Wake up folks!!!
Puerto Rico needed a bail-out. Our National debt just jumped about $90 billion.
Thank you so very much!
Great rings. I love Indian jewelry
for the watch. Runs perfect. Timeless piece.
thanks for another great purchase
Michael, Thank you for the chests. They are beautiful and extremely well made. Have a great Christmas!
Great Coins Thanks
The Federal Reserve has left the door open to an increase in short-term rates in its December meeting as it dropped previous warnings about the risks global financial and economic developments were posing to the US economy.
Meeting for its penultimate policy meeting in 2015, the Federal Open Market Committee said there had been a slowing in the pace of job growth, but it added that policymakers were seeing solid gains in US household spending and investment, reports Sam Fleming, US economics editor.
As predicted by all economists surveyed by the Financial Times, the Fed left short-term interest rates at near-zero levels in its meeting. Only one policymaker dissented – Jeffrey Lacker of the Richmond Fed, who wanted to see an immediate hike.
The decision leaves the final FOMC gathering this year on December 15-16 subject to intense scrutiny.
T.E.E. NOTE - Weren't they just discussing possible negative interest rates? We'll just have to wait until December's meeting, only for them to maybe THEN admit that they actually can NOT POSSIBLY raise interest rates. THEN we'll get a rebound in the P.M.s
Lam Sai-wing, chairman of Hang Fung Gold Technology Group, poses in a golden bathtub in an exhibition hall decorated with two tonnes of gold next to his jewelry shop in Hong Kong.
T.E.E. NOTE - Wonder if the toilet is plugged with U.S. Treasuries?!?
Thank you for the chest. It is an amazing custom piece!
Goldman Is Getting Nervous: "There Are Significant Risks To Our Forecast For Gold Price Weakness" - Tyler Durden
I find this to be comical as Goldman Sachs is secretly one of the largest buyers of physical.
The great gold repatriation has begun…
Germany’s Bundesbank announced that the country repatriated 85 tons of gold from New York in 2014, far surpassing its previous estimates of 30 to 50 tons — and laying to waste a Bloomberg article you might have seen last summer insisting that the Germans were happy to keep their gold in American vaults. Turns out, not so much happiness. You might really label it: concern about keeping their gold in America.
Including the gold repatriated from Paris, Germany brought home 120 tons last year. And the Netherlands, meanwhile, removed 122.5 tons of gold — about one-fifth of their total gold stored overseas — from New York, bringing it back to Amsterdam.
So the message I’ve been writing about for a long time is now getting clearer: Governments simply do not trust the global, fiat monetary system any longer. Nor should you.
Germany is just the latest in a collection of governments that no longer want their gold held in U.S. and U.K. vaults, the resting places for much of the world’s sovereign gold since after World War II. Last year I wrote about how Austria suddenly decided that the British central bank in London maybe wasn’t the best place to keep their gold.
It doesn’t end there. France, Belgium, Austria, Ecuador, Finland, Switzerland, Venezuela, Romania and Poland: They’re all either talking about repatriating national gold or they’ve already done so. Some are clearly countries run by leaders with a populist agenda — to wit, Venezuela and Ecuador. Others are run by sober governments making sober decisions about national wealth in a time of global economic worry.
These countries want their gold back because they’ve lost trust in the global banking system that they themselves are the very heart of. They’re the wizards behind the fiat-currency curtain … and even they are scared!
Better to have local gold back on home ground than exposed to a global financial system that could make retrieving gold in a crisis truly problematic. Imagine, for a moment, a world in which a currency crisis erupts in the West, gold prices soar, gold ETFs and other paper-based golden assets are crashing in the U.S. because of their internal construction flaws, regulators and banking officials are trying to figure out who owns what gold … and you, a central bank, are trying to suddenly repatriate tons of gold.
Taking back their own gold now is the safe bet in an unsafe world … and it is, effectively, a vote of no confidence in modern monetary policies.
The crisis might not erupt today. It might not come tomorrow. Or even next year. But the actions of so many sober-minded central bankers bringing their country’s gold back home is that proverbial canary in the coalmine.
Will You Be on the Wrong Side of History? To anyone who has sold their gold in recent months, I say this: The actions of Germany, the Netherlands and others repatriating gold tells you that you’ve made a mistake.
Why is it that central banks the world over refuse to sell their gold reserves? Why is it that the World Gold Council continues reporting that so many continue adding to the gold holdings every quarter?
Too many on Wall Street, inside the Fed, and those wandering around looking for a Dairy Queen and a Coke in Omaha, Nebraska, would have you believe that gold has no intrinsic value. Yet all over the world, central banks in countries giant and small disagree.
Now, it’s up to you to pick a side: Do you side with U.S. central bankers who talk down gold as a quaint relic that’s out of step with modernity?
