Bank Run Happening in Bullion-Jim Willie

goldenjackassBy Greg Hunter’s 

Jim Willie, Editor of The Hat Trick Letter, says the recent gold price take-down has caused, “A bank run in gold bullion banks.  It’s a vault run. . . . Wealthy investors are asking for their gold, and some are finding out it’s not there.”  Jim Willie, who holds a PhD in statistics, says things are getting worse.  Dr. Willie contends, “Back in 2011 and 2012, you had an important event every three of four months.  Now, it’s every two or three weeks.  So, the mean time between failures is rapidly declining.”  Dr. Willie goes on to predict, “Before, they were talking about stress tests.  Now, they realize that all of them in the past were a fraud.  So, they are talking about ‘bail-ins’ because they are expecting failures.”  Dr. Willie contends, “It’s all coming to a climax where gold is going to be central with a gold-trade central bank and gold priced at $7,000 per ounce.”  Join Greg Hunter as he goes One-on-One with Jim Willie of

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  1. Rachael Rush

    Dear Mr Hunter,

    Your site is my go to site every single day! I also find you to be a brilliant journalist. What I am curious about is why you have so many gold gurus on your site. I understand all of the baseline facts that there isn’t too many other places to store your REAL wealth. But gold and silver are getting taken to the cleaners by the powers that be and one too many average Joe investors are getting killed and watching their entire savings go poof. If you got in years ago that is fantastic! If you got in during the past few years due to just learning about gold and silver, only having dry powder now or whatever other reason for getting in recently, they (AND me too) are losing their shirts. Many try to circumvent answering this by saying one should have gotten in earlier. That is like saying, I should have bought XYZ stock back when it was $X and one would be rich now. The past is the past. What matters is the now into the future and all of the gurus promoting, pushing and covering gold and silver. For those that get the fundamentals, owning gold and silver is good. For those that are getting taken to the cleaners right now and for the past few years, I think there is some reply owed to your loyal supporters on this matter on what you think.

    Rachael Rush

    • Greg

      Rachael Rush,
      This is not an investment site. I offer protection advice and nothing more. Trying to make money in what is coming is akin to trying to get a room upgrade on the Titanic. You should measure your wealth in ounces and not dollars. The only way you have less wealth it that you suddenly hold less ounces. The powers that be are frantic to keep the fiat currency game going and physical gold and silver allows people to cash out of that system and protect their wealth. What is happening now has NEVER happened in human history. You must grasp the enormity of this. The reason why I have been concentrating on gold and silver lately is it is the counter weight to the fiat system. It is the fiat system that is insolvent, not gold and silver ounces in your direct possession. By the way, over the weekend the U.S. breached the debt ceiling once again. You are measuring your wealth in dollars? Please understand the absurdity of this. Everybody is waiting for the big collapse event. It is not an event, it is a process. At some point, people will wake up and find the process is complete. Thank you for your comment.

      • Allen Ols

        ….like trying to get an upgrade room on titanic; I will steal that from u fair and square, for all my nay sayer buds, tks

        • Greg

          Allen Ols,
          Be my guest. It’s yours and not stealing at all.

          • Michael Ivy


            Best response I have heard anyone give to a question such as Rachel Rush’s. People, though they “understand” the problems with fiat and now realize that its not about returns, its about protecting what you have, they still feel that, or treat, rather gold as an investment as opposed to a hedge. They are not convinced that gold at $50, gets you the same real goods and services in exchange as gold at $500, or, $5000, barring some arbitrage that might exist when gold shoots too high or too low relatively quickly. I find that it takes people time to fully understand an appreciate the value of what they have – that the fiat measure doesn’t mean anything. Anyhow great response to Rachel – measure your gold in ounces, not dollars. be well mp

    • justin king

      See the last few articles on for the REAL story on gold.

    • Anne Elliott

      Ms. Rush – Mr. Willie did say that the ultimate price of gold that “has been agreed upon” by the BRICS is $7,000 an ounce… And that price is coming down the pike whenever the dollar finally dies. So keep the faith and if you buy at $1,400 now or bought at $1,700 earlier, no matter what — you will still be getting a good profit for your investment.

      • SueQ

        What and how are you buying? Paper? “Real” gold? How do you know???

        Fool’s game to think TPTB haven’t already grabbed the total supply.
        It you don’t already own it, forget it.

  2. bob

    keep up the good work greg! god bless.

    • Greg

      Gob bless you too Bob.

