Utah – Gold and Silver Now Legal Tender

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Utah has become the first state to bring in gold and silver as legal tender. Another small step away from fiat currency as people’s confidence in the monetary system breaks down. 

After months of public outcry over Washington’s out-of-control fiscal and monetary policies, Utah Governor Gary Herbert signed into law Utah House Bill 157 Currency Amendment allowing gold and silver bullion as legal tender within the state to settle retail transactions and debts.

Though several other states have proposed similar legislation, Utah becomes the first state of the Union to actually pass a law providing ammunition to fight back the ill effects of the Federal Reserve’s malicious debauching of the U.S. dollar.

The symptoms of rapidly rising costs of life’s necessities can be directly attributed to 10 years of money supply growth, not seen since the disastrous 1970s.   As of April ’02, M1 money supply has skyrocketed 77 percent to $2.22 trillion for April of this year.

……

Other states may soon follow Utah’s watershed legislation—and quickly.  In its annual World Economic Outlook publication, the International Monetary Fund (IMF) noted that a Eurozone breakup could rapidly disintegrate into a “full-blown panic in financial markets and depositor flight.”

 

Source: EFTDailyNews

Use of Gold Dinars and Silver Dirhams Growing Across Asia

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When fiat currency get debased and confidence gets eroded, eventually people will use real assets for trade. In Asia there is a growing trend to use gold dinars and silver dirhams. Eventually we will see this grow globally. The practical use of metals which can’t be debased can only hasten the end of the dollar and other fiat currencies that are being debased at an increasing rate. During the last great bull run for precious metals in the 70s, there was mainly demand from US citizens. Now we are seeing demand globally.

 

SGT report as follows:

I just received an update from reader and physical precious metals stacker Dean Arif, the Program Director of Dinihari Dinar (The Dawn of the Dinar) in Malaysia.

Dean reports that the use of physical gold and physical silver in the form of gold dinars and silver dirhams, has spread from Malaysia to Indonesia and has now gone viral in Singapore, Brunei and Philippines!

Dean writes, “The silver dirham coins will unite the people of this region (Southeast Asia) as the dirhams from Indonesia can be used in Malaysia and the ones from Malaysia can be used in Singapore WITHOUT THE NEED FOR THE MONEY CHANGER’S fiat! And the coins follow WIM (World Islamic Mint) standards (consistent weight, purity and size), so they are fully interchangeable anywhere in the world, making it a true global mode of payment.

If you don’t think that’s bad news for the Central Banking criminals, check this out. Dean reports that exchanging physical silver for everyday goods is simple, and one ounce of silver – while still representing a ridiculous 50 to 1 silver to gold ratio – goes FAR. There are 31.1 grams of silver in one troy ounce, so 1/10th of an ounce, around $3.10 in silver value (USD) will buy 5 loaves of organic wholewheat bread.

 

South Carolina Report Mentions Silver Manipulation

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While South Carolina investigated investing in silver, the South Carolina State Treasury Department was asked to conduct a study into whether or not the State should invest State Pension funds in gold and silver. The following lines were in the report outlining the silver manipulation by the Fed, JPMorgan etc.


Similar to other commodities, the value of gold and silver is determined by supply and demand as well as speculation. The Federal Reserve, The London Bullion Market Association, JP Morgan Chase, and HSBC Holdings have practised fraction-reserve banking and enganged in naked short selling causing artificial price suppression.

Silver Manipulation Attempt Fails

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Excellent news for Silver when a paper contract attack on silver price failed. The cartel dumped 102.5 million ounces in paper silver over 7 minutes in an attempt to manipulate the silver price down but failed.

Silver has put in a monster rally this week, and much to the cartel’s dismay, was preparing to close the week above $35.50 today, preparing a break-out next week that could potentially fill the gap from the September smash to $40, and see silver off to the races back to challenge the all-time nominal highs near $50.  Obviously, the cartel stepped in with a massive paper raid to prevent such a bullish weekly close.
That’s where things got interesting and likely induced more than a few Myocardial Infarctions today among JPMorgan execs.
Check out the following price and volume chart screen shot on this 1-minute silver chart courtesy NetDania.
Notice the massive volume that began at approximately 14:47, with 4,000 paper contracts dumped on the market in a single minute, followed by 2,500, 1,800, 3,200, 3,000, 2,900, and 3,100 over the next 6 minutes.

