- foorex2day

Interview with Argentus Maximus at TF Metals Report

Forgot to mention that on December 5th I had an interview with Norman Greene who runs a newsletter service Rhythm 'n Price and a blog on...

The difficulty of proving manipulation

<div dir="rtl" style="text-align: right;" trbidi="on"><div style="text-align: justify;">When the CFTC announced in September that it has closed its investigation into misconduct in the silver market, the predicable response was that a finding of no manipulation was to be expected as US regulators and government are corrupt and they had to protect JPM blah blah blah.</div><div style="text-align: justify;"></div><div style="text-align: justify;">However a closer reading of the announcement indicates that the CFTC did not actually find there was no manipulation. They said that <em>"based upon the law and evidence as they exist at this time"</em> there was no <em>"viable basis to bring an enforcement action"</em>. That wording can also be read as saying they have evidence but based on the law, they don't see any chance of success.</div><div style="text-align: justify;"></div><div style="text-align: justify;">Certainly it was not for want of evidence, as this September 2009 statement by Bart Chilton noted that the silver investigation had <em>"invested over 2,318 staff hours ... 32 individual interviews ... approximately 40,000 documents have been reviewed"</em> and by November 2011 the number of documents was 100,000. At the end they had spent 7,000 staff hours on it.</div><div style="text-align: justify;"></div><div style="text-align: justify;">As this Reuters article notes, US regulators face high hurdles in proving cases of market manipulation and while <em>"the CFTC has levied heavy fines for trading rule violations ... only once in its 36-year history has it successfully concluded a manipulation prosecution: a 1998 case concerning electricity futures prices." </em>I would also give as an example the lawsuits against JPM and HSBC for silver manipulation, which failed <em>"to show that the bank 'intended to cause artificial prices to exist' and acted accordingly".</em></div><div style="text-align: justify;"></div><div style="text-align: justify;">Proving manipulation is difficult give the complex rules and regulations the CFTC has to deal with. As I said in this blog post, <em>"when regulations get this complex market fairness and transparency is actually harmed, and the only ones who benefit are those big enough to have lawyers able to work out the loopholes."</em></div><div style="text-align: justify;"></div><div style="text-align: justify;">I do find it hard to believe that there was only one case of manipulation in 36 years across all the markets the CFTC monitors. Therefore I am was not be surprised that the CFTC closed its silver investigation, nor do I expect them to provide much help in this respect in the future.</div><div style="text-align: justify;"></div><div style="text-align: justify;">PS, in the CFTC announcement there was this classic: <em>"the complaints pointed to differences between prices in the silver futures contracts and prices in other silver products, including retail silver products. The complainants generally asserted that because the prices for retail silver products, such as coins and bullion, had increased, the price of silver futures contracts should have also experienced an increase."</em> I fail to understand how people can think that the price (per ounce) of a 1oz coin should relate to the price (per ounce) of a 1000oz bar, when the 1oz coin's price (and rate of increase) is affected by the capacity limitations of minting 1000oz bars into coins (see these Shortage posts for more background).</div></div>

When the CFTC announced in September that it has closed its investigation into misconduct in the silver market, the predicable response was ...

Tapering now gives a chance for bullish sentiment

<div dir="rtl" style="text-align: right;" trbidi="on">David Jollie from Mitsui Global Precious Metals had a note out yesterday discussing the impact of tapering on gold and silver. David's notes are written for the pro market and they are not distributed as they can't be seen to solicit retail investors. My cliff notes summary is:<br /><ul><li>tapering could drive futher bearish sentiment but much of the tapering could already be in precious metal prices</li><li>gold's decline more to do with an increase in risk tolerance from investors seeing improving economic environment (which was in play before taper talk)</li><li>as QE shrinks market will depend more on their own dynamics</li><li>tapering might result in the precious metals decoupling from each other, with PGs and silver possibly outperforming gold</li><li>still possible for QE to result in serious inflation in the future, driving continued gold buying</li><li>also possibile for deflation to occur [if QE not enough to cover debt deflation], in which case gold will be more attractive as other assets will struggle</li></ul>David sums up by saying that next year <em>"we should expect some new ideas to start moving these markets. With tapering no longer an ongoing concern, we feel that there will now be at least a chance for bullish sentiment to develop in the precious metals complex."</em> Lets hope so.</div>

David Jollie from Mitsui Global Precious Metals had a note out yesterday discussing the impact of tapering on gold and silver. David's n...