  3. Allen Ols


    The name jim willie must strike fear throughout the financial system, jamie diamond is losing sleep!!! I am not. Thanks for the interview

    Question; what. Or who is the ‘london whale’?

    Al o.

  4. Liquid Motion

    Great Stuff Greg,
    That was entertaining, engrossing and enlightening. He had me from the get go. Jim knows his subject (very well indeed) and doesn’t mind sharing the realities of the world. He’s not short of hyperbole either. He is quite passionate about his beliefs and kudos to him.
    A no holds barred approach always wins hands down in my book. Jim has that in spades. Its quite refreshing to experience his approach, particularly when it supports your own thinking.
    What concerns me the most is Jim’s point about loss of control (by the central planners). There was some element of truth to them being in control by virtue of manipulating markets and prices and money flows, but Jim fully exposes that theory as being totally incorrect. If they aren’t or don’t have control, we are really being held hostage to a “belief” which is in and of itself, dangerous.
    If the BIG money is now seeking shelter in physical gold one could suspect that they have been told to convert their paper to the tangible asset that will protect their wealth.
    My God …that is just too obvious now to disregard. Its officially full steam ahead for a head on collision with the USD and Gold.
    They (the FED, ECB, IMF, World Bank) wont give up without a fight though. This process may be dragged out longer than anyone can imagine. Game on…!!!

    • Greg

      Liquid Motion,
      Thank you for adding your analysis!! Always good!

  5. 8Ball

    The Bottom Line: Things are screwed up and the world is run by liars, perverts and thieves whose primary motivation is to CYA…

    Not to worry, we have “The Turd”, “The Ranter” and “The Jackass” to tell us what is really going on. Be advised, these guys will be nowhere to be found when the house of cards comes down.

    • Dave

      and also “Santa Claus”

  6. Mac

    “While mainstream news sources continue the war against gold and gold-related investments, three of the world’s top performing hedge fund managers have been busy at work building speculative gold positions during the first quarter.

    George Soros, John Paulson, and Steve Cohen, who in aggregate control over $60 billion dollars, have been aggressively buying the most speculative vehicles associated with gold: call options on gold mining stocks.

    Starting out with, George Soros, billionaire financier and chairman of Soros Fund Manangement LLC, was the target of bearish gold commentary this week issued by Bloomberg. While Bloomberg journalists correctly reported that he’s been cutting his stake in gold, what they failed to mention (which was articulated here on May 16th), was how he reallocated the proceeds.

    Soros indeed cut his stake in the GLD gold fund by about $2.5mm—a paltry sum, especially given the fact that he simultaneously purchased a massive $25mm in call options on the GDXJ Junior Gold Miners Index. This purchase outweighs the physical gold sale by a factor of 10—suggesting he expects much greater gains ahead to be had in the junior mining stocks.

    Reported exclusively here on February 19th, was Steve Cohen, founder of SAC Capital Partners LP, purchased a $60mm option “straddle” position on the GLD during Q4 2012, which represented the expectation of an explosive move in gold—either up or down in price. Indeed, that is exactly what occurred, and during Q1, SAC Capital Partners closed out that $60mm straddle position (no doubt at a staggering profit), while at the same time buying $66mm in call options on a major gold & copper producer. The firm also maintained over $76mm in long positions on mining equities during Q1.

    The largest of the trio in terms of gold positioning for the quarter, was John Paulson, founder of Paulson & Co., which reported owning over $4.389 billion in total gold holdings. Paulson held firm his $3.3 billion stake in GLD, and further added a shocking $96mm in call options on two major gold mining companies. (Editors note: Paulson & Co.’s call option position was incorrectly stated as $92mm, article updated on the 19th)

    In sum, this group of gold bug fund managers reported total purchases of over $183 million dollars in new call option positions on gold mining equities during the first quarter, with over $25mm (see May 16th piece), dedicated to the GDXJ Junior Gold Miners index, as deployed by Soros Fund Management.

    Bottom Line: While gold and gold mining equities in particular have become the world’s most hated investment, three of the top hedge fund managers of our generation are not only holding firm their previous gold holdings—but they are quietly accumulating tens of millions of dollars in call options on gold mining stocks.”

    • Greg

      Thank you Mac and Justin!

  7. justin king

    Great up-to the-minute stuff from a unique mind.
    Had to listen twice to assimilate correctly.
    Keep bringing him back, Greg. He’s a cornucopia of eclectic knowledge.

