This week’s “Most Epic” prize has just been chosen. Just wait till you see the “gold” coins used as an added bonus…
The hit piece that takes this week’s prize as most Epic comes from none less than the Financial Times.
While we have only posted a couple paragraphs from the entire article, the rest of the article follows suit.
First off, we get a glimpse of the leading pic for the story, the manganese-brass Presidential Dollar (not gold):
Right off the bat, the hit piece feeds off of “insider” knowledge on the most vocal precious metals price suppression denier around, Jeffrey Christian. Here’s more:
Almost every asset class in the US is collecting far more investor money than can be reasonably put to work. Except gold coins. According to CPM Group, a metals-industry consultancy, “US Mint gold-coin sales dropped 66.4 per cent in the first 10 months of this year. Other mints that do not report monthly sales, privately state that their sales of newly minted coins are down this year.”
Where the story takes a turn for the illicit is combining the “nobody cares” mantra with the whole “gold smuggling” is the new “drug smuggling” meme. Here’s more from the financial times article:
Miami is the leading city for gold imports to the US, much of which originate in Latin America. Drug dealers started using gold imports as a way of laundering their proceeds, and then about five years ago came to realise that illegal gold was intrinsically a better business.
Let’s not worry about how the reporter knows this information. There is not even an “annonymous” source listed, so we’ll have to assume it was left out and slipped the editorial review.
Or, as is most likely the case, we are witnessing some good old-fashioned gold bashing. You see, it’s not good enough just to make an article show that gold is unloved, like it did in the beginning, but showing any tie in to illegal activity, including one of the most infamous types of illegal activity that conjures instant mental images of the worst type of organized crime, as in drug smuggling, is surely to put the yellow metal into a stereotype of the bad kind.
The article continues:
Federal authorities are probably annoyed with themselves for letting illegally originated gold imports grow so big, and therefore intent on making up for lost time.
This is an assumption that has several flaws that any knowledgeable goldbug can pick out at an instance.
First, we know for a fact that “federal authorities” are they themselves complicit in market manipulation and precious metals price suppression in many ways.
Secondly, If they were “probably annoyed”, it’s because they were not getting their cut, or if they were getting a cut, they were not getting a large enough cut.
Finally, if they were intent on making up for lost time, it’s quite possible that they were, as in, making up for not confiscating the means of production and distribution to private albeit illegally operated activity. In other words, we have no idea if the illegal gold mining and smuggling stopped, or if it’s ongoing, just not via private businesses funneled through Miami. We do know that gold operates on a highly re-hypothecated, just in time inventory, often in “backwardation”. Surely the gold cartel would love an extra source of “off the books” gold to supply a market in which they throw paper at to no end.
Wow. Three serious problems in one single sentence. That must be a first for maximum effectiveness to confuse, distract and misdirect all things gold at all times.
If it’s not, it’s good enough to win this week’s trophy for most epic…