OASIS FORUM Post by the Golden Rule. GoldTent Oasis is not responsible for content or accuracy of posts. DYODD.

It’s my new diet plan!

Yeah it was, even with the Greek crisis, the USD down, etc. we still can’t catch a decent bid.

Seems like 10 years ago at least gold reacted to what should have been positive news, but anymore nothing is positive. God forbid the shares ever catch a bid for any reason.

R640 – you’re right about the malaise. The only thing that would surprise me  would be if we actually had a big sustained move higher.

The criminals completely own us.

Greek Supermarkets Begin To Resemble Those Of Venezuela

http://www.zerohedge.com/news/2015-06-29/greek-supermarkets-begin-resemble-those-venezuela

http://finance.yahoo.com/news/eldorado-gold-says-no-impact-190202440.html

What a disappointing day this was. I am disgusted. The Liars and cheats are firmly in control.

Seems like this Greece crisis is being seen as deflationary is what current reaction you see at the moment. Euro up gold down and dollar?

Looks  like the funds mismanagers are up to no good again. Seems to me thats a breach of fiduciary duty to the share holders. So the greedy high yield holders he now wants to save want their cake and eat it to, and now run to the less riskier to absorb their losses for them. The game of musical chairs begins. Sounds criminal to me.

Me too, not trading for a long long time. Too many false breakouts. Very strange erratic market action. It seems like an all news and or auto electronic buying and selling. No real people involved.

The jerks that run everything are DREAMERS. Just like John Lenin said in Imagine…..You may think I’m a dreamer, but I’m not the only one.” Yes, him and TPTB that probably gave him the political words to build a hit song around.

Propaganda, decades of it. Catching up to them finally. It’s time to be happy. 🙂

OI in comex AG is @ 1 billion Oz…….despite all that is going on, they kept it down on the day !!!!!!!!

R640

Agreed we all have to have some extra skin in this one…..it surely is the end times for the EU thugs…..the UK has a vote coming up…in/out and when we see just how contemptuous/scared, they are of Democracy, that may well swing it, for the outs.

The European banking system as a whole is leveraged at over 26 to 1. That’s the ENTIRE European Banking system leveraged at near Lehman levels (Lehman was 30 to 1 when it collapsed).

To put this into perspective, with a leverage level of 26 to 1, you only need a 4% drop in asset prices to wipe out ALL capital. What are the odds that European bank assets have fallen 4% in value in the last two years?

The European crisis is not over. And when the next round really hits, whether it be from Greece leaving the Euro or some other issue, both capital and border controls will be implemented.

Fast forward to today and the EU banking system is indeed imploding and capital controls are already underway with border controls to follow (once people start trying to smuggle physical cash across the border).

The real issue is just how much collateral will disappear when Greece goes bust. Because whatever happens in Greece will be used as a template for much larger problems AKA Spain and Italy.

Spain and Italy, by comparison, have €1.78 trillion and €1.87 trillion in external debt respectively.

That is a heck of a lot of collateral that would be in BIG trouble in the event of a bond crash for either country.

The next round of the great crisis is approaching. 2008 was A Crisis… what’s begun is THE Crisis.

http://www.zerohedge.com/news/2015-06-29/next-round-great-crisis-has-just-begun

The Euro Crisis
Alasdair Macleod
June 29, 2015

Make no mistake; the Greek crisis is a euro crisis that threatens the solvency of the ECB itself, and therefore confidence in the currency. Before going into why, a few comments on Greece will set the scene.

Last weekend it became clear that Greece is heading for both a default on its government debt and also a failure of its banking system. With the benefit of hindsight it appears that the Greek government was unwilling to pretend that it was solvent and extend its financial support as if it was. The other Eurozone finance ministers and the troika were not prepared to accept this reality.

There is no immediate benefit from debating why. What matters now are the economic and financial consequences, which are basically two: the Eurozone’s banking system is very fragile and cannot absorb any sovereign default shocks easily, and the ECB itself now needs refinancing. Let’s concentrate on the ECB first.

The losses the ECB face from Greece alone are about twice its equity capital and reserves. The emergency liquidity assistance (ELA) owed by Greece to the ECB totals some €89bn, and the TARGET2 balance owed by the Bank of Greece to the other Eurozone central banks is a further €100.3bn, which at the end of the day is the ECB’s liability. The total from these two liabilities on their own is roughly twice the ECB’s equity and reserves, which total only €98.5bn. Given the likely collapse of the Greek banking system and the government’s default on its debt, we can assume any collateral held against these loans, as well as any Greek bonds held by the ECB outright are more or less worthless.

The ECB has two courses of action: either it continues to support Greece to avoid crystallising its own losses or it recapitalises itself with a call upon its shareholders. The former appears to have been ruled out by last weekend’s events. For the latter a rights issue looks challenging to say the least, because not all the EU national central banks are in a position to contribute. Instead it is likely that some sort of qualifying perpetual bond will be issued for which there should be ready subscribers.

