Tonight’s commentary regarding the Greek ultimatum is the most important development in quite some time.  If I was a betting man, I strongly believe that China and Russia have had extensive talks and they are willing to finance the Greeks.
If Greece does its GREXIT then derivatives will blow up the entire globe. 

It means that the entire 320 billion euros of debt will blow up along with around 3.4 to 4 trillion of derivatives on Greece and interest rates on Greek bonds etc.
THE ENTIRE FINANCIAL WORLD WILL FALL LIKE DOMINOES…

 

Submitted by Harvey Organ:

YOUR QUOTE OF THE DAY:  YANIS TALKING ABOUT THE EU PERSONNEL:

stated late in the day after the EU issued a 10 day ultimatum (see below)

(carpet-bombing = complete obliteration as a carpet completely covers the floor/total annihilation)

All hands on deck:  Yanis V and Alexis Tsipras calling Mr Putin and Xi  Jinping on the hot line!!

 

Good evening Ladies and Gentlemen:

Here are the following closes for gold and silver today:

Gold: $12633.90 down $28.10   (comex closing time)
Silver: $16.72 down 46 cents  (comex closing time)

In the access market 5:15 pm

 

 

Gold $1233.25
silver $16.69

 

 

Gold/silver trading:  see kitco charts on right side of the commentary.

 

The big story today is the ultimatum issued on Greece (covered below) and the phony jobs report.  If Greece does its GREXIT then derivatives will blow up the entire globe.  Yanis V is a PhD in Finance and you bet the farm he is well versed how how these financial structures work and when lit it can send a daisy chain of defaults. As for the phony jobs report, we will cover the nonsense in the USA section of my report at the bottom.

 

Following is a brief outline on gold and silver comex figures for today:

The gold comex today had a good delivery day, registering 57 notices served for 5,700 oz.  Silver comex registered 67 notices for 335,000 oz .

 

Three months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 254.00 tonnes for a loss of 49 tonnes over that period.

 

In silver, the open interest fell by 3,292 contracts as yesterday’s silver price was down by 20 cents. The total silver OI continues to  remain relatively high with today’s reading at 165,296 contracts.

We had 0 notices filed  for nil oz

In gold surprisingly we  had a tiny rise in OI even though gold was down by $1.80 yesterday.  The total comex gold OI rests tonight at 414,502 for a gain of 10 contracts.  Today we had a small 57 notices served upon for 5700 oz.

 

 

 

Today, we had no changes in gold inventory at the GLD/Inventory at 773.31 tonnes

 

 

In silver, /SLV  no change in  of silver inventory to the SLV/Inventory 320.327

 

 

We have a few important stories to bring to your attention today…

Let’s head immediately to see the major data points for today

.

First: GOFO rates: the crooks are no longer reporting.

 

 

Let us now head over to the comex and assess trading over there today.

Here are today’s comex results:

 

 

The total gold comex open interest rose marginally today by 10 contracts from  414,492 up to 414,502 with gold down by $1.80 yesterday (at the comex close).  We are now in the big delivery month of the active February contract  and here the OI fell by 368 contracts  from 1210 down to 842. We had 342 contracts served yesterday.  Thus we lost  26  contracts or 2600 oz will not stand for delivery for the February contract and no doubt were bought out with fiat.  The next contract month of March saw it’s OI rise by 11 contracts up to 1381.  The next big active delivery month is April and here the OI fell by 84 contracts down to 287,457. The estimated volume today (which is just comex sales during regular business hours of 8:20 until 1:30 pm est)  was poor at 117,164. The confirmed volume yesterday ( which includes the volume during regular business hours  + access market sales the previous day) was also poor at 120,542 contracts. Today we had 57 notices filed for 5700 oz .

And now for the wild silver comex results.  Silver OI fell by 3,292 contracts from 168,588 down to 165,296 as silver was down by 20 cents yesterday. The bankers were able to shake some silver leaves from the silver tree. Let us wait until Monday to see how successful they were today. We are now in the non active contract month of February and here the OI rose by 8 contracts up to 92.   We had 0 notices filed yesterday so we gained 8  contracts or 40,000  additional oz will stand for delivery in this February contract month.   The next big active contract month is March and here the OI fell by 3878 contracts down to 92,973. The estimated volume today was awful at 26,753 contracts  (just comex sales during regular business hours). The confirmed volume yesterday was excellent (regular plus access market)  at 49,394 contracts. We had 67 notices filed for 335,000 oz today.

