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Forget "Blood Diamonds", Here Comes "Conflict Gold"

Tyler Durden's picture




 

Update: The WGC has provided us with the following clarification to our rhetorical query on deciding who the blacklisted country is: "The reason the DRC is the focus is due to section 1502 of
the Dodd-Frank Act which specifically identifies that country as the reason for
the legislation. You can read our submission to the SEC on S. 1502 on our
website for further details on our POV.
"

Original post

In what could be the oddest development in the precious metals market in a long time, the World Gold Council has just unveiled an initiative whose sole purpose if to combat "conflict gold." From the just released notice: "The World Gold Council today announces that, working together with its member companies and the leading gold refiners, it has produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The draft standards represent a significant, industry-led response to this challenge and are designed to enable miners to produce a stream of newly-mined gold which is certified as ‘conflict free’ on a global basis." While we are confused what exactly is being pursued with this action, aside from the creation of a black market for gold of course, it does seem that the logical end result will be a decline in the total supply of "certified" gold. On the other hand, it will also afford the WGC or any prevailing authority the ability to brand any country it so chooses (Indonesia?) a sourcer of "conflict gold" and effectively clamp down on the production of the yellow metal. Additionally, what better way to deprive a gold sourcing country of massive export revenues than to effectively make their product unsellable in the "legitimate" market. Which then would lead to a surge in fair market value due to supply considerations. Which begs the question: is this the preparation for the "golden" endgame?

More from the WGC:

After almost a year of work, the draft standards are currently being ‘stress-tested’ by leading gold mining companies and refineries, as part of the development process. The World Gold Council recognises the multi-faceted nature of this initiative and is seeking input that will foster a collaborative and comprehensive solution and is, therefore, undertaking consultations with stakeholders. Interested parties including governments, NGOs, the investment community, artisanal miners, end-users and other participants in the gold supply chain are being invited to review the draft standards and to provide their feedback by 1 September 2011. There will also be continuing work and dialogue on related issues such as recycled gold, audit and assurance.

Aram Shishmanian, Chief Executive of the World Gold Council, commented that: “Responsible gold mining contributes positively to economic and social development in producing countries both at a national and community level. The misuse of gold to fund conflict is wholly contrary to this mission and is a threat to the reputation of gold.”

The current focus of concern about gold as a factor in fuelling armed conflict is on the Democratic Republic of Congo (DRC) and adjoining countries. The World Gold Council standards address this situation for large-scale producers. In addition, the World Gold Council is working with the Organisation for Economic Co-operation and Development (OECD) and others on global guidelines for the responsible sourcing of gold.  The World Gold Council is committed to working with sector specific groups in the electronics and jewellery sector to seek an integrated solution for market participants.

Aram Shishmanian continued: “The gold market is uniquely complex. It is difficult to track specific consignments from the mine to the end user because it is easily melted down and co-mingled with other sources of gold.  So the success of any certification system will depend upon the co-operation and commitment of many parties in the gold supply chain. The work on the standards is well advanced, but we want all those committed to addressing conflict issues to contribute their ideas. We are aiming for a comprehensive framework which commands confidence, credibility and broad support. We look forward to working with organisations that use gold to in developing an integrated certification process that avoids duplication and meets the needs of all stakeholders.”  

As the release notes, the "current focus" is the Congo. What will be the focus tomorrow? And the day after?

The draft standards may be viewed on the World Gold Council website at the following link.

 

And another update from the WGC:

It is important for the gold industry to show that newly-mined gold is produced responsibly; to be responsive to market expectations; to engage pro-actively with governments and regulators; and to play its part in preventing gold from being misused to fund armed conflict or severe human rights abuses.

For further clarification, the framework represents a significant contribution to addressing the challenges posed by regulatory initiatives (including the US’s Dodd-Frank Act). The Framework reflects the global approach of the OECD guidelines on responsible minerals supply chain management. The World Gold Council is working closely with the OECD to ensure that the World Gold Council framework and the OECD guidelines on the responsible sourcing of minerals supplement on gold are mutually supportive. The World Gold Council framework is geographically broader than the DRC-focused requirements of the Dodd Frank Act in that it provides a framework for analysing gold’s impact on armed conflict situations wherever they may arise. In principle, the World Gold Council chain of custody scheme could be a significant element in helping manufacturers to meet Dodd-Frank’s requirements.

Regarding identifying conflict, the World Gold Council will not seek to make these sorts of judgements. Those countries which are defined by national legislation (e.g. the US Dodd-Frank Act) or by supra-national bodies (e.g. the UN) as being in such a level of crisis will automatically trigger an assessment by companies operating in those areas.

 

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Fri, 06/17/2011 - 09:58 | 1377357 Jack Mehoff
Jack Mehoff's picture

Control, it's all about control.

Fri, 06/17/2011 - 10:04 | 1377387 legal eagle
legal eagle's picture

You can't melt diamonds. Impotent gesture.

Fri, 06/17/2011 - 10:15 | 1377412 Cognitive Dissonance
Cognitive Dissonance's picture

Since when did impotence ever stop power hungry manipulating assholes from waving their dicks around? In fact there seems to be a direct correlation between impotence and dick waving.

Not that....I......would..............know.......... :>)

Fri, 06/17/2011 - 10:21 | 1377439 trav7777
trav7777's picture

noothing pohlishes a doymuhnd like the blood of a bleck mehn

Fri, 06/17/2011 - 14:13 | 1378197 Dr. Acula
Dr. Acula's picture

Disgusting.

BTW, diamonds decay into the lower-energy graphite configuration with a half-life of 4 trillion years.

Fri, 06/17/2011 - 15:08 | 1378404 smlbizman
smlbizman's picture

what about "conflict cotton"

Fri, 06/17/2011 - 17:01 | 1378772 SWRichmond
SWRichmond's picture

I think it's fairly obvious that this is a semi-legislated "Goldfinger" scheme to elevate the value of "some" gold by lowering the value of "other" gold through questioning its origins.

Brought to you by the world anti-gold council.

Fri, 06/17/2011 - 18:26 | 1378938 jackbooted gauleiter
jackbooted gauleiter's picture

What about blood oranges?

