JP Morgan Silver Manipulation

bobinson (63) · 6 years ago

Top governments hoarding gold and silver (China, Russia, India, etc...)

The Indian scenario is getting worse. We (?) demonetized (banned our own currency!) & did lot of other stupid things. The growth has plummeted. Now the central government is begging for billions of cash from the Central Bank (RBI). The RBI was one of the best institutions which was headed by economists like https://en.wikipedia.org/wiki/Raghuram_Rajan .

Considering India is one of the hungriest civilization when it comes to the appetite for gold and silver, whatever is shaping up in India could have an impact on the global prices.

More on the recent drama is here : https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment

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wikitextbot (46) · 6 years ago

Raghuram Rajan
Raghuram Govind Rajan (born 3 February 1963) is an Indian economist and an international academician who is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Rajan was the Chief Economist and Director of Research at the International Monetary Fund. In 2015, during his tenure at the Indian Reserve Bank he also became Vice-Chairman of the Bank for International Settlements.At the Federal Reserve annual Jackson Hole conference in 2005, Rajan warned about the growing risks in the financial system and proposed policies that would reduce such risks.

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drakos (70) · 6 years ago

Definitely India is a major player and their gold/silver hoarding goes beyond investment: jewelry. I'm extremely shocked how India is ruining itself like that. Plus, the Indian government acting against bitcoin is another short-sighted decision. Pakistan may be pointing their finger and laughing at India for this :(

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bobinson (63) · 6 years ago

I'm extremely shocked how India is ruining itself like that

I wish someone in the government and political parties had a similar feeling ...

Plus, the Indian government acting against bitcoin is another short-sighted decision

Well, We don't even like our own Currency that we banned it ! ie, we banned even Indian Rupees. You are talking about that random Satoshi's Bitcoin ? come on. You are barking at the wrong crazy-tree - may be you are barking at a BIG-CANNABIS-TREE :-D

The Pakistan reference is quite funny here - the joke is that, until recently they used to print the notes for India and once they stopped the government is begging the central bank for more money. Earlier, they were allegations that counterfeit Indian notes are printed by Pakistan to "destabilize" India.

On serious notes, The ex Indian Central Bank Governor was an Engineer - IIT + MIT and then he became an economist. He was interested in exploring Bitcoin and Blockchain's in general. What I feel is we need people with knowledge at the decision making positions irrespective of which country it is. Until few years ago, India had the unique case of a Rocket Scientist for its President, An internationally acclaimed economist for it Prime Minister - both of them were not really politicians too. Its not about Education or Phds but those people had "knowledge" and wisdom. I feel this is a lesson for any nation while selecting its rulers. Whether someone is a good "leader" is not should be based on politics but it should be based on track record. What that person did with her/his life should bet he means to elect ones rules and not some ideology. Personally Iam not interested in politics or governance but I feel I have lived to see some of the most governance.

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preparedwombat (70) · 6 years ago (edited)

We’re probably screwed. The deficit (deficit, not debt) is now going up $100 billion a month:
https://www.bloomberg.com/news/articles/2018-11-13/u-s-budget-gap-jumps-to-100-billion-at-start-of-fiscal-year

Keep on stacking!

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4 votes

drakos (70) · 6 years ago (edited)

... as spending grew twice as fast as revenue.

The art of deficit spending. The more they print, the more we stack. In stack we trust.

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battleaxe (69) · 6 years ago

really well stated and the fact that history keeps repeating itself is frightening... a lot of us assume most markets are manipulated to some degree but when you see filthy rich sociopaths cause effects that result in humanitarian crises something has to give.
picked this post for my upcoming curation post for today

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drakos (70) · 6 years ago

Precisely, history repeats itself and humans never learn. More like, the smart corrupt ones DO learn and ruin the economy on purpose to transfer the wealth into their pockets. I think each person must study history to understand the truth of what's happening and why: cause and effect.

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johano (59) · 6 years ago (edited)

Powerful post, a clear eye-opener. Still not sure what will happen after the financial collapse. Governments might declare the possession of precious metals illegal, as history already has proofed.

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drakos (70) · 6 years ago (edited)

Indeed it's a worrying prospect. However, the people have evolved mentally since those days, awareness and communication are a far cry from what they used to be. If governments even dare to confiscate gold and silver, it will be their downfall. Another important thing is that since the gold standard was abolished, governments don't consider gold/silver as money anymore, so they have no reason to confiscate them. If we return to the gold standard, than they might confiscate in another time of crisis, i.e. a future plan to re-abolish it again lol.

johano (59) · 6 years ago

Thanks my pirate! I follow you.