February initial standings

 

Feb 6.2015

Gold

Ounces

Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz 96.45 oz(3  kilobars)  Manfra
Deposits to the Dealer Inventory in oz nil
Deposits to the Customer Inventory, in oz 803.75oz ( 25 kilobars  Manfra)
No of oz served (contracts) today 57 contracts (5700 oz)
No of oz to be served (notices)  775 contracts (77500 oz)
Total monthly oz gold served (contracts) so far this month  545 contracts(54,500 oz)
Total accumulative withdrawals  of gold from the Dealers inventory this month

Total accumulative withdrawal of gold from the Customer inventory this month

 5470.6 oz

Today, we had 0 dealer transactions

we had 0 dealer withdrawals:

total dealer withdrawal: nil oz

 

 

we had 0 dealer deposit:

 

 

total dealer deposit: nil oz

 

 

we had 1 customer withdrawals

 

 

ii) Out of Manfra: 96.45 oz (3 kilobars)

total customer withdrawal: 96.45  oz

 

 

we had 1 customer deposit:

i) Into Manfra: 803.75  (25 kilobars)

total customer deposits;  803.75 oz

We had 0 adjustments

 

 

Today, 0 notices was issued from JPMorgan dealer account and 0  notices were issued from their client or customer account. The total of all issuance by all participants equates to 57 contracts of which 0 notices were stopped (received) by JPMorgan dealer and 45 notices were stopped (received) by JPMorgan customer account.

To calculate the total number of gold ounces standing for the December contract month, we take the total number of notices filed for the month (545) x 100 oz  or 54,500 oz , to which we add the difference between the OI for the front month of February (842 contracts)  minus the number of notices served today x 100 oz (57 contracts) x 100 oz = 132,000 oz, the amount of gold oz standing for the February contract month.( 4.14 tonnes)

Thus the initial standings:

545 (notices filed for the month x( 100 oz) or 54,500 oz + { 842 (OI for the front month of Feb)- 57 (number of notices served upon today) x 100 oz per contract} = 132,000 oz total number of ounces standing for the February contract month. (4.14 tonnes)

 

we lost 26 contracts or 2600 oz will not stand in this February contract month.

Total dealer inventory: 805,240.309 oz or 25.04 tonnes

Total gold inventory (dealer and customer) = 8.166 million oz. (254.00) tonnes)

 

Several weeks ago we had total gold inventory of 303 tonnes, so during this short time period 49 tonnes have been net transferred out. However I believe that the gold that enters the gold comex is not real.  I cannot see continual additions of strictly kilobars.

 

 

 Silver Shield Peace Within
Only $1.99 Over Spot, ANY QTY At SDBullion!

 

 

 

And now for silver

 February silver: initial standings

feb 6 2015:

Silver

Ounces

Withdrawals from Dealers Inventory nil oz
Withdrawals from Customer Inventory 667,075.327  oz (Delaware, Scotia )
Deposits to the Dealer Inventory  nil
Deposits to the Customer Inventory 597,794.200 oz (Scotia)
No of oz served (contracts) 25 contracts  (125,000 oz)
No of oz to be served (notices) 84 contracts (420,000 oz)
Total monthly oz silver served (contracts) 376 contracts (1,880,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
Total accumulative withdrawal  of silver from the Customer inventory this month  869,343.0 oz

Today, we had 0 deposit into the dealer account:

total dealer deposit: nil   oz

 

we had 0 dealer withdrawal:

total dealer withdrawal: nil oz

 

We had 1 customer deposits:

 

i) Into Scotia:  597,794.200

total customer deposit 597,794.200 oz

 

We had 2 customer withdrawals:

i) Out of Delaware:  5,127.39 oz

ii) Out of Scotia:  661,947.93

 

total customer withdrawal: 667,075.327 oz

we had 1 adjustments

 

i) Out of Delaware:  99,162.412 oz was adjusted out of the customer and this landed into the dealer account at Delaware:

 

Total dealer inventory: 67.890 million oz

Total of all silver inventory (dealer and customer) 177 million oz

.