  8. Steven M. Guttman

    Although Mr. Willie poses a plausible scenario for the future, I
    am betting that the crooks in power will keep things as they are
    for a while. I would also bet that the government will eventually
    confiscate ALL privately held gold.
    Unfortunately, guns or no guns allowed, the SHEEPLE will do little
    or nothing as long as they can have their entitlement monies.

    • Greg

      Steven M. Guttman,
      I just don’t think things will go all that smoothly and the powers that be don’t think so either. Thank you for the comment.

    • justin king

      If the “crooks in power” had any REAL juice, the crash of 2008 wouldn’t have happened.
      They are at the mercy of their own greed.

  9. art barnes

    If too much pressure is placed upon changing the reserve currency from the dollar I suspect the U.S. will go to war to stop it. Mr. Willie didn’t address that possibility. A war with China is not out of the possibility unless China invites Wall Street & the elite to come there and continue their crimes against main street thereby insuring they continue their elite-wealth status. Even a regional war with Iran & Syria would delay any change in reserve status. The world better brace for the might of the United States to protect its currency if a deal is not struck to keep Wall Street and its elite on top somehow.

  10. jc davis

    WOW Greg after playing this interview 5 times…I still cant believe my ears are hearing, and my mind is in disbelief. This interview answers many questions all in one. Thank you! Now I don’t feel so bad about the two silver dimes I bought for 2 dollars.

    • Greg

      That’s a deal.

  11. Jerry

    Refreshing interview Greg. Jim Willie is right. The Bankers are not in control anymore the Globalist are. The Bretton Woods System (he was referring to) is set to expire in September of this year. I guess my question is this, what do you think they are going to replace it with?

    • Greg

      Whatever it is will be bad for anyone holding U.S. dollars. That’s for sure.

      • Robert Burke

        The fundamentals are contradicting this assessment. The US Dollar chart indicates a bull market and the gold fundamentals show gold going to 1,150.00.

  12. AndyB

    Greg: Kudos on bringing back JW. He needs to be a regular. The games being played at the WH, DOJ, IRS and the FED and BIS in the macro economic sphere are getting scary. We are all in a very dangerous place now. Both the FED and Obama need a distraction in the very worst way. Perhaps WWWIII, another false flag (for full implementation of martial law) or an overnight devaluation of the USD and/or “theft” of all pension funds and 401(k)s. “what evil lurks”?

    • Greg

      Andy B and Floyd,
      I’ll have him back anytime he wants. He’s very popular and I clearly understand why.

      • Allen Ols

        I agree, he should be a regular; jim puts our gang of 535 brain power to shame, a present day info. Phenominum.

  13. Floyd Walters

    Greg, What an excellent interview! Dr. Willie is the best; insightful, understandable, and lays out a structure for the chaos we are living in. Thanks again.

  14. Anne Elliott

    Good interview and lots of great information, but something kept bugging me the whole time… Greg, why did you and Mr. Willie keep saying “COM-EX”, when clearly it’s “CON-EX”???

    • Tady

      Good on ya Anne!

  15. Gerald Storm

    What is loaning gold ?
    What is leasing gold ?
    What is a gold short ?

  16. Troy

    The Rothchild’s HKMEx was launched in 2011
    Two years to the day after the exchange’s launch however, in perhaps the most glaring evidence of physical gold & silver shortage to date, the HKMEx has announced it will voluntarily cease trading, and all open positions will be closed out and financially (cash) settled on Monday 5/20!

  17. George

    Things increase speed with greater proximity to the drain

    • Greg

      Good one George!

  18. Farley

    Jim Willie is always my favorite interview on your site.
    He is always so passionate, entertaining and informative.
    Great interview Greg,…and kudos to you for getting a
    couple questions in. haha!

    • Greg

      Thank you for your comment and kind words.

  19. Andy

    The link at the end of the article is not working. I get a 403 Forbidden error.

    • Greg

      Dr. Willie is having some technical problems on his site. Please check back later.

  20. JR Anderson

    When the price of paper gold and silver were taken down in mid April physical buying in the Asian countries increased 4-5 times. There is a total disconnect in the paper and physical markets of precious metals.
    Eventually a major reset will adjust prices of gold silver substantially higher.
    It not just about holding on to gold and silver! Smart money is accumulating metals at prices that will seem ridiculously low in years to come.

    • Greg

      JR Anderson,
      Well said sir!

  21. Mark

    I’d like to add to Jim’s comment about the Arima model, is that they – the BLS – regularly report numbers that are inside the margin error. Any number derived inside the margin of error is statistically irrelevant.