Fri, 06/17/2011 - 10:20 | 1377428 Pladizow
Fri, 06/17/2011 - 11:09 | 1377609 Clampit
Clampit's picture

Cool the Z machine (I've seen an original of this pic posted outside the lab):

http://www.sandia.gov/news-center/news-releases/2006/images/z-machine.jpg

Diamonds are one of the best thermal conductors available, coupled with astronomical melting temps = need big oven.

Fri, 06/17/2011 - 12:08 | 1377781 downrodeo
downrodeo's picture

That is remarkable. Still, using diamonds for fusion reactions doesn't seem to deal with the issue of the cost of energy. Then again, the diamond market is one of the most, if not the most, rigged markets in existence. Perhaps we've found the fuel of the future...

Fri, 06/17/2011 - 13:21 | 1378066 legal eagle
legal eagle's picture

I stand corrected then.  Still....a garden variety terrorist in a base camp can melt gold, not a diamond.  Only terrorists like Bush and Obama can access this technology.

Fri, 06/17/2011 - 10:51 | 1377543 illyia
illyia's picture

Gold must be controlled lest it fall into terrorist's hands! It is the currency of terror! Only a terrorist needs gold!

Honest people would only use fiat because they have nothing to hide.

Done.

Fri, 06/17/2011 - 11:00 | 1377565 JW n FL
JW n FL's picture

I like you even though you are a woman and lack the logic gene.. you seem to be doing ok in this one instance without it.

Fri, 06/17/2011 - 11:10 | 1377614 Cognitive Dissonance
Cognitive Dissonance's picture

Logic is precisely what men have been using for thousands of years to justify rape, robbery and oppresive government. I suspect we could all use a little bleach in our logic genes.

Fri, 06/17/2011 - 11:22 | 1377650 flacon
flacon's picture

That's not a very logical statement. 

 

/wink

Fri, 06/17/2011 - 11:55 | 1377741 Cognitive Dissonance
Cognitive Dissonance's picture

LOL

That's because I already used some Clorox in my gene pool. Mom said I used too much, but I'm a veteran of the tie-dye generation and thus I don't understand the term 'too much'. :>)

http://en.wikipedia.org/wiki/Tie-dye

Fri, 06/17/2011 - 11:48 | 1377735 Phaethon
Phaethon's picture

That's one of the stupidest things I've read in a while.

Fri, 06/17/2011 - 11:57 | 1377752 Cognitive Dissonance
Cognitive Dissonance's picture

Sorry. Forgot the /sarc and /humor tags.

Keep coming back to ZH more often than once every few weeks. You'll eventually get the hang of it.

Fri, 06/17/2011 - 12:01 | 1377765 RafterManFMJ
RafterManFMJ's picture

TeeHee.

Giving women the vote invariably leads to socialism and destruction of the country in question.  Not debatable, been proven with science and statistics; not going to bother linking as you can learn on your own at your own pace. Consider this a test of your intelligence and experience over your emotions.

Ok, edit. I went out on the world wide web and found this. Get you started.

 


Women's suffrage and government growth

Using data from 1870 to 1940, Lott and Larry Kenny studied how state government expenditures and revenue changed in 48 state governments after women obtained the right to vote. Women were able to vote in 29 states prior to women's suffrage and the adoption of the 19th Amendment to the Constitution. Lott found that the impact of granting of women's suffrage on per-capita state government expenditures and revenue was startling.[25]

His research indicates that women's suffrage had a bigger impact on government spending and taxes in states with a greater percentage of women. Even after accounting for variables such as industrialization, urbanization, education and income, per capita real state government spending, which had been flat or falling during the 10 years before women began voting, doubled during the next 11 years. The increase in government spending and revenue started immediately after women started voting in national elections and 19 additional state elections.[26]

Fri, 06/17/2011 - 12:14 | 1377789 Cognitive Dissonance
Cognitive Dissonance's picture

Yup!

Sure looks like giving women the right to vote destroyed America. It's all right there on the Internet and backed up by science and statistics no less. Nothing else could be the cause, just those silly illogical women voting for socialism.

I believe everything John Lott says.

http://en.wikipedia.org/wiki/John_Lott#cite_note-24

/sarc

Fri, 06/17/2011 - 13:12 | 1378035 trav7777
trav7777's picture

your not to brite, eh?

there's a direct causal effect between women voting and government expenditures.  Your moronic strawman of "silly illogical," well...seems to sum up YOU

Fri, 06/17/2011 - 13:30 | 1378079 legal eagle
legal eagle's picture

Hilarious.  I love that:  "your not to brite"  instead of: "you're not too bright"  Love the irony when assholes pigeon themselves and show their level of ignorance.

Fri, 06/17/2011 - 15:45 | 1378549 trav7777
trav7777's picture

wat?

if you REALLY believe that I misspelt 3 words in a row, then you're the dumbest fuck on this board, man.

Fri, 06/17/2011 - 16:59 | 1378766 RockyRacoon
RockyRacoon's picture

Would it ruin your image if you were to spell and use syntax correctly?

Get your panties out of a bunch.  If you CAN, why don't you?

Fri, 06/17/2011 - 21:48 | 1379356 legal eagle
legal eagle's picture

What I really think is you are a sloppy thinker, and a prick, just pointing out the obvious irony which, if you were not a prick, you would realize is humerous. Thanks for being concerned enough with my opinion to edit your post.

Fri, 06/17/2011 - 15:03 | 1378387 tmosley
tmosley's picture

Well, better sterilize all women so that only superior men can reproduce, then.

Dumbshit.

Fri, 06/17/2011 - 15:46 | 1378551 trav7777
trav7777's picture

the woman that had you should have been.

Sterilization isn't the answer to everything, you dipshit.

Fri, 06/17/2011 - 17:00 | 1378769 RockyRacoon
RockyRacoon's picture

Maybe not everything, but certainly some annoying things (looking intently at your avatar...).

Fri, 06/17/2011 - 16:29 | 1378690 RafterManFMJ
RafterManFMJ's picture

The Rafterman enjoys a hearty laugh at your expense.  Note, I tried to prime you to think, and not react emotionally.  Women will, and do, vote for more 'free' goodies, more 'fatherlike' support from the state...women tend to be liberal socialists and only may change when they marry and realize, "HOLY ****, look at what *we* are paying in taxes!" Then they become fiscal consevatives.