The total number of notices filed today is represented by 67 contracts for 335,000 oz. To calculate the number of silver ounces that will stand for delivery in February, we take the total number of notices filed for the month (376) x 5,000 oz    = 1,880,000 oz  to which we add the difference between the OI for the front month of February (92)- the number of notices served upon today (67) x 5,000 oz per contract = 2,005,000 oz,  the number of silver oz standing for the February contract month

Initial standings for silver for the February contract month:

376 contracts x 5000 oz= 1,880,000 oz + (92) OI for the front month – (67) number of notices served upon x 5000 oz per contract =  2,005,000 oz, the number of silver ounces standing.

we gained 8  contracts or 40,000 oz of additional silver that  will standing for this February contract month

It seems that some major entity is after some silver supplies. It looks like they all gave up trying to get physical from the gold comex.

FreeShipping

 

 

The two ETF’s that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.

There is now evidence that the GLD and SLV are paper settling on the comex.

***I do not think that the GLD will head to zero as we still have some GLD shareholders who think that gold is the right vehicle to be in even though they do not understand the difference between paper gold and physical gold. I can visualize demand coming to the buyers side:

i) demand from paper gold shareholders

ii) demand from the bankers who then redeem for gold to send this gold onto China

vs no sellers of GLD paper.

And now the Gold inventory at the GLD:

 

 

feb 6/ no change in gold inventory tonight/inventory 773.31 tonnes

feb 5. we had another addition of 5.38 tonnes of gold to the GLD/Inventory tonight at 773.31 tonnes

Feb 4/2015; we had another addition of 2.99 tonnes added to the GLD inventory/Inventory tonight 767.93

Feb 3.2015: today a withdrawal  of 1.79 tonnes of  gold inventory removed from the GLD/Inventory at  764.94

feb 2/ a huge addition of 8.36 tonnes of “paper” gold inventory/Inventory tonight at 766.73 tonnes

jan 30. we had no change in gold inventory/Inventory at 758/37 tonnes

Jan 29/we had an addition of 5.67 tonnes of gold inventory at the GLD/Inventory at 758.37 tonnes

Jan 28/no changes in gold inventory at the GLD/Inventory at 952.44 tonnes

Jan 27.we had a monstrous “paper” addition of 9.26 tonnes of gold into the GLD tonight/Inventory at 952.44 tonnes

Jan 26.2015: another volatile day as they added  1.79 tonnes/743.44 tonnes of gold.

Jan 23/the action at the GLD is very volatile:  today they added 1.20 tonnes of gold to their inventory/Inventory 741.65

Jan 22 no change in gold inventory at the GLD/Inventory 740.45 tonnes

Jan 21.2015: Tonight, we lost 1.79 tonnes of gold from the GLD/Inventory 740.45 tonnes

 

 

 

 

Feb 6/2015 /no change in   gold inventory at the GLD/

inventory: 773.31 tonnes.

The registered vaults at the GLD will eventually become a crime scene as real physical gold departs for eastern shores leaving behind paper obligations to the remaining shareholders. There is no doubt in my mind that GLD has nowhere near the gold that say they have and this will eventually lead to the default at the LBMA and then onto the comex in a heartbeat (same banks).

GLD : 771.31 tonnes.

 

 

end

 

 

And now for silver (SLV):

 

 

Feb 6  no change in silver inventory/SLV’s silver inventory at 320.327 million oz.

 

Feb 5.we had no change in silver inventory/320.327 million oz/

 

Feb 4/we had a small withdrawal of 136,000 oz of silver from the SLV vaults/Inventory/320.327 million oz

feb 3.2015: we had a good addition of 1.149 million oz of silver inventory/inventory 320.463 million oz

Feb 2 no change in silver inventory at the SLV/inventory at 319.314

million oz.

jan 30  no change in silver inventory at the SLV/inventory at 319.314

million oz

Jan 29/no change in silver inventory/SLV inventory at 319.314 million oz

Jan 28/no changes in silver inventory/SLV inventory at 319.314 million oz

Jan 27/no change in silver inventory/SLV inventory at 319.314 million oz

Jan 26.2015: no change in silver inventory/SLV inventory at 319.314 million oz

jan 23/2015/ a  huge addition of 1.053 million oz.  This entity is also being quite volatile/Inventory at SLV 319.314 million oz.