India planning gold confiscation and gold market interventions?

<div style="text-align: justify;">Gold investors are well aware of the restrictions India imposed on its gold market, like increasing import duties. In this post I want to step back and have a look at what India has done, and more importantly, what policy options it may still have up its sleeve.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Our starting point is the Reserve Bank of India's January 2013 <a href="http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/RWGS02012013.pdf">Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans by NBFCs</a>. Within its 224 pages are the following recommendations (direct quotes):</div><ul><div style="text-align: justify;"></div><li><div style="text-align: justify;">further hike in the import duties may have to be contemplated to dissuade gold imports</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">restrictions on carrying of gold and gold jewellery by incoming Indian community from abroad ... may also have to be reviewed to ensure that bringing gold into the country less attractive option</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">entities importing bulk gold through banking and non-banking channels can be asked to an export obligation based on a certain percentage of imports of the gold</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">bank finance to purchase gold may be prohibited</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Modified Gold Deposit Scheme (gold taken as a deposit is recycled for meeting domestic demand and given back at the time of maturity)</div></li><div style="text-align: justify;"></div></ul><div style="text-align: justify;">The above points have now been implemented, below are those which have not yet been implemented.</div><ul><div style="text-align: justify;"></div><li><div style="text-align: justify;">Inflation Indexed Bonds ... introduce savings schemes and instruments that can provide real returns with high liquidity</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Gold Accumulation Plan (the product is a saving plan catered to even small buyers of gold in which the gold imports are deferred till the time of actual delivery of gold)</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Gold Linked Account (the entire transaction takes place outside India and import of gold is not involved)</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Gold Pension Product (the customer surrenders gold to the bank on agreement to receive streams of monthly pension till his death)</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Setting value or quantum limits for canalising agencies and banks to import gold</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">trying to channel the existing supplies of scrap gold in the country into the financial system</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">Gold Bonds and Gold Deposits Schemes that may encourage gold holders to deposit their idle gold holdings with banks</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">expanding financial inclusion in extending gold jewellery loan</div></li><div style="text-align: justify;"></div></ul><div style="text-align: justify;">In respect of all the various paper gold type products, it is worth noting <a href="http://www.mineweb.com/mineweb/content/en//mineweb-gold-news?oid=206630&sn=Detail" target="_blank">this story</a> which reports that the Indian central bank had <i>"sent letters to some of the country's richest temples asking for details of their gold"</i>. The head of an opposition party <i>"said the RBI wanted to 'take possession' of the gold and maybe sell it for dollars"</i> but the central bank said there was <i>"no proposal under its consideration to convert idle gold into bullion at this juncture"</i>.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The general rule, of course, that politicians first deny what they later introduce, just as the Finance Minister <a href="http://www.reuters.com/article/2013/08/19/india-gold-timeline-idUSL4N0FE13120130819">said</a> on January 30 that there were <em>"no plans for additional taxes or curbs on gold imports"</em>. </div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Furthermore, a Reserve Bank of India regional deputy general manager was <a href="http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/international/2013/September/international_September378.xml&section=international">quoted</a> as saying that there interest extended beyond temples" <i>“We sought the details as part of a statistical exercise to gather details of the gold in the possession of all places of worship and other public bodies. We started the process with temples. We had planned to cover the places of worship of other communities, trusts and establishment in subsequent phases".</i></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Some temples do <a href="http://articles.economictimes.indiatimes.com/2013-09-05/news/41802604_1_gold-bars-gold-import-pure-gold">already deposit</a> gold with Indian banks, earning interest of around a few percent. Below are the amounts held by three temples I've picked up from various reports:</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Tirumala Tirupati Devasthanam - 116,643oz / 3.6t</div><div style="text-align: justify;">Tirupati - 72,339oz / 2.25t </div><div style="text-align: justify;">Sri Krishna - 16,075oz / 0.5t</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">So there is a fair amount of gold just held across many temples, let alone private individuals. The reported objective of these gold schemes is to lend the gold to the extensive Indian jewellery industry, which hold significant amounts of gold as work in progress stock. This I don't see as a problem, because the gold is not being sold and stays within the country. It also helps to consolidate gold as money.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">However, utilising investor stocks of gold this way does not really solve India's import problem, as all it is doing is replacing gold loans given to importers and jewellers from overseas bullion banks with internally funded sources. This only provides a one off benefit as the gold flows out of India only as the bullion bank loans are repaid. Thereafter India still needs to import gold on an ongoing basis.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">This leads to the key, in my mind, recommendation from the report, which was the <em>"setting up of Gold Corporation or Gold Bank in India"</em>. The purpose of this entity is to (direct quotes, my emphasis):</div><ul><div style="text-align: justify;"></div><li><div style="text-align: justify;">provide refinance to institutions lending against the collateral of gold</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">retailing functions in gold including pooling of idle gold in the system</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">be empowered with wide-ranging activities related to the entire spectrum of <strong>gold policies</strong></div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">make official purchases and <strong>sales of gold</strong></div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">may issue gold bonds and <strong>collect the gold stocks</strong></div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">be to <strong>mobilising domestic non-official gold holdings</strong>; channelise them into a centralised pool over a period of time and to deploy them in a productive manner in the best interests of growth and development of the country</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">be authorized to buy and <strong>sell gold on their behalf</strong> and on behalf of their clients</div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">be empowered to <strong>handle the country's gold reserves</strong></div></li><div style="text-align: justify;"></div><li><div style="text-align: justify;">be given powers to import, export, trade, lend and borrow gold and <strong>deal in gold derivatives</strong></div></li><div style="text-align: justify;"></div></ul><div style="text-align: justify;">One could argue that if you plan to "mobilise" (cough cough) domestic gold holdings, then you first need to know where and how much gold is held in places of worship, trusts and establishments. Then you can utilise this gold to implement the "entire spectrum of gold policies". Lets just hope India's CAD improves, otherwise the Reserve Bank of India may feel it needs to implement more of the report's recommendations.</div>

