The Morgan Report Blog

Are You Buying From Silver Users?

Are You Buying From Silver Users?
by Charles Savoie:

Ted Butler’s latest suggestion about Suing JP Morgan and the COMEX has prompted these thoughts. My response at Gold Silver Worlds physical was this—

“Ted is the best of the best explaining these nuts and bolts. But where is his grasp of monetary matters? I see it not! The CME only cares about generating more fee income? No, it’s also an instrument of monetary suppression. Consumers have no input into pricing? No—the Silver Users Association has input into pricing. In the 1980 silver crash, a COMEX board member, Andrew Brimmer, was on the Federal Reserve Board several years earlier and was a Du Pont director at the time they slit silver’s throat.

Does anyone seriously think that SUA companies like Dow Chemical and Du Pont lack banking relationships with JPM Chase? Apart from these deficiencies, Ted’s article is quite commendable; but let us not be hindered by neglected aspect fallacies. I think if Ted took time to reflect, he’d at least agree on this metals consumer aspect. They are shorts—not neutrals. All raw materials users want the lowest price. Additionally there’s the problem of a Federal lawsuit having to be filed in Federal court. Who appoints Federal judges? The President appoints them. Judge Patterson who dismissed the silver lawsuit came straight from Rockefeller University Council. CME Group director William Miller II worked for the Rockefeller Foundation. Not happenstance.

The President is always a tool of these metals price squelchers; he belongs to The Pilgrims Society (see Google images) to which top bankers also belong. Morgan Chase has huge influence in all Presidential nominating processes, insuring the “right” judges will be appointed. Terrence Duffy of CME is a member of the Economic Club of Chicago, with Charles Evans head of the Chicago Fed Bank and Glenn Tilton of JPM Chase.

We may as well add the Federal Reserve as a defendant. As for The Pilgrims Society, a Congressional subpoena may be the only way to pry a roster out of the innards of this secretive oyster that ties us so strongly to the British financial establishment. What is the President doing involved with a group few people have ever heard of? The Royals come to see Obama; metals are still suppressed in his administration; and we see the continuing absurdity of $50 stamped on one ounce Canadian gold Maple Leaf coins made by the Royal Mint!”

Judge Patterson’s father was a director of the Federal Reserve Bank of New York. Andrew Brimmer, in addition to being a Du Pont director, was also at the time silver was exploded, a director of Bank of America. Who’s Who in America volumes, 1978-1981, confirm this. Bank of America was listed as a Silver Users Association member several years ago.

I am all for another silver lawsuit to be filed. However, with virtually all Federal judges corrupt, the chances are distant. All a judge has to do is say the regulator (CFTC) released its findings, and could not identify any malpractice in silver futures! But by all means—file the suit. A one in a thousand chance is worth going for. Meantime—are you all paying attention? When you shop for non-food items at supermarkets, or at a home improvement megastore, or a hardware store, or at an auto supply store—are you checking labels? Are you buying consumer products from Silver Users Association companies? Here’s their latest roster Yes! I intentionally edited the URL to end with three suitable letters. For consumers, besides jewelry items from egotistical snob boor Tiffany & Company and lower-end upstart James Avery

Craftsman (a “Christian” company they call themselves), consumer products made by Dow Chemical and Du Pont should be avoidable.

These are the twin pillars of the Silver Users Association. Dow Chemical has been justifiably attacked for price fixing and massive groundwater contamination. SUA member Union Carbide merged into Dow Chemical in 2001. Americans of Indian national descent are often boycotters of Dow products. At it’s claimed the 1984 Bhopal, India, chemical disaster was caused by “industrial sabotage;” however, my understanding is that it was a refusal to spend funds for proper safe handling (refrigeration) of lethal chemicals that caused the leak! describes Du Pont products—including paint. Before buying anything chemical related, check the label for these undesirable manufacturers Dow Chemical paints. These chemical giants couldn’t exist without silver metal as a catalyst—and very hatefully abuse those who produce silver, unceasingly injuring their profitability. Hopefully none of you are banking with any megabank!