Jan 22 a huge reduction of 6.75 million oz/Inventory at 318.261 million oz

Jan 21 no change in silver inventory/Inventory at 325.011 million oz

 

 

 

feb 6/2015 we had no change in silver inventory/

SLV inventory registers: 320.327 million oz

 

 

end

 

 

And now for our premiums to NAV for the funds I follow:

Note: Sprott silver fund now for the first time into the negative to NAV

Sprott and Central Fund of Canada.
(both of these funds have 100% physical metal behind them and unencumbered and I can vouch for that)

1. Central Fund of Canada: traded at Negative  5.7% percent to NAV in usa funds and Negative 6.1 % to NAV for Cdn funds!!!!!!!

Percentage of fund in gold 61.1%

Percentage of fund in silver:38.5%

cash .4%

 

( feb6/2015)

 

2. Sprott silver fund (PSLV): Premium to NAV rises to + 3.76%!!!!! NAV (Feb 6/2015)

3. Sprott gold fund (PHYS): premium to NAV rises to +.37% to NAV(feb 6 /2015)

Note: Sprott silver trust back  into positive territory at +3.76%.

Sprott physical gold trust is back into positive territory at +.37%

Central fund of Canada’s is still in jail.

 

 

end

 

And now for the COT report

 

First the gold COT:

 

This takes in the collapse of OI as we enter into the front month of February:

 

 

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
229,006 43,991 28,674 117,174 320,447 374,854 393,112
Change from Prior Reporting Period
-9,401 -5,491 -10,141 -152 -3,039 -19,694 -18,671
Traders
166 61 70 49 55 244 162
 
Small Speculators  
Long Short Open Interest  
44,670 26,412 419,524  
939 -84 -18,755  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, February 03, 2015

 

Our large specs:

 

Those large specs who have been long in gold somehow as February came about decided to liquidate a massive 9401 contracts

 

Those large specs who have been short in gold, covered 5491 contracts from their short side.

 

Our commercials:

Those commercials who have been long in gold, pitched a tiny 152 contracts from their long side

 

Those commercials who have been short in gold covered 3039 contracts from their short side and this is when gold was rising.

 

Our small specs:

Those small specs who have been long in gold added 939 contracts to their long side

 

Small specs;

Those small specs who have been short in gold covered 84 contracts from their short side.

 

 

and now for silver;

 

Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
64,166 13,593 18,947 65,063 121,262
-1,556 1,218 3,390 5,099 -295
Traders
76 40 45 38 48
Small Speculators Open Interest Total
Long Short 168,486 Long Short
20,310 14,684 148,176 153,802
-887 1,733 6,046 6,933 4,313
non reportable positions Positions as of: 134 118
Tuesday, February 03, 2015   © Silver

 

Our large speculators:

Those large specs that have been long in silver pitched 1556 contracts from their long side

 

Those large specs that have been short in silver added another 1218 contracts to their short side

 

Our commercials:

Those commercials that have been long in silver added 5099 contracts to their long side

Those commercials that have been short in silver covered 295 contracts from their short side.

 

Our small specs:

Those small specs that have been long in silver pitched 877 contracts from their long side

Those small specs that have been short in silver added 1733 contracts to their short side.

  1. that’s what could happen, but hat’s not what will happen. They aren’t ready yet. Russian’s come right out and say it, US is lying, NATO says let’s increase an arms build up in Ukraine … there’s a whole lot of shaking going on !

    • Totally agree, a Grexit has the potential to detonate a derivative event but it won’t. It’s just brinkmanship and we are a long way from the grand finale. Harvey’s predictions have become increasingly sensationalist – and wrong.

    • Perhaps a link to the claim from.thus headline?

      I mean, if the wworld is 10 days from financial catastrophe, such a claim would warrant a citation, doncha think?

    • Ah, give Harv a break.  He’s just wording his posts Optimistically, instead of Objectively.  You can’t say he won’t be right, someday.  Someday IS coming.  And he WILL be right.

       

      Stack and Stack and KEEP Stacking before you can’t anymore.

  2. It isn’t just Harvey talking about this phenomenon called Grexit. It has every central bank in the world waiting to see what happens.  Most of the crises from Russia, Thailand and other countries where currency crises and credit lockups happened, even to tiny Cyprus, caused some real fear and panic.  The Lehman lockdown took $1 trillion in bandaids to stop the bleeding, another $5 trillion in swaps to make sure the Fed and treasury backstopped our banks and another $15 trillion plus via the Fed in indirect swaps and currency coverage to make sure the entire world liquidity flows did not come to a complete halt.

