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CME Chairman On Gold: “People Don’t Want Gold Certificates, They Want the Real Product”

http://www.zerohedge.com/news/2013-04-30/cme-chairman-gold-%...

CME Chairman On Gold: “People Don’t Want Gold Certificates, They Want the Real Product”
Tyler Durden's picture
Submitted by Tyler Durden on 04/30/2013 18:34 -0400

Submitted by Mike Krieger of Liberty BlitzKrieg

What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product .

Terrence Duffy, President and Executive Chairman of CME Group Inc,. on Bloomberg TV

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I don't believe that is a correct analogy

People want BOTH tangible and certified gold.

In the Museum I docent, we have a blown up copy of a $10 gold certificate issued from what was the local bank. The certificate has the bank's name in large font, so YOU KNOW WHERE the gold is.

Even back in the days of the gold rush, where more people were aware of the value and weights and measures was a big deal (still is but not among common language as it was then).. running around with your gold was like running around with a target on..

Today, people buy and trade gold, and with certificates, but not as back then when your drug store pulled out the scale to make a deal.

if that gold has dollar sign on it

... gold Eagle coin for example ... then you don't own it !!! All notes and coins bearing the dollar sign or the word dollar are belong to the Federal Reserve. Very soon they will bring their "bail-in" scam to America.

Paul Drockton dropped a truth-bomb :
http://internettruth.org/GoldConfiscation.html

http://teapartyeconomist.com/2013/04/26/connecticut-no-guns-...
Connecticut : no guns ... no gold
The state is now about to shut down all coin stores. A bill to require complete record-keeping on all sales, including photos of every coin sold, and recording the ID of every buyer and seller, is about to be passed into law. The cost of complying will shut down the stores.

"B. S."

Apparently Mr. Drockton never heard of President Fords Executive order 11835 made into a law in 1974. Making Gold ownership legal.{effective Jan.1,1975.}

Another thing Mr. Drockton doesn't mention is; When Roosevelt confiscated the American peoples Gold they were reimbursed at $35.00 to the ounce, whereas the legal price of Gold had been permanently set by the U.S. Coinage act of 1792 at $20.00 per ounce until 1934. {Implemented in 1794.} From 1794 - 1934 there was NO inflation {Higher prices} in the U.S., therefore in 1934 American's who owned Gold didn't realize they were being ROBBED of their real wealth,- Gold ! When they exchanged it for paper money.

Think of it this way; If you had some U.S. minted Gold now valued at about $1500.00 per ounce, and the government offered you about $3,000.00 per ounce to turn it in, I think some people would turn it in.

Possession is 90% of the law still.

beesting

I'm fine then.

Mine are 2 1/2 pesos.

.

dp.

But you do own it

just as if you own real property and lease it.