Dow and Du Pont are both in the water filtration business, very hypocritically as they’re the top two groundwater polluters in the U.S. and probably the world. In the scheme of things boycotting these interests isn’t a big blow against them. However, any lawful retaliation should be activated. A large advertising agency, Young & Rubicam, handles accounts for both mega-companies. Have a glance at a listing from page 1046 of the 1984-1985 Who’s Who in America to see a character who started with Y & R—

Yeah podnuh! Give me any opportunity; I’ll be mentioning The Pilgrims Society again! I checked their site which went up 5 and a half months after my Silver Stealers documentary went up (January 2011) I had the objective of checking again to see if the world’s premier gold and silver suppressors group has finally posted a roster. Nope! The Pilgrims remain the only globalist group still refusing to do what became standard for the others (under their management) and that is to post visible lists. This particular member married a Morgan who may be of the JP Morgan lineage; unconfirmed.

Alricks is a family name descended from the leaders of the Amsterdam Colony on the Delaware River circa 1657. In this person’s lineage also I notice a prominent judge and a leading banker in Baltimore in the 1800s, and a familial relation to the Cabell family (agriculture) and a direct link to the McCormick family of Chicago (International Harvester fortune). Additionally in his genealogical background is the Bruce family, largely based in Maryland. Note Fisher chaired the David Bruce Foundation,

Named after a Pilgrims Society vice president in the late 60’s to at least the mid 70’s. Bruce was Ambassador to France, West Germany, England and NATO. Bruce was son in law of Pilgrims member Andrew Mellon, Treasury Secretary in three administrations and anti-silver activist. Bruce’s older brother James was also a Pilgrims member and a director of silver antagonist Chase National Bank. The Bruces descend directly from King Robert the Bruce of Scotland (1306-1329). This seems rather mysterious Also in his complex genealogy is the name Wessel, tracing to nobles in Saxon England over 1,100 years ago. Marriages between powerful families have been a premier way of concentrating wealth and this goes way, way back. It’s been in practice since the world’s first kingdoms and empires.

An amazing (and worrisome) amount of royalty passed on their genetics into this nearly unknown group. Fisher was a partner in Ramco Oil & Gas of Oklahoma City and owned a winery in Napa Valley Fisher was a partner in major metals antagonist Goldman Sachs during the Hunt/Arab silver play (and the crushing thereof) and during his stretch (1974-1986) saw lower level Goldman personalities Jeffrey Christian and Gary Gensler, ex-of the CFTC chairmanship. The chance of another silver lawsuit being summarily dismissed by a Federal judge appears quite high. It’s a dreamland theory; however, sometimes a bought off person breaks ranks. That’s a very off chance, and it’s all we are likely to have with a legal approach. We have a moral duty, however, to fight the metals suppressors, and should attempt all avenues, even when the deck is long since stacked against fairplay.

Gold, Empty Vaults, Pricing Mechanism and War

This is an interview that conducted with Dave Kranzler. You probably know him as “Dave from Denver” or from his old website “Truth in” Dave’s new website is Investment Research

Dave Kranzler of discusses the creeping police state, willful ignorance, precious metals and much more. “Dave from Denver” shares his insight on secession, Germany’s gold, Ukraine’s gold, the demise of the petrodollar. We also look back at Alan Greenspan’s stance regarding gold and Dr. Ron Paul’s missed opportunities. Please join us for a fire-side chat that is informative and entertaining.

Link –

My Two Bits about Bitcoin

My Two Bits about Bitcoin
David Morgan

Some have asked our view on Bitcoin, and my response is simply—I view these things from a Free Market perspective. I have often stated that “The Market knows more than any of us”. I would not want to be labeled a hypocrite by stating my conviction that the “real” free market is capable of making decisions that are in the best interest of masses, and then proceed to disparage Bitcoin through a personal bias.

However, I do have a personal bias as to the basic construct of money, or what I would prefer to think of as “real” money. Here the span of history has given us a very clear message that a fair exchange of value for value is the only ethical way for people to conduct a transaction that is mutually beneficial for both parties.

