Sunday, March 24, 2013

GET OUT!

Cypriots yesterday
And STAY OUT! At least that seems to be the feeling of the mob. Whether or not the EU is willing to collapse their stake in Cyprus hinges on whether the PTB feel they've milked enough from the peeps. One thing is certain, the damage to the delusion that your bank protects your accounts has been destroyed in the peripheral countries of the Eurozone. There are no doubt bank runs occurring in every peripheral country in Europe now. Slovenia is in a bank run now and will require a bailout soon. Contagian is a bitch. Their is very likely a large amount of IMF money needed to put a plug in this leak and it will be on its way which means more Fed printing. Of course this information will be on the "back page" of the "Bail In" deal. 

This deal will be spun as "another save" and lauded as "inventive" and important as a resolution to the "banking crisis" that really wasn't a crisis just prior to it becoming suddenly a crisis. Here is the bottom line.....The Eurozone MUST save the CONfidence factor by insuring the under 100K depositors with the "deal". THE PROBLEM IS.........they already let the genie out of the bottle with the initial "bail in deal". Peeps are now clued in....and know the bankers will steal their accounts. The most conservative investment in the Peep's mind was "money in the bank" and now that is no longer safe. What would you do next week if you had money in the peripheral country's banks? What do you think the Banker's will do? 

 Here is the key....They (bankers) will implement CAPITAL CONTROLS. They will have no choice or it will make a giant sucking sound as money from every account in Cyprus evaporates in a blink of an eye. Remember....."fiat" is "digital" now.... But it gets even better. Watch for the contagian and this is why there is fear in the heart of all the bankers tonight. If this genie is working its way out of the other peripheral accounts tonight then money is moving into every safe haven available and out of the peripheral's banks. This instability is disastrous if it develops and "capital controls" will be evident fairly rapidly outside of Cyprus. This will require the headline price of gold to be held in check tomorrow. Let's see how it holds.

MSM will be painting this with every coat of candy cane pink they've got tonight and tomorrow. Rally caps on gang. gl


88 comments:

  1. Sounds like they've reached a tentative agreement, devil's in the details. Like you said Kli, lots of folks are going to be hittin up their bank over the next few weeks...better order more burial tubes lol

    (Reuters) - Cyprus, the European Union and the International Monetary Fund have agreed a new plan to try to resolve the island's shattered banks and finance a rescue of the country, EU officials said early on Monday.

    The proposal, which will now be put to euro zone finance ministers for approval, will involve setting up a "good bank" and a "bad bank". It will mean that Popular Bank of Cyprus, the island's second largest bank which is also known as Laiki, will effectively be shut down.

    Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus, the country's largest bank. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debts. It remains unclear how large the writedown on those funds will be. No charges will be incurred against any Cypriot bank account with less than 100,000 euros in them, the officials said.

    The plan is likely to mean very heavy losses for uninsured deposits in Laiki, which has suffered since writing down the value of its holdings of Greek government bonds last year. One of the officials said shareholders and bondholders in Bank of Cyprus would be part of the "bail-in", with those investors receiving equity in the bank in exchange. One potential complication that will have to be resolved concerns the provision of emergency liquidity assistance (ELA) to both banks by the European Central Bank.

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  2. I thought this was going to be the out come tonight. The Weekend fix before the markets open. How predictable and how many times have we seen this over the last 5 years? This time I did something about it. This time I was going to make money on this. I have sat and watched the Euro soar on these deals in the past and I was not going to sit here are see the the same thing play out like it always does. So I opened a Forex Account last week and funded it. And on Friday I went long the Euro. Tonight I'm smiling, I've already sold. And I will bide my time until the crisis that can't be fixed or patched and the violent Euro will crumble again only to once again have the weekend fix. So Tomorrow I'm going to the coin shop and load up on Gold and Silver. Thank you Europe!!! Thank you Fed's

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  3. Either a quiet "back door" deal is made to placate Russians or they can order they will be signing their death warrants. My guess is the Russians will be treated just fine

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  4. http://rt.com/news/berezovsky-tycoon-dies-russia-723/

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  5. Watch the ELA.......it MUST be funded by the Fed through the IMF or through a swap dark pool........therein lies the treasonous aspect of the "deal" for the U.S....of course funding Russian oligarchs should be nothing new for us.