So really CD you argue against research, facts, evolutionary biology, and history. Or herstory. Hey, good luck with that.

If this post bothers you and you are female, remember that no baby whales were bludgeoned to produce it, and in fact, it is all for the children. Feel better now? Sure you do!

Sat, 06/18/2011 - 01:07 | 1379663 Vlad Tepid
Vlad Tepid's picture

Giving all men the right to vote was also a stupid decision.  I think it was proven, scientifically and logically, in the minds of the Founding Fathers, that only those with propertied interests should be trusted with the vote.  Universal manhood suffrage has been almost as big a blight as universal suffrage.

Sat, 06/18/2011 - 14:05 | 1380550 RafterManFMJ
RafterManFMJ's picture

Very good point.  When the mob has the vote, they will vote themselves freebies from the productive. And they have been, and do.  

Fri, 06/17/2011 - 15:32 | 1378491 caconhma
caconhma's picture

Women, by their  biological nature, are programmed to be intelligent parasites. They need a "body" to provide them and their offsprings with a "life support".

Granted, a lot of women are smart, hard working, highly productive, and very adorable but they are genetically programed to find and use a "provider body" to support them and their offsprings. This is the Nature Law and nobody, I repeat nobody, can change it. This is how the world has been designed & built. It is nothing wrong with it. Regardless of how smart and intelligent people are, they have to eat, pee, and poo. There are no ways around it.

Consequently, it is natural for women to vote for a Big Government trying to gain additional "free" benefits from it.

 

We humans must know & understand the nature and behave accordingly in our quest for happy and  enjoyable lives.

Fri, 06/17/2011 - 13:14 | 1378028 trav7777
trav7777's picture

this is categorically stupid and incorrect

Fri, 06/17/2011 - 15:29 | 1378490 legal eagle
legal eagle's picture

Do you really mean "categorically stupid".  Is English your second language then?

Fri, 06/17/2011 - 15:51 | 1378559 trav7777
trav7777's picture

yes, I do...and YOU are categorically stupid as well.

Let's have teh interwebz help us out here:

Definition of CATEGORICAL. 1: absolute, unqualified <a categorical denial>

Fri, 06/17/2011 - 19:42 | 1379064 Bolweevil
Bolweevil's picture

Girl fight!

Fri, 06/17/2011 - 21:53 | 1379368 legal eagle
legal eagle's picture

Been punked, and junked, fool.

Fri, 06/17/2011 - 11:32 | 1377682 doggings
doggings's picture

hmm, is this just military style combat, or are they including use of gold for black ops, subterfuge and destabilization too?  

if so they might start by checking out what the ESF has been doing with the USA's gold for 50 odd years

 

 

Fri, 06/17/2011 - 12:30 | 1377863 downrodeo
downrodeo's picture

Rebuttal to the bullshit notion that 'if you've done nothing wrong you have nothing to hide':

From Bruce Schneier:

  • "If I'm not doing anything wrong, then you have no cause to watch me."
  • "Because the government gets to define what's wrong, and they keep changing the definition."
  • "Because you might do something wrong with my information."

I admire your 'patritoism', illy...

/sarc/

BTW, i haven't seen the bogey man in years. How do I know if I should still be afraid of him?

Fri, 06/17/2011 - 13:03 | 1377986 akenathon
akenathon's picture

Yup u're right but normal people don't even use fiat money...what they want is to eat at the end of the day...which less and less are able to do.

This article is very important as it shows that Gold is real money now.

Those pulling money into Gold are those who have some money (real one) and are hiding it.

Silver will be the money for the poors, as it is heavier to carry (for the same amount of money).

Fri, 06/17/2011 - 18:25 | 1378943 jackbooted gauleiter
jackbooted gauleiter's picture

If you have nothing to hide, you have nothing to fear... and there has never been a miscarriage of justice anywhere, ever.

Fri, 06/17/2011 - 11:44 | 1377715 ZeroHedgeFan
ZeroHedgeFan's picture

Yep it sounds like a control. They want to be able to track where the gold comes/goes and who own them. I hope this plot fails. People deserve to have their own privacy.

Fri, 06/17/2011 - 17:03 | 1378781 RockyRacoon
RockyRacoon's picture

Employing atomic weapons in the vicinity of this "blood mining" could produce isotopes that would be easy to track!   Hey, I like that idea.

Fri, 06/17/2011 - 12:08 | 1377777 Downtoolong
Downtoolong's picture

"It's all about control". Exactly. That’s the sad truth of it. We might just as well be using the mass of the sun as a store of wealth instead of gold, because, not even the ability to physically possess something has value anymore. It’s all about gaining fiat power to “let it be done” simply because “I say so”.

Fri, 06/17/2011 - 12:43 | 1377914 DoChenRollingBearing
DoChenRollingBearing's picture

@ Jack M,

Yes, I agree it's all about control.  But, this effort will fail.  People want gold, and they want it away from the eyes of .gov.

This may be the start of making it harder to get gold and/or raise the price.

If you do not own gold, you should start ASAP!

Fri, 06/17/2011 - 17:07 | 1378786 RockyRacoon
RockyRacoon's picture

See my isotope tracking idea above.   Nuke 'em!

Fri, 06/17/2011 - 09:59 | 1377359 Robslob
Robslob's picture

If we got where the money went with QE 2 wrong then there are only questions Tyler.

Fri, 06/17/2011 - 09:56 | 1377360 Gordon Freeman
Gordon Freeman's picture

I predict this will fizzle like a wet firecracker.  Who gives a fuck about the World Gold Council?!?  

Gold is gold is gold...

Fri, 06/17/2011 - 10:01 | 1377378 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

Or the Congo for that matter. 

Fri, 06/17/2011 - 12:31 | 1377870 downrodeo
downrodeo's picture

the truth of your statement is depressing...

Fri, 06/17/2011 - 13:54 | 1378156 Zero Govt
Zero Govt's picture

Yes just a matter of which murderous Banana Republic you buy from.. the USA must rank as one, if not 'the' worst

"The World Gold Council today announces that, working together with its member companies and the leading gold refiners.." 

another regulatory (monopoly) cartel then, and America is stuffed to overflowing with these parasitical bodies

Fri, 06/17/2011 - 10:00 | 1377363 PaperBear
PaperBear's picture

I have heard that "blood diamond" is a way to make diamonds, a largely unremarkable material, scarce and therefore valuable.