Gold investors are well aware of the restrictions India imposed on its gold market, like increasing import duties. In this post I want to st...

Implications of ETF redemption in physical gold coins

<div dir="rtl" style="text-align: right;" trbidi="on"><div style="text-align: justify;">In August ETF Securities announced that shareholders of its gold ETF would be able to redeem their shares for physical bullion coins from the British Royal Mint.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Perth Mint's ASX listed gold product, code PMGOLD, had physical redemption in any Perth Mint bullion bar or coin built into it from its start in 2003. Good to see ETF Securities catching up ten year later :)</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Perth Mint and ETF Securities are now the only ETF issuers with real retail level redeemability - other funds that do allow physical redemption (many don't at all) like Sprott's PHYS do so only in 400oz bars, which is unrealistic for normal investors.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I haven't seen any further follow up or media about this option, so assume they haven't been inundated with requests.</div><div style="text-align: justify;"></div><div style="text-align: justify;">The question it raises for me is that if more ETFs start offering this feature, it will put additional pressure on the mints during high demand periods. As I've blogged here many times, there is limited production capacity worldwide in the minting business, so expanding the ease with which ETF investors (who I would assume are generally not physical holders) can convert into physical will just make the production capacity issue even worse when there is an uptick in interest in physical. The result will be longer shortages and higher premiums.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">ETF redeemability into coins is also a potential threat to coin dealers and online businesses like Bullion Vault and Gold Money. An ETF that becomes a full service gold vendor could be a very appealing alternative, given that the buy/sell spread on an ETF are much tighter than those offered by dealers. The only thing protecting the dealers is the somewhat cumbersome nature of the redemption process.</div></div>

In August ETF Securities announced that shareholders of its gold ETF would be able to redeem their shares for physical bullion coins from th...

