May 21, 2018 
 Monday 
 
 

Forum
Topic:
Gold Enters Major Bull Market

       

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 By bluejay

12/08/2008  8:16PM

Gold $771.70
Silver $9.97
Gold/XAU Ratio 8.10
Gold/Silver Ratio 77.38
Crude Oil $43.85
US Dollar 85.87

The consensus is growing among monetary science experts that gold is nearing an important inflection point in which gold will explode higher.

The following is a retrieved section from an article entitled, "The Crisis Goes Forward As Gold Goes Backward" by Darryl Schoon that appeared on Kitco.com today:

"Professor Fekete recently posted his article, Red Alert: Gold Backwardization!!!, in which he alerted readers that for the first time in history the cash price of gold is higher than the nearest futures price, indicating that buyers value the present physical possession of gold more highly than future possession.

Professor Fekete stated that when gold recently moved into backwardization on December 2nd, a historical line had been crossed, a line which signified whether or not the present system could be saved. Now, according to Professor Fekete, with gold in backwardization, it cannot.

While the war between paper money and gold and silver is still being waged, according to Professor Fekete the outcome is no longer in doubt as the present system is now beyond redemption. This has profound implications for the future price of gold and silver and for gold mining shares.

In the last Great Depression, the shares of Homestake Mining, the world’s largest gold mine, went from $4.19 in 1929 to $495 in 1935, paying a $56 dividend that year. In the coming depression, gold and gold mining shares should do just as well—and, after the onset of the depression, just imagine what they will do during hyperinflation.

THE COMING CAPITULATION OF PAPER

Physical gold and silver, whether in hand or in the ground will be the last refuge for the trillions of dollars still invested in paper assets. With an estimated $27 trillion of wealth already lost this year, the day is coming when the last believers in paper assets will finally look to gold and silver to preserve their dwindling wealth.

But when that day comes, those owning monetary metals will not exchange their gold and silver for paper money at any price, i.e. permanent backwardization; and the last believers in paper assets will be stuck with now worthless government issued coupons which previously had passed for money.

The recent historic backwardization of gold is a clear indication that sometime in the future a state of permanent backwardization will occur—and on that day, the world will finally be free from the tyrannical slavery of central bank induced indebtedness."

Freedom, oh freedom
Someday we will be free
Freedom, oh freedom
How sweet that day will be

--------------------------------------

The day will be returning when the western flank of the Sierra Nevada range will be over-run again with gold seekers as the current recession is looking to be headed toward a depression.

A depression is a severe economic downturn. The last depression lasted 10 years in this country with gross domestic product skiding lower for a good part of that time.

Bernanke believes pumping money into the system will be able to avert the expected cataclysm but will it? Bernanke is playing right into the hands of the bankers who require more and more money to be available for their profit schemes. The best consideration for the public would have been to make gold part of bank reserves. Since this day has passed according to Antal Fakete, it will all be downhill now until the OTC derivatives forest fire burns itself out as it continues decimating everything in its path.

People become much poorer during a depression when they are unable to service debt, they are the first to fall. During the early 1930's public debt wasn't anything like it is today.

A time tested method to guarantee your wealth survival in these coming times is to reduce debt or completely eliminate it along with building up your expose to gold. Maintaining your wealth in dollar denominated assets is a long shot to escape the punishing depression ahead that will be accompanied with hyperinflation.

Gold's future is almost upon us following a delay with the last futile stabbing thrust of the ruthless and evil miscreants who are the tunnel visioned purveyors of our paper and ink tender.
 By Rick

12/06/2008  8:18PM

Well, bluejay's writings last year have certainly reflected the truth that is upon us. Remember, "This is it, are you prepared?"

I'll admit, I wasn't. My personal do-over would be to invest in actual gold (not coins).

