China Becomes Top Gold Consumer In 2013 TNR.v, MUX, GLD, GDX

 While the rest of the world is chasing Bubbles, China accumulates Gold and encourage its citizens to do the same. With more evidence that German Gold is long gone from the FED and there is less and less physical Gold left in the Gold Fractional Reserve System we are entering the blow off phase in the Gold market.

  Now the most important question will be - where the Gold will come from in the future?

There Is No German Gold Left At The New York FED GLD, MUX, TNR.v, GDX

"Die Welt has reported today the bombshell announcement for the Gold market. We have discussed before that only 37 t of Gold out of 674 t was delivered to Germany in 2013 and that the Gold bars were Melted. So not a single original German gold bar was returned to Germany so far! 

  ZeroHedge reports today that surprisingly only 5 t of gold has been delivered from the NY FED - the rest came from Paris. Now it is not the conspiracy theory any more that there is no German Gold left at the NY FED.

  Now all the manipulations in the Gold market and constant smashing down the price in 2013 are coming into another perspective. Germany is very serious about the investigation of the manipulations in the Gold market - it was already reported thatprecious metals manipulation is worse than LIBOR scandal.  This investigation has already claimed the first victim: Deutsche Bank to withdraw from Gold fix amid probe.
  With the highest on record leverage at COMEX of 112 owners for every single ounce of Gold and record low COMEX registered Gold at 11 t we have the set up for the major blow out phase in the Gold market. Who in their mind will continue to hold Gold at LBMA any more? According to Eric Sprott, we can expect a failure to deliver Gold and lawsuits with deliveries last February from COMEX of 40 t and China buying at least 100 t of Gold every month on average now.
  Once Gold will breach $1270 level Andrew Maguire's discussion about the massive short squeeze will become the reality and even if his predictions about $200 Up-days will not materialise, the move by Gold to the upside from the most oversold condition in history will be nothing less than spectacular."

McEwen Mining Receives Final Environmental Permit for Construction and Operation of El Gallo 2 Project MUX, TNR.v, GDX

 "Rob McEwen is on track with development of El Galo 2 and now, after the last main permit has been granted by Mexican authorities, the only question remains where the capital will come from. McEwen Mining had a very impressive run from December $1.65 low to the recent highs of $2.63. Los Azules Copper development remains the major catalyst for McEwen Mining in case of sale of this asset and it will make development of the existing pipeline of project feasible and further acquisitions will bring the dreams about S&P 500 back."

FT:

China becomes top gold consumer in 2013

By Xan Rice

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail.

Its hungry factories and mushrooming cities have made China the number one global consumer of industrial metals such as copper, aluminium and zinc. Now, for the first time, gold has been added to that list.

In 2013, soaring purchases of jewellery, minted Panda coins and small gold bars helped China overtake India as the world’s biggest gold consumer, according to the Thomson Reuters GFMS gold survey – the most widely followed report on the industry. Chinese demand reached 1,189.8 tonnes last year, a 32 per cent year-on-year jump and a fivefold increase since 2003.

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This frenetic buying in China, which led to a temporary shortage of physical stocks, was sparked by the 28 per cent fall in the gold price last year, the worst performance in more than three decades. Following a 12-year bull run, the metal lost its lustre in Europe and North America as economic conditions improved and the prospects of inflation receded. Western investors dumped gold-backed exchange traded funds in 2013, with holdings falling by 880 tonnes.

A simultaneous “Asian-led buying frenzy”, with consumers chasing bargains, resulted in gold bars being removed from vaults in Europe and other markets, melted into smaller bars in Swiss refineries, and shipped to the East. GFMS described the flow as the “largest movement of gold, by value, in history”.

Indian consumption rose 5 per cent to 987.2 tonnes last year, but was held back by new import tariffs and restrictions. In China there were no brakes. Gold jewellery fabrication rose nearly a third to 724 tonnes, surpassing India for the first time, and the retail sector boomed. In July and August, more than 200 gold showrooms opened in the southern city of Shenzhen.

Because many Chinese buy jewellery for investment reasons rather than adornment, high purity 24 carat gold products dominated sales. Purchases of physical bars – mostly kilobars and smaller weights – rose 47 per cent to 366 tonnes, a new record. In terms of gold coins, only Turkey minted more than China in 2013.