No high premiums for suggested gold miner cartel

<div style="text-align: justify;">Yesterday The Gold Report published an interview titled <a href="http://www.theaureport.com/pub/na/15759">Miners Should Launch a Gold Cartel or Risk Losing Everything, Advises Stephan Bogner</a>.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">In it Stephan suggests that <i>"mining companies should collectively refrain from selling into the market at spot prices but should instead find buyers themselves, as there are definitely investors worldwide—especially from Asia, as well as the Middle and Far East—that would pay high premiums on the spot price to get their hands on physical bullion."</i></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I think this suggestion is simplistic in a number of ways. Firstly, while premiums can develop in certain geographical markets from time to time due to various factors (see this <a href="http://www.kereport.com/wp-content/uploads/1116-1-4.mp3">interview</a> with Al Korelin where I explain the impact of restricted Chinese import licenses and quotas) in no market is anyone paying $1900 an ounce - "high premiums" at best means tens of dollars, not hundreds of dollars (see this William Kaye <a href="http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/11/1_Peoples_Worst_Nightmares_Coming_-_Have_A_Survival_Strategy.html">interview</a>). The fact is that Chinese demand exploded in April because the price dropped, and a lower price is the miner's problem.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Secondly, the gross premiums being quoted are not necessarily what the bullion banks are getting. In that William Kaye interview, he says that <i>"senior members in China’s government, probably in the State Council, basically decided that they were sick and tired of the premiums that the Chinese people were having to pay over the London price for gold"</i>, which accords to what we heard, but William gets it wrong when he says that <i>"they (Chinese officials) recognize that the bullion banks, at the expense of the population and the jewelers, have been making arbitrage profits"</i>. The real story is that it is the limited number of licensed Chinese importers who have the upper hand over the bullion banks, who compete to supply (and extend credit) to the importers, so a good part of the premiums were going to the importers, not the bullion banks. So miners would not get all of the reported high premiums.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">Thirdly, the actual gross premiums paid by importers are just that - gross. From that you have to take off the costs of selling, which would include management time spent by each mining company finding and negotiating with each buyer, shipment costs to refiners, fabrication costs, shipment costs from refiner to buyer, and in most cases of the main distributor/importers, the cost of interest in funding the sale as these business often want 180 day payment terms or consignment stocks. The end result is that the reported gross premiums end up as a much smaller profit.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The idea of miners finding buyers themselves is like saying farmers should deal directly with individual supermarkets. There is a reason industries like milk (and gold) have processors who aggregate volumes, and distributors who manage sale to many retail outlets. It is just more efficient than producers trying to deal directly with every buyer. Gold distributor/importers for example, prefer to deal in tonnes at a time as that keeps shipment costs between countries down.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The only way it could work is if a group of miners got together and pooled their output and negotiated with a refinery for fabrication and distributors for sales at a scale that made sense. But then that organisation is just doing what bullion banks do. In addition it would need to raise capital from investors to fund the gold tied up until they eventually got paid, and miners are having problems raising money. There is also credit risk associated with who you are selling to, if they don't pay. These are not skill sets many mine managers have.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I'm not trying to dissuade miners from forming such groups - it doesn't make a difference to the Perth Mint, for example, whether we deal with a bullion bank or a miner group. Just pointing out that there is no easy money in these "high premiums" that are seen from time to time. Gold distribution is a competitive business and the marginal profit earned is not going to solve miners' current financial problems, which require prices hundreds of dollars higher, not tens of dollars.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The only way gold miners can really impact price at the margin is to withhold supply. Stephan suggests this, saying that miners <i>"should use gold and silver as the functional currency for the industry ... look for ways to bank their gold as cash assets or take out gold loans, not dollar loans. They should buy physical gold and silver and store it outside the banking system. When they require cash, they can sell part of their holdings."</i> David Baker, of <a href="http://www.blogger.com/www.bakersteelcap.com">Baker Steel Capital Managers</a>, has been talking about miners holding gold on their balance sheet and <a href="http://www.perthmintbullion.com/au/Blog/Blog/13-01-21/Would_You_Prefer_Your_Dividends_In_Gold.aspx">gold dividends</a> as well. Perth Mint fully supports such initiatives (see this Korab Resources <a href="http://www.asx.com.au/asxpdf/20130207/pdf/42cwzc9f0yr8dy.pdf">announcement</a> for example).</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">However, the problem with the idea of holding gold is that at this time the most miners are strapped for cash and don't have the ability to not sell and simply hold gold in the quantities necessary to impact the price.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">I don't know what the solution is to gold miner's current problem, but suggesting that there is some pot of easy high premium gold waiting for producers just creates a false hope.</div>