I own some gold and silver in anticipation of paper currency devaluation/destruction.

Gold is already scarce so why would the elitists want to make it even more scarce ?

Fri, 06/17/2011 - 10:09 | 1377394 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

They  have purchased a smelter-mint combo.

Genious really.  When the public finally catches on they can make those of us who bought physical early out as chumps.  "Oooh, a 1999 gold eagle?  Well those aren't certified conflict free so I can't in good conscience trade you my mercedes for it like I can the 2012 conflict free certified coins.  Its what ALL the sophistocated people will tell you.  We've been reading all about it in the newspaper!  Maybe you can try down at the local cash-4-gold kiosk at the mall"

Fri, 06/17/2011 - 11:20 | 1377630 Clampit
Clampit's picture

You really think the certification will matter by the time you spend a gold coin?

Fri, 06/17/2011 - 17:54 | 1378875 cynicalskeptic
cynicalskeptic's picture

Eagles - gold and silver - are minted from US sourced metal.  The original bill was more of a subsidy to US producers when passed - at a time when prices were low. 

I suspect this is more a matter of controlling sources of gold - and funnelling the metal directly into the hands of large buyers - and maybe an attempt to limit supplies going to places like China and Russia.  The West can decry the 'inhumanity' of others buying such gold (while accummulating as much as possible covertly through back channels).  Unlike diamonds - where supply exceeds demand - gold appears to be heading towards a 're-monetization' where the available supplies are inadequate to back the fiat currency in circulation (at least at currrent prices).

Fri, 06/17/2011 - 18:32 | 1378954 jackbooted gauleiter
jackbooted gauleiter's picture

Russia and China, what's OUR gold doing in THEIR vaults?

Fri, 06/17/2011 - 10:28 | 1377456 Idiot Savant
Idiot Savant's picture

I have heard that "blood diamond" is a way to make diamonds, a largely unremarkable material, scarce and therefore valuable.

I've heard that De Beers buys most diamonds on the open market, in order to suppress the supply, thereby keeping prices artificially high. Additionally, they spend tons of money marketing diamonds to western women, and sadly, it works.

Fri, 06/17/2011 - 10:00 | 1377365 holdbuysell
holdbuysell's picture

Does extend to meaning that countries can't go to war to steal another country's gold (Libya, cough, cough)?

Fri, 06/17/2011 - 10:28 | 1377459 serotonindumptruck
serotonindumptruck's picture

That's the first thing that I thought when I read this piece. TPTB desperately want to get their hands on Gaddafi's Au holdings. Now that Iran is accepting physical gold with their oil bourse, they are next in line for Western military action.

Fri, 06/17/2011 - 12:51 | 1377941 DoChenRollingBearing
DoChenRollingBearing's picture

Maybe they would seize Libya's gold.  "To pay for the war"...

Iran's?  No way.  No way there will be a LAND war with Iran.  It would take a very bloody land war to be able to seize whatever gold Iran owns.  Ain't gonna happen.

Fri, 06/17/2011 - 11:24 | 1377654 shortus cynicus
shortus cynicus's picture

This constraint do not apply to Libya , because as we know, there is no war in Libya, no enemy, no real force is used.

There are only some limited kinetic activity used to scary some millions of bad guys out of their holes.

And now really sarcastic: can we call it war if "exercising" country uses only 0.0000000000000001% of its potential strike power?  Please forward it to this amateur lawyers advising Obama.

Fri, 06/17/2011 - 09:57 | 1377366 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

when can we ban conflict dollars?!?!?!!

Fri, 06/17/2011 - 10:15 | 1377413 legal eagle
legal eagle's picture

Yes, yes, yes now that half of the horror in the world is now caused by US illegal wars, for which GW Bush and Obamastic should be tried and hanged.

Fri, 06/17/2011 - 12:20 | 1377829 Irwin Fletcher
Irwin Fletcher's picture

Bush and Obama seem like puppets to me. I'd rather hear them tell a few stories about the puppeteers than see them hang. However, I don't pretend to know what would get them talking. Will those stories ever even come out? Would a relatively peaceful process, such as jailing them in solitary confinement for 'contempt of nation', by popular vote of course, ever even have a chance to succeed? Shall they be tried before the court officials that they appointed?

Fri, 06/17/2011 - 10:25 | 1377443 BanksterSlayer
BanksterSlayer's picture

[loved that comment, @Concentrated !]

Fri, 06/17/2011 - 11:03 | 1377589 YHC-FTSE
YHC-FTSE's picture

+1

Brilliant.

Fri, 06/17/2011 - 13:17 | 1378041 nobita
nobita's picture

nice one concentrated!

Fri, 06/17/2011 - 10:01 | 1377367 BrianOFlanagan
BrianOFlanagan's picture

has exactly zero chance of success.  Such "conflict gold" will easily find its way to places like Dubai, where it will be remelted and the source would be impossible to know.

Fri, 06/17/2011 - 11:01 | 1377567 Long-John-Silver
Long-John-Silver's picture

Gold has a low melting point so anyone could use a torch, $10 graphite crucible, and produce their own gold bars. If they ask where you got the gold you can tell them you dug it up for $5 a ounce.

How to Melt Gold

http://www.wikihow.com/Melt-Gold

 

Fri, 06/17/2011 - 11:26 | 1377667 Rusty Shorts
Fri, 06/17/2011 - 18:32 | 1378961 jackbooted gauleiter
jackbooted gauleiter's picture

John, if you're long silver, I bet you're recently feeling as sick as a parrot.

Fri, 06/17/2011 - 10:02 | 1377369 Bastiat
Bastiat's picture

Better yet, use covert ops to start a conflict, then declare the country's output "conflict" gold.  If gold will be money, banksters will control the money supply.  Maybe they will buy the "conflict" gold on the black market themselves.

Fri, 06/17/2011 - 10:36 | 1377480 SilverRhino
SilverRhino's picture

I sure as hell will.

