Here's a piece from Turd Ferguson's Blog. A worthwhile read of 15 points.

1. GATA has proof that the U.S. has done gold swaps, meaning they lent the gold, which was then sold into the marketplace, to keep prices low. However, they keep the lent gold on their books as gold, or "gold receivables" as though it is still sitting there. This has gone on for decades, and GATA says that less than half the 8,000 U.S. claimed reserve is there in physical form--maybe much less.

2. Other countries and/or their CBs have done similar lease/sales.

3. All, or most known, government-owned silver is gone. The U.S. government had some 8 billion ounces after we stopped minting 90% silver coins in 1964. Some of that went into Eagles, but most was consumed by memebers of the SUA (Silver Users Association).

4. Warren Buffet bought 130 million oz of silver several years ago and coughed it up right around the time the SLV was created. Many surmise that those 130million oz were used to get SLV off the ground.

5. SLV currently holds the largest known stash of physical silver. JPM is the custodian. The custodian, as per the prospectus, can fraudulently remove all the silver from the SLV, and the only recourse is that JPM must pay for it at the current, going price! Yes, you read this right.

6. JPM is also the large silver short on COMEX, holding 90%+ of the net, commercial short position there. Coincidence?

7. GLD holds a large amount of physical gold. HSBC is the custodian of GLD, and yes, their prospectus reads the same as that of SLV.

8. Well, what do you know? HSBC is the big commercial short on COMEX. Yes sir, just a big coincidence.

9. There have been gigantic movements of gold to China and Russia, and other BRIC countries for the last year or two, with no price change--ever since Timmy Turbotax Geithner went over there and met with their top dogs. What do you think they discussed? You play nice with our T-bond market, and you can add to your gold reserves? Nahhhhh.

10. Venezuela requested and had their foreign-held gold reserves returned to their shores.

11. germany recently asked for a small percent of their foreign-held gold reserves be returned to them and they have to wait 7 years.

12. Libya's rebels created a central bank during the midst of the fighting--who knew that the freedom fighters were bankers? Such brave souls! Their gold, by the way, was "liberated."

13. On the heels of Germany's repatriation request, Mali and other African countries have been attacked for hiding out terrorists. I'll bet the rebels there are brave central bankers, too!

14. Russians pulled their money out of Cypriot banks, and by gosh, now they have failed! And the rich people who foolishly left their money in those banks must now make the Troika banks whole.

15. Since May 2011, the PMs have been tied down. Every bid is met with a lower offer, so that nobody can make "money" long in PMs, the hell with fundies. As Giffen goods, the bankers know that people will stay away as long as prices are in the doldrums. Rising prices means increased demand--a BIG no-no for our friendly bankers.

So, what is all this stuff going on? It appears to me to be a "leveling of the financial playing field." The bankers will continue to play god, until the people beg for mercy--for their masters to "do something" to save them.

And, they will. The bankers, when they feel they have as much PMs as they can reasonably obtain, will shut down paper trading of PMs, the paper longs will be cashed out as of previous close, and voila, the world's currencies will be devalued in favor of the debt-extinguisher-extraordinaire--gold.

And we all lived happily ever after. . . . if we prepared thusly.