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  6. http://www.zerohedge.com/contributed/2013-03-24/importance-owning-your-own-bullion

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  7. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/24_As_The_Wealthy_Panic_We_Will_See_Tsunamis_In_All_Key_Markets.html

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    1. a better late than never epiphany

      "It has been said that staying wealthy is much harder than becoming so. The truly wealthy are about to relearn that lesson.”

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  8. Good for you Matt Duncan...so far one Fr. lawyer, one Italian banker and one exiled Russian businessman within 2 wks.

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  9. Gold is holding nice tonight. Was hoping for smack down. Might not get it but that's okay too. Thing with holding gold and silver it's a win, win either way. If it goes up I'm happy if it goes down I'm happy to buy more. And it stacks better than paper. ;o) Thanks for the info Kli

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  10. It's so good to have this issue resolved, as the markets can now resume their march towards new all-time highs! It's great to be living in such prosperity and having high-caliber leaders in the US and Europe who are able to solve all our problems.

    I can't find my TV Guide, does anyone know what the time the next episode of American Idol airs this week? With Cyprus now out of the woods, I can turn my attention to more important matters, like millions of my fellow Americans.

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    1. yes bud.....that is precisely the script....the question is whether its working....once the point of absurdity is completely crossed then all hope of retaining CONfidence is lost. Are we to the point of complete absurdity....how many times can we cross the line and come back???...hehhehehee.......

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  11. http://www.telegraph.co.uk/news/worldnews/europe/russia/9951385/Berezovsky-did-not-kill-himself-Litvinenkos-wife-says.html

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  12. Looks like this morning things are flying high. The DAX is over 8k??? Wow is that a record high? Gold is just hovering above 1600 I think the big boys take us under 1600. They have to make this whole deal look good and have Jim Sinclair not. Ha! But I will be buying the dip either way. I love the game! It's really not so hard when you know who the players are. The key is never get greedy. GL everyone it's going to get bumpy.

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    1. Matt you "dirty dog"......hehehe.....look at that gold ...DOWN goes Frazier.......this is playing out to my scenario I gave 6 weeks ago and to Sinclairs discussion on KWN........so lets see if they come up hard this week off a "brief" sub 1600 move......should be fun....and yes I'm buying some bullion too.

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    2. I bought some....just because I like elements...elements of surprise are cool...

      good trade Matt Duncan..way to play the bankers..I've been doing same with any gains in bios then buying physical...so in one way im mixing biology and geology which is 6 credits right there....school of hard knocks...

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  13. Gold down 18 pre market...now recovering to only down 8.....silver now green.......methinks today may get fun....I'm in Matt's camp hoping for a longer beatdown this AM......no bullion buy yet

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  14. Sold the pop on the Euro late yesterday. Love those silly moves :) Don't think gold will be under $1600 for long, hell it's barely below it as I speak.

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  15. Bob Pisani gushing on Dollar General....He is gushing on a "poverty story".....can you imagine the irony of it all.....THE MIGHTY NYSE is proud of a "poverty story" of the once proud U.S. economy pumping a Dollar General as some kind of positive story......hehehehe....well Red....maybe Alpo will be their next story on CNBS

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  16. Look at the Euro. Down She goes. Stocks well off their highs too. Someone is smelling the stink as they should. This one is hard to swallow. The Banksters are going to have to come out and sell this deal better than they did or all hell is going to to break loose. The only thing I don't know is "if" Russia got a back door deal for them? Guess will find out..

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  17. Gold is FROZEN on 1596 must be max pain for OPEX today....heheheheh

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  18. Jason Trenart just on CNBS ..a total bull just stated there is a one in a million chance this entire pump cannot end badly.....but he said until it does just ride the money printing. ....EVEN the shills are laughing at it all....be careful all of you believing this goes for a long time......