Fri, 06/17/2011 - 11:05 | 1377582 JW n FL
JW n FL's picture

no, no.. our intelligence (populace control) entities.. have the best interests of the sheep in mind and they would never profit or let the people who will supply the intelligence world with cushy conculting jobs after they leave the world of public service, profit either... They would send all that metal to the bottom of the ocean.. where no one without the correct gps coordinates will be ablle to find it! Pinky De-Coder Ring Sware!

Fri, 06/17/2011 - 13:00 | 1377978 DoChenRollingBearing
DoChenRollingBearing's picture

Better put that gold well offshore there JW!  Florida gets lots of hurricanes which can definitely shift the location of your gold in shallow water.

Fri, 06/17/2011 - 10:04 | 1377372 Troy Ounce
Troy Ounce's picture

 

Every Troy Ounce floating around outside government & bankers control points of course the middle finger to the state and banksters so is intrinsically "conflict gold".

Come and get it, scum!

 

Fri, 06/17/2011 - 13:03 | 1377991 DoChenRollingBearing
DoChenRollingBearing's picture

+ $55,000  !!!

Fri, 06/17/2011 - 10:05 | 1377379 Gavrikon
Gavrikon's picture

Is there any connection between "conflict gold" and this:

http://www.guardian.co.uk/world/2011/may/12/48-women-raped-hour-congo

Fri, 06/17/2011 - 10:14 | 1377407 Abitdodgie
Abitdodgie's picture

That will be coming to a town near you , right after Obama start WW111 and we get our asses kicked, there's nothing like a mass raping first thing in the morning

Fri, 06/17/2011 - 10:54 | 1377556 Hearst
Hearst's picture

"You are not a beautiful and unique snowflake.  You are the same decaying organic matter as everyone else, and we are all part of the same compost pile."

Fri, 06/17/2011 - 10:06 | 1377396 serf86
serf86's picture

This seems like a way to cause the registration of all gold.  A long shot I know. But if the governments made everyone register their gold so it could be traded, then they would know were to go to confiscate it.  If we go to a gold standard the assets of the bankers, our debts, will depreciate and those with gold will have the real money.  TPTB cannot allow the little people to have any real money or freedom.

Fri, 06/17/2011 - 10:16 | 1377421 Cognitive Dissonance
Cognitive Dissonance's picture

Like Tyler said this would just create a black market for Gold and the continuation of two tier pricing. Or maybe three tier. Paper, 'official' non-conflict and everything else.

All the more reason to own Gold Eagles or other 'official' Gold coins. Those governments would never say they produced their coins from conflict Gold. If your physical stash is in Eagles you have no worries about this latest curve ball.

Fri, 06/17/2011 - 10:34 | 1377486 EB
EB's picture

serf86, that's exactly what this is about.  The Romans were early adopters of the census because they understood the first step to control is to count, or track.  

I agree with CD--best to own the physical sovereigns.

Fri, 06/17/2011 - 10:48 | 1377517 Cognitive Dissonance
Cognitive Dissonance's picture

It might also be the process by which the US Govt magically transforms all that Fort Knox Gold plated Tungsten into pure Gold. Test a few pure Gold bars salted into the pile of Tungsten government shit and call it a now officially blessed American stash.

Those ancient medieval alchemists are no match for the modern government alchemists. 

Fri, 06/17/2011 - 11:17 | 1377632 EB
EB's picture

Interesting thought.  Speaking of alchemists, eventually nuclear fusion will realize their dream.  What becomes hard money then?  Energy itself?  On a Kurzweil timeline, this might only be a few decades away.

Fri, 06/17/2011 - 11:33 | 1377689 TheJudge2012
TheJudge2012's picture

I've read, but only from one source, that if fusion were perfected, ie the best efficiency it could reach, it would be four times more energy efficient than fission.

Fri, 06/17/2011 - 11:55 | 1377742 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

It will still be gold because gold will still be shiny and attractive to females.

If you could have some sort of difficult to produce coupon for a free BJ from a hot girl it would always have some value.  thats what gold is.

Fri, 06/17/2011 - 13:16 | 1378052 trav7777
trav7777's picture

the crux of the matter, right here ^^^^^^^^^^^^^^^

Fri, 06/17/2011 - 14:54 | 1378352 Thisson
Thisson's picture

Your reply is foolish.  Gold is valuable because it has all of the properties of money and is the best material to use as money; not because it's shiny and attractive to females.  Most females don't give a crap about gold.  Under your theory we would be using shoes as money.

Fri, 06/17/2011 - 15:49 | 1378562 trav7777
trav7777's picture

no; he's correct.

Gold isn't remotely close to the best money, which is why paper notes have outcompeted it as money at every turn.  Plastic cards are outcompeting paper notes.

but, still, bitchez loves teh goleds

Fri, 06/17/2011 - 18:42 | 1378971 jackbooted gauleiter
jackbooted gauleiter's picture

The best money is cigarettes and whisky. These will always be in demand, and because they're consumed the supply is always limited.

Fri, 06/17/2011 - 13:04 | 1378006 DoChenRollingBearing
DoChenRollingBearing's picture

@ EB and Cog Dis,

Most of my gold and other PMs are US Eagles.  I am willing to pay a little more for the "US Version", mostly because they would be more easily recognized and accepted if / when the time would ever come to sell.

Fri, 06/17/2011 - 17:08 | 1378797 RockyRacoon
RockyRacoon's picture

...and they are legal tender, regardless of the face value.  Demonetization will NOT happen.

Stash all your stuff in "albums" and they become a hobby collection.   Some high silver content foreign coins thrown in to round out the "collection".

Fri, 06/17/2011 - 10:41 | 1377502 EB
EB's picture

Here's an article from nearly a year ago that anticipated this:

http://www.economicpolicyjournal.com/2010/07/dodd-frank-bill-contains-provision-that.html

This paves the way for confiscation of unregistered gold, as well as taxation on profits should[when] it revalue materially higher.

Fri, 06/17/2011 - 11:07 | 1377605 JW n FL
JW n FL's picture

If it was meant for AAA Rated Corp's! that means it will be used some how against the Sheep! as a portection! no less!!

Fri, 06/17/2011 - 10:11 | 1377397 Shell Game
Shell Game's picture

it has produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict.

Of course, being that FRNs are the opposite of gold, no such ethical hijinx apply.  And they call gold the barbarous relic...

