in other words it will happen elsewhere.  It’s building bridges, telling us these bridges can handle 500 trucks, and they break at the 3rd truck.‘ (more…)

It was George Santayana who famously said “Those who cannot remember the past, are condemned to repeat it.” There are millions and millions of people who are blissfully unaware of the financial fraud that they partake in daily. These people will be left holding worthless fiat paper when the official monopolized money machine collapses, taking everyone’s digital, paper & monetized debt instruments with it.
Avoid financial catastrophe & buy physical silver & gold now while you still can.

The Federal Reserve Bank: Celebrating 100 Years of Fraud (more…)

The Financial Times reports JP Morgan’s chief investment office has built up positions totaling more than $100 billion in complex risky bonds – the types at the center of the 2008 crisis. This is in addition to the positions in credit derivatives that led to the $2 billion dollar trading loss we learned about last week. Has the bank’s reputation until now as an “excellent risk manager” allowed it to escape scrutiny when taking these risks? We discuss all of this with Francine McKenna on this episode of Capital Account. (more…)

Casey Research has released an excellent interview with Tocqueville’s John Hathaway, who states that sentiment for gold is at rock bottom, and is at levels typically associated with big rallies.
We couldn’t agree more.

Sentiment is at levels that have been associated with big rallies. Traders’ commitments, net longs, net spec longs are way, way down there. I look at that a lot just as a way to see where the market is positioned. The guys who can create some volatility are not there, and so if gold starts moving, they won’t want to miss it, and so they’ll come in…

Sentiment is rock bottom. COMEX traders’ commitments are very, very constructive, and technical things that we look at are very constructive… I think we’re ready to make a move higher.

Hathaway’s full interview below: (more…)

After yesterday’s comical 0.194 ounce adjustment into JPM vaults, Substantial inventory volatility returned to COMEX silver warehouses Thursday, with 1.2 million in withdrawals, and a 600,000 ounce deposit into Brink’s vaults.

COMEX WAREHOUSE SILVER INVENTORY UPDATE 5/18/12 (more…)

Last weekend we advised SD readers that our sources had informed us that JPMorgan’s derivatives losses sustained by their CIO desk were actually $100 Billion, not the $2 Billion admitted by Jamie Dimon to investors.
Well, one week later, the MSM (WSJ) is now reporting that JPM’s CIO has now lost $5 billion.

Perhaps more interesting, the WSJ states that Jamie Dimon personally approved the delta-hedging of its interest rate swaps positions which has resulted in the FUBAR derivatives losses for JPM.

So lets get this straight.  The Big Cahuna who approved the strategy gets a $23 million bonus, and reappointed as CEO by shareholders, while Iksil and boss Achilles who implemented the trade for Dimon get shown the door and have The Morgue attempt to claw-back their bonuses? (more…)

Martin Armstrong’s latest discusses why gold and silver are being pummeled, and the dollar is soaring in the midst of the Euro-crisis.  Armstrong states that we are still in Phase 1 of capital flight to quality, where capital flees from one currency to the next.
All in time Phase 2 will begin, and capital will flee from the last remaining fiat ‘safe-haven’ to the true safe havens of gold and silver.

Here is a monthly chart of the US 30-year Treasury bond and the pattern is very clear. The flight-to-quality is not yet over. I have been warning gold was not ready yet for prime-time. Here we are on the edge of Europe being torn apart at the seams, socialists taking control of the battlements, inflation appearing likely, yet gold retreats. Phase ONE of a Sovereign Debt Crisis is international capital flight-to-quality from one currency to the next. I have warned that the USA would be last to go – not first! (more…)

We know we’ve done this caption contest before, but with JPM still dominating the news in the wake of its now $3 billion delta hedging FUBAR crisis, we just couldn’t help ourselves again.

Caption Contest!

(more…)

All the major Western Central Banks will print to infinity in an attempt to prevent financial Armageddon.
Once the policy is underway, QE cannot be removed from the economy without economic collapse until the system is reset.  QE to Infinity…AND BEYOND!!!

Bank of England policymaker Adam Posen said he was too optimistic about prospects for the UK economy, suggesting he should not have dropped his call for more stimulus. (more…)

GATA’s Bill Murphy discussed the fundamentals of gold and silver manipulation for a crowd that was largely new to PM investing at the Las Vegas MoneyShow.

Murphy’s full presentation below: (more…)

The Morgue’s plunge continues today, as JPMChase is down another 2.4% to $33.10.

Iksil might be history, but it appears the CIO office’s losses are not: (more…)

Silver has extended its overnight rally early in COMEX trading today. After rallying from $27.75 to $28.50 overnight before drifting lower, silver has again rallied through $28.50 to $28.67 on the COMEX.
Silver may likely make one more test of its lows, but if a bottom has been placed Wednesday, price should hold near $27.50. 
We would like to see silver make a weekly close above $28.50 today as an indication a bottom is in.  (more…)