  22. Steve Merrill

    Thanks Greg, great stuff – the jackass is always full of timely tidbits. I had a friend email me yesterday from Ecuador about Willie’s website being down; I just tried it as well and found this: “Forbidden. You don’t have permission to access / on this server.” Do you happen to know if he has new URL, or maybe why it’s down?

    • Greg

      I do know it’s down and Dr. Willie is OK. I also want to tell people that if they are thinking about subscribing to his fine newsletter they can in a few days. He’s ( down only temporarily.

  23. mark

    I have read Jim Willie for years. I believe he is one of the best analysts on the planet. He has been spot on and way ahead of everybody.

  24. Ken

    Yikes!!! I tried repeatedly to connect with and I am blocked from all angles. I tried directly. Through search engines. You name it…but I keep getting “FORBIDDEN”. And…I live in democratic, “free speech”, Canada. I’m positive I live in Canada. But the rest? Thank you for your interview since that is the only way I can now keep up with both YOU and Mr. Willie. I’ll keep trying, but please keep in touch with Mr. Willie so I can keep up to speed with both of you. You and Willie may be revealing too much truth, so much so that the internet just “…can’t handle it!”

    • jc davis

      Ken. EXACTLY RIGHT. There giving to much info.

  25. contrarian


    where is jim w getting his info that Russia has 20k+ tonnes and china 10K = tonnes of gold?
    You need to be more persistent in getting more details when someone makes very unusual statements like this. This is game changing info, BUT jim w credibility is shot if it is found to not be true.
    good shows and and great guests.

  26. DAVE

    Hi Greg
    Well round and round we go.Fed minutes due out tomorrow and just as i have been saying in the past on here .The information will be negative!
    The reason is ,it’s a game.The markets are way up and many have been fleeing from bonds and yields are up along with the dollar.So the Fed will need to balance things back.If no one has noticed, this juggling act has been going on for awhile. so look for negative news like a reduction
    in the 85 billion or some thing else to bring interest in bonds back and the dollar down. When in fact, the reduction from the Fed will never stop.All these idiots thinking it will or talking about it.Ask yourself this question.If the Fed stops or slow’s ,who will pay the Govt. bills? Remember when the Govt said if they can’t raise the debt ceiling they would need to default? You figure the rest out

    Anyhoo ..Thanks Greg
    Great reporting mate

  27. Jim H

    I encouraged a good friend of mine to sell his gold at $1900.00. Before it’s all over I believe he will wish he had listened. The Elite want digits on chips and they shall have them. Rachael, your point (question) is a very good one I do not feel was answered after critical thought. I was one of the fortunate whobought at $514.00 and sold at $1100.00 years ago. Most of us seem to believe gold should be worth $6000.00 right now but is below $1400.00. A critical thinker would tell you gold is being grossly manipulated and whether it’s worth half that next year is anyone’s guess. The stock market is up again today using the same gross manipulation. My rule of thumb these days is, they want digits on a card or a chip and they will have them. What happens to gold can’t be good.

    • Greg

      Jim H,
      Getting to those “digits” with some wealth is going to be the trick. What is happening has never happened before in recorded history. Many investors with proven track records disagree with your strategy. You seem to have a trading mentality and not a protection mentality. You buy gold, to according to Economist Martin Armstrong, to protect yourself from the mismanagement of governments. If they were in control, 2008 would have never happened. The rich and sovereigns continue to buy physical gold. That is fact and policy–not speculation. I would never sell my protection and insurance from gross mismanagement. Thank you for your comment.

    • George

      Jim H,
      They (the Obama team) may try to go digital but with all the news about cracks and hacks I doubt that it would be a go. It would allow China, North Korea and Iran (among others) to easily counterfeit U$D without much trouble. No system is un-crackable.
      I know some people that sold silver for a profit and are trying to replace it now on the cheap. They are not meeting with any success. It is not availed at these prices in any quantity.

  28. Werdna

    One of the best examples that compares the value of gold to the value of the dollar is back in 1910 when a man could buy a reasonable quality suit for about the same price as an ounce of gold.

    “A man’s suit costs about the same today as it did 100 years ago. Not in dollars, but gold. For at least a century, an ounce of gold could buy you a quality man’s suit. In 1910 the suit would cost around $25, according to the Morris County historical prices survey. Today an ounce of gold is around $1,400, or a nice suit at Nordstrom.”

    Quoted from the Boulder Daily Camera which published this article on December 18, 2010.