 

Fri, 06/17/2011 - 10:12 | 1377401 espirit
espirit's picture

Perhaps they should also consider "Black Gold" as a source of conflict.  Oh forgot, that's in the interest of national security.

Fri, 06/17/2011 - 10:10 | 1377404 RobotTrader
RobotTrader's picture

Gold getting nice pop right now.

All other pops have failed.  Maybe this time is different??

You would think that based on this nice move, people would be buying NEM, ABX, GG, etc.

Nope.

They are piling into retailers like JWN, LTD, ANF, all up 2% - 3%.

Same old same old lust and thirst for the U.S. Consumer.

 

Fri, 06/17/2011 - 10:51 | 1377542 oddjob
oddjob's picture

Instead of buying stagnant majors, they are smart and buying Osisko, Detour or Allied Nevada.

Fri, 06/17/2011 - 13:14 | 1378030 Bolweevil
Bolweevil's picture

I'd like to give you a nice pop you nasty girl.

Respectfully,

Bolweevil

Fri, 06/17/2011 - 10:14 | 1377406 Caviar Emptor
Caviar Emptor's picture

It's like labeling mercenaries we like "Freedom Fighters" . So if the political regime in control of mining is favorable to developed nations interests, it's labeled 'conflict free'. 

Keep in mind that covert slave labor is used in mines across the developing world and undercuts the cost of production in the developed world. This could be a counterattack.

Fri, 06/17/2011 - 10:14 | 1377409 Ratscam
Ratscam's picture

conflict marihuana, cocaine, heroin, please complete the list

Fri, 06/17/2011 - 10:16 | 1377417 Caviar Emptor
Caviar Emptor's picture

Not sure about hookers that are "conflict free"

Fri, 06/17/2011 - 10:25 | 1377449 Ratscam
Ratscam's picture

controlled mostly by Israeli brokers

Fri, 06/17/2011 - 11:37 | 1377703 Ghordius
Ghordius's picture

I have a wife which is not " conflict free"
please confiscate her

Fri, 06/17/2011 - 15:16 | 1378428 legal eagle
legal eagle's picture

Thanks for the laugh.  Is any spouse "conflict free"?

Fri, 06/17/2011 - 12:50 | 1377938 ThoughtCriminal
ThoughtCriminal's picture

conflict propaganda (issued by NGOs and state-controlled media)

Fri, 06/17/2011 - 13:15 | 1378032 ThoughtCriminal
ThoughtCriminal's picture

conflict water (e.g. Libya)

Fri, 06/17/2011 - 14:40 | 1378320 desgust
desgust's picture

conflict vitamins, supplements and other home remedies like germanium, hydrogen peroxide, borax, which you won't be able to buy in good quality or at all in pharma fascist germoney.

Death is no conflict.

Fri, 06/17/2011 - 10:12 | 1377415 Tense INDIAN
Tense INDIAN's picture

i read in a site sometime back ...there are actually no blood diamonds...means there is no killing going on in Siara Leaone or some country for diamonds...its all PROPAGANDA by Hollywood funded by Corporations .....so that Diamond harvested by the smalll time diamond producers are rejected by the Customers.....and so the demand for their Diamond stays same....

Fri, 06/17/2011 - 10:15 | 1377425 Caviar Emptor
Caviar Emptor's picture

In Angola in the 1980s, soldiers armed illegally (by covert US operations at times) used to massacre villagers where diamonds were discovered. They then sold the diamonds to fund their further operations. 

Fri, 06/17/2011 - 10:20 | 1377429 vegas
vegas's picture

WTF??????????

How can anyone read the PC pap from the gold autocrats and not wet themselves laughing.

When do we get "non-conflict" crude oil from OPEC?

I got to go clean myself up a little now.

Fri, 06/17/2011 - 10:25 | 1377444 OutLookingIn
OutLookingIn's picture

LMAO! Exactly. The WGC is nothing more than a TBTF shill. Fully stocked and staffed by shills.

How about "non-conflict" wheat? Let them starve in the dark?

Fri, 06/17/2011 - 11:13 | 1377612 JW n FL
JW n FL's picture

OPEC is a respectable group of towel heads who treat the price of oil like their own people! how dare you besmudge the good name of those hard working puppet governments!

Fri, 06/17/2011 - 10:23 | 1377436 snowball777
snowball777's picture

Mmmmm....that new cartel smell!

Fri, 06/17/2011 - 10:24 | 1377438 lindaamick
lindaamick's picture

Perhaps the short term desire is to prevent Congo from selling gold so that later western Countries/Corporations can control the production and flow.

Fri, 06/17/2011 - 10:22 | 1377446 New American Re...
New American Revolution's picture

Hmmm,... I think it starts at home.     So I'm with Ron Paul, lets audit Ft. Knox.    If it isn't there, was it used for war purposes?    And if its not there, I would revert back to the Coinage Act of 1792 and if the gold isn't there, or if is mixed with tungsten, than this is more than treason and though normally I'm against violence, those involved should tried, and if convicted, they should receive capital punishment.

Sat, 06/18/2011 - 05:38 | 1379839 WakeyWakey
WakeyWakey's picture

I was thinking about that too. If Fort Knox is empty, where exactly did it go.

 

I think the US has used Fort Knox as its bribery fund and where handing out gold bars to all the puppet Middle East dictators like Gadaffi so that the US had access to cheaper oil. Not that they want cheap oil for it's citizens however, they need cheap oil to keep the US war machine turning.

So give away the gold that no-one can see or let the world watch the mighty US crumble under the weight of supporting it's own wars ? As soon as cheap oils runs out and the military costs sky rocket astronomicaly that really is the beginning of the end of the US.

Fri, 06/17/2011 - 10:26 | 1377465 Internet Tough Guy
Internet Tough Guy's picture

When do we stop buying 'conflict oil'?

Fri, 06/17/2011 - 10:26 | 1377466 Rusty Shorts
Rusty Shorts's picture

 - pretty much all mining is a conflict.

Coltan

http://www.youtube.com/watch?v=3rBDcqWpVG0

Fri, 06/17/2011 - 10:29 | 1377471 Trifecta Man
Trifecta Man's picture

The Crimex players (and other kleptocracy orgs) will buy the conflict gold (silver, etc.) to replenish their dwindling supplies. 