So, given the way it has played out, I reaaaallly value the input bluejay brings to the forum.
 By bluejay

12/05/2008  7:36PM

Last on gold is $754.30

"It won't matter much if you purchase gold at $750, $800, $850, $900 per ounce, or even higher. All of these prices will be looking extraordinarily cheap in a few months. The price of our pretty yellow metal is about to explode, and it is probably going to soar, eventually, to levels that not even most gold bugs imagine. Comex gold shorts will be playing the price a bit longer, in an attempt to shake out some remaining independent leveraged longs. Once that is finished, however, and it will be finished soon, the price will start to rise very quickly."

The above was written by James Conrad in his concluding paragraph from the article entitled, The Manipulation Of Gold Prices. The complete story can be accessed from the below link that appeared December 04, 2008 at SeekingAlpha.com.

http://seekingalpha.com/article/109210-the-manipulation-of-gold-prices
 By bluejay

12/05/2008  5:50PM

Last on gold is $754.30.

On December 2, 2008, "gold went to backwardation for the first time ever in history."

The below provided link to the article, RED ALERT:GOLD BACKWARDATION!!!was written by Antal Fekete.

Professor Fekete's article ends with his final projection:

If the governments of the great trading nations had really wanted to save the world from a catastrophic collapse of world trade, then they should have opened their mints to gold. Now backwardation has caught up with us and shut down the free flow in the ststem. This will have catastrophic consequences. FEW PEOPLE REALIZE that the shutting down of the gold trade, which is happening, means the shutting down of world trade. This is a financial earthquake measuring ten on the Greenspan scale, with (the) epicenter at the Comex in New York, where the Twin Towers once stood. It is no exaggeration to say that this event will trigger a tsunami wiping out the prosperity of the world."

Prepare Yourselves.

http://www.drschoon.com/articles/AEFRedAlert.pdf
 By bluejay

12/04/2008  10:56PM

Last on gold is $769.30.

The following paragraph is from goldmaps.com:

A streak of gold mines and gold prospecting sites extends from near Montgomery, Alabama to Washington D.C. The gold was placed there when Africa overrode North America about 250 million years ago. North Carolina, South Carolina, Georgia, Virginia and Alabama have many gold mines and prospecting sites. These states were our main source of gold for 45 years before the California gold discovery. In 1837, the US Government established gold coin mints in Georgia and North Carolina, rather than transport the raw gold to the Philadelphia Mint.
 By bluejay

12/04/2008  12:35PM

Gold $767.40 (last $762.00)
Silver $9.56
Gold/XAU Ratio 8.60
Gold/Silver Tatio 80.25
Crude Oil $43.96
US Dollar Index 86.43

Gold is off from the highs of the day at about $783 with a last sale of $768.50. In the past few weeks the gold price has been finding support in the $760 area as well as finding resistance in and about the $782 to $783 zone. This seesawing, hopefully, will resolve itself to the upside.

Most interesting today is the continuing weakness of crude oil. The last on crude currently is just below $44. Gas prices at the pump are at least at three year lows.

Lower crude is obviously benefiting the dollar as well as all net importing countries but for how much longer as it is way over-sold? If a guess were made on when bottom hits, a fair estimate would be the $40 to $42 zone. It is suspected that all oil related products should bottom along with crude.

Gold has done well against a background of lower oil prices recently being aided by a suspected major buyer, China. It seems that the paper derivatives market is playing right into the hands of Chinese interests to significantly increase their official gold reserves thanks to the artificial pressure on it being supplied by JP Morgan and their croud.

The JP Morgan interests are the main reason why crude has dropped so much creating red faces in the oil exporting nations, especially Russia. Morgan seems to control gold, silver, oil and interest rate futures by manipulating the unregulated paper derivative markets representing these products.

How much longer they can continue pushing the horse by an artificially propelled cart is anyone's guess. Is there any wonder why investment banks and regular banks had their boys like Rubin and Greenspan push so hard against regulating derivatives?