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  19. Euro collapsing now gold and silver trying to rally market is now red and Russia preparing to send out polonium cocktails to Eurocrats.......hmmmmmm....all looking normal to me

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  20. Capital Controls ARE a big deal......this will tell ALL the peeps including big money peeps that they are screwed. Watch how quickly this creates contagian....I do NOT see a choice the bankers have here either....without capital controls placed they could face a collapse in just days.....with capital controls it buys them a little more time but not a ton.

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    1. Yup yup... this is far from over.

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    2. Waiting for Archduke Alpo event.

      Dollar General, because there are some markets WalMart won't even enter.

      Wall Street playerz just realized who this seasons muppets are.

      "There can be only one"

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    3. "Capital Controls ARE a big deal" Ya think! Evil Bastards...... This is nothing more then herding cattle to slaughter cept you ain't getting a nice T-Bone at the end your just getting boned in the end!

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    4. this would work

      http://blogdogcicle.blogspot.com/2013/03/canary-islands-update-el-hierro-41m.html

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  21. http://www.silverdoctors.com/cyprus-wealth-grab-the-big-tell/

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  22. Gold
    1,596.10
    -10.10
    -0.63%

    Looks like Cyprus has a deal.

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  23. “In my opinion, you have to be wildly optimistic to believe that corporate profits as a percent of GDP can, for any sustained period, hold much above 6%." Who said this?

    Yet, today profits are 11% of GDP. The above was said by Warren Buffett in 1999. Except for brief periods the above has been true historically.

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  24. gold turning green.....missed the bullion buy

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  25. this can turn very ugly this week....taking the deposits and capital controls is extremely dangerous for the system.

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  26. From SD Reader tzy:
    Another letter from Cyprus :
    A friend from Minneapolis has a son who is in Cyprus now. Here is an email that he wrote home, describing the chaotic situation there:
    Hey fam! Things are getting pretty crazy over here in Cyprus. I don’t know if you guys have been watching the news or seen things online, but Cyprus is on the verge of economic collapse.
    Over the past 5 years the Cyprus stock market has lost 98% of its value and the country has recently entered into a severe economic crisis, considered worse than Greece, Italy, Spain, Portugal etc.. As of last week the two largest banks in the country have completely shut down and froze all wire transfers out of the banks. Walking outside every day this week I have seen massive lines of people at the ATMs trying to withdrawal the maximum amounts. Today there was a man who was trying to get money out and when he realized it was out of cash he shook the machine violently and punched the display while cursing in Greek. If these banks go under (and this may happen) ALL money and all deposits will be lost, which will completely destroy the economy and way of living here.
    Last week the European Central Bank offered a multi-billion Euro bailout package to Cyprus in exchange for a massive tax on all civilian bank accounts in the country. If this goes through (and I hope to God it does NOT) It will also devastate the economy and cause a giant run on the bank. Cyprus has also looked to Russia for help because Russians hold tens of billions of euros of investments in Cyprus (and the majority of bank deposits), however, Russia declined.
    As it stands now, nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employees OR pay for the stock they receive because the banks are closed. If the banks remain closed, the economy will be destroyed and STOP COMPLETELY. Looting, robberies and theft are already on the rise. If the banks open now, there will be a massive run on the bank, and the banks will FAIL loosing all of its deposits, also causing an economic crash. TONIGHT there are demonstrations at most street corners and especially at the parliament building (just 2 miles from me).
    Many are thinking that the ECB and EU are allowing Cyprus to fail as a test ground for new financial standards.
    Just wanted all you guys to know the real story of whats going on here. Prayers are appreciated (although this is very interesting to watch) many of my local friends have lots of money in the banks.

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  27. "As it stands now, nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employee"

    Lesson to be learned.......

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  28. "As it stands now, nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employee"


    I doubt this could happen in America. There would be riots in the streets.