Fri, 06/17/2011 - 10:34 | 1377478 FreedomGuy
FreedomGuy's picture

Does anyone else realize the absolute colossal stupidity in this? Ok, let's say there's conflict in the Congo and a zillion other third world, socially primitive, dictatorship of the week countries. So, if we buy diamonds from there, they are "conflict diamonds. If gold comes from there, then it's conflict gold. What about silver? How about copper and zinc? What about corn, aboriginal art, baseballs and lumber? What if you buy off a politician. Does he need to be conflict free? Maybe we shouldn't sell anything to them either. In fact, put a wall around them and do not interact. Then they will become a peaceful decent liberty oriented country, right?

Now, here in the USA, what if a husband and wife yell at each other about selling grandma's heirloom gold to the local cash-for-gold shop? Would that constitute conflict free? When FDR confiscated gold at the point of a gun in 1933 would that truly qualify as conflict free given the consequences of refusing to sell? Does that not then make the gold in Ft. Know suspect? Much of it was confiscated by force?

Idiots...or another agenda?

Fri, 06/17/2011 - 10:37 | 1377493 firefighter302
firefighter302's picture

+1.

Yes, I realize the stupidity, also.

Idiots and another agenda.

Fri, 06/17/2011 - 10:40 | 1377500 FreedomGuy
FreedomGuy's picture

I forgot to add the biggest one of all...CONFLICT OIL!!! Now there's one for the books. With a liberal definition of "conflict" about half the world's oil or more comes from countries in upheaval, war, rebellion and support for international terrorism. Let's put that black gold off limits until those countries clean up their act, eh???

Hypocrites, liars and thieves.

Fri, 06/17/2011 - 11:24 | 1377643 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Very good point!

 

Tuco

Fri, 06/17/2011 - 15:23 | 1378469 dalkrin
dalkrin's picture

As if Norway needed any more of a bonanza from their fortuitous oil possessions. 

They, along with the North Sea UK holdings, mixed in with the remaining US fields, are about the only conflict-free zones I can point to without too much thought.

Quick, somebody start a Brazilian insurgency!  Let those favela dwellers rise up and demand their share of the national oil wealth!  Oops, got a conflict brewing, so sorry, your oil is morally tainted.

Fri, 06/17/2011 - 10:43 | 1377511 wisefool
wisefool's picture

When the barbarians invaded the roman empire, they first had to traverse the rural countryside. They said "give us your stuff." The rural folks, including the uniq soldiers at the outposts said, "here is all we got, just a little food, take it, but leave us enough seed, water and animals to maintain the herd incase you come back this way again"

The barbarians said "where is your wealth? your gold, jewels, and attractive women who wear these things?"

The folks pointed twords the city of rome and said "They beat you to it"

And we know how that story ended.

Fri, 06/17/2011 - 10:34 | 1377483 Boxed Merlot
Boxed Merlot's picture

I have to think if this initiative was in place 150 years ago the Confederate Dollar would probably still be legal tender and Atlanta would be a nation's capital. As despicable as civil wars may be, the means of monetizing a just conflict against evil can't always be denominated in cellulose and ciphers.

Fri, 06/17/2011 - 10:35 | 1377487 Quinvarius
Quinvarius's picture

I suspect Libya's gold qualifies as financing conflict.

Fri, 06/17/2011 - 10:40 | 1377497 D-liverSil-ver
D-liverSil-ver's picture

We will need to microchip gold to ensure it's certified "conflict free" gold.

You must go the an authorized certifier to get a microchip implanted in your gold. If you melt it... it has to be recertified, or it could be confiscated.

Fri, 06/17/2011 - 11:19 | 1377498 cranky-old-geezer
cranky-old-geezer's picture

It's a way to (a) turn the public against gold, (b) reduce demand (and price) for "non-certified" gold, (c) force "non-certified" gold to cycle through "certified" suppliers who buy "non-certified" gold at low prices, melt and recast it, selling the now "certified" gold at enormous profit, and (d) allow banks to buy up "non-certified" gold at pennies on the dollar.

It's touted as an industry initiative, but you can bet TBTP (to big to prosecute) banks / Fed / govt are behind it.  They can't get away with confiscating gold, so they outlaw all but "cerified" gold.

Expect to see new laws making sale / purchase / ownership / use of "non-certified" gold a felony in America.

It's the "war on drugs" mentality applied to gold, and it's likely to work very well given how gullible most Americans are.

Expect to see the same thing in silver.

Fri, 06/17/2011 - 13:15 | 1378031 DoChenRollingBearing
DoChenRollingBearing's picture

Maybe.  But, I think most owners of private gold will just hide it all the more.

Silver and platinum likely would NOT be tagged like that, as there are industrial uses.  We get platinum from Russia and South Africa.

Sat, 06/18/2011 - 10:44 | 1380014 cranky-old-geezer
cranky-old-geezer's picture

The true intent of this "industry initiative" is to (a) prevent gold & silver rising further in value against the dollar, (b) prevent gold & silver from being alternative currencies, and (c) allow govt & banks to buy gold & silver at pennies on the dollar.

The Fed is frightened (and embarrassed) about the dollar's collapse against gold & silver. 

Think of it as an "unofficial" Forex pair.  GOLDUSD and SILVERUSD.  The Fed is very embarrassed watching the dollar drop against these two universal defacto (not dejure) currencies. 

The dollar can fluctuate against another (worthless) fiat paper currency, no problem, no embarrassment.   

But the dollar has been literally collapsing against gold and silver, and the Fed can't handle the embarrassment.

The Fed has been tyring to keep gold & silver prices down with naked shorting (done by proxy via banks). But it's not working. 

Confiscation would help keep gold & silver prices down, but confiscation isn't practical.

Confiscation would also tip off everyone around the world how embarrassed the Fed is about the dollar's collapse.

(Yes, the dollar has ALREADY collapsed against TRUE currencies.  This is what people need to understand. We've ALREADY HAD a dollar collapse.

The original "Forex" GOLDUSD in 1913 was 20.  Now it's 1550.  The dollar has collapsed 98.71% against gold.  Today it's 1.29% of its 1913 value against gold.)

Since confiscation isn't practical, the next best thing is outlaw gold & silver.  Just outlaw them. Make them illegal, like drugs.