Essentially, a cryptocurrency is a digital medium of exchange. The first one, created about four years ago, was Bitcoin. Since then, scores, if not hundreds of various permutations of the concept have been launched. Even the Royal Canadian Mint has gotten into the act, announcing the MintChip. They call it “the evolution of currency” – with a billing as the world’s first government cryptocurrency. The MintChip site states that “until now, there has been no electronic solution that cost-effectively addresses the very-low-value transaction markets, protects privacy, is available to everyone and emulates the characteristics of cash.” Well, time will tell…

The idea has been to create an electronic “currency”, designed to have a finite number of “coins” with which business can be conducted online, and transferable electronically with low transaction fees. Units are created and stored electronically. In the case of Bitcoin, users create an account, buy Bitcoins at the going rate, download the Blockchain – which contains a copy of all Bitcoin transactions, and then make purchases from their online “wallet”.

Bitcoin is decentralized, with no specific institution controlling its network.
A person uses random sequences of letters and numbers to create a bitcoin address and a private key. Using the private key (or even two keys), a message is sent out to the bitcoin network with the amount of the transaction and its destination, which is then solved by a transaction block. One can use as little as one-millionth of a bitcoin in a given transaction.

A stated advantage is the concept that a cryptocurrency is relatively safe from illicit seizure by another party other than the individual or business entity – this entity owning a given amount in a “wallet” or other similar holding place. Yet last fall, the FBI took down one site, The Silk Road, arresting its administrator, accusing him of engaging in money laundering and narcotics trafficking conspiracy, and confiscated as much as $4 million in bitcoins.

And in early February, when the largest of the Bitcoin exchanges, Mt. Gox, based in Tokyo, instituted a withdrawal halt, the price there tumbled by 25%. A week later an offset block of Bitcoins sent the price down by over 80% in a few seconds – from $600 down to $102. Interestingly enough, that same day, the gold price hit a one month high. Quite a decrease for a “currency” which in December 2013 traded at over $1,200 apiece. (At this writing the price hovers around $600).

More recently Mt. Gox declared bankruptcy after announcing that as much as $400 million in bitcoins may have been stolen by unidentified online hackers. Between cyberattacks and subpoenas, the current king of the digital currencies has been having some very severe, some might even say, fatal growing pains.

James Turk, whose GoldMoney group has launched a new digital currency company in the UK offering free secure encrypted storage for digital currencies said recently,

“I think Bitcoin and gold/silver will eventually work in a complementary way with one another, and that is what we are eventually trying to do with GoldMoney and specifically, our new subsidiary (analyzing the digital currency space and using a blended rate from leading Bitcoin exchanges to reflect the broader market), where we have taken our first baby-step into the Bitcoin world by providing secure Bitcoin storage.”

It is supposedly private, unless someone, e.g. a government agency, can determine and track down the string of transactions, but there is increasing evidence that this would not be an inordinately difficult activity for government agencies such as the FBI or NSA to accomplish.

Byron King unreservedly comments:

“For all the current problems of the dollar, Bitcoin was not the answer…To be perfectly blunt, Bitcoin always struck me as an overambitious ship awaiting its iceberg. Now, looking ahead to far horizons… the holds of our respective ships are filled with dollars, although the ballast near the keel of my hull, at least, is formed of real gold and silver. Gold, silver and dollars… That’s how the world works. It’s how the world has worked for a long time.”

Bitcoin opens a whole new world of hacking…

Andreas Antonopoulos’ biographical site lists him as having founded three bitcoin businesses and launched several open source projects. In an online interview earlier this year he stated:

“Bitcoin is not a safe investment. Bitcoin is the first experiment in a global distributed currency, stuff that’s never happened before; we have no idea how this is going to work out. “We’ve never had a currency that can enable distributed consensus without a third party (without a sovereign actor behind it; transmitted across borders without controls).”

Andre, who stores 90% of his Bitcoins off line (encoded/stored on a piece of paper) continues: “Bitcoin are an asset class of their own – not commodities, not strictly currencies, not stocks. Bitcoins can be stolen/hacked from your online “wallet”. Bitcoin opens a whole new world of hacking.”

Taking the longer view, he posits, “I’m not sure Bitcoin is going to be the ultimate crypto currency that wins. I am sure that crypto currencies are here to stay. Crypto currencies were invented, and once they were invented, they’re not going anywhere…”

Is Bitcoin “The Perfect Scam”?

Editor of The Market Oracle, Nadeem Walayat, has recently written an article titled “Bitcoin The Perfect Scam”. His take on the topic is perhaps a bit less “nuanced” than others, but his perspective is certainly one that a person who seeks to understand “all things bitcoin” might want to add to their knowledge base on the way to creating a personalized informed opinion.