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    1. Jay.....this is exactly what may happen in the U.S. with a collapse in CONfidence...and yes.....there would be riots in the streets......and worse

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    2. Jay,

      For two days after Sandy, cash and carry only..... No power, no internet no CC or Debit Cards. Could it happen here, I believe so, why not? Go talk to the bond holders of GM & Chrysler I'm sure they might think so..... did you ever think you would be fined by the Feds for not buying Health Insurance? How bout to big to fail or jail for that matter...... How bout the folks at MF Global what do you think they might say?

      TPTB crossed the line and it has been NOTICED!

      Will there be riots if so, yup why do you think DHS is arming to the teeth along with creating an ammo shortage.... What about the urgency on gun control with all its redefinitions and contortions that it will be near to impossible to be within the law if you own one......

      Kli is spot on here and if anyone thinks otherwise they are fooling themselves, its only a matter of time.......

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  29. Phil Davis wrote again today about the wealthy 1% being attacked. It is the large depositors in Cyprus that are having their money taken.

    I would think that this WILL occur someday here in the USA. If the USA needs money, they will come for the people that have it. I am hoping Jim Sinclair is right, and that we have 2 years.

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    1. He is "hoping" we have 2 years.....I think they close the door in a year

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  30. Bottom line....Cyprus IS a game changer...the fuse is lit......I DO NOT CARE WHAT the MSM is saying or is going to say the next few days.....ANYONE with over 100K in banks in Europe is moving that money out NOW! Its GAME ON now and it is not going to stop......There are a lot of people with 100K that have enough brains to figure this message out LOUD AND CLEAR......Capital controls coming to a bank near you soon!

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    1. Nothing like a crisis to crystallize one's power and control...rip out the umbilical chord and the peeps will beg for help.......implement the next supercycle intial stage and wash rinse repeat.......

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  31. Had a very wealthy friend with business in Italy call me...should I get my money out of there except enough to pay salaries? If I were in that position, I sure would. And I wouldn't bring it here...Switzerland and Germany come to mind...any other suggestions? He said maybe Venezuela, but I would certainly not trust that kind of country altho their money has already been devalued.

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    1. good luck getting it out...let me know how that works for him

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    2. that is one advantage to bitcoin right now and that is why its exploding......you can move money cross borders electronically........I just don't trust it....

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    3. kli: Just wait til hackers crack into bitcoin. You'll see bitcoin go poof faster than a Cypriot bank.

      Sister: If it's not too much of a hassle, why not use an American credit union?
      I'm sure there are some that are open to foreigners. And since they don't have to answer to Wall Street, they are probably a lot safer than the "too big to fails".

      Even if he hates converting to US dollars, it's still a lot safer than waiting for an overnight "Cyprus" event.

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    4. They are looking at bit coin too......

      http://www.zerohedge.com/news/2013-03-21/us-begins-regulating-bitcoin-will-consider-virtual-transactions-money-laundering

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    5. Luxemborg and the Swiss have a problem now as money centers with ties into hiding money....they will be targets...

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  32. Just remember....IF the genie is out......you CANNOT put it back in

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/25_Nigel_Farage_-_Major_European_Bank_Runs_Now_Taking_Place.html

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  33. So agree with Farage...it would be far better to break up EU, but the ptb are intent on ruining everyone except the Germans apparently.

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    1. Germans are absolutely cannon fodder just as we are.....timing just varies......outcome the same

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  34. Hey, Jay. I have moved a good deal of my money into the credit union...no interest, but it feels safer at least temporarily. My NY relative also moved some to my CU; realizes it is a bad idea to have all funds in NY banks.

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  35. now you know why it took a week and why the pols are alive

    http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus#comments

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    1. you can't make chit up! more than a week for the rich to move their money out. locals got the shaft.

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  36. "The Dutch Finance Minister, about an hour and a half ago, said that he saw the Cyprus eurozone bailout as now being a template of how they intend to act in the future.  So the burden of all of this will now fall on the private sector, and not on the public sector."

    "democracy being smashed and the rule of law of law being treated with contempt.  Even people like me who have spent many long years warning that things are out of control are really, really scared by the events of the past few days.”