FT Video

2014: more tumult for gold?

Dec 2013: With the global economy on the path to recovery, gold’s 12-year bull run has ended. Evy Hambro, chief investment officer of BlackRock’s natural resources equity team discusses the outlook for bullion in 2014.

“Gold has always been popular culturally in China and now it’s increasingly seen as an asset class for individuals,” said Andrew Leyland, manager of precious metals demand at GFMS. “Greater wealth and disposable incomes created pent-up demand when prices were high, so when they dropped there was this phenomenal surge in buying.”

Were it not for Chinese purchases, the gold price would have been at risk of further falls. Outside Asia, investor appetite for the metal has remained weak, and few analysts expect the gold price to recover this year. GFMS forecasts an average price for 2014 of $1,225 a troy ounce – around $20 below current level – with physical demand remaining solid “but without a repeat of the bargain hunting surge”.

In recent years, China has also become the world’s biggest gold producer, with estimated output of 437.3 tonnes last year. Although there are no official figures, some of that metal is thought to have been purchased by the People’s Bank of China. The central bank last reported holdings of 1,054 tonnes, in 2009."

Eric Sprott: One More Sign of Manipulation in the Gold Market GLD, TNR.v, MUX, GDX

  

  Eric Sprott presents more evidence on the complex web created by Central Banks in order to manipulate Gold market. Latest news from German investigation of the Gold manipulation has already claimed the first victim with Deutsche Bank quitting the Gold Fix. Gold has closed above very important level of $1250 last week and now $1270 is within the reach which will ignite the short covering rally and confirm the Double Bottom Reversal at $1180 in 2013.

China Expands Gold Reserves to 2,710 Tons - Third Largest In The World GLD, TNR,v, MUX, GDX

 "Now we have the confirmation from China IMF reporting to the previous report from Bloomberg. China is very serious in accumulation Gold and latest reports from Germany about the Gold price manipulation are coming now with the record leverage at COMEX with 112 owners per each ounce of Gold!"

ZeroHedge: Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says GLD, TNR.v, MUX, GDX

"ZeroHedge reports on latest news from Bloomberg about Gold manipulation investigation in Europe. No surprises for us here - it is worse than Libor scandal. Will this news propel Gold above $1270 now to confirm the Double Bottom Reversal in 2013?"

Arthur Cutten: COMEX Gold Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1 GLD, TNR.v, MUX, GDX

 "After issuing his Buy Signal on Gold, Arthur reports the new historical all-time-high leverage at COMEX with 112 potential owners for each one ounce of Gold!"

SprottGlobal:

One More Sign of Manipulation in the Gold Market

By Eric Sprott
Introduction
As we very well know, 2013 was a difficult but also puzzling year for precious metals investors. The price of gold, silver and their related equities declined by a significant amount while demand for physical bullion from emerging markets and their Central Banks was exceptionally strong.
A common argument that has been made to explain the precipitous decline of the price of precious metals in 2013 is of investors’ disenchantment with precious metals, which had been piling up in exchange traded products as a way for investors to gain exposure to the metals. Proponents of this theory point to the large declines in the total holdings of those ETFs as evidence of investors fleeing the precious metal trade. As shown in Figure 1, the price of both gold and silver suffered very significant declines throughout 2013. Therefore, if this explanation is correct, one would expect the total ETF holdings of both metals to be lower as well.
However, this is not the case. As shown in Figure 2 gold ETFs suffered large redemptions whereas silver ETFs saw their holdings remain more or less constant throughout the year, and this without any observable change in trading patterns in the two largest ETFs; GLD and SLV (Figure 3 shows the ratio of the trading values in the ETFs over time). If redemptions are a symptom of investors’ disenchantment with precious metals as an investment, shouldn’t silver have suffered the same fate as gold? Indeed it should have, but we think the reason silver ETFs were not raided like gold was that Central Banks do not have a silver supply problem, they have a gold problem. As we have argued before, the raiding of gold ETFs is bullish for gold because it reflects an imbalance in the physical market.¹
Figure 1: Gold and Silver prices declined significantly in 2013

