Even Less Gold In The Vault - UPDATE
Submitted by HawaiianDude on Fri, 10/09/2009 - 17:16
in
Kirby has posted a followup that is not good news for paper gold owners.
http://news.goldseek.com/GoldSeek/1255630435.php
I only post this in the interests of those that might have invested in paper gold here at the DP.
ORIGINAL POST BELOW...
The Canary Has Died.
Eventually people will realize the difference between paper gold and the shinny yellow stuff.
This may be the sad event that starts a panic. I hope I am wrong.
http://news.goldseek.com/GoldSeek/1255111200.php
I wonder if this is why the US Mint all of a sudden changed thier production schedule. The Mint Coin Bars had to go somewhere else. Mint Coin Bars are not regular LBMA bars for trading.
.
»
great article...
jollyroger2...bump
jollyroger2
Guess who is selling bullion for the first time???
What will this do to the price of gold? These rich people will be buying more than 1 ounce at a time.
Harrods to sell gold bullion for first time
It is renowned for its glitzy clientele and upmarket Knightsbridge location, but shoppers at department store Harrods will from today be able to buy the ultimate luxury accessory – gold bars.
By James Hall, Retail Editor
Published: 12:01AM BST 15 Oct 2009
In a sign that the credit crisis has left his gilded customer base largely untouched, Harrods owner Mohamed Fayed has teamed up with Produits Artistiques Métaux Précieux (PAMP), the Swiss refiner, to sell gold in the store.
Aimed at private investors, the gold will be sold at the Harrods Bank branch on the lower ground floor of the West London store.
Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce.
Chris Hall, head of Harrods Gold Bullion, said: "The financial environment has kindled a new demand for physical gold among private investors in Britain. For many people this is a new and unfamiliar asset class that demands absolute trust. Until now London has had no well-recognised name serving this market."
"Harrods saw the opportunity to help individuals buy physical gold in a prudent manner."
Mehdi Bakhordar, managing director of PAMP, said: "Harrods stock our full range and are now the only location in London where investors can purchase a 12.5kg gold bar 'off the shelf'."
Harrods, famed for its gold and green livery, has never sold bullion before.
http://www.telegraph.co.uk/finance/personalfinance/investing...
This could be seen as a break through for the average investors.
The Pamp 1 ounce 24 karat Gold bar is world re-known as a form of international money.
They are packed in a plastic holder and have individual numbers stamped right on them to help prevent copycats from minting look-a-like Gold bars.
A few of them could be carried anywhere in the world and sold for currency or other forms of money at the owners discretion.
There is no monetary value stamped on them only the .999 one ounce weight.{ 24 K Gold }
Once you own a Gold bar, you have the right to set the price if you decide to sell it.
Here is a company in the U.S. that sells the PAMP one ounce Gold bars:
http://www.ajpm.com/gold-bullion.html
No sales tax in Oregon, whereas I'm going to guess Harrods of London, charges a value added tax to all purchases.
beesting
bump
"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI
"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI
Kirby
That's the same guy who was saying that two banks could not make good delivery on a gold future contract on LBMA. LBMA does not even deal in futures contracts. It's strictly an over-the-counter operation. Cash-and-carry.
Draw your own conclusions.
Thousands of Gold Bars Missing
The Chat Rooms referenced in the upddated article have titles like missing 65 thousand bars of gold.
This all could be idle speculation by people that know nothing - or it could be a quirk of a real problem behind the scenes.
Does not make sense
I did some more looking into this. It still does not add up.
Quote
Say what? LBMA is strictly an over-the-counter market. They do not deal in futures at all. This is not sensical.
From the LBMA web site:
If you ain't got it, you can't sell it. That would be like writing a hot check. Except I doubt there's even a way to do it.
I doubt this has anything to do with the US Mint
For starters, most people seem to forget, while the Secretary of the Treasury is required to mint certain coins in sufficient quantity to meet public demand, he is not so required on others. That is why the mint suspends some products in favor of others - to meet demand for the ones it still produces.
Also, the Mint by law is required to obtain its bullion stocks from only domestically mined ores. Therefore, they cannot buy bullion on the open world market. If domestic mining, refinement and smelting is lagging, then the Mint is stuck. I'm not sure how Congress expected to get around this problem short of nationalizing the mining industry (God please no, don't let them do it) or coining bullion derived from anywhere.
I'm not sure why the domestic requirement is there except maybe as a protectionist measure. In the beginning, they would fabricate coins from anything you brought in. There was no requirement that your nuggets, dust, whatever had to be mined in the U.S. They would even melt and restrike foreign coins if you brought them in to the Mint for U.S. versions.
I don't know the official
I don't know the official reason, but my guess is that only domestic ore can be used so that the price of gold is more relative to the expenses of mining it in the US.
...
south africa
"I'm not sure why the domestic requirement is there"
The US Mint started the eagle coin program in 1986 due to a bill from Ron Paul in 1985. RP got support of the congressional black caucus (this was during the time of South Africa protests due to Apartheid).
The idea was to hurt South Africa powers-that-be and provide circulating silver/gold coins from domestic sources. At the time, they didn't want blanks from South Africa.
http://FlipFlopRomney.blogspot.com
I remember a little while
I remember a little while back Germany demanded its gold from Fort Knox (or whereever it is supposedly).