Or do you side with 100 central banks around the world who are increasingly putting their reserves in gold rather than fiat currency?
I absolutely know what side I’m on.
Until next time, stay Sovereign …
Jeff D. Opdyke
The following link is a very important interview done Friday morning well before the disastrous close. Please listen and post or forward. I will have comments posted late Sunday regarding what I expect this Monday and the week to bring. The Great Credit Unwinding has begun! There is precious little time for you to prepare and get done what you need to prior to a shutdown of the credit spigot. Understand this and get cracking or don’t and sleep until you are rudely awakened!
The Dow Jones Industrial Average dropped yesterday another 531 points (-3.12%). That was on top of the 358 it lost the day before. In total, the DJIA lost 1017.65 (-5.8%) this past week alone. The Nasdaq is down 342.19 points (-6.8%) and the S&P 500 index is down 120.65 points (-5.8%). Is it just an overdue correction? May be time for a total "reset". What Monday will bring is anyone's guess. Meanwhile, gold is enjoying a slight rally as investors seek safety in the "dead relic of the past"??? Hmmmm. Think we'll take a front row seat and enjoy the show. It's about to start soon my friends.
Just off of Interstate15 North of Barstow, CA., at the Yermo Logistics Marine Base, this private video was taken by a person who travels this road on a regular basis. The number of military vehicles, including tanks, MRAPS, and Humvee’s that he captured on video is mind-boggling!
One thing we try very hard not to get involved in here at The Eagle Empire is conspiracy theories. We aim to keep to the facts only and give our readers the truth, straight and simple.
Having said that, I must share my concerns pertaining to the matter of JADE HELM 15 scheduled to run from July 15 through September 15, 2015. As a Desert Storm Veteran and a long-time loving patriot of this country, I hold our military, both Veteran and active-duty, in the highest regard. I believe we as Americans should hold the highest respect for those that have been and are currently willing to lay down their lives so that we as a whole may enjoy the freedoms that we have. Freedom, as we all should remember, is not free. It comes at a great price. Sometimes all we have.
I was stationed in Texas and did not take long to pick up on the Texan people's culture, way of life, and way of thinking. I felt an admiration over time for their laid back manner, their great food, their hospitality towards others, and their firm stand on what they believe. I was young and quite the hothead and it didn't take long to figure out, if you're gonna take on a Texan, you'd better bring a bigger stick. I learned a lot from them and learned to respect their way of life. They, for a large part, are a good people.
Later on in my military career, I was stationed in Biloxi Mississippi. The first day I arrived, I was briefed on the negative relationship between our armed service members and the Biloxi civilians and handed an extensive list of all the locations off base that were to be "avoided". Confrontations involving chains, pipes, knives, and even guns were taking place between the civilians and military personnel. I remember thinking, "we are doing what we do to protect their freedom, to keep them safe. Why do they hate us?" Nine young men jumped a good friend of mine as he was leaving a mall at 7pm by himself. He was hospitalized for over two weeks due to his injuries. We "settled that score".
I say all this to finally get to my point. While JADE HELM 15 "Master the Human Domain" may very well be just a "military training excercise", the distrusting Texans and others may not see it that way. Some may go from being "offended" to going on the offense. Like many other situations currently happening in our world today, one spark may be just the catalyst to set off an event that otherwise was unnecessary. If a group of civilians decide to rise up against a group of miltary servicemen just "doing their job", the civilians may actually get the Martial Law they fear.
Writing's On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It "Non-Confiscatable" - Tyler Durden
The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed's vaults to a newly established state gold bullion depository..."People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold," and the Bill includes a section to prevent forced seizure from the Federal Government.
"The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold bullion and is storing the bars in a New York vault, according to the fund’s board."
The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass, a Dallas hedge fund manager and member of the endowment’s board,Zimmerman said at its annual meeting on April 14. Bass made $500 million on the U.S. subprime-mortgage collapse.
“Central banks are printing more money than they ever have, so what’s the value of money in terms of purchases of goods and services,” Bass said yesterday in a telephone interview. “I look at gold as just another currency that they can’t print any more of.”
And now, as The Epoch Times reports, Texas Governor Greg Abbott signed a bill into law on Friday, June 12, that will allow Texas to build a gold and silver bullion depository. In addition, Texas will repatriate $1 billion worth of bullion from the Federal Reserve in New York to the new facility once completed.
On the surface the bill looks rather innocent, but its implications are far reaching. HB 483, “relating to the establishment and administration of a state bullion depository” to store gold and silver coins, was introduced by state Rep. Giovanni Capriglione.
Capriglione told the Star-Telegram:
“We are not talking Fort Knox. But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository. People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”
But isn’t New York, where most of the world’s gold is stored, also big and powerful? Why does the state of Texas want to go through the trouble of building its own storage facility?