 Source: Bloomberg
Figure 2: ETF Holdings - Troy oz (millions)

Source: Bloomberg, tickers ETSITOTL & ETFGTOTL
In this article, we further argue that the April raid on gold and gold ETFs almost backfired by creating a tsunami of buying in India and increased demand to unsustainable levels. In May 2013 alone, Indians imported 162 tonnes² of gold in a market where monthly global mine production is about 182 tonnes. A continuation of this trend, coupled with strong buying from other Emerging Markets and their Central Banks, would have been overwhelming. But, the response was swift. We suspect that, at the behest of Western Central Banks, the Reserve Bank of India reacted by enacting, in incremental steps, restrictive measures to prevent gold imports (See Figure 4 for a timeline of the major changes made by the Indian Government).³
Figure 3: Traded Value - Ratio of SLV to GLD

Source: Bloomberg. Traded Value is calculated by taking the total trading volume for a quarter and multiplying it by the average price over that quarter. A ratio of 1 indicates that SLV traded as much, in $ terms, as GLD.
Figure 4: Efforts to Curb Indian Gold Imports

Source: Bloomberg, Economic Times 

Supply and Demand Imbalances: The Indian Effect 
We have already discussed at length the supply and demand imbalance in an Open Letter to the World Gold Council, asking them to revise their methodology because it grossly understates the amount of demand coming from emerging markets.⁴ Our gold supply and demand table (Table 1) reflects the latest available data (2013 Q3 in most cases). World mine production, excluding Chinese and Russian production still stands at about 2,100 tonnes a year. Chinese net imports most likely exceeded 1,700 tonnes for 2013 (81% of world mine production) and demand from the rest of the world is rather stable.⁵
The overall picture has not changed much since our last article, with the exception of Indian imports. As of the second quarter of 2013, India had cumulative net gold imports of 551 tonnes, which annualizes to 1,102 tonnes.⁶ However, Q3 data shows net imports of only 31 tonnes (for a total of 582 tonnes YTD), which annualizes to 776 tonnes.
This incredible loss of momentum for “official” gold imports was the result of concerted actions by the Reserve Bank of India and the Indian Government. While the “official” justification for those restrictions is the large Indian current account deficit, this argument makes little sense. According to government officials, Indian’s taste for gold and the corresponding imports worsens the country’s trade balance, worsens its current account deficit and puts downward pressure on their currency, the Rupee.
But, without going into too many details, the classification of gold as a “good” in the trade balance is at best misleading. Since gold is more of an investment vehicle and is not “consumable” per se, it should instead be accounted for in the capital account of the balance of payments instead of the current account. Indeed, Switzerland, which is a large net importer of gold, reports its trade balance “without precious metals, precious stones and gems as well as art and antiques” to reflect fact that those are “investments” rather than consumption goods.⁹ In this case, why should India be any different and report their trade data excluding gold? To us, all the fuss about gold imports by the Indian Government is a red herring.
So, without the intervention in the Indian gold market, the shortage of gold would have wreaked havoc in the market, a situation that Western Central Banks could not tolerate.
 Table 1: World Gold Supply and Demand 2013, in Tonnes

Sources: GFMS data comes from the WGC’s “Gold Demand Trends” publications for 2013 Q1, Q2 & Q3. Chinese mine supply comes from the China Gold Association and is up to October 2013, the annualized number is a Sprott estimate.⁸ Russian mine supply comes from the Union of Gold Producers and is up to 2013 Q3. Chinese data is taken from the Hong Kong Census and Statistics Department and covers the period Jan.-Nov. 2013 and is annualized to account for the missing month. Changes in Central Bank gold reserves are taken from the IMF’s International Financial Statistics, as published on the World Gold Council’s website for 2013 Q1, Q2 & Q3 and include all international organizations as well as all central banks. Net imports for Thailand, Turkey and India come from the UN Comtrade database and include gold coins, scrap, powder, jewellery and other items made of gold. The data is for 2013 Q1, Q2 & Q3. ETFs data comes from GFMS as well.