It is absolutely amazing and shameful how paper products can influence the prices of hard assets and overwhelm those markets to scare and steal from unsuspecting investors. For simplicity purposes, it is considered that naked short selling is also a another paper product.

This subject brings back memories of Brooksley Born's efforts as the then head of the Commodities Futures Trading Commission in 1987 to inforce regulation of derivatives through the power that was given to the Commission by the Commodities Exchange Act of 1974.

It was Ms. Borns contention along with their attorneys that the Act granted the Commission jurisdiction over all instruments with risk management functions. In 1998 Borns went head to head with Alan Greenspan during Congressional hearings on this matter and lost. Or should it be stated, the American people lost as it is now quite evident today?

Today the OTC derivatives market between banks and broker dealers is overseen by the federal banking agencies and the SEC, respectively.

Below is a link to a recent Richard Russell article discussing the value and viability of fiat money.

http://www.321gold.com/editorials/russell/russell120308.html
 By bluejay

11/22/2008  8:22PM

The following excerpt was extracted from a speech given by Antal Fekete to the Economic Club of San Francisco on November 4, 2008 entitled, "Revionist Theory Of Depressions."

Access to the outstanding speech concerning truth and markets can be made via his website at: http://www.professorfekete.com/

"Economic historians give credit to Franklin Delano Roosevelt for meeting the banking crisis head on. Only a few days after he was inagurated as president in March, 1933, he declared a bank holiday and ordered all the people under jurisdiction of the United States to surrender their gold coins.

Although Roosevelt promised to return the gold after the banking crisis had subsided, this promise was apparently made in bad faith. No sooner had he confiscated the gold than he marked up its value, leaving people with paper worth 56% less. This neat piece of presidential chincanery was called "Devaluation Of The Dollar In The National Interest."

Everyone should print out Professor Fakete's speech, read it slowly a few times or so until you understand what our educational system saw fit not to teach us as opposed to what they taught us to our discredit.

Three more saving institutions went belly-up on Friday as the financial meltdown picks up steam. Heaven help us all.
 By bluejay

11/22/2008  11:44AM

Last Friday's close on gold was $801.60 up $57.00.

Mint Suspends Orders Amid Rush To Buy Gold.

http://www.theaustralian.news.com.au/business/story/0,28124,24687337-643,00.html
 By bluejay

11/21/2008  5:24PM

Last on gold is $801.60.

Posted: Nov 21 2008 By: Jim Sinclair Post Edited: November 21, 2008 at 5:36 pm

Filed under: In The News

Jim Sinclair’s Commentary

There is one inviting conclusion out there. There is no way to know for sure which banks are broke, so it is better to consider they all are.
 By bluejay

11/21/2008  10:07AM

Last on gold is $796.90

Got gold?

From Jim Sinclair's website this morning:

Depression #2 Here We Come

Scan these 30 "leading indicators." Each problem has one or more possible solutions, but lacks unified political support. Time's running out. We're already at the edge. Add up the trillions in debt: Any collective solution will only compound our problems, because the cumulative debt will overwhelm us, make matters worse:


1- America's credit rating may soon be downgraded below AAA

2- Fed refusal to disclose $2 trillion loans, now the new "shadow banking system"

3- Congress has no oversight of $700 billion, and Paulson's Wall Street Trojan Horse

4- King Henry Paulson flip-flops on plan to buy toxic bank assets, confusing markets

5- Goldman, Morgan lost tens of billions, but planning over $13 billion in bonuses this year

6- AIG bails big banks out of $150 billion in credit swaps, protects shareholders before taxpayers

7- American Express joins Goldman, Morgan as bank holding firms, looking for Fed money

8- Treasury sneaks corporate tax credits into bailout giveaway, shifts costs to states

9- State revenues down, taxes and debt up; hiring, spending, borrowing add even more debt

10- State, municipal, corporate pensions lost hundreds of billions on derivative swaps

