Post FOMC Metals Rig: Right On Schedule

Guest Post by Jesse

This is what the pampered princes of privilege do when they fail.

They try to hide it. They lash out. They cheat.

They are petty. But vicious when frightened.

Most of the successes they have obtained throughout their lives have been gained by cheating, using inside information, rigging the game, exercising influence, position, and privilege.

They twist the fabric of society to weave their robes.

They make and break the rules to suit themselves and their friends.

They make our markets into bucket shops. Our laws are just pieces of paper.

They try to make other people pay for their mistakes.

As they have been doing all throughout their lives.

Success. They deserve it, one banal and disreputable way or another.

For the good of the system.

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robert h siddell jr
robert h siddell jr

The Elite’s payback is literally going to be Hell.

norm ball
norm ball

Oh goodness, here come ‘ the metals market is rigged’ crowd. What the gold dealers, er sorry, gold believers always fail to say is that if the market is rigged by the largest financial powers on earth, that may be the best argument for staying away. Unless of course you’re either Mad Max or Godot.

On the day the huge meteor strikes, gold will shoot to $1,000,000/ounce. Hurray! Windfall! However the more pertinent question is what will gold really be WORTH on the last day of humanity. Yes, it will be a store of value for another 6 hours. On the last day on earth, you will be able to get anything you want for free AND your gold will be ‘worth’ $1,000,000/oz.

But let’s back off the last day on earth as that’s a tad bit histrionic. Let’s just say the Baltimore Syndrome spreads to all four corners of the Union. Social collapse. Once the neighborhood finds out that you have gold in your basement (and it WILL find out), you’ll be shot before you reach the 7-11 to lay your Golden Eagle down for a Big Gulp. The social context of $7,500/oz gold will be a mini-hell on earth.

Gold is the yellow metal for the yellow-bellied, those who were too frightened to engage the social rot in their country and retreated to the dark fantasy of tuna fish, chocolate and precious metals in the basement. Yeah right.

Katze im Sack
Katze im Sack

Now that was a load of bull, norm ball.

You don’t own gold for the doomsday scenario but as a store of value, as a protection against monetary depreciation, and against fiscal irresponsibility. In times of zero and even official negative interests on your bank accounts that is only reasonable.

Personally, I don’t want to see gold ever reaching a million dollars because I wouldn’t want to live through the circumstances that would be present then.

As far as market rigging goes, hell, of all the big down swings in precious metals two days really stand out: Fed day and labor market data day. Gold is virtually never allowed to rise on these days. It is virtually always taken down hard on these days, and that’s totally independent on what sort of fake data are announced.

“The metals market is rigged” crowd. Crap.

norm ball
norm ball

Bull it may be, Katze. Let’s see. For sure the community’s thumbs are hitching a ride in your direction.

Right now, they’re stamping out cash –and that’s THEIR fiat. They detest gold even more, for all the well-known reasons, and will ruthlessly prohibit its use, my opinion. Roosevelt’s 1933 Executive Order 6102 is going to come back, only this time endowed with the full force of the 21st century NSA Panopticon. I just think gold is a tempting though ultimately false panacea. The theoretical merits of gold aren’t the issue. Indeed it’s precisely BECAUSE of its merits that it will be prevented from regaining
currency status.

Jim Rickards talks of the year 2024 when gold will be buried in an underground Swiss vault. Odd though how he touts gold for the intermediate term. I note his blog is ringed with all the obligatory shiny yellow ads. Who knows. But the future looks to me like confiscation, then entombment. Gold fies in the face of the Control Paradigm. I know there’s a lot of hope hanging on gold like it’s going to swoop in and save us. Gold like pigs can’t fly. Short of hurling bars at the police tanks, I suspect WE stood a better chance of saving ourselves than will our gold.

The great American pastime whether it be sitting on the couch or sitting on a hoard of gold is notable more for its similarities than differences i.e. sitting. We sat through Panopticon construction. Gold’s a great energy sink. Hey I’m an American too. I think we might have fallen asleep on our tuna fish pallets.

http://dailyreckoning.com/a-glimpse-into-the-year-2024

Katze im Sack
Katze im Sack

norm, I’m with you on the confiscation issue. With every safe haven being destroyed, precious metals will not be allowed to be the refuge of last resort.

The event will be met with indifference by the willfully ignorant and frenetic cheering by the 1% haters.

norm ball
norm ball

So where do we disagree, Katze?

Pirate Jo
Pirate Jo

Yeah, I gave Katze and norm both a thumbs-up because I agree with both of them.

AC
AC

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Pirate Jo
Pirate Jo

AC, don’t hold your breath. It was one thing when a single, small country tried to print its way out of its problems, like Zimbabwe, or the Weimar Republic, or Argentina. But now ALL countries are doing it. This could go on for a long, long time yet. I’ll probably live 35-40 more years, so my gold/silver are insurance in case I outlive the charade. But it could go on for decades. People would have to stop accepting currencies for their labor, all over the world. Ain’t gonna happen.

robert h siddell jr
robert h siddell jr

Gonna happen when TPTB cram e-money down our throats and that is a few months not a few years.

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