JP Morgan Derivatives Market Implodes As Major Gold Bullion Bank Can No Longer Meet Deliveries

[ArmyATC]

JP Morgan Derivatives Market Implodes As Major Gold Bullion Bank Can No Longer Meet Deliverie

Just what are "significant transactional delays" and how bad is the physical gold supply-chain if it can put at least one dealer out of business. Another question: is this a solitary failure by gold vendor due to a one-off problem with working capital, or is something more systemic about to be revealed in the gold bullion sales industry?

We look forward to finding out, but in the meantime our advice to buyers of physical precious metals is the same as always: if you purchased it and you can't hold it in your hand, it isn't yours.

First Official Physical Gold Default as Chase reveals derivative exposure explodes due to panic over paper money due to the Greece panic. Notice this occurred three moths ago, that is why it will take a long time to sort this out due to inter-connectivity.

Please note, Chase has the largest derivative exposure of any bank in the world.

Wars begin over economic collapses. NATO is starting to have a major destabilizing event that will require it's full attention. I look for Russia to exploit this very soon..

http://www.zerohedge.com/news/2015-07-03/gold-bullion-dealer-unexpectedly-suspends-operations-due-significant-transactional-d

 

[jayfeather31]

Aaanddd there's another domino...

 

[ThunderStealer]

So they can't deliver gold anymore...hmm. I think this scam goes something like this. "We have bars, we print certificates of ownership and apply fractional reserve banking to real gold, which means several people have certificates of gold ownership of one or several bars, all of which lay claim to said gold, however, none of them actually own it, and when it comes time to deliver, sorry, we gave that bar away a couple of years ago." Something like that?

Wars begin over economic collapses. NATO is starting to have a major destabilizing event that will require it's full attention. I look for Russia to exploit this very soon..

War is definitely on the horizon, and if our economies tank bad enough, it'll be the only temporary measure to help soften the landing or slow the crash. I'm amazed at how our government looks in awe and confusion as China buys up all the gold, while we have stacks of paper pretending it has value. Couple that with BRICS currencies designed to knock us off our throne, while they possess the gold, oh boy are we gonna take it in the shorts.

 

[ArmyATC]

So they can't deliver gold anymore...hmm. I think this scam goes something like this. "We have bars, we print certificates of ownership and apply fractional reserve banking to real gold, which means several people have certificates of gold ownership of one or several bars, all of which lay claim to said gold, however, none of them actually own it, and when it comes time to deliver, sorry, we gave that bar away a couple of years ago." Something like that?

Wars begin over economic collapses. NATO is starting to have a major destabilizing event that will require it's full attention. I look for Russia to exploit this very soon..

War is definitely on the horizon, and if our economies tank bad enough, it'll be the only temporary measure to help soften the landing or slow the crash. I'm amazed at how our government looks in awe and confusion as China buys up all the gold, while we have stacks of paper pretending it has value. Couple that with BRICS currencies designed to knock us off our throne, while they possess the gold, oh boy are we gonna take it in the shorts.

The fractional reserve with gold has been proposed. Also, you'll love this,a 'basket' of commodities like oil, silver, etc-heck these fools will probably try and fractionally reserve food. They bet billions on the weather with the FED 'comping' them like their in Vegas or something.

And did you read the FED has 'lost' the serial numbers to the 'gold in Ft. Knox' mythology? And as far as 'US gold', remember Germany wanted just 10% of their gold back. We said no. Then they asked just to see it. We still said no. Finally we told them we will give it back in 2020 :lol:

I'm still chuckling over how you said this is turning to shit at Warp factor 9.. love it! :lol:

 

[ThunderStealer]

The stuff these people dream up, and yet they can't dream up a workable solution. When the days of torches and pitchforks comes, they'll already be in New Zealand, unfortunately.

I'm still chuckling over how you said this is turning to shit at Warp factor 9.. love it! :lol:

At least there's something to smile about.

 

[ThunderStealer]

And did you read the FED has 'lost' the serial numbers to the 'gold in Ft. Knox' mythology? And as far as 'US gold', remember Germany wanted just 10% of their gold back. We said no. Then they asked just to see it. We still said no. Finally we told them we will give it back in 2020 :lol:

That's been the game the whole time hasn't it? Get the gold, and then hoard it. They'll get their gold back in 2020...oh man that's rich. :lol:

 

[ArmyATC]

And did you read the FED has 'lost' the serial numbers to the 'gold in Ft. Knox' mythology? And as far as 'US gold', remember Germany wanted just 10% of their gold back. We said no. Then they asked just to see it. We still said no. Finally we told them we will give it back in 2020 :lol:

That's been the game the whole time hasn't it? Get the gold, and then hoard it. They'll get their gold back in 2020...oh man that's rich. :lol:

Williams warned that the massive and escalating paper claims on physical gold at COMEX warehouses will create an explosion in the price of gold. Paper claims on gold are now at 55 to 1 meaning that there are contracts worth 55 ounces for every one ounce of actual physical gold in the COMEX warehouses.

“We’ve seen the gold being drained out of the COMEX almost non-stop this year, certainly since the Bundesbank repatriation request. It hasn’t had any noticeable effect just yet, but it really is a spring that is continually being coiled, and at some point it is going to snap back. And when it does, with all of these disparate claims on each ounce of gold, there is going to be some fireworks, no doubt about it,” Williams said.

“There are a lot of people that aren’t going to get their gold” said Williams.

Talk about rich.. This was 2 years ago :lol:

55 people think they each own the same one ounce of gold. I really like the last part, "There are a lot of people that aren't going to get their gold."

No shit Sherlock, I thought my paper gold was worth more than the other guys paper gold...

And, yet these morons expect us to trust them. They had best get on the next flight smokin' to NZ


http://www.zerohedge.com/contributed/2013-09-12/gld-etf-investors-unable-get-physical-gold

 

[ThunderStealer]

And did you read the FED has 'lost' the serial numbers to the 'gold in Ft. Knox' mythology? And as far as 'US gold', remember Germany wanted just 10% of their gold back. We said no. Then they asked just to see it. We still said no. Finally we told them we will give it back in 2020 :lol:

That's been the game the whole time hasn't it? Get the gold, and then hoard it. They'll get their gold back in 2020...oh man that's rich. :lol:

Williams warned that the massive and escalating paper claims on physical gold at COMEX warehouses will create an explosion in the price of gold. Paper claims on gold are now at 55 to 1 meaning that there are contracts worth 55 ounces for every one ounce of actual physical gold in the COMEX warehouses.

“We’ve seen the gold being drained out of the COMEX almost non-stop this year, certainly since the Bundesbank repatriation request. It hasn’t had any noticeable effect just yet, but it really is a spring that is continually being coiled, and at some point it is going to snap back. And when it does, with all of these disparate claims on each ounce of gold, there is going to be some fireworks, no doubt about it,” Williams said.

“There are a lot of people that aren’t going to get their gold” said Williams.

Talk about rich.. This was 2 years ago :lol:

55 people think they each own the same one ounce of gold. I really like the last part, "There are a lot of people that aren't going to get their gold."

No shit Sherlock, I thought my paper gold was worth more than the other guys paper gold...

And, yet these morons expect us to trust them. They had best get on the next flight smokin' to NZ


http://www.zerohedge.com/contributed/2013-09-12/gld-etf-investors-unable-get-physical-gold

That whole fractional reserve gold, what a dumb idea. I did however, order a little more silver to add to the stash of other precious metals (silver, and copper jacketed lead) because of events like this. If our dollar pegs below 68 on the Dollar Index, precious metals will be a great insurance against inflation, and ammunition will keep the looters piled up at the driveway. :lol: Now, if I can just do the same thing in New Zealand for our good friends who caused this problem.

"No shit Sherlock, I thought my paper gold was worth more than the other guys paper gold... "

You know as well as I do that someone's actually going to say that with a straight face when it comes time to collect.

 

[ArmyATC]

That whole fractional reserve gold, what a dumb idea. I did however, order a little more silver to add to the stash of other precious metals (silver, and copper jacketed lead) because of events like this. If our dollar pegs below 68 on the Dollar Index, precious metals will be a great insurance against inflation, and ammunition will keep the looters piled up at the driveway. :lol: Now, if I can just do the same thing in New Zealand for our good friends who caused this problem.

"No shit Sherlock, I thought my paper gold was worth more than the other guys paper gold... "

You know as well as I do that someone's actually going to say that with a straight face when it comes time to collect.

You know they will, if these thieving b******ds don't claim a 'glitch' erased everything (which anyone dumb enough to be in paper is either in on it, doesn't know their IRA is polluted with it, or totally ignorant of world events). I'm just waiting for the Chinese Central Bank or related party to show up at COMEX or LBMS and throw down his 'paper' gold and 'paper' silver for about 100 tons each and demand physical delivery.

As soon as they do that, the hoax is up-a major default by these crooks. That's why Chase and HSBC and Deutche Bank got out of it, and I would too if in their position. So this must be close, IMO. The minute China drains everything out and weakens us with some cyber attack, that's the cue. Already the cyber war looks pretty much hot to me.

Saw that both metals are in about a 3 month backwardization, up from 2 months just 4 weeks ago. Which I believe means that they have outsold not only what they claim to have, but are now selling metals that haven't even been mined for a projected 3 months. And the worse part is China et. al., now owns most of the mining companies themselves, so they could hit us on the supply side or the demand side. Anyone who trades metals knows this, yet they continue this farce. Can't end good, probably a major war.

After that (if there is an 'after that'), Hong Kong would set a real rate, obviously much higher, and both metals will explode. Of course, my concern is not getting dollars at that point, just barter and security and decontamination, because when this happens... well, our country, that so many labored, fought, and died for, will no longer be friendly territory. Enough to make one truly furious. Hopefully their divide and conquer strategy won't prevent us from seeing the real enemy, but it doesn't look good.

Imagine the social net, pension funds, bank accounts, IRA's and first responders/civil servants retirement accounts, all represented by electrons inside a machine somewhere, suddenly showing all zeros (if the electrons are still flowing).. Total anarchy.

This is how dangerous all this is, and yet those lying pricks in MSM telling us it's raining while their pissing on our boots...

They know this, and have used all the money they have stolen to get somewhere safe like New Zealand. If we don't die fighting them, maybe our new Chi com benefactors will pay us .10 cents an hour to seek and destroy in NZ? (hopefully weapons tight and close air support) Maybe after the commotion, I'll find me a nice patch in NZ myself...

Either way, rather die on my feet than live on my knees, brother!

 

[ThunderStealer]

You're right, if they do the smackdown with the paper metals market (how do you have paper metals??!!), I'd say that's about the equivalent to every creditor calling in their loans for immediate payment, or, everyone with money in the bank turning those digits into cash. If memory serves me, we have $2-3 trillion out there, but only $800 billion printed. Hmm, much like the math of our current economy, that math doesn't work. With China owning most of the mining companies, there's an inherent risk of counterfeiting. They've been putting out tungsten gold bars since at least 2009, adversely affecting the market, and forcing everyone to take a drill press to their bullion. They can do the same with silver, however it's far more costly to use molybdenum for counterfeiting silver, so they may stick with gold unless they find a better method to fake some good metals. I don't trust the Chinese either, and I trust the Russians just as much.
On the cyber front, things are shaky at best for us. We're constantly under attack, we have BlackEnergy sitting on our servers at our power stations. In Wyoming they found it a couple years ago, which sucks for me because I'm tied into their grid. Where Jayfeather lives, I'm one state to the right, but where I live, I'm so far west that I'm tied into WY. So reading that DHS found BE malware on WY serves is unnerving at the least. Not to mention their covert ground operations, but I can't peg their exact location, I just know they're close. All of the power stations being attacked, and fiber optic lines being cut, those are Russian sleepers, hardly the work of low level jihadists or vandals. I believe that their plan of attack is tied into the economy tanking, and civil unrest sucking down the funds and manpower, and then it's time to strike. There's an old Soviet plan for this I read about, "gray attacks". Our economy is so screwed, and us with it.