Walayat feels, and given what has taken place at Mt. Gox and other sites, he makes some real sense, that fundamental elements of this cryptocurrency’s operation system have the potential of placing Bitcoin holders at extreme risk. He believes that “thieves have been busy producing a whole host of bitcoin wallet malware that seeks to steal any wallets that they find on infected computers”. If this practice becomes widespread, then a bitcoin holder could potentially wake up some morning to find his “wallet” has literally been emptied while he/she slept.

Second – and several analysts in addition to Walayat have commented on this – the “block chain” – the method by which new transactions are verified, as well as earlier ones recorded – and by which new bitcoins are “mined”, will by definition become increasingly complex and more expensive to operate as time goes on. The fallout from this, according to Walayat, is that,

“…what bitcoin holders are going to be increasingly exposed to is ever more sophisticated malware that are aimed at the theft of their bitcoin holdings at every stage of the process, starting right from their internet connected desktop PC’s to the interception of transactions between servers to the wild west bitcoin exchanges that can disappear with all of their customers bitcoin holdings overnight, to the highly sophisticated bot net infected mining pools that seek to target all bitcoins in existence by seeking to rewrite who owns what.”

Walayat sees this evolution as meaning that bitcoin “ultimately has a destiny with extinction”. Even if his premise stretches the likelihood of eventual collapse for the system beyond what ultimately takes place, it certainly would seem to behoove us all to consider the possibility.

Perhaps Cryptocurrencies are best for Governments?

The trials and tribulations of Bitcoin notwithstanding, it seems unlikely that cryptocurrencies will disappear from the contemporary scene. What tomorrow’s digital exchange media will look like, how their values will be determined, and how much privacy will remain after governments around the globe have inserted themselves into the inner workings of these systems remains to be seen. But you can be absolutely certain that no government is going to just roll over and let a parallel fiat “money” system be introduced which could meaningfully compete with its own currency, let alone replace it.

As just one example, The U.K.’s forward-looking tax authority, Her Majesty’s Revenue and Customs (HMRC), has set out guidelines for the taxation of crypto currencies, saying, “Gains and losses incurred on bitcoin or other crypto currencies are chargeable or allowable for Capital Gains Tax if they accrue to an individual or, for Corporation Tax on chargeable gains if they accrue to a company.”

An important thing to consider about Bitcoin is that in many ways it is really not so different from most of the “paper promises” that no longer reside physically in our wallets. Think of the way a lot of people pay their bills nowadays – mortgage and insurance auto pay/online payments through intermediaries like PayPal, or wire transfers. Your “money” is moved about digitally, in concept just like Bitcoin transactions. The Federal Reserve creates “money” with a keystroke – along the lines of Bitcoin users’ creation of new coins through computer algos. Virtually all of these digital transfers can and are being tracked by governments – again not unlike Bitcoin transactions – protestations from its backers notwithstanding.

So there is very little privacy involved anymore when we make the majority of our “monetary” transactions. The knee-jerk response by government entities, as well as many of our citizens who have not fully reflected on the unintended consequences of such a system, is that if you are conducting transactions beyond the scrutiny of government, then it must be because “you have something to hide” – that you’re engaged in illegal activity.

But I would argue that we have a right to privacy when we seek it, and that this desire does not necessarily mean we are doing anything illegal. While the U.S. Constitution contains no express right to privacy, the Bill of Rights, especially in the Ninth Amendment, strongly infers that the citizens do retain privacy rights in a variety of ways not specifically enumerated in the first eight amendments.

“Bitcoin is a tool to get more gold”

Stu Thomson has an interesting take on the issue, remarking:

“Bitcoin is a tool to get more gold. It’s not gold. Comparing bitcoin to gold is like comparing a Buckingham palace gardener to Buckingham palace. He enhances the palace. He isn’t the palace. Do I think central banks deserve to own gold? No. If they had brains bigger than amoeba cells, they would have top sculptors sculpt the taxpayer gold into priceless works of art, to build national treasures that would gain incredible value over time.

