SMOKING GUN METALS REPORT: South Carolina Office of the Treasurer Concludes Banking Cartel Has Engaged in Illegality and “Artificial Price Suppression”
by SGT
In 2011, after researching the State’s options for investing in gold and silver, The Office of the Treasurer of the State of South Carolina quietly released a ground-breaking “Gold and Silver Investments” report. This incredible report is a must-read for any one interested in gold and silver metals ownership or in understanding the criminality now inherent throughout the fractional-reserve banking and fractional-reserve bullion banking systems.
The report specifically cites the rampant illegality which now dominates the banking and bullion banking systems, noting that major components of current banking practices are in direct conflict with South Carolina laws. And in only six pages, one of the highest offices in state government validates all of the most significant precious metals manipulation claims made over the years by GATA, Bill Murphy, Chris Powell, Adrian Douglas, Ted Butler, Eric Sprott and the rest of us in the precious metals news and information community.
The author of the report clearly understands the illegal and deliberate nature of the banking cartel’s price suppression schemes and ultimately concludes that investing in gold and silver is therefore too risky for a State government. In the report the Office of the Treasury specifically cites the illegal nature of the fractional reserve bullion banking and COMEX schemes. The author specifically notes that COMEX and bullion banking practices are in direct conflict with the South Carolina Code of Laws, 1976 SECTIONS 11-9-660.
On page 1 of its ‘Gold & Silver Investments’ report the Office of the State Treasurer reports the following:
“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 practiced fractional-reserve banking and engaged in naked short selling causing artificial price suppression.”
Unfortunately (and we would advise the office of the Treasurer to re-examine this specific opportunity), the author concludes that investing directly in physical gold and silver coins and bars is not a practical option for the State given the storage, cost and security issues associated with the ownership of physical bullion. From page 3:
“South Carolina does not have the capacity to store or funding to secure gold and silver bullion. For these reasons the State Treasurer’s Office does not advise investing in gold and silver bars and coins.”
But it gets better… also on page 3 of the report, the Office of the Treasurer also concludes that investing in gold and silver via certificates of deposit is risky because the practice of fractional-reserve bullion banking is so rampant that one cannot count on the “allocated gold certificates” in the event of a banking run. The author concludes that physical gold may not be available in physical form to deliver to those holding allocated gold certificates.
“Certificates for allocated gold present an accountability problem. Allocated gold certificates are supposed to be correlated with specific numbered bars; however, it is difficult to verify whether a bank is improperly allocating a single bar to more than one investor. Also, unallocated gold certificates are a form of fractional reserve banking and do not guarantee an equal exchange for metal in the event of a bank run on the bank’s gold on deposit. This is in conflict with S.C. Code of Laws 1976 SECTION 11-9-660.”
The report goes on to conclude that exposure to gold and silver via Derivatives is equally foolhardy:
“Over the past three years, gold futures traded on the New York Commodities Exchange (COMEX) have encountered significant accountability problems. Holders of COMEX gold futures have frequently experienced delivery delays of their metals. Once delivered, there have been many reports of inaccurate weight and serial numbers on bars that do not match the holder’s contract.”
The informed author of this report concludes the expose by including a historical Gold/Silver Ratio chart on page 6. By including this chart the author covertly seems to be suggesting, “Though I can’t recommend investing in gold and silver based on the many inherent risks within the system, we really ought to figure out a way to take advantage of this opportunity any way. Especially silver.”
You can find this incredible report titled “Proviso 89.145 Gold/Silver Investment report to the General Assembly”, and read it for yourself here.
by SGT
In 2011, after researching the State’s options for investing in gold and silver, The Office of the Treasurer of the State of South Carolina quietly released a ground-breaking “Gold and Silver Investments” report. This incredible report is a must-read for any one interested in gold and silver metals ownership or in understanding the criminality now inherent throughout the fractional-reserve banking and fractional-reserve bullion banking systems.
The report specifically cites the rampant illegality which now dominates the banking and bullion banking systems, noting that major components of current banking practices are in direct conflict with South Carolina laws. And in only six pages, one of the highest offices in state government validates all of the most significant precious metals manipulation claims made over the years by GATA, Bill Murphy, Chris Powell, Adrian Douglas, Ted Butler, Eric Sprott and the rest of us in the precious metals news and information community.
The author of the report clearly understands the illegal and deliberate nature of the banking cartel’s price suppression schemes and ultimately concludes that investing in gold and silver is therefore too risky for a State government. In the report the Office of the Treasury specifically cites the illegal nature of the fractional reserve bullion banking and COMEX schemes. The author specifically notes that COMEX and bullion banking practices are in direct conflict with the South Carolina Code of Laws, 1976 SECTIONS 11-9-660.
On page 1 of its ‘Gold & Silver Investments’ report the Office of the State Treasurer reports the following:
“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 practiced fractional-reserve banking and engaged in naked short selling causing artificial price suppression.”
Unfortunately (and we would advise the office of the Treasurer to re-examine this specific opportunity), the author concludes that investing directly in physical gold and silver coins and bars is not a practical option for the State given the storage, cost and security issues associated with the ownership of physical bullion. From page 3:
“South Carolina does not have the capacity to store or funding to secure gold and silver bullion. For these reasons the State Treasurer’s Office does not advise investing in gold and silver bars and coins.”
But it gets better… also on page 3 of the report, the Office of the Treasurer also concludes that investing in gold and silver via certificates of deposit is risky because the practice of fractional-reserve bullion banking is so rampant that one cannot count on the “allocated gold certificates” in the event of a banking run. The author concludes that physical gold may not be available in physical form to deliver to those holding allocated gold certificates.
“Certificates for allocated gold present an accountability problem. Allocated gold certificates are supposed to be correlated with specific numbered bars; however, it is difficult to verify whether a bank is improperly allocating a single bar to more than one investor. Also, unallocated gold certificates are a form of fractional reserve banking and do not guarantee an equal exchange for metal in the event of a bank run on the bank’s gold on deposit. This is in conflict with S.C. Code of Laws 1976 SECTION 11-9-660.”
The report goes on to conclude that exposure to gold and silver via Derivatives is equally foolhardy:
“Over the past three years, gold futures traded on the New York Commodities Exchange (COMEX) have encountered significant accountability problems. Holders of COMEX gold futures have frequently experienced delivery delays of their metals. Once delivered, there have been many reports of inaccurate weight and serial numbers on bars that do not match the holder’s contract.”
The informed author of this report concludes the expose by including a historical Gold/Silver Ratio chart on page 6. By including this chart the author covertly seems to be suggesting, “Though I can’t recommend investing in gold and silver based on the many inherent risks within the system, we really ought to figure out a way to take advantage of this opportunity any way. Especially silver.”
You can find this incredible report titled “Proviso 89.145 Gold/Silver Investment report to the General Assembly”, and read it for yourself here.
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