11- Hedge funds: 610 in 1990, almost 10,000 now. Returns down 15%, liquidations up

12- Consumer debt way up, now at $2.5 trillion; next area for credit meltdowns

13- Fed also plans to provide billions to $3.6 trillion money-market fund industry

14- Freddie Mac and Fannie Mae are bleeding cash, want to tap taxpayer dollars

15- Washington manipulating data: War not $600 billion but estimates actually $3 trillion

16- Hidden costs of $700 billion bailout are likely $5 trillion; plus $1 trillion Street write-offs

17- Commodities down, resource exporters and currencies dropping, triggering a global meltdown

18- Big three automakers near bankruptcy; unions, workers, retirees will suffer

19- Corporate bond market, both junk and top-rated, slumps more than 25%

20- Retailers bankrupt: Circuit City, Sharper Image, Mervyns; mall sales in free fall

21- Unemployment heading toward 8% plus; more 1930's photos of soup lines

22- Government policy is dictated by 42,000 myopic, highly paid, greedy lobbyists

23- China's sees GDP growth drop, crates $586 billion stimulus; deflation is now global, hitting even Dubai

24- Despite global recession, U.S. trade deficit continues, now at $650 billion

25- The 800-pound gorillas: Social Security, Medicare with $60 trillion in unfunded liabilities

26- Now 46 million uninsured as medical, drug costs explode

27- New-New Deal: U.S. planning billions for infrastructure, adding to unsustainable debt

28- Outgoing leaders handicapping new administration with huge liabilities

29- The "antitaxes" message is a new bubble, a new version of the American dream offering a free lunch, no sacrifices, exposing us to more false promises

30- At a recent Reuters Global Finance Summit former Goldman Sachs chairman John Whitehead was interviewed. He was also Ronald Reagan's Deputy Secretary of State and a former chairman of the N.Y. Fed. He says America's problems will take years and will burn trillions.

He sees "nothing but large increases in the deficit ... I think it would be worse than the depression. ... Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds." It'll get worse because "the public is not prepared to increase taxes. Both parties were for reducing taxes, reducing income to government, and both parties favored a number of new programs, all very costly and all done by the government."

Reuters concludes: "Whitehead said he is speaking out on this topic because he is concerned no lawmakers are against these new spending programs and none will stand up and call for higher taxes. 'I just want to get people thinking about this, and to realize this is a road to disaster,' said Whitehead. 'I've always been a positive person and optimistic, but I don't see a solution here.'"

We see the Great Depression 2. Why? Wall Street's self-interested greed. They are their own worst enemy ... and America's too.
 By bluejay

11/21/2008  9:06AM

GOLD $793.00 Up $48.40

It looks like the shorts and Hank Paulson's Treasury team have gotten the MESSAGE:

China may buy 128,000,000 ounces of gold.

The big difference here is that China represents a cash buyer as opposed to a fraudulent manipulating seller.

The day is coming when gold will be back in the monetary system out of necessity not out of choice.

China's mulling over the addition of 4,000 tons to their central bank holdings is significant.
 By bluejay

11/20/2008  2:29PM

Gold $744.60 Up $9.70
Silver $8.92 Down $0.27
Gold/XAU Ratio 10.63
Gold/Silver Ratio 83.48
DJ Industrials 7552.29 Down 444.99
Crude Oil 48.70 Down $4.92
US Dollar Index 88.22 Up 0.44

The big news today is the Dow Jones Averages crashing under the big 5000 day moving average support area at 7800 with a close of 7552.29.

A bit of good news for gold today was its breaking loose from its recent lock step action that had been maintained by the Treasury each time the general market sold off. The action in gold today is viewed as being quite positive. Could China have been buying gold today to account for the metals improving relative strength?

If the DJ Averages stay under 7800 during the weeks ahead there could be serious long term damage ahead for the DOW.