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  37. Why a CU instead of a mutual savings bank? Both are depositor owned (no Wall Street connection). Just curious. CU deposits insured through CUNA instead of FDIC I believe.

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  38. http://globaleconomicanalysis.blogspot.com/2013/03/slovenia-under-pressure-risk-of-next.html

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  39. http://news.yahoo.com/officials-us-training-syrian-forces-000203408.html

    ok, let's see what happens now...

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  40. It's starting to rain in Spain......


    http://www.presseurop.eu/en/content/news-brief/3569661-spanish-banking-levy-will-collect-3bn

    One off..... ehhhhhhh

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  41. Theater of Absurdity on CNBS......Simon and Liesman just did a hit piece on Gold investors. It was truly amazing.......I may do the post tonight on it.....hehhehehe....absolutely a joke....anyone see it

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  42. I didn't see it...but I did catch the crew make fun of a guest yesterday morning who was promoting, or at least understanding of gold investing. Kernan said, "I don't get it, are you guys preparing for the zombie apocolypse" lol. And it went on for a bit, essentially bashing the guest in the studio without any basis or explanation behind the comments.

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    1. its very obvious they are aware gold is a threat to their own ponzi....their disdain for gold investing is obvious .....they've been told

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  43. Jazz you really have to wonder about these guys running the Troika......

    The Keystone Cops come to mind!

    http://www.zerohedge.com/news/2013-03-26/russian-withdrawals-quantified-cyprus-central-bank-set-expand-emergency-credit-%E2%82%AC3-bi

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    1. Tom...I may be wrong but I think they are truly between a rock and a hard place......how do they open these banks and not have them cleaned out......EVEN with capital controls the run will ensue....they are trying to prevent this from contagion and there is NO WAY....unlike Budfox ( and he may be right) I think this could all break down much more rapidly than anyone believes. I am hearing enough hints that it is collapsing in Europe that I am VERY concerned. I DO NOT want this implosion but it has to "wash" out ....there is no choice.

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  44. geez, another beat down in the miners. feels like a trade with an endless bottem.

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    1. watch this if you don't get it

      http://www.youtube.com/watch?feature=player_embedded&v=M-I2pGyZsm0

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  45. The Keystone Speculator wrote that once the banks do open, the people would only be able to withdraw 100 Euros at one time. So, with limits like that, it would take time to draw all the money out.
    Meanwhile, they will have to reestablish confidence somehow. Some sort of meeting will take place, and "everything will be fixed".

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  46. Not this time doc......here is where the law of unintended consequences has boxed them into a corner. Without "capital controls" like yours the money will flow OUT of the peripherals like spain and italy etc into Swiss and German banks.....BUT With capital controls the "EURO ZONE" cannot function without capital freely moving across borders....CAPITAL CONTROLS MUST BE IMPLEMENTED but at the same time Captital controls will destroy the the Euro economy growth....checkmate......They are between a rock and a hard place.....

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    Replies
    1. it boils down to killing the banks........or killing business.......

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    2. http://www.zerohedge.com/news/2013-03-26/great-british-cash-euxodus-begins#comment-3377914

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  47. http://www.youtube.com/watch?v=0m5cjhwh1vA

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  48. Gold having a tough time up against the strength of the dollar. Aren't the US markets going to continue higher since we are "perceived" to be a safe place to park cash? Won't the rest of the world be putting money into our market?

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    1. that does seem to be the prevailing "pump" er wisdom.....

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    2. So you don't agree? Trying to understand what's going on. All info points to at least concern if not panic, yet VIX is down, gold doing nothing and our market flying. Are they sucking the last sheep in? All of my miners in my portfolio are blood red at this point. Many down over 20%. I'm holding for now, but I will say it is tough. Have seen countless opportunities pass me by while holding. Good luck guys.

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    3. ryan....you are in NY and have no idea what is happening outside of NY....your area was saved in the first wave of the collapse but will not be saved in this next wave. I am worried about how ANY paper asset will perform as counterparty risks come to the fore.....IF I have to be in paper assets in some accounts and I do.....for now......then miners are MY choice....If the system "somewhat survives" then they will do find.......if the whole house of cards goes ......YOU WILL NOT HAVE a brokerage account

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    4. Thanks Kli. Always value your opinion.