 

Using History To Value Silver

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Excellent video to help establish the true value of silver. Taking examples from the past history, 1 days labour(12 hours) was equivalent to 1/10th ounce. By todays money if you take average wage of $8 per hour then

$8 x 12 hours = $96 (1 days labour) <=> 1/10th ounce.

=> $960 per ounce.

 

Silver Shortages

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KingWorldNews did an interview with a London trader on the shortage of physical silver. The help with filling orders the SLV has been tapped.The trader was quoted as saying

“It is so tight, the silver market is so tight that we’ve been waiting three weeks plus, before this takedown, for deliveries of size to arrive.  I’m talking about tonnage orders.  This is also key, most of the silver being delivered was refined after the orders had been placed, and again, that was before the takedown.  You can just imagine how long the wait times will be going forward.”

There is nobody in COMEX silver contracts anymore, other than casino players.  The only way they have been able to keep silver depressed is by borrowing silver from SLV to meet immediate demand.  That’s the only reason silver isn’t trading $10 to $15 higher right now.

There isn’t enough silver for investors to buy (in large amounts) so they have been using SLV as a flywheel.  SLV is over 20 million ounces short on the silver they are supposed to have in the vaults to back the shares which have been issued.  The silver isn’t there.  So there are people who purchased SLV to own physical silver, but all they have is shares that aren’t backed by the physical silver.

… on manipulating prices…

Part of managing the price of silver recently has been for the central banks to attack the gold market.  But what is interesting is how this manipulation of the gold price was effected.  Obviously, the bullion banks, which are working with the central banks, have inside knowledge as to the timing and just how much gold is going to be available to them. 

So, in order for the bullion banks to maximize the effect of the physical gold they get from leasing, they add high scale paper leverage.  They then short-sell just enough tranches of COMEX contracts to surgically take out three important support pivots….

What tactics are used to suppress physical demand?

“Each of those important support pivots that everyone is watching, like the 50 day moving average and so on, each one of those are taken out in the access market in the quiet trading, overnight, on three successive days.  In other words, they take out these three important pivots, which turns the momentum buyers into sellers.  It also gets a bunch of funds to start selling as well.

So using as little ammunition (physical gold) as possible, and in thinly traded markets, they take out these pivots.  They smash the price, but leave just enough physical gold for going into the fixes because the smart buyers are saying, ‘I’ll take it at this price.’  So, as we go into the fix, they’ve provided just enough physical to satisfy as many of those buyers as they can.  They then smash it right after the fix, again, with paper. 

That’s what’s happened with gold and it’s the reason it has been manipulated down to these levels.  It’s the only way they could do it, and it’s a sign of absolute desperation when central banks are willing to risk giving bullion banks gold they will never, ever receive back. 

..and of course China is taking advantage of cheap prices and taking delivery as should YOU.

These central banks had to be in desperation to allow this borrowed gold to be absorbed by foreign entities.  They needed to raise dollars in a hurry and they are extremely afraid of gold going through the roof.  I was very, very surprised they got as far as they did (driving gold lower).  They had to use an awful lot of gold to do it.”

Anyone For Physical Silver ?

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Above ground Supply in Months –

1950 – 140 months supply
1970 – 70 months
1990 – 55 months
2010  -11 months
(700 million ounces of above ground silver ounces)

This translates to a 93% collapse in global inventory

Where Silver goes

Electronics
1999 100million oz
2011 250 million oz

Solar
1999 not reported
2010 75 million oz
2014 130million oz projected.

Investment
1986  10million oz
2010  35million oz

a new mine takes 10yrs from discovery to product an oz.

Nevada produced
1997 25 million oz
2010 7.3 million oz

COMEX trades of paper silver are 100 times physical silver
1bn oz per day traded in paper

So have you got yours yet?

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