But making gold & silver illegal would be sheer folly. Ludicrous. Insanity. Stupid beyond belief.  Gold and silver are declared in the Constitution as legal currency in America, the ONLY legal currency in America by the way.  Making them illegal now would be a direct violation of the Constitution as well as sheer stupidity ...absent some compelling national security type reason.

So they come up with this crazy idea of "certified" vs "non-certified" gold. And it is crazy. Complete nonsense. 

But it fits the "terrorist" agenda, also crazy, but seems to be working pretty well on dumbass gullible American sheeple nonetheless, so yes it just might fly, turning  dumbass gullible American sheeple against "uncertified" gold, collapsing demand, causing prices to fall sharply.

And yes you can bet MOST gold would be "uncertified" ...but only for the public of course.  Govt and banks could have "uncertified" gold, no problem, and would simply buy up all the "uncertified" gold for pennies on the dollar, since there's no public market for it, having been declared illegal to sell, buy, and posess "uncertified" gold in America.

Yes I know it sounds crazy. But they'll do it anyway ...and yes it WILL work on dumbass gullible American sheeple. 

IRS will offer rewards for ratting out relatives, friends, neighbors, anyone having "uncertified" gold. 

Your relatives, friends, neighbors, coworkers, etc, will be asking if your gold (you proudly told them about) is "certified" or not.

When govt and Fed see it working, they'll extend it to silver. You can COUNT on it.

After all the illegal stuff we've seen them do already, how can anyone think they wouldn't do it?

Fri, 06/17/2011 - 10:46 | 1377508 Dr. Gonzo
Dr. Gonzo's picture

What about all the gold sitting in Europe that was stolen from the peoples of South America during the middle ages? Those people were conquered and forced to work til their death as slaves to mine thier gold for Europe.  Should it all be returned to them now as a show of good faith in this new kinder gentler world policy? Oh... and weren't we planning on stealing all Quadaffi's gold after we assasinate him? How's that work with this new policy?  

Fri, 06/17/2011 - 11:10 | 1377601 Catullus
Catullus's picture

Exactly. Most of the gold above ground is probably conflict gold.

Fri, 06/17/2011 - 12:45 | 1377930 LudwigVon
LudwigVon's picture

Yeah, I say give it back.

Euro-Trash, over the centuries: Killing Americans & Subverting Liberty. 

Fri, 06/17/2011 - 13:16 | 1378037 DoChenRollingBearing
DoChenRollingBearing's picture

Yo Europe!

Send all that gold you stole from Peru!  Now, bitchez!

LOL...  Like that's going to happen.

Fri, 06/17/2011 - 10:54 | 1377513 Bartanist
Bartanist's picture

We have been living this scam in the electronic materials market for the last couple of years.

The government and secretly elitist funded NGOs have been putting pressure on the largest users of targeted metals, such as tantalum (first), tin (second), gold (third) and other metals to reduce supply and make sure that money goes to the right hands... those that support the globalist agenda. For those who do not know, just as Sierra Leone has diamonds lying around in the mud that could massively devalue the diamond monopoly's holding if released (hence the Kimberly process was installed to control so called "blood diamonds") ... the DRC is so rich with metals that what is found deep below ground in South Africa, is found at surface level in the DRC.

I was at one of these meeting, in which the largest US based electronic manufacturers swore their allegiance to stop using "so called" conflict metals... and in doing so put about 50 million independent artisan miners out of work in the DRC, so that they could become government slaves.

What has been already put in place for tantalum and is being put in place for tin is the exact same thing as the Kimberly diamond process, where production is limited and controlled through "official" sources so that the monopolies get all of the money and the little guys are left to starve.

From talking to a number of people on the ground in the DRC, it has ABSOLUTELY NOTHING TO DO WITH CONFLICT OR BLOOD OR MURDER and has everything to do with who gets tax money and who controls supply.

Our largest electronics companies and government officials are willing participants in the scam (either from fear of bad publicity or ideologic agreement). "Of course we don't want money going to the revolutionary forces that have been armed by the IMF. They are the bad guys and the official brutal government and elitist puppet should get it all".

The funny thing is that the DRC government was able to close down all of the conflict mines in the eastern DRC and has since reopened them under government control. Even so, the scam goes on, but the reason, no longer exists ... except to control supply through monopolistic channels. THERE IS NO LONGER ANY CONFLICT ... ROFLMAO... but I don't think Congress will catch on with all of the elitist money going into keeping them captured and in the dark.

Fri, 06/17/2011 - 11:15 | 1377628 JW n FL
JW n FL's picture

but I don't think Congress will catch on with all of the elitist money going into keeping them captured and in the dark.

 

they just want their cut, fuck the sheep! power to the Lobby Whores BITCHEZ!!

Fri, 06/17/2011 - 13:15 | 1378047 DoChenRollingBearing
DoChenRollingBearing's picture

Bartanist and JW,

Exactly right.

Fri, 06/17/2011 - 10:44 | 1377516 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

they'll have the pry it from my cold dead hand...!!!

Fri, 06/17/2011 - 10:46 | 1377522 shadowboxer
shadowboxer's picture

 ...when can we get conflict free fiat to trade for the conflict free gold?

Fri, 06/17/2011 - 10:55 | 1377547 digalert
digalert's picture

I hereby proclaim Fort Knox as conflict gold.

Fri, 06/17/2011 - 11:08 | 1377594 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Okay, if you own gold or heaven forbid work in the precious metals business you are now white Al-Qaeda.  Now comes the false flag to completely flip the mission of Homeland Security from international terrorists to those within our own borders (i.e., gun owners, Ron Paul supporters, Constitutionalists and those critical of our masters in the U. S. Government)!

 

Christ!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Fri, 06/17/2011 - 11:46 | 1377720 chdwlch1
chdwlch1's picture

That's the first thing I thought of too.  Modern day gold confiscation from US citizens. Label them domestic terrorists/enemies of the US govt and confiscate their "conflict gold" from them.

Fri, 06/17/2011 - 13:20 | 1378053 DoChenRollingBearing
DoChenRollingBearing's picture

If you think that TPTB know you have gold, then just give them "some" of it...

Fri, 06/17/2011 - 13:38 | 1378117 lawrence1
lawrence1's picture

Or Zen gold, the sound of one tungsten bar clapping.

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