How this is handled is crucial, because there is considerable danger to the ECB from the instability of the whole Eurozone banking system, which is highly geared and extremely vulnerable to any reassessment of sovereign credit risk. If you believe that the Greek crisis has no implications for Italy, Spain, Portugal and even France, you will rest easy. This surely is how the ECB would like to represent the situation. If on the other hand you suspect that the collapse of the Greek banking system, plus their sovereign default, together with a knock-on effect in derivative markets, have important implications for euro-denominated bond markets, you will probably run for the hills. The latter being the case, highly geared Eurozone banks are likely to face difficulties, and they will affect the ECB’s own holdings of all bonds, both owned outright and held as collateral against loans to rickety banks.

In short, the ECB’s balance sheet, which is heavily dependent on Eurozone bond prices not collapsing, is itself extremely vulnerable to the knock-on effects from Greece. As the situation at the ECB becomes clear to financial markets, the euro’s legitimacy as a currency may be questioned, given it is no more than an artificial construct in circulation for only thirteen years.
In conclusion, the upsetting of the Greek applecart risks destabilising the euro itself, and a sub-par rate to the US dollar beckons.

Alasdair Macleod
June 29, 2015End note on gold

This week should see the dollar strong against the euro and the euro price of gold can be expected to rise. The extent to which these happen may depend on whether or not central banks intervene. For what it’s worth last time this happened (over Cyprus February 2013) Europeans were reported to be requesting physical delivery against their unallocated gold accounts. The following April a co-ordinated bear raid of unprecedented size pushed the gold price down from $1580 to a low of $1183. The purpose of the raid was to disabuse investors of the safe-haven trade, in which it succeeded.

There is little such appetite for gold bullion today so a similar move is probably viewed by central banks as unnecessary; but if the gold price was to move significantly higher attempts to defuse the rise are less likely to succeed because there are very few sellers in western markets and the short positions on Comex in the Managed Money category start at record levels.

The apathy on this forum is huge-very quiet in here–and it is thoroughly understandable-I,too, am totally washed out on G&S…but, like a zombie, reflexively bought some “what if” positions today…with no confidence in them and a 50% stop loss-they are Aug options on NUGT & SLV…I haven’t had a trade on for over a yr…

Its a square peg in a round hole. None of the masses of citizens in each country wanted to join or merge their country with another country that has “baggage”. There is no advantage for it. Unless your country is the “baggage”. And now its getting obvious.

That integration, intended for wealthier countries to support poorer countries, was only an advantage for wealthy business tax payers. Less taxes for wealthy if the better off under dogs support the other under dogs.

Plus, ONE chief for the whole union, and several “chiefs” for the whole world. A grandiose idea that is FAILING and going backwards. Forget Arab Spring. Its a whole Global Spring gradually unfolding. Like a heart transplant rejection.

Here Comes Puerto Rico Monday – Next Greece-

All governments follow the same model and this is BIG BANG, where government debt at every level will begin a death spiral

BIG BANG is being furthered by the worst collapse in liquidity I have ever witnessed in my entire career.

Posted on June 29, 2015 by Martin Armstrong

Puerto-Rico

The smart money smells a rat. Capital has rushing out of long bonds since May and pouring into the very short-term federal paper pushing rates back negative to the crisis level of 2009. BIG BANG is being furthered by the worst collapse in liquidity I have ever witnessed in my entire career.

Puerto Rico is set to release a key report on its financial stability Monday, and its Governor, Gov. Alejandro Garcia Padilla told The New York Times that the island would probably seek significant concessions from as many as all of its creditors because “the debt is not payable.”

Puerto Rico is the next Greece where the “vulture” investors bought their bonds back in 2013 when its roughly $70 billion in outstanding debt suffered a huge plunge in bond prices over the summer.

All governments follow the same model and this is BIG BANG, where government debt at every level will begin a death spiral. Governments since World War II have borrowed continuously never managing anything properly. They have just assumed that the great herd of taxpayers had deep pockets that were endless. This attitude is causing the collapse in Socialism whereas all the promises of pensions cannot be maintained. The majority of people assumed that working for government was the safest. They are now starting to see that it is the worst of all for you cannot even prosecute them for mismanagement and fraud as you would if a private employer pulled the same nonsense.

Puerto Rico is set to release a key report on its financial stability Monday, and its Governor, Gov. Alejandro Garcia Padilla told The New York Times that the island would probably seek significant concessions from as many as all of its creditors because “the debt is not payable.”

Puerto Rico is the next Greece where the “vulture” investors bought their bonds back in 2013 when its roughly $70 billion in outstanding debt suffered a huge plunge in bond prices over the summer.