Does anyone remember what came out of that?
I guess they made a deal to be silent about it, but there was no shippment of real gold.
~~~~~~~~~~~~~~~~~~~~~
"God is at home, it's we who have gone out for a walk."
Meister Eckhart
"Everybody" That Owns Physical Gold Is Very Secretive,,,
,,,About where it is, to prevent theft !
That's why Ron Paul's H.R.1207 must be passed, to find out exactly where, "And Who Legally Owns" the Gold the FED is supposed to safeguard.
During WW II it was a known fact that England { think Rothschilds & the Queen } shipped large amounts of Gold to the U.S. to prevent looting if the Nazis had ever invaded London.
Very probably much of that foreign owned Gold is still in the USA, and that's why the FED & IMF can cook the books on actual amounts of Gold and who are the rightful owners.
It would be very easy to point an unsuspecting 3rd party, to some 400 ounce Gold bars in storage and say," I own them," when in reality the Royal family of Saudi Arabia or anybody else could own it and is paying storage fees to the FED !
First Audit the FED and then End the Fed !
beesting
Some video on YouTube, from
Some video on YouTube, from a few decades ago, showed how fort knox even stored crown jewels and other priceless items for other countries.
...
An explanation of why the Gold price is rising.
Written by Adrian Douglas of GATA:
http://www.gata.org
{snip}
The price discovery of gold has been achieved almost exclusively through the shuffling of paper gold promises between investors and bullion banks on the New York Commodities Exchange with very little real gold ever changing hands. But the situation is changing. Some big entities are now demanding physical gold. These entities are almost certainly countries, not individuals, such as China, Russia, India, Venezuela, Iran, and the Gulf states, to name but a few. This demand for real gold, instead of paper substitutes, is putting a strain on the gold market.
beesting
knock , knock
live free or die,
fort knox just wait until the american people realize that there is no gold in fort knox. and that all our land has been put up as collateral to the rothschild banksters
live free or die
This sentence really bothers me...
"Stunningly, if accurate [and there is absolutely no doubt in my mind that this is not],"
Typo? Brain fart? Or telling you straight to your face that he knows he is lying?
Truth exists, and it deserves to be cherished.
Alex Jones and Charlie Sheen All Over Again - Maybe
Between the Independent article last week and this one it make you wonder if the long side is being hyped up so that the short side will previal when and if these stories are denied.
The main point that I think everyone here at the DP already understands is that paper gold is not the same as real gold.
Link please
Independent article? Where?
independant article
http://www.independent.co.uk/news/business/news/the-demise-o...
yep
*)
"Long live ________________________________________ eccentricity!
It is the willingness to do things differently that allows the human race to progress."
-- Isabel Parlett
Website:
http://www.libertypoet.com/
Twitter:
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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
Some things don't add up.
Some things don't add up. How do the long-side counter-parties even know who is on the other side of the trade? Their contract is with the LBMA.
Let's say you go to Honest John's car dealership and order a new Cadillac. You lock in the price for delivery on October 17. October 17 comes, and Honest John says, sorry, no can do. Your beef is not with GM. You have no contract with GM. Your beef is with Honest John. For all you know, HJ intended to obtain the Cadillac from another dealer anyway.
Wink Wink Nudge Nudge
Great Analogy.
I am assuming the JP Morgans and Deutsche Banks of the world are really doing the central banks work of suppressing the gold price and the central banks have told JP and DB that if they ever get in trouble that the Central Banks will cover them with physical metal with no problem.
So in your analogy HJ dealer calls up CentralGM and says – I need a Cadillac my customer is standing for delivery. Then GM calls you up and says we will pay your full price in cash and throw in a Chinese Hummer as well.
I also honestly wonder if some unspoken rule was broken. If a gentleman requests cash settlement then it would be the proper gentlemanly thing to honor the request and have a nice spot of tea and discuss the upcoming polo match.
I work at the Mint
And this has nothing to do with the Mint.
Thank You - Mint Angle Debunked
So we are probably talking about typical naked short selling here and they just got caught.
Anyone heard
about the outcome of this?
Good find
wow.
Colchester, New London County, Connecticut
So....
did they come up with the gold?
This is awesome:
I have been watching for a long while now wondering when, just when the hell this was going to catch up with them all. Now maybe it will get to where it's suppose to be.
~~~~~~~~~~~~~~~~~~~~~~~~~~
I love my country
I am appalled by my government
~~~~~~~~~~~~~~~~~~~~~~~~~~
I love my country
I am appalled by my government
It would certainly explain the past week....
"Not armies, not nations, have advanced the race; but here and there, in the course of ages, an individual has stood up and cast his shadow over the world." http://www.youtube.com/watch?v=Y6pAcBXt2j8
Thomas Jefferson: “Indeed, I tremble for my country when I reflect that God is just, that His justice cannot sleep forever."
Viva La Revolucion!
http://www.youtube.com/watch?v=FmaTNf4YhEs
Are you aware
that your (and my) favourite video is no longer available, bringing up a "removed by user" tag at YouTube?