Yesterday The Gold Report published an interview titled Miners Should Launch a Gold Cartel or Risk Losing Everything, Advises Stephan Bogner...

About being part of a psyops program to infiltrate and undermine gold discussions

On the Silver Doctors website <a href="http://www.silverdoctors.com/largest-swiss-refinery-on-inability-to-source-gold-this-has-never-happened-before/#comment-89151">someone accused me</a> of being part of a psyops program to infiltrate and undermine gold discussions. I left a comment that is currently in moderation, but I reproduce it below FYI.<br /><br />I think the manipulation of internet discussions and disinformation is something we should all be aware of but I don't think it is a problem in the gold space - it seems to me from the many places I've frequented since I started blogging in 2008, that in general the gold internet sites aren't overrun with pro fiat/govt trolls and there is a very active defense against anyone disagreeing with any goldbug theory or narrative.<br /><br /><i><strong>"Why would a guy who works a full time job in such a high position for the Perth Mint, who’s not allowed to even get in to details about the Mint, as he’s stated, be joining discussion forum(s) such as goldismoney2, and make a personal blog, that’s not really even promoting investment to the Perth Mint?"</strong></i><br /><br />Not sure what you mean about "not getting in to details about the Mint", which details are you referring to? I talk a lot about the Perth Mint, but not about competitively sensitive stuff, which I wouldn't think is surprising.<br /><br />As to why I comment on forums (I actually have over 20 "identities" <a href="http://www.perthmint.com.au/research_about.aspx">http://www.perthmint.com.au/research_about.aspx</a>) and have run my own blog since 2008, well same reason you comment here, because I'm interested in gold and want to talk about it. Just because I work for a mint means I can't talk about the market?<br /><br />And while the blog is personal, everything I do does reflect and have some small impact on the Perth Mint. But anyway, if I didn't work for the Mint I would still be on the forums, not everything has to have a profit motive.<br /><br /><i><strong>"He claims it’s not on behalf of the Mint."</strong></i><br /><br />A personal blog is by definition not official. I say that on my blog so it is clear I'm not representing the Mint and thus I can speak more freely. Isn't that a good thing, that I'm transparent about that and that I can express an opinion, or would you rather no one from the industry provide any insight into what goes on?<br /><br /><em><strong>"Moreover, why even post using your real name AND photo in a first post on a discussion forum? That’s not the standard on how higher-ups do things on the internet (as well as the rest of us too), unless they’re running and promoting a business such as retail or newsletter or consulting, where verification of who the person is may be sought out by perspective clients, before purchasing their services."</strong></em><br /><br />When setting up my personal blog I considered doing it anonymously but I thought that would be dishonest. I thought it was necessary for people to know who was writing so that they could be on guard for any bias or agenda I might have. No it is not the “standard” for how higher-ups do things on the internet, are you saying you would want less involvement by the industry? Also, as I said above, while the blog is personal, there is some small promotional/representational aspect I cannot divorce myself from, so again, being upfront about who I am I thought was necessary.<br /><br /><em><strong>“However, Sucheki isn’t selling anything on behalf of the Mint, and nor is he selling consultation or newsletter services. In other words, what’s in it for him to post on a discussion forum, while providing his real name and photo? I may be wrong about this, but it all smells kind of fishy.”