Conclusion and Outlook for 2014
As demonstrated in our Open Letter to the World Gold Council, there was a large supply-demand imbalance in 2013. The evidence presented here suggests that the decline in the price of gold in mid-2013 and the subsequent raid of gold ETFs (but not silver ETFs) was engineered by Western Central Banks to help solve their physical gold supply problem. However, the resulting increase in Indian gold demand exacerbated the problem. The solution was to restrict Indians from importing gold by all means possible in order to help the Western Central Banks regain control of the gold market.
However, the rate of drain in gold ETFs cannot continue forever; at the current pace of 930 tonnes/year, there are less than two years of gold left in ETFs. Moreover, Indians have proved highly creative at finding ways around import restrictions.¹⁰ Smuggling is on the rise and will most likely increase as smugglers become more sophisticated. Overall, we believe that interest in physical gold from emerging markets will remain a driving force.
Besides, mine production is unlikely to grow, as reflected by the significant decrease in capital expenditures expected for the major gold producers (Figure 5).
Accordingly, we believe that the manipulation of gold prices by central banks, as demonstrated by the above analysis, cannot continue in 2014. Therefore, we expect substantial increases in the price of precious metals as the true shortages become obvious.
Figure 5: Capital Expenditures ($mm) - XAU Index Members

 Source: Bloomberg. Consensus analyst estimates are used for years 2013-2015.

P.S. Due to recent developments, we would also like to highlight some related media stories
Jan. 17, 2014: Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal
Jan. 17, 2014: Deutsche quits gold price-setting as regulators investigate fix (Did the regulators ask them to?) 
Dec. 13, 2013: Bafin Said to Interview Deutsche Bank Staff in Gold Probe 
Nov. 26, 2013: U.K., German Regulators Scrutinize Gold, Silver Pricing 
Sept. 9, 2013: Sprott Thoughts: A Leaky Fix

1	See, for example, “Redemptions in the GLD are, oddly enough, Bullish for Gold”.
2	http://in.reuters.com/article/2013/06/03/gold-india-imports-idINDEE95207H20130603
3	See “Do the Western Central Banks have any gold left?”. Sprott Asset Management LP, Markets at a Glance May 2013.
4	See the full article at: http://www.sprott.com/markets-at-a-glance/open-letter-to-the-world-gold-council/
5	As a reminder, because of our methodology which uses net imports as a proxy for total demand in countries that do not re-export gold, we exclude the “total industrial demand” estimate from the GFMS to avoid double counting. Thus, we underestimate total gold demand because we do not include industrial demand from the countries other than China, India, Turkey and Thailand.
6	As reported by the UN Comtrade Statistics. We use the total dollar amount reported and average quarterly prices to infer the total amount of gold imported and exported.
7	This is calculated by taking the total consumer demand for jewellery, coins and bars for 2013 Q1 & Q2 from table 10 of the WGC’s “Gold Demand Trends” and subtracting from it demand from the individual countries we have listed in the table (China/Hong Kong, India, Turkey, Russia and Thailand).
8	http://translate.google.ca/translate?hl=en&sl=zh-CN&u=http://www.cngold.org/&prev=/search%3Fq%3Dcngold.%26client%3Dsafari%26rls%3Den
9	See the Swiss Customs Administration website: http://www.ezv.admin.ch/themen/04096/04101/index.html?lang=en
10	See, for example:http://www.thestar.com/business/economy/2013/12/27/insatiable_appetite_for_gold_fuels_indias_smuggling_industry.htmlhttp://in.reuters.com/article/2013/12/03/india-gold-smuggling-idINDEE9B20HY20131203http://articles.timesofindia.indiatimes.com/2013-12-29/chennai/45674552_1_airline-staff-gold-smuggling-flight-attendant

ZeroHedge: Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says GLD, TNR.v, MUX, GDX

  

  Update Jan 17th, 2014:

Rats are running from the sinking ship! Now JPMorgan scale down and sale of its commodity trading businesses are getting the new meaning. Are we close to the final revelations with Record High Leverage at COMEX now!

Reuters:

Deutsche Bank to withdraw from gold fix amid probe

"Deutsche Bank is withdrawing its participation in the gold and silver benchmark setting process following the significant scaling back of our commodities business," the bank said in a statement on Friday.

"We remain fully committed to our precious metals business."