“In a crisis, some could be melted, but, over time, the pressure on the Gman to spend less rather than destroy national treasure would be staggering. The central banks don’t deserve to own any gold. Crypto currency is not gold, but it’s all the central banks deserve to own. They can’t handle gold, and they don’t deserve to handle it. Crypto is perfect for the Gman. It puts some pressure on him to keep his financial house in order, chops costs, and gets him out of the gold price wrecking business.”

Hugo Salinas Price, long a proponent of silver as sound money – via the issuance of the silver Mexican Libertad, has this to say about the cryptocurrency:

“The Bitcoin has no history, which is the essential element which makes all digital currencies acceptable, utterly false though they are. The Bitcoin is simply a childish distraction for a childlike world population incapable of discerning falsity, much to the satisfaction of all the crooks, big and small, who prosper by scamming the public.

“I remit to Von Mises, who stated that no fiat currency has ever been successfully introduced into circulation without a monetary value ultimately derived from when that currency was gold or silver money. Bitcoin does not fill the bill; it cannot circulate along with the established fiat currencies of the world because it has no history, no ancestry reaching back to its parent, gold or silver.”

Finally in our effort to research the topic we contacted Richard Grove of Richard provided documentation that the National Security Agency was the first to explore this idea. Does this mean that the NSA is ultimately behind bitcoin? Of course not! But it does give one pause to reflect, does it not?

Looking at what has taken place, especially over the last year or so, I must conclude with this simple – and to my thinking – self-evident statement. Whereas Bitcoins can vanish, Gold cannot. Just remember for all who read this, the timeless advice of – caveat emptor! And may the Free Market Reign.

David Morgan ( is a widely recognized analyst in the precious metals industry; he consults for hedge funds, high net-worth investors, mining companies, depositories and bullion dealers. He is the publisher of The Morgan Report on precious metals, the author of Get the Skinny on Silver Investing, and a featured speaker at investment conferences in North America, Europe and Asia. You can receive a free 30 day trial subscription here

Argentina today – the U.S. tomorrow: Got gold and silver?

David Smith on raido talks about his trip to Argentina.

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Silver Outflows From The SLV ETF

David Morgan on The Daily Gold Podcast.

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Ellis Martin Report with David Morgan – How does one buy Canadian mining stocks?

In this interview, David Morgan answers subscribers questions about investing in mid-tier, major and more speculative mining stocks. What constitutes a sophisticated investor? No experience buying Canadian stocks as an American investor? Not a problem necessarily. Listen and learn.

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Who Are They In 2014?

Who Are They In 2014?
Presented February 2014 by Charles Savoie


—line from “Ben-Hur” (1959) referring to the stone shingle that accidentally fell onto the Roman general’s parade, sending the residents of the house into poverty, prison, slavery, exile and leprosy.

Largely absent from the methodology of the broad field of commentators and analysts (with some exceptions) in gold and silver is the matter of, “What organizations do highly placed men belong to who are suppressing precious metals?” Broad absence of coverage of these organizations on the part of metals sites and commentators indicates lack of awareness—there is a large gap in their information; or for some reasons, they choose to not make an issue out of it. There is the dread of opening Pandora’s Box! When prominent metals commentators never mention these organizations, you should realize that while this is apparently not an issue of importance to them, it certainly is important to the members of these groups, that they are members of these groups! It is hardly any meaningless situation to these members! I have never heard anything on KWN about any of these elite organizations—why? This is a fair question to ask; it’s totally relevant. The top bankers are members, FED and Treasury officials, and we’re expected to attribute no significance to it—that’s not reasonable. I haven’t noticed any top metals sites claiming these groups have little meaning; no contradiction is offered to voices appealing for coverage.

“You should not honor men more than truth.”
—Plato (424-348BC Greek philosopher)

“Truth never damages a cause that is just.”
—Mahatma Gandhi (1869-1948) crusaded against British rule over India.

The groups being accused have never filed suit against any complainant, yet these groups all feature high powered attorneys as members! These deleterious organizations are the coordinating factor in metals suppression and in many other very immoral activities related to lowering people’s living standards, steering them away from cheap solutions to health matters, diminishing their legal rights, causing crises in order to aggregate more power in the Federal government, which they clandestinely control, taking advantages of crises they didn’t cause—weather related or other, food and water shortages, and nonstop efforts directed at ending the United States as what they would call a “political unit.” Here are the four most dangerous phalanx organizations engaged in globalization, in order of priority—

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