Ecuador: The Gold, the Bad & the Goldman

The recently announced swaps deal between Goldman Sachs and Ecuador involving the exchange of 13 physical tonnes of gold for $585 million in “highly liquid” paper raises the question of why the parties simply didn’t enter into a gold leasing arrangement.

Precious Metals Fund Manager Dave Kranzler cuts through the aromatic cloud hanging over the deal to address this and other key issues affecting the PM markets in the video below.
Ecuador: The Gold, the Bad & the Goldman
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Tell-all Goldman Sachs Twitter Elevator Gossip ‘Employee’ Exposed

The source behind the Twitter handle @GSElevator Gossip, which has over 600,000 followers and chronicles ‘overheard’ elevator conversations at Goldman Sachs revealing bankers’ real attitudes towards money & women, is actually not even an employee.
The Twitter account prompted Goldman Sachs to open an internal inquiry to try and track down the tweet-happy employee, and it turns out that the Twitter author is 34-year-old John Lefevre, a former bond executive who was offered a position as head of debt syndicate at Goldman’s Hong Kong office in 2010, but never actually worked for the firm.  [Read more...]

Nigel Farage: We Are Now Run By Big Banks and Big Bureaucrats!

farageOur favorite member of the European Parliament, Nigel Farage has unleashed another epic rant in Strasbourg on how the Greeks were suckered by Goldman Sachs & big EU bureaucrats:

Greece is now under foreign control. You can’t make any decisions, you’ve been bailed out, and you’ve surrendered democracy, the thing your country invented in the first place.  And you can’t admit that joining the euro was a mistake – of course Mr Papandreou did that didn’t he, he even said there should be a referendum in Greece and within 48 hours, the unholy trinity (troika) that now run this European Union had him removed and replaced by a ex-Goldman Sachs employee puppet.
We are run now by big business, big banks and in the shape of Mr Barroso, big bureaucrats.

Farage’s full MUST WATCH rant is below:
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Why Is Goldman Sachs Suddenly Warning of a Stock Market Crash?

Why has Goldman Sachs chosen this moment to publicly declare that stocks are overpriced?  Why has Goldman Sachs suddenly decided to warn all of us that the stock market could decline by 10 percent or more in the coming months?  Goldman Sachs has to know that when they release a report like this that it will move the market.  And that is precisely what happened on Monday.  U.S. stocks dropped precipitously. 
So is Goldman Sachs just honestly trying to warn their clients that stocks may have become overvalued at this point, or is another agenda at work here?
We consume far more wealth than we produce, and our entire nation is drowning in a massive ocean of red ink that stretches from sea to shining sea.
This is not sustainable, and it is inevitable that the stock market will catch up with economic reality at some point.
It is just a matter of time. [Read more...]

Chinese Central Bank’s Fingerprints Are All Over the Gold Manipulation!

Caption Contest 1A SilverDoctors Exclusive By SD Contributor AGXIIK:

The Dollar’s fate lies in China’s Hand.  Gold is the key to this fate.  The Chinese Central bank’s fingerprints are all over the gold manipulation story.
The Chinese play the gold players like fiddles, rigging the price of gold lower to take in as much as they can. 
Like Sun Tsu said, If you can win the battle without fighting, that is a good warThey’ve not fired a shot. They’ve used our currency reserves to buy up our gold.
The existence of our world  reserve currency status will depend on how and when China shows the world what they hold in gold That report is due in 2014
Once they show the world they have the gold to back their currency, the entire world will flock to the winner.
The fate of the dollar is almost entirely tied to China, its gold holdings and the value of gold once its real value is set.
$50,000 an ounce could become a real figure.
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Venezuela to Sell or Swap 1.45 Million Oz of Gold to Goldman Sachs

Bernanke-Dimon-Fed-TunnelVenezuela’s El-Nacional is reporting that Venezuela has signed an agreement with the Vampire Squid to swap or exchange 1.45 million oz of the country’s international gold reserves effective Oct 2013, with the agreement running through Oct 2020.
The gold reportedly is currently being held at the Bank of England, and will be PHYSICALLY DELIVERED TO GOLDMAN SACHS in exchange for US dollars from Goldman.
We wish both Germany and Venezuela well in obtaining a single ounce of their physical gold reserves back in 2020. [Read more...]