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prlndra (44) · 6 years ago

It's posts like this that make me really consider taking something of the little bit I have (I'm young and saving yet) and dumping a good chunk into precious metals. But I have now idea how? Where can I buy silver and gold for cash? What are things to watch out for? Etc...

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drakos (70) · 6 years ago (edited)

There are plenty of online precious metal stores, APMEX is the largest in USA, Kitco in Canada (they both accept bitcoin too). It depends on your country though. Avoid pawn shops because they'll try to rip you off with premiums, i.e. prices well above the spot price. Also, I recommend you check if the store (online or not) is an authorized and trusted dealer.

prlndra (44) · 6 years ago

Alright sounds like good info to start on. Who "authorizes and trusts" said dealers?

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drakos (70) · 6 years ago

The mints have lists of authorized dealers. For example https://www.mint.ca/store/mint/customer-service/bullion-dna-dealer-locator-10900014
It's also a nice place to find a lot of dealers to choose from.

APMEX is listed under US dealers
Kitco -> Canada, US and Asia
Canadian PMX -> Canada
etc...

Also, know that the mints do not sell directly to individuals, but to their authorized dealers, who in turn sell the bullion to individuals. Take your time to shop around, prices vary greatly. For instance, Canadian coins will be cheaper from Canadian dealers, while they're more expensive at American dealers, and vice versa.

prlndra (44) · 6 years ago

What would your recommendations be on rare coins dealers (there is one near me). Are they a good place to start?

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drakos (70) · 6 years ago

I'm not into numismatic coins, only bullion.

prlndra (44) · 6 years ago

Thank you!

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ura-soul (75) · 6 years ago

The safest option is to evolve consciously such that we no longer allow free will and destiny to be limited by the amount of resources being held. The general capitalist model is one that literally motivates the survival mechanism to be directed towards hoarding and manipulation/exploitation such that 'the market' buys endless stuff it doesn't need. As soon as we stop competing, the remaining competitors gain ground and can do so to such an extent that they start to encroach on our ability to survive. The belief that life is powered by 'survival of the fittest' is flawed unless 'fittest' means 'most loving'. It is love that provides and protects, not the ability to kill and overpower others. When we cease every involvement with that which overpowers others and ourselves, our survival rate will 'go through the roof'.

It should be obvious that working together is superior and more effective to competition, but so many have been trapped by a low self worth that twists their thinking into believing that fighting is the only answer.. and thus we have our current world full of self created traps.

I just watched this video that shows something of the reality of our 'markets'

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goldrooster (69) · 6 years ago

I have 15% of my assets in physical precious metal so I am fine, but good to spread the idea of owning the metal (rather than silver and gold contracts).

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kerrislravenhill (63) · 6 years ago (edited)

Arrrh! So Captain @drakos when can we hang this man upon the Yardarm?

Jamie Dimon CEO of JP Morgan

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drakos (70) · 6 years ago

gray00 (57) · 6 years ago (edited)

I've never been a huge fan of silver. I can see the use case for gold more in the intimidate future as 10kg is put into each satellite . I'm a fan of holding gold. Say you want to carry around 500,000 in silver.. Well that is a big wheel barrel! 500,000usd @ today's gold price is 31.25 pounds. No problems! I told many people back when gold was 500usd/oz to buy it, but they didn't listen. I agree with you about inflation and the price of certain metals rising , I think Gold will have a higher ROI is all.

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drakos (70) · 6 years ago

I've been paying close attention to silver and also bitcoin since 2009. I like silver because historically it is money and it has a lot of industrial uses. It's so undervalued because of the price suppression. Some economists believe that in a decade or two, silver will surpass gold. On another note, I didn't cover bitcoin in this post, but it's another path to freedom because of its decentralized property vs the centralized fiat world. While gold and silver are a safe haven against financial turmoil (proven and tested), I think cryptocurrencies are also worthy for portfolio diversification. There are even a few cryptos backed by silver or gold, which is fantastic.

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gray00 (57) · 6 years ago (edited)

Yeah I was going to mention crypto but I figured this post was focused into the metal manipulation. I agree bitcoin/freedom based cryptocurrencies are fairly safe as long as you hold the key properly. The same as gold possession/silver possession, key possession mainly determines ownership

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anonyvoter (56) · 6 years ago

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thedamus (72) · 6 years ago

Damn! That’s the way you write a silver post!!!
😎👍

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pjcswart (65) · 6 years ago (edited)

Thanks for connecting on here! There is something magical about silver! My Gift To YOU https://roberthollis.com/mdcty

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creatingutopia (43) · 6 years ago

It is the in depth posts like these that make coming to steemit worthwhile day in and day out. Thank you for taking the time and effort to put this together!