Some of the highly leveraged banking stocks are hemorrhaging to the point that depositors may soon be facing a crisis of their own in wondering what is safe anymore.
 By bluejay

11/19/2008  9:20PM

Last on gold is $736.90.

It was reported yesterday by a Beijing paper, Guangzhou Daily, that its central bank is considering the purchase of 4000 tons of gold. This equates to their possibly acquiring 128,600,000 ounces of gold.

China currently holds $1.9 trillion in reserves mainly in US paper products. If China did commit to purchasing 4000 tons this would use up only about 5% of their reserves.

Jim Sinclair made the following comment today, "Once 21,000 bars have been taken(from COMEX) the paper gold’s reign over the price of gold is over." 21,000 bars times 100 ounces equals 2,100,000 ounces of gold. I'm not sure if the COMEX bars are in 100 ounce lots but I figued it out that way to get total ounces anyway. If this is not correct, would someone please correct me.

The bottom line: There is a sizable potential buyer indicating, unofficially, that they may have a need for 128,600,000 ounces of gold. Where is this gold going to come from if China goes ahead with their possible buy program? What will COMEX do if China comes knocking with intentions on taking delivery?
 By bluejay

11/19/2008  9:36AM

Last on gold is $735.20.

Gold at one time was higher this morning at $764 only to have gotten smacked again by the dark forces with paper selling at the COMEX led by the strong arm of the Treasury and Hank Paulson via JP Morgan.

The following is a youtube presentation by Mr. Max Keiser doing what he does best, calling a spade a spade.

http://www.youtube.com/watch?v=PRe0lIbSeaE
 By bluejay

11/18/2008  11:12PM

Last on gold is $739.10.

The following is a clear message from China to the US: get your house in order. This perceived indirect message is especially serious as it follows last weekends G20 meeting of finance ministers and central bank governors.

Adding insult to injury President Hu Jintao of China who attended the G20 gathering visited Fidel Castro directly following the meetings. China is continuing to pump money into Cuba's economy in providing the funds for renovating and rebuilding aging hospitals and ports. China is also providing money to Costa Rica for the building of a refinery.


China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report
Wed, Nov 19 2008, 01:51 GMT

China PBOC Mulls Raising Gold Reserve By 4,000 Tons - Report

BEIJING (Dow Jones)--China's central bank is considering raising its gold reserve by 4,000 metric tons from 600 tons to diversify risks brought by the country's huge foreign exchange reserves, the Guangzhou Daily reported, citing unnamed industry people in Hong Kong.

The Guangzhou-based newspaper didn't elaborate on the plan.

China's forex reserves, at US$1.9056 trillion at the end of September, is the world's largest. U.S. dollar-denominated assets, including U.S. treasury bonds and mortgage agency bonds, account for a big proportion of the forex reserves.
 By bluejay

11/13/2008  11:25AM

Gold $714.00 up $4.50
Silver $9.03 down $0.22
Gold/XAU Ratio 9.71
Gold/Silver Ratio 79.09
DJ Industrials 8079.24 off 203.42
Crude Oil 55.53 0ff $0.63
US Dollar Index 87.98 plus 0.33

For the fist time the Treasury's agent JP Morgan is having difficulty keeping gold in a locked step with the declining DJ Industrial Averages.

It seems that from the action of gold today from a low of $698.50 to its last sale of $714.00, while the Dow remains in minus 200 red ink, a battle of the titans at COMEX may be in play.

Rumors have been circulating that there will be a big push in contract delivery requests for physical gold and silver for the month of December. Rumors have also been circulating that these requests may bust COMEX and force it to close as their suspected inventories do not match the amount of December contracts outstanding. Time will tell.

Its seems that such an event could settle the great disparity of prices that currently exists between paper prices at COMEX versus the physical market.