  ZeroHedge reports on latest news from Bloomberg about Gold manipulation investigation in Europe. No surprises for us here - it is worse than Libor scandal. Will this news propel Gold above $1270 now to confirm the Double Bottom Reversal in 2013?

Arthur Cutten: COMEX Gold Potential Claims Per Deliverable Ounce Rises to Historical High 112 to 1 GLD, TNR.v, MUX, GDX

 "After issuing his Buy Signal on Gold, Arthur reports the new historical all-time-high leverage at COMEX with 112 potential owners for each one ounce of Gold!"

Arthur Cutten: JPM Holds the Whip Hand on the Comex - Gold Buy Signal GLD, MUX, TNR.v, GDX

 "Arthur Cutten has issued his Buy Signal on Gold. He has a very conservative approach and his article speaks for itself."

GATA: China Gold Chief Confirms Gold Price Suppression by U.S. MUX, TNR.v, GLD, GDX, SLV

ZeroHedge:

Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says

Remember when banks were exposed manipulating virtually everything except precious metals, because obviously nobody ever manipulates the price of gold and silver? After all, the biggest "conspiracy theory" of all is that crazy gold bugs blame every move against them on some vile manipulator. It may be time to shift yet another conspiracy "theory" into the "fact" bin, thanks to Elke Koenig, the president of Germany's top financial regulator, Bafin, which apparently is not as corrupt, complicit and clueless as its US equivalent, and who said that in addition to currency rates,manipulation of precious metals "is worse than the Libor-rigging scandal." Hear that Bart Chilton and friends from the CFTC?

More on what Eike said from Bloomberg:

The allegations about the currency and precious metals markets are “particularly serious, because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bafin, said in a speech in Frankfurt today.

Actually, what makes the most serious, is that precisely because they are on liquid markets means they implicitly have the blessing of the biggest New Normal market maker of call - the central banks, and their own "regulator" - the Bank of International Settlements (hello Mikael Charoze).

“That the issue is causing such a public reaction is understandable,” Koenig said, according to a copy of the speech. “The financial sector is dependent on the common trust that it is efficient and at the same time, honest. The central benchmark rates seemed to be beyond any doubt, and now there is the allegation they may have been manipulated.”

Bafin has also interviewed employees of Deutsche Bank AG as part of a probe of potential manipulation of gold and silver prices, a person with knowledge of the matter has said.

We wonder how long until this particular investigation is stopped based on an "executive order" from above, because Bafin is now stepping into some very treacherous  waters with its ongoing inquiry of gold manipulation: what it reveals will certainly not be to the liking of the financial "powers that be."

The LIBOR Rigging Scandal And What Else Is A Fraud In Our Financial System?

Gold Manipulation: London Trader - The LBMA Gold Price Fixing Scheme Is Over

"More and more news about manipulations of the different markets is coming to the surface now. It is too wide spread to conceal it any more. All markets are rigged: LIBOR, Gold, Silver - PPT is holding the market's breath every time at the crucial technical points. Crime of the century - Naked Short Selling will be next to finally turn this scam to the light of day. Goldman Sachs has managed to get to the front row in this dirty game as well."

LIBOR, Gold and Silver Market Manipulations: Please Meet The Next Headline - "Naked Short Selling"

Accidentally Released - and Incredibly Embarrassing - Documents Show How Goldman et al Engaged in 'Naked Short Selling'

  

The Price Of Gold Has Been Manipulated. This Is More Scandalous Than Libor - Is Naked Short Selling Next?

  "We continue our quest into the market manipulation universe, finally, mainstream is paying attention. LIBOR, Gold, Silver - what will be next now? Will it bring Naked Short Sellers into the hot place as well? Couple of whistle blowers can ignite now the huge rally in totally beaten into the dust mining juniors."

Business Insider: Everyone Is Passing Around This 'Whistleblower' Letter Claiming To Know About Market Manipulation At JPMorgan

"With today's news from JP Morgan the old article from Business Insider is taking the new context at least - what revelations will be next now? JP Morgan's name is all over the place with the recent scandals - we can not tell yet that it will become the "Next Lehman moment" which will unleash QE3 - but company's involvements in MF Global bankruptcy, PFG bankruptcy, Trading Loss Revelations and today's announcement about "cooking the books" are not leaving any room for "error".

