Central Banks are rigging the metals markets. Does it signal a buying opportunity? Will they ever be prosecuted for this illegal activity? I recently interviewed good friend Ed Steer who writes Ed Steer’s Gold and Silver Digest, a daily must-read. We discussed an article written by Peter Warburton in 2001 outlining the relationship between central banks and investment banks rigging […]» Read more
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I recently interviewed good friend Ed Steer who writes Ed Steer's Gold and Silver Digest, a daily must-read. We discussed an article written by Peter Warburton in 2001 outlining the relationship between central banks and investment banks rigging the metals market price:
"…(Central Banks) incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities or anything else that might be deemed an indicator of inherent value.
Their objective is to deprive the independent observer of any reliable benchmark against which to measure the eroding value, not only of the US dollar, but of all fiat currencies. Equally, they seek to deny the investor the opportunity to hedge against the fragility of the financial system by switching into a freely traded market for non-financial assets."
Eight major players are blatantly manipulating the price of all precious metals; making billions from their illegal activity. So far, despite a preponderance of evidence presented by the Gold Anti-Trust Action Committee (GATA), the government takes no action.
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In 1935 the government passed Social Security into law setting up a government managed retirement plan for the majority of US workers. To fund the plan, they passed the Federal Insurance Contribution Act (FICA). The law mandates that employers withhold a portion of the worker’s salary (contribution) and requires the employer to match the contribution. It was sold to the […]» Read more
Out of nowhere, a motorcycle flew past me, crossing a double yellow line signifying a no passing zone. I braked and he jerked the motorcycle back into our lane barely avoiding oncoming traffic. I was 15 years old. The football coach doubled as our driver-training instructor. He remained calm and said, “You did the right thing; he’s racing to his […]» Read more
Last summer we went to Illinois to attend my 58th reunion of the Class of 1958. I’ve changed names to protect everyone’s privacy, but the story is real. Unlike the 50th reunion with it’s choreographed speaker list, we had an open microphone for anyone to speak. Stan, one of our standout student-athletes (he still holds a track record, and he […]» Read more
I almost gave up! I wanted to write something positive in my pre-Christmas column. Who wants to read about politics, terrorist incidents or the latest in the Federal Reserve saga at Christmas time? I sure don’t. I was considering a one-sentence column wishing everyone Merry Christmas and Happy Holidays (to be politically correct). Then it happened! Getting ready for my […]» Read more
Dear Mr. President-Elect, I have followed the media’s daily melodrama of your activities. You’ve had discussions with politicians, business leaders, movie stars and other members of the establishment. I write a weekly newsletter directed toward baby boomers and retirees who are struggling. When the government instituted their Zero Interest Rate Policy, several trillion dollars in interest that would have been […]» Read more
“No, no, don’t do it! You’ll be sorry”, I yelled. My wife Jo looked at me like I was nuts! In a scolding tone she asked, “Why are you yelling at a commercial?” I have been known to yell at the TV watching sports. If you don’t offer the umpire/official or participants feedback, how will they ever improve? I was […]» Read more
Many state and local public pensions are on life support. Public officials are negotiating with unions, taxpayers, pensioners, the courts and electorate to come up with a solution. Everybody wants a bail out at the expense of others. The Brookings Institute recent study indicates a huge problem: “As of 2014, state and local governments sponsored nearly 4,000 pension plans that […]» Read more
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