If for what any reason COMEX is unable to deliver any precious metals requested that particular metal would easily advance to new highs.
 By bluejay

11/12/2008  10:57PM

Last on gold is $713.90.
Last on crude oil is 55.38

It wouldn't be surprising to find out that JP Morgan is forcing down oil prices with the blessings of the Treasury. Not only has JP Morgan become a major influence on gold and silver exchanges but it has entered the oil and natural gas markets within the past year or so, also, as a major player. In case most people aren't aware of this, JP Morgan is now classified as a bank.

It seems odd these days that the banking industry is being allowed to effect prices in the commodities markets. JP Morgan and Goldman Sachs have close connections to the Treasury as they have been their main bullion banks to go to when they want gold lower. Since these guys are agents of the Treasury they basically have a blank check to accomplish the Treasury's orders at exchanges with no questions ever asked relating to their substance.

As with the precious metals markets along with the oil and natural gas markets, JP Morgan has most probably been on the short side. It's hard to imagine that the oil producing countries aren't aware of Morgan's exploits in oil and gas. It seems that we are sacrificing international relations just so the Treasury can bolster the economy somewhat as banks and other companies continue to suffer from capital loss.

Just as a reminder of why our economy is in so much trouble, some excerpts from Antal Fekete's October 20, 2008 article entitled "The Mechanisim of Capital Destruction" are provided:

Liquidation Value of Bonded Debt

Falling interest rates destroy capital in a way that is more subtle than destruction through rising rates. The liquidation-value of debt, contracted earlier at higher rates, rises. "Liquidation value" is the lump sum it takes to liquidate debt, should it be necessary to retire it before maturity -- for example, in the case of takeovers, mergers, shotgun marriages, bankruptcies, or the nationalization of the banking system. The point is that as the rate of interest falls, the liquidation value of debt rises. Why? Well, the stream of interest payments now has to be discounted at a lower rate. Therefore at maturity it falls short of liquidating the debt.

Here is a familiar example, the liquidation value of bonded debt. When the rate of interest falls, the market immediately bids up the price of bonds. The higher bond price represents the higher liquidation value of the underlying debt. The fall in the rate of interest, far from alleviating the burden of debt, aggravates it.

Bank capital has been eaten away by the fall of interest rates. The impairment has been ignored and, after 28 years of negligence the global banking system stands denuded of capital. Those shareholders who can read balance sheets see through the fancy values banks are putting on their assets. They dump the stock before bank capital goes all the way to zero.

This is not a real estate crisis, nor is it a sub-prime crisis. This is a crisis caused by the destruction (of) bank capital across the board, through the wrecker's ball of swinging interest rates. In the final analysis, it has been caused by exiling gold from the banking system.

Dissipating Capital Under False Pretenses

People tend to have a religious faith in the Fed's miraculous power to create something out of nothing. They think that the Fed is above capital requirements and accounting rules. They think that the Fed is above the law. They dismiss the idea that the Fed, too, can suffer from capital inadequacy, or that it may not be able to escape the ill effects of falling interest rates.

The Federal Reserve Act(as amended) explicitly forbids the Treasury from participating in the earnings of the Fed. The purpose of this provision is to retain the undivided surplus in the Federal Reserve System to meet emergencies precisely like the present crisis. The conspiracy of the Treasury and the Fed ignores this provision of the law. Year in and out the Fed remits about 90 percent of its earnings to the Treasury under false pretences, calling it the "franchise tax on Federal Reserve Notes." No sooner had the Treasury received the remittance than it spent the proceeds, and more, on consumption. As a result, the Fed is left with no undivided surpluses and no cushion to fall back on in hard times. And the Treasury has debt far greater than it has resources to retire. This high-handed disregard for the law is motivated by the desire to foster a public image of the Fed as an institution with supernatural powers. The Fed has the magic wand and can wave it to solve any problem by throwing money at it. In this view the Fed is not a bank, but the embodiment of divine power.
 By bluejay

11/12/2008  10:50AM

Gold $717.80 off $13.60
Silver $9.39 off $ 0.39
Gold/XAU Ratio 9.10
Gold/Silver Ratio 76.44
US Dollar 87.26 up 0.07
DJ Industrials 8395.52 off 298.44

The selling by the suspected banks and the Treasury(aka PPT) continues to have its effect on the price of gold. No fundamental or technical positives seem to effect the large amounts of paper that are being thrown at gold on the COMEX Exchange in NY. The whole scenario from the Exchange, to the CFTC to the Treasury represents a rigged game which is a far cry from free markets.