The History Of Money And Why US Dollars Are Issued By Private Bank - Federal Reserve System

  "We are at the very important point in the history of the modern financial system. The recent events in Europe  are no less than ground-changing historical  development and the magnitude of it will be understood only many years later. European countries are giving up their Sovereignty in order to save the Euro zone. Now the history of money will be your guide to the new order, when the New Normal will be transformed into the New World Order. 

  Private FED manipulates all markets now and has the right at its own discretion to increase the FED rate at any moment, which will increase all interest rates in a chain: mortgage payments, car loans, student loans, credit card loans, business loans etc. Should FED decide to stop monetary expansion at some point: QEn+1 and Twists - yields on the Treasuries will explode. U.S. is at the total mercy of the unelected managers running the private bank. You would think: who can do such a thing, which will bring a total collapse to the world economy - watch the movies to get your own answer. The idea to buy the assets for pennies on the dollar can be irresistible again."

Europe Is One Step Closer To The End Game - New World Order

"We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order" 

David Rockefeller

Watch the movies End Game and Fall Of The Republic. 

  Europe is done now. New European Order is here - what is the Next Step? In one sentence - Keep your Freedom - Dump the Pump and Buy Gold. In the big picture you will have to study and think - to separate the truth and reality. This movie gives a very interesting context for the recent European events - what do they really mean for the future of Europe?

  Maybe the movie is too heavy - it is really about everything...but history is there, you just need to find it out, learn and make your own conclusions about what is true. FED, Eugenics, State Control - Facebook, Google, iPhones - we are happy to tell everybody about us, somebody knows everything what we are searching for and our location is reported literally every minute. 

  Conspiracy theory will not be the real conspiracy without President Kennedy - has he tried to return the Right to issue the U.S. Currency to the U.S. Government?

"Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.

This executive order delegated to the Secretary of the Treasury the president's authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act."


  By the way, President Lincoln has tried it before:


"Despite strong opposition, President Lincoln signed the First Legal Tender Act,^[8] enacted February 25, 1862, into law, authorizing the issuance of United States Notes as a legal tender—the paper currency soon to be known as "greenbacks." In his correspondence, Lincoln credited Edmund Dick Taylor for his suggestion of the greenback currency, and named him "Father of the Greenback."

  Unfortunately for all of us, somebody did not like the idea of U.S. currency to be issued by U.S. Government and we have what we have now - US Dollar issued by privately owned bank called Federal Reserve System.


  It is not about George W Bush with his Family of Secrets or Barrack Obama - it is about the system. You know how President Obama is tough to the Wall Street on the TV: here is another movie to connect the dots - Goldman Sachs was the second largest contributor to Barrack Obama in 2008 elections, with JP Morgan, CitiGroup, UBS and Morgan Stanley among the Top 20 contributors. Mitt Romney knows Goldman Sachs as well - according to Ventura this bank manages Mitt Romney's blind trust and Goldman Sachs is the largest contributor to his campaign among other banks.


  We are out of politics, but if you are still an adept of Efficient Market Theory you should better watch at least these couple of movies - it could be your best investment this year. Question is not what is right or wrong there, but that you can start question things around you."

EXCLUSIVE - Bill Murphy's London Source: "Big Gold & Silver Moves Coming in August"

  Looks like a lot of things are happening behind the closed doors of the major banks these days. Reuters is talking today about arrests coming in Libor case and we guess that some traders will be thrown out from Bullion Banks once Gold and Silver manipulation news hits the headlines. Naked Short Selling in Gold, Silver and in junior miners will be next to surface and short covering should be very dramatic in its violent move.

Gold Manipulation: London Trader - The LBMA Gold Price Fixing Scheme Is Over

" More and more news about manipulations of the different markets is coming to the surface now. It is too wide spread to conceal it any more. All markets are rigged: LIBOR, Gold, Silver - PPT is holding the market's breath every time at the crucial technical points. Crime of the century - Naked Short Selling will be next to finally turn this scam to the light of day. Goldman Sachs has managed to get to the front row in this dirty game as well."