    And that crash caused by several banks going tits up including Merrill, WAMU, Wachovia, Freddy, Fanny Mae, Bear Sterns and finally Lehman.  Now its the central banks that are in peril of crashing and going bankrupt.  These CBs are private banks. They can fail.   And they will fail, systemically, financially and completely   And all the FIAT in the world wont stop it.

    Or so say the peanut gallery of one.  IMHO

    • @UglyDog  I hear you.

      If the ISDA needs to redefine a Grexit haircut I suggest ‘buzzcut on a merkin’.

      If they accomplish that it’ll be as credible as  Baby Bush telling us “Ah am proud to be an merkin citizen’

    • @AGXIIK

       

      “It isn’t just Harvey talking about this phenomenon called Grexit. It has every central bank in the world waiting to see what happens.”

       

      Indeed so, Bro… and they are stacking the heck outta gold all the while.  That they are telling the proles that ‘gold is bad / don’t buy it’ is completely in opposition to their actions.  Me?  I’d rather watch what they DO than listen to what they SAY.  That tells us ALL we need to know in terms of what we should be doing.  If they are stacking, maybe they know something that we do not?

       

      “The Lehman lockdown took $1 trillion in bandaids to stop the bleeding, another $5 trillion in swaps to make sure the Fed and treasury backstopped our banks and another $15 trillion plus via the Fed in indirect swaps and currency coverage to make sure the entire world liquidity flows did not come to a complete halt.”

       

      Sure.  But it’s not as if that was REAL money, is it?  Fiat paper pulled out of thin air, borrowed at interest, and with no intention of EVER paying it back simply cannot be real money, now can it?  It’s all just Monopoly Money but we are taught that it actually has lasting value.  It’s use-by date is a LOT shorter than we are led to believe.  Not so gold and silver, however.  They will both outlast all of us and everyone we know.

       

      “Or so say the peanut gallery of one.  IMHO”

       

      You have a lot of company in that, Bro, but let us look behind the curtain for a bit.  What happens if we all stack and prep but nothing crashes?  Well, then we all have some wealth in things that might not pay us as well as the latest hot stock and we don’t make as much money as we might have.  Now, contrast this with what happens if we fail to prep and stack and something does crash hard?  In this case, we are well and truly screwed, blued, and tattooed.  We suffer what is likely to be a life-time financial failure and possible death from having no supplies when they are most needed and no real money with which to buy any from those who have them.  It seems to me that failing to prep and stack has WAY worse potential consequences if we are wrong.  As a husband, father, and grandfather, this is not something that I want on my conscience with my family depending on me to protect them from things like this.  As always, folks, hedge your bets as best you can because the possible futures out there are not only more diverse than we imagine but more diverse than we CAN imagine.

       

  3. It isn’t just Harvey talking about this phenomenon called Grexit. It has every central bank in the world waiting to see what happens.  Most of the crises from Russia, Thailand and other countries where currency crises and credit lockups happened, even to tiny Cyprus, caused some real fear and panic.  The Lehman lockdown took $1 trillion in bandaids to stop the bleeding, another $5 trillion in swaps to make sure the Fed and treasury backstopped our banks and another $15 trillion plus via the Fed in indirect swaps and currency coverage to make sure the entire world liquidity flows did not come to a complete halt.

    And that crash caused by several banks going tits up including Merrill, WAMU, Wachovia, Freddy, Fanny Mae, Bear Sterns and finally Lehman.  Now its the central banks that are in peril of crashing and going bankrupt.  These CBs are private banks. They can fail.   And they will fail, systemically, financially and completely   And all the FIAT in the world wont stop it.

    Or so sez the peanut gallery of one.
     IMHO
    I’m like the space Marine Hudson, played by Bill Paxton in the movie Aliens
    “I’m getting a really bad feeling about this, man, a really bad feeling.’
    ‘Maybe you’re not up on current events man, but we just got our asses kicked.
    “Central Bankers are like Aliens, let’s just nuke ’em from low orbit and call it a day”

    • Here, here….

      I be pulling them pins and streamers…

      You get this jumpship fired up so we can go deliver, eh/..?