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zipporah (64) · 6 years ago

What a wonderfully informative and sobering article, @drakos. I've been hearing whispers about the future of silver for quite some time, but didn't really understand the (not-so) complex particulars. Thank you for enlightening me. :) Now – if only I had enough of that deceptive paper money to buy up a whooole buncha pure silver.

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mcfarhat (70) · 6 years ago (edited)

so tis yer pirate side keepin an eye on silver .. Arrr :D
kidding aside, excellent perspective and write up !

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drakos (70) · 6 years ago

Yargh, me silver chest is hidden on a remote island.

sweettais (70) · 6 years ago

Thank you for the great post!
(Would be great if you take a look of my latest drawings;)

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cuddlekitten (55) · 6 years ago

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silversaver888 (72) · 6 years ago (edited)

Great post!

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kerrislravenhill (63) · 6 years ago

The Bloody Raven approves of this article.
Awarded the Bloody Raven JPMorgan GIF award.
Scuse as me gonna back up the ship.

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mcmedia (25) · 6 years ago

New era, new materials! Gold and Silver might retain their value but, from my point of view, it looks like other rare earth metals (Neodymium, etc) are the future.

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drakos (70) · 6 years ago

Gold and silver have a long history of being used as money.

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mcmedia (25) · 6 years ago

True that! On the other hand, traditional currencies also have a "long" history and cryptocurrencies are taking over!
From my point of view, if you want or can diversify your portfolio I would include rare earth metals. It will pay in the long run! Just remember the 2010 incident!

Cheers!

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stokjockey (70) · 6 years ago

We think alike almost at the Same Time Today. Nice J.P. Morgan Picture too by the way......................@drakos

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kerrislravenhill (63) · 6 years ago

The Bloody Raven approves of this article.
Awarded the Bloody Raven JPMorgan GIF award.
Scuse me gonna back up the ship.

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roobear541 (25) · 6 years ago

Really awesome post! Essentially if the current fiat system collapse we would go back to the gold standard and the value of gold will reset to much larger than what is trading at now. Don't have the exact calculations but this is the general idea because debt owed cannot all be defaulted.

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drakos (70) · 6 years ago

There has been several debt cancellations in the past (http://www.cadtm.org/The-Long-Tradition-of-Debt), so it's an option. Ideally a gold standard would stabilize the economy, but the return to it won't be an easy transition. All the fiat and credits must take a dive, with perhaps some debt cancellations worldwide (at least the poor countries). One thing for sure, a new monetary system is desperately needed, whether it's a full gold standard or something coupled with it (maybe blockchain technology), no matter what it is, it must be prevent future corruption and allow the people, not the bankers, to prosper like they did through the ages.

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roobear541 (25) · 6 years ago

Haven't heard of any major economy have debt cancellations, only smaller ones like Argentina, Greece, Jamaica etc... Going straight to a gold standard is unlikely, possibility in transitioning to gold and commodities over the years. I agree with a monetary system coupled with blockchain for security and transparent purposes.

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ssg-community (68) · 6 years ago

Hi @drakos

Excellent post. By far one of the most informed and well laid out ive read on this subject for a long time. It might well be my "go to" reference blog for a while.

Id also like to thank you for your delegation to @ssg-community, it was totally unexpected. THANK YOU.

I'm @welshstacker and if you want to reach out and have a chat on discord you can find me with welshstacker#1176, id love to get you more involved with our community of like minded silver/gold/precious metal stackers here on steemit. Ok, I think ive kept you long enough, hope to catch you soon.

regards

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drakos (70) · 6 years ago

My interest in silver goes back to a decade, I'm considering getting more involved with the Steem silver community and post more about it, since cryptos are on the slow side.

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https://steemit.com/curation/@buildawhale/buildawhale-curation-digest-11-16-18

nicnas (66) · 6 years ago

Your post had been curated by the @buildawhale team and mentioned here:

Keep up the good work and original content, everyone appreciates it!

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artseeker (41) · 6 years ago

Nice post just voted you as my witness, I saw how supportive you are to steemians. More power.

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even-odds (38) · 6 years ago

I really like the article. I just do not agree that the solution is to purchase silver. If those 150 million individuals buy silver the demand for silver would skyrocket and send the price up even more.

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drakos (70) · 6 years ago

That's the point, people are so uneducated about the value of gold and silver that when offered a choice between a chocolate bar and a bar of silver, they choose chocolate. This ignorance is what's helping keep precious metals suppressed, which makes the banksters happy. So yes, let everyone buy silver and prices will surge because of higher demand.

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handofzara (62) · 6 years ago

Welcome to #steemsilvergold

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steemitboard (66) · 6 years ago

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steemitboard (66) · 6 years ago

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zonedaniels (36) · 6 years ago

💪

Posted using Partiko Android

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