Banks Rig $4.7 Trillion A Day Currency Markets To Profit Off Clients

 

Source: Chip Somodevilla/Getty Images

Source: Chip Somodevilla/Getty Images

Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said five current and former traders, who requested anonymity because the practice is controversial.  Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years. The behavior occurred daily in the spot foreign-exchange market and has been going on for at least a decade, affecting the value of funds and derivatives and all investments.  The Financial Conduct Authority, Britain’s markets supervisor, is considering opening a probe into potential manipulation of the rates, according to a person briefed on the matter. Informed observers have long warned that the global $4.7-trillion-a-day foreign exchange market, the biggest in the financial system has all the hallmarks of a casino. The inherent conflict banks face between executing client orders and profiting from their own trades is exacerbated because most currency trading takes place away from exchanges. [Read more...]

Move Over Vampire Squid, BOA Also Doing God’s Work!

bank of americaOne would think that TBTF bank CEO’s would have learned from Lloyd Blankfein’s epic blunder when he stated that Goldman Sachs was doing God’s work in an interview- inciting a firestorm of negative publicity for the bank… 
One would think.

It appears that Bank of America CEO Brian Moynihan must have missed the memo.  
In an interview with Charlie Rose airing last night, Moynihan made the Blankfein mistake.
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The Vampire Squid: Power and Peril – CNBC Documentary

vampire squid goldmanCNBC Original takes a revealing look at Wall Street’s most powerful and profitable bank fighting to restore its reputation through a one-hour documentary reported by CNBC is David Faber.
CNBC  takes viewers inside the firm is tightly knit corporate culture of extraordinarily driven professionals to help explain both its success and the reasons why it is come under such widespread criticism.  The program looks at how Goldman Sachs’ aggressive trading culture has come under scrutiny both in Washington, D.C. and on Main Street, amid accusations that the investment bank misled investors.   Faber reveals how Goldman Sachs benefited from controversial deals before, during and after the global economic crisis.   The one-hour documentary also considers Goldman Sachs’ unparalleled presence in Washington. Numerous executives from Henry Paulson to Robert Rubin and Jon Corzine have left Goldman Sachs over the years to take on influential roles in government. Faber speaks to critics who question whether the firm’s presence in Washington gave it an unfair advantage in surviving the global financial crisis.

Full Vampire Squid documentary is below: [Read more...]

Bottom in? Vampire Squid Slashes 2013-2014 Outlook for Gold, Calls for End of Bull Market

In the midst of gold and silver’s relentless attacks last week by the cartel, we wrote that investors should be prepared for a potential bottom in gold and silver on or around Monday 2/25, options expiration in both gold and silver.

Goldman seems to have validated that call this morning, as only one day after March options expiration, the Vampire Squid has advised clients to sell gold, slashed its 2013-2014 outlook for gold to $1450/oz, and called for an end to the gold bull market [Read more...]

Matt Taibbi & William Black: Bailout Secrets & How the Foreclosure Deal Spares Banks from Any Justice

Rolling Stone’s Matt Taibbi & former financial regulator William Black discuss the government’s recent $8.5 billion settlement with TBTF banks including Bank of America and JP Morgan over foreclosure fraud and robo-signing.

Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector’s behalf, calling unhealthy banks healthy and helping banks cover up how much aid they were getting. The settlement will end an independent review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties, in addition to criminal prosecution. [Read more...]

Jim Sinclair: Great Train Robbery in Progress- Goldmans of the World Are Going Massively Long Gold

The legendary Jim Sinclair (who called the current bull market before anyone over a decade ago) has long maintained that the bullion banks would make the lions share of the profits in this massive secular bull market, not the average gold investor. 

Sinclair has sent an alert to metals investors today, advising that the current massive take-down in the metals is the end-game, and the Great Train robbery is in progress in which the Goldmans of the world will go massively long in gold.
Sinclair states that as soon as the bullion banks have grabbed every last available ounce of gold they can lay their hands on, gold will EXPLODE to $3,500.

MUST READ! [Read more...]

Jim Sinclair: System Will Collapse When Goldman Decides to Pull the Plug on Confidence in the US Dollar

The legendary Jim Sinclair sent an email alert to subscribers this weekend, warning that dollar based entitlement payments will be reduced to nearly meaningless levels on a single day, and that the result will also solve the health care cost crisis in the US, by accelerating the attrition of pensioners and removing the most sick from the equation.

Sinclair seems to agree with our statement that Blythe Masters may be responsible for the greatest loss of human life in history when the derivatives collapse is complete.

Regarding the timing of the collapse of the dollar, Sinclair states: Timing is a question of when our masters via Goldman Sachs decide to pull the plug on confidence in the US dollar.

Sinclair’s full alert below: [Read more...]