All governments follow the same model and this is BIG BANG, where government debt at every level will begin a death spiral. Governments since World War II have borrowed continuously never managing anything properly. They have just assumed that the great herd of taxpayers had deep pockets that were endless. This attitude is causing the collapse in Socialism whereas all the promises of pensions cannot be maintained. The majority of people assumed that working for government was the safest. They are now starting to see that it is the worst of all for you cannot even prosecute them for mismanagement and fraud as you would if a private employer pulled the same nonsense.

An Inadvertent Warning From BlackRock – Get Your Money Out Of Mutual Funds ASAP
Tyler Durden on 06/29/2015 11:00 -0400

BlackRock has already arranged credit lines from banks to cover the possibility of a redemption stampede from its riskier funds. It’s clear the elitists running BlackRock now foresee events coming that will trigger a redemption run because the fund company is seeking SEC approval for the ability to take cash from funds with cash and lend that cash to funds that will need cash when the redemption rush begins.

Rather than let the market decide the value of the investments in BlackRock’s riskier funds, Larry Fink is going add even more leverage to the equation by enabling riskier funds to take on debt in order to avoid having to sell positions into a market that won’t be able to handle the selling. This adds yet another layer of fraudulent intervention to a system that is ready to blow up from what’s already been done to it.

And let’s not forget, as I pointed out last summer, that BlackRock funds are already riddled with OTC derivatives, which is why Vice Chairman Barbara Novick has been running around Capitol Hill working to get a bailout mechanism in place for the Depository Trust Company’s derivatives clearing unit.

BlackRock Changes The Rules Of The Game Because Of An Outcome It Fears

This move will, in effect, transfer a portion of the risk of BlackRock’s riskier mutual funds – derivative-laced high yield and equity funds – to its more “conservative” funds, like high grade, short duration fixed income funds.

BlackRock

Anyone who invested in less-risky funds did so with an understanding of the definition and risk parameters of the funds at the time of investment. But now BlackRock is changing the rules and risk parameters of those funds by exposing them to the counterparty risk of the riskier funds in the BlackRock fund complex which will be able to borrow money from the less risky funds.

http://www.zerohedge.com/news/2015-06-29/inadvertent-warning-blackrock-get-your-money-out-mutual-funds-asap

I know everything-at least here in the u.s. appears contained…but there is still a chance it could all slip out of control ‘round the world…the fact that they haven’t crashed gold today is a plus…we got three days of trading here-our mkt is closed Friday–one of which is the jobs report on Thursday….this situation will certainly be a do or die test for the CBs—if they can keep the paper mega derivatives tower afloat, it will be quite an accomplishment

Although gold is comatose today—Having some exposure “just in case” is a must…imo

Well, we had loads of credit. No down payments, bad credit no credit ok, and look what happened? The world stopped spinning. In summer ’08.

Mr. Copper says…”With too much credit the world will stop spinning” because that is what actually happened after summer 2008, with my observations.

The 9/11 attack was planned to strike during an economic slowdown. When little George was campaigning, the slowdown had already started during the end of Clinton. (add Y2K, dot com implosion after March ’00)

Rather than let the enemy get any satisfaction collapsing our economy, the “bozos” pushed rates down hard and fast to stimulate, and it WORKED. Every street in my area had contractors working on houses. New siding windows etc. Everybody bought new and leased new cars etc.

Bottom line? Everything got over bought. Things that would have been bought over time gradually five years in the future for example were bought up front, SOONER rather than later. The Bozos borrowed from the future.

Unfortunately, because of that, we are now in the future, and nobody really needs anything. 🙂

Maddog – who needs earnings anyway?

Ipso – seeing pm’s perform this way was the easiest call on the planet. What do you want to bet some T/A guy says today’s move “is all in the charts”. I’ll be monitoring Kitco, because as usual their commentary will be right on the mark.

Dialogue was quickly created and circulated by the media to the effect that investors wanted to raise cash and exit all “risky assets”–absurd as that notion is regarding gold–but that’s what they went with

I don’t think that will be possible this time–so no gold crash IMO–but the only question is can they keep gold down–and so far it appears they can–but thursday is the monthly employment report–lets see what the set up is with the greek crisis late wednesday

Loves Old Sweet Song [with collage of old Dublin street scenes circa 1903 and James Joyce & Nora Barnacle]

Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion

European investors are increasing purchases of gold as Bloomberg reports, Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement.As one Frankfurt-based bullion dealer noted, “most of our common gold coins are sold out, when people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.”

Emailed statement from UK Mint…

“During June, we experienced twice the expected demand for Sovereign bullion coins from our customers based in Greece,” accord. to e-mailed statment from U.K. Royal Mint.

more http://www.zerohedge.com/news/2015-06-29/gold-tumbles-despite-uk-mint-seeing-europeans-rush-buy-bullion

calls BS on the POG

http://quotes.ino.com/chart/?s=NYBOT_DX

Ridiculous!