There are precisely two important reasons. One involves distrust in the current storage system. The second threatens the paper money system as a whole.
“In a lot of cases with gold you may not have clear title to the metal. You may have a counterparty relationship that makes you a creditor. If the counterparty has a problem unrelated to gold, they can default and then you become an unsecured creditor in bankruptcy,” said Keith Weiner, president of the Gold Standard Institute.
This means you get whatever is left after liquidation, often just a fraction of the initial value of your holdings.
“This exact scenario happened with futures broker MF Global. I knew people who had warehouse receipts to gold bars with a specific serial number. But that gold had an encumbered title and they became unsecured creditors in bankruptcy,” said Weiner.
In Texas, two big public pension funds from the University of Texas (UoT) and the Teacher Retirement System (TRS) own gold worth more than $1 billion.
Being uncomfortable with holding purely financial gold in the form of futures and Exchange-traded Funds, University of Texas actually took delivery of the gold bars in 2011 and warehoused it with HSBC Bank in New York.
At the time pension fund board member and hedge fund manager Kyle Bass explained: “As a fiduciary, which I am in that position to the extent you own gold and you are going for a long time, and it’s not a trade. … We looked at the COMEX at the time and they had about $80 billion of open interest between futures and futures options. And in the warehouse they had $2.7 billion of deliverables. We are going to own it a long time. You are on the board, you are a fiduciary, so that’s an easy one, you go get it.”
Bass is implying that there is much more financial gold out there than physical, and that it is prudent to actually hold the physical.
Taking the gold to Texas would then also solve the counterparty risk. “In this case it’s going to be a depository, the gold is going to be there, they are not going to be able to lend it out and it won’t serve as collateral for other transactions of the bank.” said Victor Sperandeo of trading firm EAM Partners. “Because if the bank closes, you are screwed.”
“I think that somebody was looking at that, we better have this under our complete control,” said constitutional lawyer and gold expert Edwin Vieira, of the Texas bill. “They don’t want to have the gold in some bank somewhere and in two to five years it turns out not to be there.”
So far most of the attention has focused on the part of the depository and the big institutions. However, the bill also includes a provision to prevent seizure, which is important for private parties who want to avoid another 1933 style confiscation of their bullion by Federal authorities.
Section A2116.023 of the bill states: “A purported confiscation, requisition, seizure, or other attempt to control the ownership … is void ab initio and of no force or effect.” Effectively, the state of Texas will protect any gold stored in the depository from the federal government.
And free from the threat of confiscation, private citizens can use gold and silver as money, completely bypassing the paper money system.
“People can legally do that with gold contracts. The difficulty is the implementation. Now Texas has set up a mechanism with the depository. We have accounts in that institution and can easily transfer back and forth certain amounts. So we can run our money system a gold or silver basis if we were so inclined,” said Vieira.
This would not be possible if the gold is stored in a bank because of the risks of bank holidays and bankruptcies. It would also not be possible if the federal government could confiscate gold.
According to Vieira, this anti-seizure provision rests on Article 1, section 10 of the Constitution of the United States, which obliges the States to not make anything tender in payment of debts apart from gold and silver coin.
“If someone from the Department of Justice comes along you are going to see legal and political fireworks. The state is going to say ‘we need to have a mechanism to make gold and silver money. This is pursuant to the constitutional provision we have. You can’t touch this. Our state power on the constitutional level is more powerful than any statute you may pass,'” said Vieira.
Because one of the litigant parties is a state, the case would go directly to the Supreme Court.
“We are talking about something completely new in terms of the legal playing field. This is no longer a fringe concept,” he adds, but cautions about a possible fight with the federal government: “We will have to see how committed the governor and the attorney general are.”
Official Statement from Governor Abbott:
Governor Greg Abbott today signed House Bill 483 (Capriglione, R-Southlake; Kolkhorst, R-Brenham) to establish a state gold bullion depository administered by the Office of the Comptroller. The law will repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas. The bullion depository will serve as the custodian, guardian and administrator of bullion that may be transferred to or otherwise acquired by the State of Texas. Governor Abbott issued the following statement:
“Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals. With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state."
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Is this the first step down a road to secession? Notably, they'll need that gold to establish their own country once they win the potentially imminent war with the US military which starts on Monday (Jade Helm).
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This implicit subordination of The Fed's gold sends a more ominous signal of rising fears of confiscation and leaves us wondering just how long before every state (and or country) decides to follow Texas' lead?
"But they that wait upon the Lord shall renew their strength; they shall mount up with wings as eagles..." - Isaiah 40:31
“When the people fear their government, there is tyranny; when the government fears the people, there is liberty.” -Thomas Jefferson
"...Try to hold some faith in the goodness of humanity..." - Rush