A sequence of events is in motion, one that will result in a systemic collapse. The LIBOR scandal is the newest link in the chain; others were the MF Global debacle and JPMorgan’s recent ‘whale’ losses.
Willie believes that an upcoming event in the chain concerns allocated gold accounts. The bankers, he says, have improperly accessed at least 20,000 tons of allocated gold, replacing them with gold certificates without permission of the account holders. If true, the scandal could shake the western world’s banking system to the core, resulting in massive prosecutions.
Such an allocated gold scandal would send the gold price skyrocketing, because bankers would have to replace the gold with open market purchases. Silver would go along for the ride.
Willie discusses the US Treasury bond bubble; America’s galloping recession; the tattered labour market; money supply correlation (gold price vs. US government debt); the US dollar rebellion (dollar to be pushed off its throne, barter between other nations is becoming commonplace); the central bank wall of shame (zero interest rate policies); and the LIBOR scandal (over 900,000 lawsuits expected, central banks to be dragged in).
To read Jim Willie article: Extreme Danger Signposts
BullionBuzz is a weekly eNewsletter that offers investors a quick snapshot of must-read news pertaining to the markets and precious metals. Continue reading
BullionBuzz is a weekly eNewsletter that offers investors a quick snapshot of must-read news pertaining to the markets and precious metals. This week: Euro: Current Course Is Leading to Disaster Continue reading
It’s a black or white issue: Either you own uncompromised bullion bars for which you have title documentation that are stored in secure allocated storage, or you have an unallocated account that can be settled in cash at the issuer’s discretion. Continue reading