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In New York, the difference between bullish and bearish contracts held by Comex gold futures and options traders, the so-called speculative net long, rose for the second week running in the week ended last Tuesday, data published last night by the Commodity Futures Trading Commission show.  “Based on the rally across metals last week, that speculative length is most likely to have picked up substantially [since last Tuesday],” says Standard Bank commodities strategist Walter de Wet.
Comex gold options expire later on Tuesday.  “For calls, the bulk of open interest rests at the $1800 strike, with more than 3.2 million ounces,” says a note from UBS.
With OI so high, could today be the day that gold gravitates closer to the much coveted $1800 level?

An Austrian banking source has reportedly claimed that Deutsche Bank ‘fulfilled’ one gold repatriation in recent years with the help of Tungsten and further claims that the tungsten salted gold bars have turned up in Asia.

In 2009, Rob Kirby first uncovered detailed information regarding a massive plot to replace 400 oz good delivery gold bars with highly sophisticated tungsten filled fakes- and even provided evidence that the bars had been swapped with the gold held at Fort Knox.

Widely scoffed at by the financial media in 2009, Kirby appears to have released a Pulitzer worthy story nearly half a decade ahead of its time, as if the Austrian source’s claims are true and Deutsche Bank has in fact fulfilled a recent gold repatriation request with gold plated tungsten, the ramifications are that not only is every single claim made by GATA regarding gold and silver manipulation are 100% accurate, but that real, physical metal is now in desperately short supply and the jig is nearly up for the bullion bank cartel.

Mark Carney has been named as the new governor of the Bank of England by Chancellor George Osborne.  Carney would be considered something of a monetary dove.  The Goldman Sach’s alumni’s appointment means that ultra loose monetary policies will likely continue at the Bank of England leading to weakness in sterling – especially versus gold.

CME Group declared a force majeure at one of its New York precious metals depositories yesterday, run by bullion dealer and major coin dealer Manfra, Tordella and Brooks (MTB), due to “operational limitations” posed by Hurricane Sandy. MTB has “operational limitations” following Hurricane Sandy and can’t load gold bullion, platinum bullion or palladium bullion, CME Group Inc., the parent of the Comex and New York Mercantile Exchange, said today in a statement. MTB must provide holders with metal at Brinks Inc. in New York to meet current outstanding warrants in relevant delivery periods with compensation for costs, Chicago-based CME said. The CME said that MTB will not be able to deliver metal as the lower Manhattan company deals with “operational limitations” almost a month after the arrival of Hurricane Sandy. MTB is one of five depositories licensed to deliver gold against CME’s benchmark 100-troy ounce gold contract.

The CME declared a Force Majeure Monday at PAMP’s Manfra, Tordella and Brookes Inc. gold depository, and stated the depository will not be able to deliver physical gold due to “operational limitations” from Hurricane Sandy.

The only thing that surprises us is that HSBC and JPM’s gold depositories were not included in the announcement.  It appears however that for now, those holding MTB warrants will be able to receive gold from Brinks.  The inconvenience and extra cost associated with arranging delivery from Brinks however will likely dissuade many from standing for December delivery, and is likely the true motive for the announcement.   How convenient for the bullion banks in the midst of a physical gold shortage!  ”Um, sorry sir, we apologize, Brinks is having trouble getting through the backlog of MTB delivery requests.  We expect your gold should be delivered sometime in January- February at the latest!”.

NEW YORK–CME Group Inc. (CME) on Monday said that Manfra, Tordella and Brookes Inc., one of the exchange’s gold depositories, will not be able to deliver metal as the lower Manhattan company deals with “operational limitations” almost a month after the arrival of Hurricane Sandy.

Last week we reported what appeared to be a glitch as gold was flash smashed $30 under $1700 in a single tick late in electronic access market trading.

Today it is apparently silver’s turn, as numerous platforms recorded a flash crash in silver from $34.10 to $31.80, almost immediately regaining the $34 level. 