  29. Joe G.

    Quoted for importance:

    “The powers that be are frantic to keep the fiat currency game going and physical gold and silver allows people to cash out of that system and protect their wealth”

    Sometimes the elites speak in such a way that tells you they KNOW the true nature of the scam (Biden to seniors: “yes, we have to SPEND more to keep from going bankrupt”) etc etc.

  30. Joe

    The price fluctuations in the market place of gold and silver are totally unnatural. Its fully evident that gold and silver have been sold off to suppress the price, but there is a limit as to how long this can continue. My full expectation is that there will soon come a time when you will be unable to get gold or silver other than in small quantities and at extreme valuations. Folks sitting on the sidelines will be stuck with their cash that will rapidly be inflated away or seized by their respective banks/governments. If you want an indicator as to just how ridiculous things are, look at the US dollar index. Despite an ongoing huge trade deficit that has carried over into 2013, the US dollar has risen in value. How is this possible??? Simple. Foreign governments are printing money faster than the US government and faster than the US trade deficit. Yet, NO ONE in MSM is the least bit concerned. They are like those musicians playing music on the deck of the Titanic as it sinks, trying to calm everyone into thinking things are okay.

    • Greg

      Great stuff man. it is all about possession of precious metals and not price. When COMEX and LBMA cannot or will not deliver gold and silver bullion then it is game, set, match.

  31. jc davis

    Greg. I had a good laugh watching cbs this morning. A reporter talking about gold being like falling lead. Her reason for the down price in gold was the demand was down, and the supply was up. Coupled with China having a bad economy. Also the stocks are booming causing investors to leave gold. Informed people across the country must have gotten the same laugh I did.

    • Greg

      Clearly she is clueless, but I love that CBS puts this out. It makes people want to seek better analysis and some find us here at The networks are dead, they just don’t know it yet. Thank you for the reporting of the lame stream media.

  32. Spanishgoldbug

    Dear Greg: i watch your site every day since I discovered it for the great interviews and view of what is happening these days. I believe some time in the future someone will say: how didn’t they see it coming? It was evident!. After hearing Bernacke yesterday it is clear THEY JUST CANT STOP PRINTING MONEY. They (USA, europe, Japan, IMF, BIS) are taking the world to hyperinflation. It is a matter of when, and it could just start even this year. The West will have to learn the importance gold and silver ALWAYS have had the hard way. Therefore i hold them to protect my family from the greatest economic collapse the world has witnessed. Thanks again Greg for your good Job!

    • Greg

      Thank you Spanishgoldbug for the kind words and for supporting this site.

  33. Tall Tom


    I read your statement with great interest. What many do NOT understand is that the price of Gold currently is a MOOT ISSUE.

    This reminds me of a joke. There were two Gas Stations across the street from one another. One had the price per Gallon advertised at $1.65. But nobody was at that Gas Station. The other had Gas priced at $4.25. There was a large line and business was booming.

    A customer walked in and demanded to know what was happening. He asked why the Gas Station with the $4.25 Gas had so many customers and why it was booming. He asked the clerk, “What is going on? Are people so stupid as not to buy Gas at $1.65? I just do not understand.” The clerk replied, “They do not have any Gas across the street. They sold out long ago and they are out of business.”

    Likewise it is the same with Physical Gold. There is no Gold in the Far East at $1400. It is priced at $1900. Of course the West claims that the price of Gold is at $1400 and the West is running out of Gold rapidly. Very soon the West will be out of Gold and, thus, out of business.

    Therefore the Comex price of Gold is MOOT.

    Buy Gold and Silver. It is a bargain…at any price.

    Furthermore I have no problem currently trading my Gold for Currency? None. But sometime in the future, in the very near future, there will come a time when I cannot trade my Currency for Gold…at any price.

    Take heed as that time approaches.

    Tall Tom
    I Cor 13

  34. Mike Powell

    With short supplies yet got HIGH demands particularly across the Asian countries, don’t get surprise folks.

    I remember back in those days when gold prices were smashed, the gold shops around my working area are PACKED with peoples. And when I asked the shop owner when I’m buying my little silver bars, he said to me that this is a few time that he got this MUCH customers. However, that shop owner do point out one thing that confirm many golds and silvers experts, the premium has gone up.

  35. JohnZ

    Dr. Paul Craig Roberts discussed this a few weeks back, stating he believed there is actually very little gold in the reserves qnd that also includes Ft. Knox. Germany asked for its 1500 tonnes of gold and was told by the Fed it would only give them back only 30 tonnes.
    Where did all the gold disappear? Obviously the Asian markets are buying ever ounce they can get their hands on.

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