       

      (I really would like a case or two of those shinny little grenades they used in that series… only time you saw the hero(s) reloading…or, wishing they could.). One of those tank/APC things would be cool to go cruise the gut in too…

    • lol @AGXIIK

       

      Gotta love those movie references.  Among my favorite Hudson comments from Aliens are:  “Why don’t you put her in charge?!” and “Game over, man, game over!”.

       

    • …and then when they take his bullets away he says, “What are we supposed to use? Harsh language?”

      If “they” take our guns away, they will thereafter outlaw harsh language–then what?

    • A VERY small amount of Internet searching will provide any of us with all the references we need.  The banks in the EU, as with all other large Western banks, are highly leveraged.  The Greek debt may be only half a trillion or so, BUT… once the leverage and various derivative obligations on that $500B are considered, the actual financial responsibility could EASILY be 20-30 times the Greek debt.

       

      As the master of JP Morgan, Jamie, you should be WELL aware of the fact that your own bank is worth about $260B but has exposure to a derivatives book that is about $70,000B.  This is about a 270:1 leveraged position.  If only about 1/3 of 1% of those blow up, your company WILL be insolvent.  But then, you banksters always talk about your “net” derivatives exposure.  This means that you think that you WILL be paid every dollar you are owed on your purchased derivatives which will then enable you to pay the derivatives debts that you have with others.  That is an extremely optimistic view of what will happen in a derivatives implosion or any financial panic for that matter.  It will not be a slow and orderly event but a rapid and chaotic one with every man for himself and devil take the hindmost.

       

      As a final thought on this, the big EU banks are already on very shaky financial footing.  It will not take much to collapse them and this is a situation that seems to me more than sufficient to do just that.  Once a collapse begins, no one knows what will happen, but most of us can agree that it will be terrible in consequence and long in duration.

       

  4. I am from Germany and observe the poker game between EU and Greece closely. All this talk about derivatives blow up and Grexit is nonsense. The EU can’t take the risk of Greece leaving the Eurozone as losses will be too high and other Southern European countries would take a severe hit. On the other hand Varoufakis knows exactly, that Greece would die of an immediate hard attack upon exiting the Eurozone. He is aware that Greece got no real economy, not even a business model, which would be a necessity to support his socialist dreams. Imho this is what is gonig to happen:

    – A very  moderate haircut (around 30% of the debt held by the ECB), perhaps no haircut at all.

    – Extension of duration of existing debt and drop of interest rates to almost zero (which of course is a complete haircut, but they would not have to write off the losses, so that the people would not notice what happened.)

    – In order to keep their promises to the people, the Greek government needs approx. 20 billion Euro, for raising minimum wages, recruiting more civil servants, medicare etc. This money will simply be taken from the EU budget, which stands at around 1 trillion for 10 years.

    So nobody will lose face: Standard of living will go up in Greece for a while and the Greek governement will celebrate their victory. The EU leaders will claim that the austerity measured imposed upon Greece laid the foundation for “investment and growth” in Greece, which they will call a new “marshall plan”. The other members of the Eurozone have to absorb Greece’ debt, of which some will be montized by the ECB. Basically, the European Ponzi financing will  enter into the next level.

     

     

    • Now hold on, my little kraut friend, the last time Greece was bailed out, there were angry protests throughout Germany.  Rumor is there will be a lot more if Greece is bailed out again.  Night wahr?

    • Don’t worry, despite any German protests by the citizenry they cannot and will not let Greece exit.  Why?  Well it’s very simple, the stronger exporting countries such as Germany need a weak Euro.  If Germany was back on the Deustchmark it would be much stronger than the Euro and would crush their exports.   This was originally pointed out by Bob Chapman (RIP) several years ago.

      So as much as Germany complains in front of the cameras and for the audience.  Behind closed doors they know that countries like Greece is what’s keeping their exports strong due to a weak Euro.

      On the other hand, Greece has been destroyed by trying compete against exporting powerhouses like Germany.  Bob Chapman stated the best thing Greece could do was exit the Euro and default then go back on their Drachma or even back their currency with some metal like silver.

      It will be interesting to watch this unfold but highly unlikely that Greece will leave the Euro.  Maybe for the audiences of the world they play this up but behind closed doors its guaranteed they’re not going anywhere in the foreseeable future.