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    5. fine not find.....and also my concern is not how my miners will do.....but whether my retirement account survives AT ALL......seriously....I have taken a serious markdown in my accounts but that is NOT MY WORRIES.....ITS WHETHER ANYTHING WILL BE THERE.....Ryan...look at whats happening in Cyprus Spain Italy Portugal Slovenia GB Ireland......it falling apart my friend....you better ask yourself the bigger questions.....Red, I guess they think you're kidding them.......oh well such is life.

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    6. Sarcastic sometimes but not kidding. Essentially what happens when true price discovery happens all at the same time when the current mass market manipulation shuts down? The people in Cyprus got to be the guinea pigs to true price discovery, controlled experiment kinda like prepping for a terrorist attack or tsunami.

      I am essentially mostly out of the swapping paper game. Hard question is what to do with the cash and how much time do I got left. Get some good walking shoes or buy some moutain land, dig a hole and drop a shipping container into it filled with supplies.

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  49. KLI: You seem to watch CNBS mainly for the comedic value these days. It's almost like a game to see if the clowns can hold a straight face while trashing gold.


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    1. Jay its a complete and utter sham.....on the other hand they have a realtime ticker and an occaisional worthwhile guest......and much of the time my sound is off.....I also like to see what they are pumping....and they are pumping gold down.....at least trying to....hehehehe....

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  50. Ryan, I feel your pain. As Kli says, once the big move begins, it will be practically impossible to enter the trades. But that could be 3 or more yrs. from now. I think Cyprus is a big crack...they were basically forced into buying Greek bonds and look who's left holding the bag. My grandaughter is in Spain and I will be so interested to hear if she heard anything at all about this, it's a high school exchange program and she's due back on Sun. My guess is they are focusing on being good hosts. Does anyone here know anyone in Europe?

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    1. Yes.....I do and its very bad...I have a friend that traveled in Eastern Europe last year and said things were very bad. He is a heavy hitter and he did not go into detail....I'm sure its even worse now......Cyprus is a BIG deal.....its like a fuse that is lit and burning towards the whole powderkeg of the Eurozone ponzi......They can't put it out.....its lit and its not extinguishable.

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  51. gl folks see ya with a new post tonite

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  52. "It boils down to killing the banks or killing business..." PRICELESS!

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  53. “Between a Rock and a Hard place” is putting it mildly, more like building a concrete silo from the inside and forgetting to install a door……. I can’t figure just what the “fk” these folks running the Troika were “Thinking” or more to the point “What are they seeing” in order to try and pull this off…..

    Did they really expect that this would only be localized to Cyprus? Did they really think anyone would believe this would be the ONLY “One Off” event? Did they not think of contagion and what would happen in Southern Europe? Did they really expect that such a blatant disregard for the rule of law would go UNNOTICED and worse ACCEPTED? Are they really this ARROGANT or really DESPERATE? Did they really think grabbing Russian $$$$ was the smart play and there would be no repercussions? If it was Russian $$$$ they were after why leave the side door open for an exit that apparently has been used? Now that the Russian $$$$ was allowed to exit how are they going to fill that hole were they really this careless? Did they not think they were going to kill the Cyprus economy and it citizens? The longer they keep the banks closed the worse it gets for the Cypriots and it gives the rest of Europe time to think “chit” we’re next…….

    Just go trolling on any European News site or blog and this is the talk of the town unlike here in the US for the most part OR do TPTB know the ship is sinking and are doing anything and everything to keep it afloat but in doing so they are only pissing gasoline of a bonfire!
    Just my thought’s

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  54. Silver bb bands are tighter than a loan sharks grip, waiting on aroon to act similar as previous move up and as long as green Aroon direction gets above 50 and stays you can let it ride more but it also where a trailing stop would be at 49..

    http://s17.postimg.org/wfemf2ij3/silver_326daily.jpg

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