Things just got a little worse with the recent naming of Larry Summers as the new Secretary of the Treasury. According to sinbob at agoracom.com Larry runs with "Geithner, Corzine, Volcker, Fisher, Phil Gramm, Bernanke, Hank Paulson, not to mention Alan Greenspan, al al are buddies; they play golf together; they have links to the Council on Foreign Relations and the Bilderbergs; they act concurrently in accordance with interests of Wall Street; they meet behind closed doors; they are on the same wave length; they are Democrats and Republicans."

Going on sinbob states, "While they may disagree on some issues, they are firmly committed to the Washington-Wall Street Consensus. They are utterly ruthless in their management of economic and financial processes. Their actions are profit driven. Outside of their narrow interest in the "efficiency of markets," they have little concern for "living human beings." How are people's lives affected by the deadly gamut of macro-economic and financial reforms, which is spearheading entire sectors of economic activity into bankruptcy.(?)

The complete article with some specific history concerning Summers in available by using the following link:

http://www.agoracom.com/ir/ECU/messages/999759.

In 1991 Larry was the Chief Economist at the World Bank and made some disturbing commments on why dumping our waste in third world countries made perfect economic sense.

Sinbob has done some excellent research into Larry Summers involvement in the 1997 Asian Crises and in the 1999 Financial Services Modernization Act that permitted OTC derivatives to blossom into the world's current financial meltdown.

Sinbob titled his presentation as, "Putting the Fox in Charge of the Chicken Coop."

Nothing could be closer to the truth.
 By bluejay

11/10/2008  10:28AM

Gold $742.20
Silver $ 10.19
Gols/XAU Ratio 8.39
Gold/Silver Ratio 72.84
US Dollar Index 85.81

Gold is higher today by $8.30 but is down $25 from its early morning high at about $767. One wonders, when all this watering down of the metal's price will end on practically every show of strength?

Once the current administration leaves office we will have a new captain in the control seat at the Plunge Protection Team and possibly less pressure on gold.

In the paper this morning is more bad news coming from the Treasury Department and its banking industry buddy, Hank Paulson. It is absolutely amazing how much money Paulson is costing the taxpayers and no one is slapping his hands.

Now it is being reported by Amit R. Paley from the Washington Post that the Treasury is circumventing Section 382 of the tax code and thus costing us an additional $140 billion.

According to George Yin, the former chief of staff of the Joint Committee on Taxation, the nonpartian congressional authority on taxes said, "They (the Treasury) basically repealed a 22 year old law that Congress passed as a backdoor way of providing (more) aid to banks."

Basically, the Treasury is saying it is all right for banks to buy shell companies with losses and apply those losses against their earnings(thus avoiding income taxes).

This was sneaked by while all eyes were on formulating the relief plan funding. This is the same as taking advantage of a diversionary event to steal. How many times have we watched movies where the bank robbers create diversions for police to respond to while these same people empty the vaults of a financial institution in another part of town?

In this case, the bankers representative at the Treasury, Paulson, just handed them over $100 billion in saved tax expenses by ignoring #382. Paulson should be brought up on charges and the tax code inforced by the IRS against these bankers.

Write your Congressional representatives and Senators and complain, I did.
 By bluejay

11/06/2008  4:26PM

Last on gold is $726.90.

John Embry on paper gold versus physical gold:

http://envast.blogspot.com/2008/10/john-embry-golds-game-changing-moment.html

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