    • @Jamie Dimon – Your thoughts are much appreciated. There are a lot of folks who think that the European experiment cannot afford to let any country fail/leave, as appealing as the idea might be to a lot of people on a lot of different levels.

    • @Jamie Dimon

      Oh hell, you went and pulled on the yankee’s tail now… couldn’t have just left enough alone, ya had to make “nationalist” remarks.  Well let’s see here Mr. Kraut:

      Arrogance:  Didn’t take much of that to attempt to unify all of Europe and Africa through blood did it?

      Stupidity:  Highlighted by the above in betraying allies, and creating TWO fronts which could not be held.

      Ultra-Stupidity: For the second time (See WWI for details)

       

    • Another stupid American is here to remind you that you’re on a stupid American site (speaking English no less) using those stupid american inventions, the internet, and a computer.

  5. Oh no, the ol’ derivative boogie man again.   What would the perpetual doomer ‘guru’s’ do without derivatives?   Every other article, you know – the one’s between the 5 and 10K gold articles, is about how all the derivative’s are going to blow up and the sky will fall.

    Harvey is an organ.  And then the cut and paste of near useless info.  What the F happen to this place?  Notice the old regulars aren’t around anymore?

    • I’ve got an organ… for that big mouth of yours.

      Your right… this place has gone straight to hell…. It’s no longer suitable for the likes of you.  You should leave.  You should leave now. Bye. No point in wasting your valuable time here. It was real.

      10: Print “Don’t Go Away Mad, Just Go Away.”

      20: Goto 10

      Run

      Don’t Go Away Mad, Just Go Away.

      Don’t Go Away Mad, Just Go Away.

      Don’t Go Away Mad, Just Go Away.

      Don’t Go Away Mad, Just Go Away.

      Don’t Go Away Mad, Just Go Away.

      Don’t Go Away Mad, Just Go Away.

      (1986 eat your heart out)

  6. THE ANALYSIS AND DISCUSSION PROVIDED ON SILVERDOCTORS IS FOR YOUR EDUCATION AND ENTERTAINMENT ONLY, I

    Everyone needs to keep things in perspective ^^^^^^^^^^^^^^^^^^^^ 

    Not going to run around with my hair on fire over this. One thing we all know is that the markets from top to bottom are rigged by the tribal bankers. What happens ….happens nothing we can do about it …..either you are prepped or you aren’t.  Time to go plow some snow……….

  7. Harvey Organ: $4 T in Greek Derivatives to Detonate in 10 Days- ENTIRE FINANCIAL WORLD WILL FALL LIKE DOMINOES!

    Already bought the popcorn and fireworks for Marshall Swing’s Sept end of world prediction. Hope Harvey is right.

    But what is his track record?

    Harvey Organ- By December Whole Thing Going to Collapse

    Organ thinks silver will trade at “$200 per ounce” and says, “By December, this whole thing is going to collapse.”

     

     

     

     

     

    • Several years back Bob Chapman (RIP) said the Greece needed to exit the Euro because they could not compete with exporting powerhouses like Germany.  What does Greece export, olive oil and imports tourism.

      He said they needed to go back to the Drachma (default like Iceland) and then back their currency with a little bit of metal like silver.  This would immediately make the Drachma one of the strongest currencies in the world even if it was back by 10% silver.

      IMHO Bob hit the nail on the head just a few years early with his prediction.

    • Bob Chapman was definitely one of a kind.  I only discovered his writings a few months before he passed.  The good news is that so much of what he wrote can be found on the Internet.  It made sense when he wrote it then and even more sense now that we see a lot of it unfolding before our very eyes.  Thanks much, Bob.  A lot of us were awakened by your writing and miss you very much.  Hope that you are well and doing fine, wherever you are… God bless.

       

  8. If that is an actual quote of the finance minister then he falls into the category of tools that excuse the ecb and their associates with the mantra “they just don’t understand” when in fact they are willing accomplices.  Same old same old.

  9. Unlike some of the other folks posting here I’d be shocked if Varoufakis agreed to a comparatively piddly 60 billion dollar haircut.  What good is that?  They’d still have almost 300 billion dollars of debt, more than they can hope to pay back.  Even a 50% haircut on their debt doesn’t really do enough for them.  Accepting a measly 60 billion dollar haircut would mean continuing the status quo with a terrible economy continuing to limp along and having no hope whatsoever in the short or medium term for improvement.  Even a complete default would result in a couple of very bad years followed by real hope for improvement.  Why in the world should Varoufakis go for a 60 billion dollar haircut and an unending string of years only a little better than that?

  10. I’m thinking that 4T figure came from dividing the sq mi of Greece by the total sq mi of land surface (adjusted for ICE, SEA ICE, and Tundra) to then multiply that “real derivatives” total in QUADRILLIONS by that fraction/<1 for a ball-park figure, eh?.

    IF there is actually going to be a “deal” made…. then, my feeling that for once the Greeks actually had the EU by the short hairs is validated…and, the EU muppets blinked first. Can’t have some “servant country” walking away with the silverware, eh?… Not to mention: GIVING RUSSIA THEIR WARM WATER PORT CITY(S) FOR THEIR NAVY and poking an ice pick in the Northern EU’s eye when it comes to securing their NATURAL GAS SUPPLIES…with some “very high level” of “PIPELINE TARIFFS” added on top “as it crosses Greece” to get into EU distribution gates!…

     

    Dang…don’t you just love it when a plan comes together… (aka: Hannibal of the early-Star Wars prolog known as The A-team)))…

    • By asking these WWII indemnities, Varoufakis is putting a big pressure on high european society, which globaly thinks Putine is a dictator. They make these “well thinking” people who are the real nazis, as in the same time the european chiefs  accuse Poutine about Ukraine, just forgetting how The war developed there, and that the urkrainien president is a from an extreme organisation ( we said extreme right, that means something like fascist..). So Greece has found the point where mainstream european opinion is forced to see its own contradiction. There’s a huge issue with public opinion here. In France Hollande just won some more good opinions (he was in very low positive opinions of something like 12% before Charlie’s attack, now he’s around 29% !). His main theme right now is liberty, tolerance, and he tried to make peolpe think Poutine as a dictator and a warrier. Now with what happes in Greece , everything is going much more difficult for Merkel and all the EU staff, the actions of Greece is revealing their real intents, pressuring populations in their absurd economic system.

      These are main issues here. Does anyone know what will happen ? It’s too much sensitive to anticipate how people will react, ther’s a big divorce between the populations and their elites right now..

       

  11. so probably, to prevent people to react, elites will produce very bad events soon. Will the fall of derivatives surprise them ? Will they decide military actions ? Sure they will react before Greece manages to reveal the elites lies, so it’s going to be very dangerous now ! Bank runs and banks closures are likely to happen..

    My screen has just got full black right now, so i suppose i’m somewwhere right !..

  12. I think the 60 billion Euros is more to cover the daily costs of the government and pensions @fred hayek   The tax receipts are nil and payments on other obligations to the government are being held back to see what the policies of the new government are.  The Greek government is probably running on fumes.  If the government fails due to lack of funds to run their operations that seriously undercuts their policies and positions and makes anything they are trying to do pretty untenable.

  13. I think of Harvey like your crazy scientist who lives in the lab trying to invent. He is always on the verge, and one day he will be right. My money is on this summer/fall but if it happened tomorrow I would not be surprised. On an aside, I have proof of massive chemtrails over my town. We also saw a massive train with tanks, etc. come through. Seems like they are preparing.

  14. There you go again Harv.I like Harv I really do however he has to try and restrain himself from his nasty habit of hyperbole.

    Does anybody who is of sound mind really think that the globalist scum are going to let Greece exit just like that and set off the derivative bomb/the collaspe of the Euro/allow Russian and China to take in the Greeks.

    Really.I dont think so.In ten 20 days the shtf.If I were a betting man just like ole Harv I would buy the rumour and the sell the news in a big wa! Someone is going to make a few shekels  on this one.I think there is more chance of a Beatles reunion  of all four members than a Greekexit in the next month!

    If there was a  possiblity that Greece was going to exit the metals would be exhibiting a lot more volatility than they are today regardless of manipulation.

     

    When it  is all said and done there will be some sort of deal cut between the Globalist scum and the new ruling leftist coalition in Greece by March.The perverbial can will then continue to be kicked  down the road for another stretch until another crisis emerges.Just sayin..I could be 100% wrong about all of this

     

     

     

     

     

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