By Ted Butler:

A friend and long-time subscriber who intends to write a book about the silver manipulation asked if I could provide him with a bit of history. To my mind, the silver manipulation dates back to early 1983, when the commercial traders grew confident that they could sell any quantity of paper short contracts to the technical fund buyers on the COMEX. By that time the commercials learned that technical fund buyers would never take physical delivery and could be counted on to buy or sell based upon price signals that the commercials could easily influence and control. In essence, the game has remained remarkably similar ever since.

The important thing to remember is that regardless of how many years and decades that the silver manipulation has been in place, when it ends, it will end in a virtual instant. That’s why it’s better to be positioned early in silver, rather than late.

One of the most famous and historic events in our nation’s history, and the event that perhaps single-handedly led to American independence from the British, is now being taught to American school children as an act of terrorism.  CBS Houston reports that Houston schools have reportedly been attempting to portray the Boston Tea Party as an unprovoked act of terrorism by ‘intoxicated terrorists’.

The most historical instance of protesting against taxation without representation is now being taught in Texas schools as a terrorist act. As recently as January of this year, the Texas Education Service Center Curriculum Collaborative included a lesson plan that depicted the Boston Tea Party, an event that helped ignite the American Revolution, as an act of terrorism.

GoldMoney’s Alasdair Macleod talks to John Butler — Chief Investment Officer at Amphora Commodities Alpha and publisher of the Amphora Report, as well as author of The Golden Revolution: How to Prepare for the Coming Global Gold Standard. They discuss the huge debt problems confronting Western economies, central banks’ reflation efforts and the significance of the shadow banking system.

Butler emphasises that policymakers will do everything in their power to fight natural deflationary pressures with policy-induced inflation. He argues that when central banks really want to double-down on their efforts to push prices higher, they may consider monetising the entire shadow banking system by taking it onto their own balance sheets in return for newly created cash — a possibility that Butler calls the “nuclear option”.

Full MUST LISTEN interview below:

Today’s chart of the day examines the latest data from the World Gold Council and Deutsche Bank regarding global asset allocations across all asset classes.  11 years into their secular bull runs, gold registers at a measly 1% of global asset allocations (and this 1% is mainly paper gold such as ETF’s, unallocated accounts, and mining shares), and silver fails to even register on the chart.

When the current bull market in gold and silver finally reaches the public involvement stage, imagine the prices required to allow even a conservative 5-10% global allocation, much less match historical tops near 20-30%.


Unconventional Finance has released another interview with GATA’s Bill Murphy discussing JP Morgan’s alleged manipulation of the silver market.  Murphy states that JP Morgan’s manipulation of the silver market will soon be revealed, and states that the JPM silver scandal will be larger than LIEBORGATE and may likely result in the implosion of JP Morgan Chase.

Full interview below:

Gold edged down on a Monday as speculators took their profits as prices rallied on thin volumes on Friday to their highest in a month on technical buying.  A strong fall in the greenback triggered rapid gains in commodities and options-related buying on Friday. Tonight US Congress will meet to attempt to devise a plan to avert the US fiscal cliff which will throw the US into a spiral of tax hikes and budgetary cuts that will lead the US economy deeper into a recession this January. Another short term ‘resolution’ will almost certainly be achieved which will allow the US to keep spending like a broke drunken sailor and which will again store up far greater fiscal and monetary problems. The scale of these deep rooted structural challenges is so great that they are likely to affect the US sooner rather than later. Global investment demand for gold remains robust with the amount in exchange-traded products backed by the metal rising 0.1% to 2,606.3 metric tons.

The legendary Jim Sinclair, who yesterday advised subscribers that gold will not be confiscated in this bull market as its current function is vastly different in today’s monetary system than its role in the 1930′s, sent another alert to subscribers today clarifying that although he believes gold will not be confiscated by the government during the current bull run, GUNS WILL BE

Sinclair states that the Constitutionally protected state right to create and maintain a state defense force is under the cross-hairs of the Obama administration, and that The moment you see these state defense forces under the control of the state governor disbanded, the end has come. The Constitution will no longer exist and the next day I will be writing you from Buckreef in Tanzania.

Sinclair’s full Alert/Warning of the impending gun confiscation by the Obama administration is below: