Wednesday, March 1, 2017

Gold World News Flash

Gold World News Flash

NEW UNCOVERED INFORMATION: Why Central Banks Were Forced To Rig The Gold Market

Posted: 01 Mar 2017 07:07 AM PST

According to newly uncovered information in the gold market, it provides additional evidence of why the Fed, Central Banks and the IMF were forced to RIG the gold market. Actually, looking at this new information, I had no idea of the amount of Fed, Central Bank and IMF gold market intervention until I put all the pieces together.

How to Interpret the Deliberately Ambiguous Language of US Central Bankers

Posted: 01 Mar 2017 07:03 AM PST

If my assessment of this situation is correct, then Central Bankers will seek to control market pricing behavior by words only for now, and not by actually following-through with any actions that meet their words. Based on historical probabilities alone, we shouldn't expect Central Bankers to follow through on their words. However, in the coming days to weeks, if further actions point to a stronger possibility of a surprise instance of follow-through on actions, which I don't believe exist at the present time, then as we did at the end of last year, we will assume hedges to deal with the continued resultant volatility in gold and silver asset prices.

Shameful : Democrats Invite Immigrants to boo #Trump during Congress Speech

Posted: 28 Feb 2017 10:00 PM PST

Democrats invite immigrants to Trump's congressional address Former Trump transition team vice chair Tom Reed on the Democrats' decision to invite immigrants to President Trump's congressional address. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts...

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Gold Price Closed at $1252.60 Down $4.80 or -0.38%

Posted: 28 Feb 2017 09:19 PM PST

28-Feb-17PriceChange% Change
Gold Price, $/oz1,252.60-4.80-0.38%
Silver Price, $/oz18.420.070.36%
Gold/Silver Ratio68.002-0.506-0.74%
Silver/Gold Ratio0.01470.00010.74%
Platinum Price1,029.50-7.90-0.76%
Palladium Price770.70-13.35-1.70%
S&P 5002,363.64-6.11-0.26%
Dow in GOLD $s343.470.900.26%
Dow in GOLD oz16.620.040.26%
Dow in SILVER oz1,129.87-5.44-0.48%
US Dollar Index101.130.000.00%
IMPORTANT NOTE: The following are wholesale, not retail, prices. To figure our retail selling price, multiply the "ask" price by 1.035. To figure our retail buying price, multiple the "bid" price by 0.97. Lower commissions apply to larger orders, higher commissions to very small orders.
SPOT GOLD:1,247.50

American Eagle1.001,278.691,288.041,288.04
1/2 AE0.50641.95656.811,313.62
1/4 AE0.25327.21335.271,341.06
1/10 AE0.10130.88136.601,366.01
Aust. 100 corona0.981,213.631,222.631,247.33
British sovereign0.24295.86308.861,312.08
French 20 franc0.19232.91238.911,279.64
Maple Leaf1.001,257.501,270.501,270.50
1/2 Maple Leaf0.50717.31654.941,309.88
1/4 Maple Leaf0.25318.11333.711,334.83
1/10 Maple Leaf0.10132.24135.981,359.78
Mexican 50 peso1.211,490.451,501.451,245.29
.9999 bar1.001,247.501,259.501,259.50

VG+ Morgan $B4 19050.7722.5026.0033.99
VG+ Peace dollar0.7716.0018.0023.53
90% silver coin bags0.7212,769.9013,127.4018.36
US 40% silver 1/2s0.305,209.705,359.7018.17
100 oz .999 bar100.001,821.001,846.0018.46
10 oz .999 bar10.00184.60189.6018.96
1 oz .999 round1.0018.5618.8618.86
Am Eagle, 200 oz Min1.0019.3120.5620.56

Plat. Platypus1.001,024.501,069.501,069.50

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US Mint Releases New Fort Knox "Audit Documentation": First Critical Observations

Posted: 28 Feb 2017 08:40 PM PST

Submitted by Koos Jansen of BullionStar


US Mint Releases New Fort Knox “Audit Documentation”: First Critical Observations

In response to a FOIA request the US Mint has finally released reports drafted from 1993 through 2008 related to the physical audits of the US official gold reserves. However, the documents released are incomplete and reveal the audit procedures have not been executed proficiently. Moreover, because the Mint could not honor its promises in full the costs ($3,144.96 US dollars) of the FOIA request have been refunded.

Thanks to my readers that donated to the crowdfunding campaign I’ve been able to force the US Mint through a Freedom Of Information Act (FOIA) request to hand over documents related to the physical audits of the US official gold reserves stored at the Mint; also referred to as Deep Storage gold. Although the PDF-package digitally sent to me is redacted, incomplete, includes pages copied twice and materials I didn’t ask for, it’s the closest thing that I’ve ever seen to physical audit documentation of gold at Fort Knox and the other Mint depositories drafted in between 1993 and 2008.

What is worrying is that the reports now in my possession reveal the audit procedures have not competently been executed. Combine that with the fact the documents are incomplete and redacted, and the result is suspicion of fraud. In this blog post we’ll have a first critical look at the reports and the problems to be found within.

This post is a sequel to A First Glance At US Official Gold Reserves Audits, Second Thoughts On US Official Gold Reserves Audits, US Government Lost 7 Fort Knox Gold Audit ReportsThe Power Of The Gold Community: Crowdfunding For FOIA Request Fort Knox Audit Documents Completes Within 24 Hours, Dear US Mint, We Gave You The FOIA Funds, Now Give Us The Fort Knox Audit Documents! Also related are Where Did The Gold In Fort Knox Come From? and Former US Mint Director Clueless On Gold In Fort Knox.

US Government Tight-Lipped About Fort Knox Audits

For starters, allow me to expand on what I think happened at the Mint’s headquarter on the 8th floor at 801 9th Street NW Washington DC, before these documents were sent to me.

It should be clear that the US Treasury (owner of the gold), US Mint (main custodian), Federal Reserve Bank Of New York (second custodian), and the Office Inspector General of the US Treasury (head auditor), are reluctant to disclose information about the audits of the gold at the four largest depositories that store over 8,000 fine metric tonnes. Consider that the most seasoned gold analysts aren’t even aware this gold is audited.

About a year ago we read in the introduction of an interview with world-renowned gold commentators Jim Rickards, “unlike many today, Jim Rickards believes the gold is indeed in Fort Knox but has not been audited to avoid drawing attention to it and to downplay its role”. More recently, on 11 February 2017 the Financial Times wrote, “much of the world’s excavated gold is thought to be in Fort Knox, but nobody can be sure, since the US government will not allow the auditors in”.  No, auditing Fort Knox is not a topic only the mainstream media are confused about. Gold advocates are in the dark as well.

Exhibit 0. Source. Overview of the four main depositories that store the US official gold reserves: Denver, Fort Knox, West point and the Federal Reserve Bank Of New York. Where the working stock is exactly located is not known (likely Washington DC, Philadelphia and West Point; perhaps also Denver and San Francisco). The Deep Storage gold is the metal in 42 sealed compartments spread over Denver, Fort Knox and West Point.

What nobody knows is that according the US government 100 per cent of the Deep Storage gold has been audited in between 1974 and 2008 (page 4). This period can be divided in two chapters: the first runs from 1974 until 1986 when the Committee for Continuing Audit of the U.S. Government-owned Gold verified the majority of the Deep Storage metal. The second chapter covers 1993 until 2008 when the residual was examined under the supervision of the Office Inspector General of the US Treasury. In my previous posts on this subject we focused on the first chapter, what is written below skims the surface of the second. As promised, eventually I will publish a full in-depth analysis of all chapters (there are additional chapters in the fifties, from 1986-1993, in 2009, 2010 and 2011).

Over the years my inquiries at the US government though regular channels have produced little intelligence about the physical audits of the Deep Storage gold. Some departments cooperated at first, but eventually they stopped replying emails or just hang up the phone while I was talking. The second layer of defense was raised when I started submitting FOIAs. Instead of honoring my requests they tried to delay and dodge most appeals. Clearly, the US government prefers not to answer my questions than to flaunt with the audit results.

However, in 2016 I embraced the motivation to push through and find out how many gold bars were counted, weighed and assayed in between 1993 and 2008, when allegedly the last series of physical audits was conducted. Not surprisingly, zero US government departments could provide me the information I was looking for, but through certain FOIAs I obtained leads to submit new FOIAs, and so on 12 Augustus 2016 I demanded, inter alia, the “memoranda submitted by the US Mint Director’s representative regarding audits of the Mint Schedule of Custodial Gold and Silver Reserves to the Chief Financial Officer drafted from 1993 through 2008”. The Mint replied this request would costs me $3,144.96 dollars because it would take 40 hours to search the respective documents, 8 hours for review, and additional costs would be incurred to duplicate 1,200 pages. I thought this was hogwash – 1,200 pages seemed out of proportion for such memoranda, how hard can it be to find a few pages and how did they know it were going to be 1,200 pages if they had to search 40 hours for it – but decided to start a crowdfunding campaign to collect the money.

Within 24 hours the campaign was completed and late August 2016 I sent the Mint a check, in the hopes to receive the documents a.s.a.p.. After the Mint pretended the check was missing for a few weeks, they communicated on 28 September 2016 the funds had arrived and they were working to get the requested documents out to me (exhibit 1).

Exhibit 1. Screenshot email form the US Mint (Jones, Lateau). My FOIA request was originally dated from 1 August 2016, but was revised on 12 August 2016. Jan Nieuwenhuijs is my real name.

Months past but nothing happened. I sent several emails and called the Mint three times, but time and time again I was maintained with false excuses. Then, finally, on 23 December 2016 the Mint delivered the documents I paid for. Sort of. Instead of 1,200 pages I received 223 redacted pages that contained 68 pages of reports I didn’t ask for and 21 pages that were copied twice. Effectively, I got 134 pages related to my FOIA request.

When I confronted the Mint I paid $3,144.96 dollars for a meager 134 pages they agreed the costs had been estimated to high and a refund was reasonable. Actually, they told me they never cashed the check. So, quickly I told my bank to cancel the check and ordered my crowdfunding platform to refund all my donors.

As of now all donors to my crowdfunding campaign should have received their money back (if not, please write me an email, see below for my address). From the bottom of my heart I would like to thank everyone for the loan that made this operation possible1!

For me a slight doubt remained if the Mint had tried to fend me off by asking a disproportionate amount of money for a few pages that I assume are alphabetically archived, or that they handled my case in all honesty. A skeptical mind would think the former. To find out I read the internal emails of the Mint employees that handled my FOIA. Those are not directly publicly available, but I was told a trick by more experienced FOIA scholars that reached out to me after I published my previous blog posts on this subject, to ask the Mint for internal emails through, what else, a Freedom Of Information Act request (exhibit 2).

Exhibit 2. FOIA asking to obtain email correspondence written or received by Mint employees that was related to my case.

And it worked! On 10 January 2017 I received all (I hope) emails from the Mint I was looking for. Including one wherein Audit Liaison at the United States Mint Tom Noziglia makes an estimate for the costs of my FOIA request of 12 August 2016. Read below (exhibit 3).

Exhibit 3. Email by Noziglia to Saunders-Mitchell, Grimsby and Fletcher.

At first sight it seems Noziglia and his office stick to prudent protocols. But possibly this email is a veil, meant to deceive me if I would ever read it. Actually, yes, I think it’s a cloak and I’ll share my theory.

Let’s study Noziglia’s LinkedIn page:

Exhibit 4. Screen shot LinkedIn page Tom Noziglia. Note, we can read he’s a schooled psychologist that was unemployed from 1985 until 2012 after which he started as auditor at the US Mint. I count 5 typos on this page, which suggests Noziglia is not the most meticulous auditor.

We can read from Noziglia, “as Audit Liaison at the US Mint, I [Noziglia] am responsible for the coordination of all external audit initiatives … I have extensive experience in precious metal inventory, … I … coordinate the execution of the annual OIG [Office Inspector General] Joint Seal Inspection of the Custodial Gold at the US Mint”. This page tells us Noziglia is one of the auditors of the US official gold reserves. So, the email above (exhibit 3) was written by the auditor who was involved in the procedures of which I requested the documentation. Noziglia must have known my inquiry could be simply honored by sending just a few pages of documentation, as he was a co-author of the documents in question.

Firstly, with the benefit of hindsight we know Noziglia was lying in his email because by now I have the documents that count only 134 pages, and he was the coordinator of the annual inspections of custodial gold at the Mint. He must have known there were no “1,200 pages in 80 boxes” and so his $2640.00 dollar estimate is a hoax. I think Noziglia wrote the email expecting I would NOT pay the ludicrous amount of dollars, but possibly DID submit a new FOIA to view the Mint’s internal emails. Chances are slim someone could pay $3,144.96 dollars right? But I’m not the first who submits an additional FOIA to obtain internal emails. Hundreds of people went before me, this is a well-known trick for FOIA pundits, and many public servants in the US must be aware of this hazard. Hence I reckon public servants consciously write emails to colleagues, as if these will be publicly released some day. I’ve come to understand submitting and answering FOIAs is nothing but a cat and mouse game.

Second, the Mint never cashed the check. If they really thought they would have to search 40 hours, why not cash the check immediately and get busy? I guess they knew very well there was no searching required.

Third, in case Noziglia had never seen a “memoranda submitted by the US Mint Director’s representative regarding audits of the Mint Schedule of Custodial Gold and Silver Reserves to the Chief Financial Officer”, which is not likely but let’s give him the benefit of the doubt, he could have viewed the most recent version at his office that wasn’t sent to the National Archives (NARA) yet. By doing so he would have learned very effectively these annual memoranda count only a few pages.

Fourth, Noziglia states in his email (exhibit 3) he’s not sure if he will find the documents at all. But this is impossible because he’s a dedicated Mint auditor so he must know what documents the Mint sends to NARA every year. In addition, there was no need for Noziglia to “order off site” boxes, because he simply could have commanded NARA staff to deliver specific documents – this is common practice.

Fifth, in the CC of Noziglia’s email is Kenyatta Fletcher, who is the Chief of the Accounting Division of the Mint. If, which is a big if, Noziglia didn’t know what I was looking for, Fletcher would’ve known these documents wouldn’t count 1,200 pages. But still I was charged a laughable $3,144.96 dollars.

Sixth, Noziglia’s estimate is $2.640.00 dollars, but I have no emails that clarify why $504.96 dollars were added for a total of $3,144.96 dollars I was charged. This indicates, Mint staff communicated in person or through phone calls to finalize my request, and so could have done likewise to handle it in general. Concluding, Noziglia’s email doesn’t paint the full picture of the internel communication.

Seventh, please read what Noziglia’s colleague Grimsby replied to him after 4 minutes.

Exhibit 5. Email by Grimsby to Noziglia.

“Great email”? Why would Grimsby praise Noziglia for his email? If Grimsby would have written,I agree”, I can understand. But, great email? Perhaps Grimsby meant to write, “great calculation that makes no sense, but is likely deceive an ignorant FOIA requester if he would ever read it!”? It sure looks like it.

My guess is that Noziglia, Grimsby and Saunders-Mitchell met in the hallway in the afternoon of 15 August 2016 and agreed for Noziglia to write a phony email that arrives at an amount of dollars aimed to scare me off. In the email below you can read Noziglia suggested to Grimsby to discuss in person in the afternoon of 15 August 2016 the estimate for the costs.

Exhibit 5.2. Email by Noziglia to Grimsby 15 August 2016.

So far we’re confirmed, again, that the US gold is held in secrecy. No surprises there. Moving on to the content of the documents.

Audit Documents Released Are Incomplete    

When one walks into a US Mint repository the main barrier will be the door to the vault room. In the case of Fort Knox this a 20-tonne door of which no one person is entrusted with the combination. Once inside the vault room the gold is stored in segregated compartments that are sealed since at least the fifties.

The official narrative is that by 2008 the load of all 42 compartments had been physically audited. Every compartment had been opened, the gold inside counted, weighed and assayed, after which the gold was stacked in an adjacent compartment in the vault room (

Red Alert : #France On The Verge Of Civil War #Lepen

Posted: 28 Feb 2017 07:00 PM PST

 The French have been overrun by immigrants, now they have a chance to take back their country, but is it too far gone already? The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers ,...

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EU Implosion Imminent If Marine Lepen Wins the french Elections

Posted: 28 Feb 2017 05:00 PM PST

Game over for the EU after Lepen wins the french elections EU collapse coming in just months from now ....the NWO plans for Europe crumbling in front of our eyes , these are interesting times indeed ...  Good afternoon, I'm still reporting on French presidential candidate Marine...

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Six Hundred Million Ounces of Silver to be Consumed in Photovoltaics and Ethylene Oxide Production Through 2020

Posted: 28 Feb 2017 04:45 PM PST

“... the decrease in silver usage does not

necessarily lead to a decrease in total silver

consumption from the PV industry. The predicted

significant increase in PV capacity... will more

than offset the negative effect of thrifting.”

Gold Seeker Closing Report: Gold and Silver Close Higher Before Trump's Speech Tonight

Posted: 28 Feb 2017 01:57 PM PST

Gold gained $7.20 to $1258.20 in midmorning New York trade before it plummeted back to $1247.70 by a little after 1:30PM EST, but it then bounced back higher into the close and ended with a gain of 0.05%. Silver rose to as high as $18.457 before it also fell back off, but it still ended with a gain of 0.6%.

Did Gold Really Fall Over Trump’s Speech?

Posted: 28 Feb 2017 01:04 PM PST

This post Did Gold Really Fall Over Trump's Speech? appeared first on Daily Reckoning.

This is getting tiresome. Do the media have to view everything through the prism of Trump now?

After we went to virtual press yesterday, gold gave up about half of the gains it had racked up since last Thursday. The Financial Times immediately began the hand-wringing: "Gold's almost 10% advance this year will be in jeopardy should U.S. President Donald Trump's key address to Congress on Tuesday reignite the dollar rally and prospect for higher interest rates."

Trump and the media have a toxic codependent relationship. As a result, Trump has become an intrusive presence in our homes and our lives. The other day, my wife recalled an old Saturday Night Live sketch — likening Trump to John Belushi's character as a houseguest who overstayed his welcome with Jane Curtin and Bill Murray…

The Thing That Wouldn’t Leave

A few weeks ago, the president basked in this phenomenon. "One of the things that I heard this morning in watching the news was that — amazingly, it's never happened before — that politics has become a much bigger subject than the Super Bowl. This is usually Super Bowl territory, and now they're saying that the politics is more interesting to people."

How profoundly depressing. Government should be small and inconspicuous, freeing us up to think more about our families, our neighbors, our spiritual existence — and, yes, the Super Bowl.

But on this day, we're sucked in regardless: The conventional wisdom contaminating the FT's gold-Trump story is such that we're compelled to respond and shoot it down.

"What's the best way to forecast markets in the age of Trump?" asks Jim Rickards rhetorically.

"The answer is don't try to forecast the next policy move. Focus instead on the reaction functions. This method resembles martial arts. Your opponent may come at you from the left or right. In either case, don't resist your opponent's thrust. Instead, dodge the attack and watch your opponent stumble as a result."

Jim points us to the following Wall Street Journal excerpt based on a recent interview with Treasury Secretary Steve Mnuchin…

Mr. Trump has expressed frustration that other countries — most notably China — have used weak currency policies to boost exports. The comments during his campaign and since his election carried with them an implication that the new administration might favor a weaker currency to support the U.S. trade position.

Mr. Mnuchin avoided taking confrontational positions on the dollar. He said the strong U.S. dollar was a reflection of confidence in the U.S. economy and its performance compared with the rest of the world and was a "good thing" in the long run.

"So which is it?" says Jim. "A strong dollar or a weak dollar?

"Trump has complained bitterly about China, Japan and Germany being currency manipulators. At the same time, he has spoken positively about possible rule-based appointees to the Federal Reserve, including Kevin Warsh and Dr. Judy Shelton. The problem is that all rule-based methods of monetary policy point to higher rates, which will make the dollar stronger despite Trump's complaints. Again, which is it? A strong dollar or a weak dollar?"

It pays to examine both outcomes — and identify an asset that will prosper regardless.

"If Trump pursues a weak dollar policy," Jim tells us, "that has clear inflationary consequences, which is good for gold and the euro.

"On the other hand, if Trump pursues a strong dollar policy, that will almost certainly lead to a Chinese maxi-devaluation and to an emerging-market dollar-denominated debt crisis. That could be a short-run head wind for gold, but as crisis conditions take hold, gold will benefit from a flight to safety.

"The point is we can foresee higher gold prices under both strong and weak dollar scenarios. The result is the same — although the paths are different based on initial conditions.

"You should be like the martial artist who foresees how an opponent can stumble regardless of the direction of the initial thrust."

How about that? Gold's already recovered most of those losses from yesterday that got the Financial Times all hot and bothered.

At last check, the bid has recovered to $1,257. And you can't chalk up that move entirely to dollar weakness; the dollar index is off only modestly at 100.9.

The major U.S. stock indexes are yet again moving microscopically; the Dow has shed two points as we write and rests at 20,835. That said, we're the last to dismiss the possibility of a teensy reversal of that move so the media can tout A RECORD CLOSE BY THE DOW FOR 13 STRAIGHT DAYS!

The day's economic numbers are underwhelming. The Commerce Department took its second guess at fourth-quarter GDP; it came in below expectations at an annualized 1.9%. The trade deficit came in bigger than expected at $69.2 billion; imports surged, exports shriveled.

Thanks for reading,

Dave Gonigam
for The 5 Min. Forecast

The post Did Gold Really Fall Over Trump's Speech? appeared first on Daily Reckoning.

The New GOLDMINING – Expanding its Massive Gold Portfolio in the Americas

Posted: 28 Feb 2017 01:00 PM PST

Equipped with a new name and ticker to reflect its growing ambition, GoldMining Inc. (TSX-V: GOLD, OTCQX: GLDLF) is pushing ahead with its expanded stable of gold-copper projects while still on the lookout for new ones. "We are pleased to change the name of the company to GoldMining Inc. to better reflect our diversified project portfolio and strategy to build a leading gold acquisition and development company throughout the Americas," stated founder Amir Adnani at the time of the change in December.

Gold Resource Corporation Reports Sixth Consecutive Year of Profitability With 2016 Net Income of $4.4 Million, or $0.08 per Share; Provides 2017 Production Outlook

Posted: 28 Feb 2017 12:57 PM PST

Gold Resource Corporation ( NYSE MKT : GORO ) (the "Company" or "GRC") today announced a sixth consecutive year of profitability reporting $4.4 million in net income or $0.08 per share. The Company also confirmed its previously announced 2016 annual mill production of 27,628 gold ounces and 1,857,658 silver ounces for 53,023 precious metal gold equivalent ounces (at a realized 73.1:1 silver-to-gold ratio).

Gold Stocks’ Enormous Daily Slide

Posted: 28 Feb 2017 12:29 PM PST

Yesterday was just another period of back-and-forth movement for gold, silver, the USD Index and even the general stock market – but not for precious metals mining stocks. Gold stocks and silver stocks plunged very visibly - there are very important implications of this move and they are not bullish.

Nomi Prins: Here’s How to Prosper in the Age of Artisanal Money

Posted: 28 Feb 2017 12:17 PM PST

This post Nomi Prins: Here’s How to Prosper in the Age of Artisanal Money appeared first on Daily Reckoning.

Nomi Prins joined the Mises Institute together with Jeff Deist where she discussed Prospering in the Age of Artisanal Money and what she views as the threat of central bank power to the financial system.

"She began her discussion highlighting cash and the financial system by stating, "There is an outside group of central bankers… That have not just the ability but the wherewithal and lack of any understanding to decide how much the value of cash is. How much interest you can receive for keeping your cash at a bank – which is nothing. In fact, you actually pay money to banks for the luxury of keeping your money. For example, if you have an account at JPMorgan Chase and have less than $1000 in that account per year, you're paying $240 a year in order to maintain your money in that account. Ultimately, that is 24% interest that you are paying in order to keep it in a bank – that's ridiculous but is what has happened in the last ten years."

Nomi Prins is a bestselling author of All the Presidents'' Bankers and is currently working on her forthcoming book Artisans of Money, which will explore the coordinated efforts of global central banks since the financial crisis and the application of artisanal money today.  Prins' is a former Managing Director at Goldman Sachs and has worked at various major Wall Street banks before stepping out of the financial world to become an investigative journalist.

"The Federal Reserve has not just been pivotal in making sure that you gain no interest from money that is being kept in a bank, it has also made sure that throughout the world that the phenomenon exists. What that has does is create an artificial financial system that had not existed before the financial crisis."

"It’s not just the government that is influencing banking policy, it is the private bankers who are directing the policy. Now that we have a renewed sense of power with the central banking system it is adding into that artificial stimulation, artificial subsidization and artificial money which is now our system."

Nomi Prins Mises

Nomi Prins then goes into the nexus of how the Federal Reserve came into power and elevated influence its with artisanal money. In her historic explanation she outlines the rise of JPMorgan, Citigroup and other major banks from that era.

She told the crowd at the Mises conference that, "The financial crisis was the beginning of an entirely new financial order. I have labeled them the Artisans of Money because in the last ten years they have manipulated the value of cash, they have manipulated the availability of money to these institutions which has allowed the big banks to continue to speculate. In the wake of the last ten years the Federal Reserve has acquired $4.5 trillion worth of securities, of debt. Since then it has created programs that include quantitative easing, operational quantitative easing and various ways to keep the value of money down and keep "the printing presses going."

"Mark Carney, who runs the Bank of England, called the practices of quantitative easing an "unconventional measure." That unconventional measure has created about $20 trillion worth of debt that is sitting on the books of central banks throughout the world and doing absolutely nothing productive for society, for the economy, for small business and for individuals. It has created a system in which the Federal Reserve has required those around the world to behave as it did."

When posing why the Federal Reserve has been able to get away with such actions in the artisanal money era she pressed, "The reasons that the Federal Reserve has been able to continue this policy is from giving explanations that include the need to promote growth, jobs or fix a problem that is occurring elsewhere in the world. The world has begun to change since following the Fed after the crisis."

"There has been a shift that has happened since this system has been so artificially pushed by the Federal Reserve. The entire geopolitical system has changed. The entire debt that exists in the world has changed. The global debt to GDP is currently at a multiple of three. That has all happened not because of government policy, not even because of private banks – it completely happened because of the Fed."

"Global economies have followed because of the cheap manipulations while pushing debt into the future. When and if that future comes, there is a significantly negative element.  Whenever that negative reaction arrives it has the ability to detrimentally impact us – and this time not just the banks, stock markets or corporate debt markets. It has the ability to take where we are now, which is much higher than where the first were before, and fall from unprecedented levels."

When examining outside artisanal money factors from the Federal Reserve she noted, "It is also important to look at the International Monetary Fund's special drawing rights (SDR) basket of currency that is not just predicated on the dollar but on more security from various currency levels involved. Gold could also be a part of the SDR. When we lost the gold standard in 1971, we basically took outside checks and balances off of the Fed because we took checks and balances off of the dollar. Now there is not external counter to what the Fed can do."

The bestselling author summarized, "So how do you fight that? I think big banks should be broken up. I think if you made them smaller and less able to take and require this cheap money from the Fed, it would offer less risk. If you made them smaller it would even require less regulation to protect us from them. The banks would have less influence than they have now."

"There are also ways to look at currency. The entire manipulation of debt, cash and debt impact the dollar. Every time the Fed has moved rates it had an impact on the U.S dollar. Every time the Federal Reserve got G-7 central banks in a room together to push for a policy, they hurt the financial system and created more risk into the future. A lot of that was to protect the U.S dollar, the United States and the Federal Reserve's overall power."

"In the meantime what you can do individually is take out cash from these big banks, to have an individual reserve for yourself. All of these banks have a reserve with the Federal Reserve that are not going to you, that are not going into the economy. What you can do is keep some of that for yourself. The other part of this is independent thinking and doing your own research. The information that comes across the news can be viewed somewhat skeptically, which should have us drawn to looking at original sources. What you can do is read across your ideologies, and your politics. What you'll get is the truth, if you can expand the information you are taking in."

To catch the full discussion with Nomi Prins on the state of this artisanal money era at the Mises Institute CLICK HERE.


Craig Wilson, @craig_wilson7
for the Daily Reckoning

The post Nomi Prins: Here’s How to Prosper in the Age of Artisanal Money appeared first on Daily Reckoning.

Gold Stocks Enormous Daily Slide

Posted: 28 Feb 2017 11:42 AM PST

Yesterday was just another period of back-and-forth movement for gold, silver, the USD Index and even the general stock market – but not for precious metals mining stocks. Gold stocks and silver stocks plunged very visibly - there are very important implications of this move and they are not bullish. Let’s take a closer look at the charts (charts courtesy of, starting with the GDX ETF (proxy for both gold and silver stocks).

Peter Schiff The Big Crash of 2017 -- Global Collapse Looming

Posted: 28 Feb 2017 10:22 AM PST

Peter Schiff shows how Trump's policies seem to be over before they even get started, and takes the New York Fed President to task for reckless advice to homeowners. Peter said he sees the President-elect's recent comments to the Wall Street Journal about the overvaluation of the dollar as...

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Dollar Collapse 2017 - Prepare Now

Posted: 28 Feb 2017 07:28 AM PST

 First 100 days will convince me of that. The USD has already collapsed from its inception. The people just don't know it. The final curtain is upon us. Trump is an expert at bankruptcy.  Devaluing the dollar brings maximum employment in my opinion. Raising the price of Gold will accomplish...

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Gold Market Charts – February 2017

Posted: 28 Feb 2017 07:07 AM PST

Gold market charts is a recent addition to the BullionStar research offering. Using charts as a central focus, each month we explore the evolution of a chosen set of charts so as to highlight key developments in gold demand, supply and physical movement data across the world's major gold markets. The charts presented are created by the unique GOLD CHARTS R US website and they include Russian gold reserve changes, Chinese and Indian gold demand, and Swiss gold trade flow statistics.

Trump Speech a Dollar Bust?

Posted: 28 Feb 2017 05:41 AM PST

Good Morning! The USD is in the limelight again today. It has failed to better the February 15 high at 101.75, giving USD a sharp Wave 2 correction last week. Yesterday it bounced off Intermediate-term support at 100.73, but was unable to even match its 50-day Moving average at 101.37. This morning’s high was 101.22. The Cycles Model suggests the next Master Cycle low may be due on March 8, but could extend as much as another week beyond. A Pi date occurs on March 13, which matches up with a possible low in SPX as well.

Treasure hunters find Iron Age gold in farm field, earliest discovered in Britain

Posted: 28 Feb 2017 04:57 AM PST

By Sarah Knapton
The Telegraph, London
Tuesday, February 28, 2017

Intricate jewellery found buried in a Staffordshire field is the earliest example of Iron Age gold ever found in Britain.

The collection, made up of four twisted metal neckbands, called torcs, and a bracelet, was discovered by two metal detectorists just before Christmas.

Experts say they would have been owned by wealthy powerful women who probably moved from continental Europe to marry rich Iron Age chiefs.

The pair who discovered the find had swept the field 20 years earlier and uncovered nothing. But after abandoning a fishing trip to go treasure hunting they came across the horde, which could be worth hundreds of thousands of pounds. ...

... For the remainder of the report:


(Golden Predator will be exhibiting at Booth 2650
at the Prospectors and Developers Association of Canada conference in Toronto from March 5-8.)

Golden Predator Begins Drill Program at 3 Aces Project
and Is Named to TSX Venture Exchange's Top 50 List

Company Announcement
Thursday, February 23, 2017

VANCOUVER, British Columbia, Canada -- Golden Predator Mining Corp. (TSX.V: GPY; OTCQX: NTGSF) is pleased to announce it has commenced a 20,000-meter drill program at its fully owned 3 Aces project in southeastern Yukon. The drilling program will initially focus on targets in the Spades Zone, where 2016 results included a new vein discovery at depth plus 7.5 meters of 33 grams-per-tonne gold at the Ace of Spades.

Management is also pleased to announce that Golden Predator has been named a TSX Venture Top 50 company, placing fifth of 957 mining companies. ...

... For the remainder of the announcement:

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Mining Investment Asia
Tuesday-Friday, March 28-31, 2017
Marina Bay Sands, Singapore

Mines and Money Asia
Wednesday-Friday, April 5-7, 2017
Hong Kong Convention and Exhibition Centre

* * *

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Showdown in Indonesia brings world's biggest gold mine to standstill

Posted: 28 Feb 2017 04:52 AM PST

By Krithika Varagur
Voice of America, Washington
Monday, February 27, 2017

JAKARTA, Indonesia -- The American mining company Freeport-McMoRan has brought the world's biggest gold mine, in the Indonesian province of West Papua, to a standstill. The corporation is butting heads with the Indonesian government over protectionist mining regulations. And now that Freeport has started to dismiss tens of thousands of workers, the local economy is poised to take a huge hit. In Mimika Regency, the West Papua province containing the Grasberg gold mine, 91 percent of the Gross Domestic Product is attributed to Freeport.

Freeport Indonesia abruptly stopped production on February 10 and laid off 10 percent of its foreign workers. It employs 32,000 people in Indonesia, about 12,000 of whom are full-time employees. The freeze was a reaction to a shakeup in Freeport's 30-year contract with the Indonesian government, signed in 1991. Indonesia has tried to levy additional obligations from Freeport in an attempt to increase domestic revenue from its natural resources. Freeport retaliated last week by threatening to pursue arbitration and sue the government for damages. ...

... For the remainder of the report:


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Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

Join GATA here:

Mining Investment Asia
Tuesday-Friday, March 28-31, 2017
Marina Bay Sands, Singapore

Mines and Money Asia
Wednesday-Friday, April 5-7, 2017
Hong Kong Convention and Exhibition Centre

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:

Mexican peso’s fall is gold miner Fresnillo’s gain

Posted: 28 Feb 2017 02:15 AM PST

This posting includes an audio/video/photo media file: Download Now

Breaking News And Best Of The Web

Posted: 28 Feb 2017 01:37 AM PST

US stocks open flat ahead of major Trump speech. Gold and silver down from multi-week highs. Bitcoin near all-time high. Trump budget to increase defense, cut EPA, State. Debate over Putin and fake news continues.   Best Of The Web Contemplations for a Sunday (unless you can’t get around to it til Monday) – Economica […]

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Millennium Minerals, an Accident Waiting to Happen

Posted: 28 Feb 2017 12:00 AM PST

Bob Moriarty of 321 Gold dissects Millennium Minerals' latest moves in Australia.

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