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The Corbett Report

Posted by silverngold @ 13:29 on March 4, 2018  

Indian State Bank Busted in $2 Billion Fraud

03/04/20180 Comments

It has all the elements of a Hollywood heist movie: A well-known jeweler-to-the-stars and his shady accomplice. A risky gambit to exploit a banking loophole. Inside help from a high-ranking official. A $2 billion swindle. And the whole house of cards crashing down in spectacular, front-page fashion.

But here’s the Bollywood twist: The well-known jeweler is Nirav Modi. The high-ranking official is Gokulnath Shetty, deputy manager of the Punjab National Bank. And the amount pilfered is 11,700 crore rupees.

For those not in the know, Nirav Modi is known as the bold upstart who bought up a slew of top-shelf diamonds in the depths of the 2008 economic crisis and made a fortune designing and selling his own line of “haute diamantaire” for the Hollywood glitterati. Read any rundown of the red carpet in recent years and you’re likely to read descriptions of Ms. So-and-so wearing a “dazzling Nirav Modi statement necklace” or some such twaddle.

But Modi’s zero-to-hero, “Mumbai boy makes it big” story came to a crashing halt last month when India’s Central Bureau of Investigation unveiled a complaint from Punjab National Bank alleging a multi-billion dollar swindle run by Modi and his business partner, Mehul Choksi. Soon, Indian authorities were sealing off Modi’s expensive properties, seizing his diamond inventories, and beginning a game of “Where In The World Is Nirav Modi?” that took several eyebrow-raising twists and turns, including the tidbit that his last known public appearance was at the World Economic Forum in Davos.

So what was the swindle, exactly?

Find out the details of India’s largest-ever bank fraud and what it could mean for the future of our biometrically-“secured” banks of the future in this week’s Corbett Report Subscriber newsletter.

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Posted by Buygold @ 10:02 on March 4, 2018  

Silver Looks Way Better Than Gold Right Now

Normally the action in the gold and silver futures markets tends to be pretty similar, since the same general forces affect both precious metals. When inflation or some other source of anxiety is ascendant, both metals rise, and vice versa.

But lately – perhaps in a sign of how confused the world is becoming – gold and silver traders have diverged. Taking gold first, the speculators – who tend to be wrong at major inflection points – remain extremely bullish. Commercial traders, meanwhile – who tend to be right when speculators are wrong – are extremely bearish, with short positions more than double their longs. Historically that’s been a setup for a big drop in gold’s price.


Morning Mr. Copper

Posted by Buygold @ 8:07 on March 4, 2018  

Yeah, I guess the author could be a pro globalist, trying to spread fear of  trade war. ZH is definitely the bear/fear site.

I agree the U.S. has very little to lose and has already been losing in trade for decades.

Obviously by “investors” the author means stock market investors. As always, some investors will be winners and some losers. I’d see trade wars as inflationary so I hope us goldbugs would be winners.

One thing for sure, when the EU, Wall Street, Corporations and other globalists are critical of policy it’s probably a good thing for the US citizenry.


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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.