</strong></em><br /><br />Part of my job going forward will be to take on some social media aspects, so my stuff on the internet will have a “selling” component.<br /><br /><strong><em>“The first time this guy ever showed up was ~ 1 year ago on the goldismoney2forum.”</em></strong><br /><br />I’ve been blogging and commenting on forums since 2008.<br /><br /><strong><em>“In his first post, showing his real name and photo, he defended the position/government propaganda line of a troll.gov like zman. Strange indeed. That’s the general pattern I’ve observed, and many others too.”</em></strong><br /><br />Can you provide a link to that post. If you read my blog you will find plenty of non troll stuff. I am not a cheerleader for everything written about gold on the internet, but just because I might disagree or provide another view doesn’t make me a troll.gov either. I had similar claims made about me on TF Metals Report, maybe the answers to their questions may give you a more rounded picture of my views <a href="http://goldchat.blogspot.com.au/2013/05/questions-from-tf-metals-report-readers.html">http://goldchat.blogspot.com.au/2013/05/questions-from-tf-metals-report-readers.html</a>.<br /><br /><strong><em>“Is there really a man named Bron Suchecki? Probably so. Does he really hold the position he states at the Perth Mint? Probably so. Does he really look like the man in the photo? Probably so.”</em></strong><br /><br />Most certainly I am real.<br /><br /><strong><em>“Does he really run a blog and make posts on a discussion forum? Probably NOT. I suspect that the real Suchecki has given his permission (to those who compensate him well for the priviledge ) to those that run the Cass Sunstein-designed program of infiltrating and undermining internet discussion boards (that discuss topics contrary to US government interests), to post on his behalf.”</em></strong><br /><br />Absolutely incorrect. I started the blog myself and its content and all the content of the identities at <a href="http://www.perthmint.com.au/research_about.aspx">http://www.perthmint.com.au/research_about.aspx</a> are my personal work, there are no ghost writers. I don’t know if there is a psyop program directed at precious metals markets, but neither I nor the Perth Mint are involved or engage in such behaviours, either for (we make money by selling gold products) or against gold.<br /><br /><strong><em>“The reasoning is logical if you’re running a psyop as stated by Sunstein. You strengthen the government propaganda position via getting a ‘guru’, who’s presented as the real deal (real name and photo included), to agree with the troll.gov posts. Moreover, you get the troll.gov posters to refer to the information presented by the ‘guru’ Suchecki, in their attempt to validate the propaganda position. Given that Mikeyj was validating Suchecki AND ztroll.gov, it’s no surprise to me that ‘Bay of Pigs’ has taken an intelligent approach as to his suspicions regarding whether Mikeyj is in the same infiltration program. Good job, ‘Bay of Pigs’, at spotting these psyop techniques!”</em></strong><br /><br />I think anyone who looks at the entire body of my blog and comments elsewhere on the internet since 2008 would, if it was a psyops program, have considered it very ineffective and asked for their money back.<br /><br />If you want to charge me with being a psyops program, then please provide evidence that I engage in all of the behaviours listed here <a href="http://www.washingtonsblog.com/2012/08/the-15-rules-of-internet-disinformation.html">http://www.washingtonsblog.com/2012/08/the-15-rules-of-internet-disinformation.html</a> or <a href="http://pastebin.com/irj4Fyd5">http://pastebin.com/irj4Fyd5</a> which is more comprehensive. I think it is important to be aware of these techniques because I’ve seen some of these behaviours, although I’m not sure it is a psyops program and just general troll behaviour you see anywhere.

On the Silver Doctors website someone accused me of being part of a psyops program to infiltrate and undermine gold discussions. I left a c...