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Forget "Blood Diamonds", Here Comes "Conflict Gold"
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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Well, the WGC (which is part of the elite's nomenklatura, anyway) could start with the gold held by the US Government. They cause a lot of conflict around the world. Throw in the UK's gold, too, if you like. Brown only managed to sell half of it in 1999.
They would have to Grandfather previously owned coins.
Where do they think the gold for all British Soverigns came from?.
London?.
LOL
As for registration of currently owned, most people buy from dealers who keep track of amounts sold to us, and report on 1099's when they buy it back, may as well be registered now.
Traxys
http://www.traxys.com/Gui/Content.aspx?Page=Home
The WGC is selling gold coins through POST offices in India.....must be the gold from FORT KNOX... ......n this definitely looks like the kind of move they did with Fiat currency ..only their currency is LEGAL.....shutting off many independant Gold dealers and producers...
Next up:
- Good cornflakes, evil cornflakes
- Good chocolate, evil chocolate
- Good ipads, evil ipads
- Good teddys, evil teddys
Good SLaves , Bad slaves
Norquist now decides it is okay to "raise taxes" on evil ethanol. Republican congress critters say "woof, woof"
http://www.frumforum.com/norquist-loses-the-ethanol-subsidy-debate
basically the dude is against taxes, unless they are his taxes.
On the other side of the play pen. Anthony Wiener says we need more education funding and a strong teachers union. Things like home schooling, vouchers, and heaven forbid sending a lunch with your child to school, much less serving them a home cooked breakfast, are evil. But teaching individual 17 year old girls civics is my responsibility.
Does anyone else see six moves later in this multi-dimensional game of chess which the demon elite play? Say for example "Nationalization of U. S. gold mining firms"?
Tuco Benedicto Pacifico Juan Maria Ramirez
I can not see that far ahead, but I did see this comming for gold. They started with the goal of 1099 reporting of all transactions over $600. Not just gold but for nearly every transaction including small business and farmers.
I just do not understand why they don't get revenue via point of sale taxes (which already exist), and a postcard sized tax return that even Teresa and Jim Kerry would use to pay income taxes?
As far as demonic, yes. Most biblical scholars agree that you will not find the anti-christ if you try to match up a set of characteristics to a person, event, or set of numbers. That is what he/she/it does to the world.
Nationalization may be the only play available to re-open the mother lode in California. It's a common assumption among gold miners that they would be more likely to extract AU from the moon than from a hole in the ground with known reserves in CA. (This is not exactly the case, but as the perception, it may as well be.)
The biggest hurdle "miners" have in CA is in the prospecting activities related to panning, dredging and other forms of placer mining. High grade, tunnel extraction is a less obtrusive method of obtaining "money", and when properly designed, engineered and operated can be a better source of creating currency than Ben's presses could ever dream of. imho.
But owning GOLD is conflict itself, is it not?
WGC is a private organization and no one cares what they think. To say they are part of a government implicates that government when the GLD finally is revealed to be empty.
Question: Why are we in Lybia?
Answer: LBMA, COMEX and GLD vaults are empty.
Sounds like a very sensible measure. Gold must not be used to buy weapons or sow hostility in our world. From now on, gold can only be used for the purchase of flowers, organic fertilizer, and carbon credits. Welcome to Farquaad.
Scratch "organic" fertilizer. - "Codex Alimentarius" you know.
Tuco
We all need to do everything possible to delegitimize gold and silver as a form of currency. FIAT must be the only dependable currency, so that central banks can finally have the whole world under a benevolent and rational system of government.
Why, if we get to the stage where people need to trade/sell gold to survive, will anyone care about whether or not it is "conflict-free"? At that point most national systems of control will have broken down and we'll be fast approaching the new Stone Age. I think the only question asked will be - is this real gold, and how much does it weigh.
And you want to be a stockholder in a gold mine ? Stockholders are the last to get paid ! Get ready for: Nationalization, windfall profits tax, permits, EPA studies, labor strife, insider trading, thievery, revolution, class action lawsuits, high insurance cost, price controls, fees, studies and confiscation ! You are way ahead just buying unencumbered coins and bullion ! Monedas 2011 If I buy $40 worth of silver mine stock....how long until I convert the stock price and dividends into one troy ounce of silver ???? "Until the twelth of never .... and that's a long, long time !"....J. Mathis
Monedas is exactly right. Too many bad variables re the miners.
Buy their product instead!
the "WGC" is a dung heap of the usual assortment of conspiracy cranks
Blood / conflict diamonds are diamonds sold outside the De-Beers / Rothschild cartel, and are named so to protect the cartel, and stigmatise alternative sources.
http://en.wikipedia.org/wiki/De_Beers
Conflict gold protects Rothschild backed gold mines.
When will we see conflict oil? Ah... Yes... At-hem, cough, cough! What do you mean conflict oil?...
I think you're partially right, but the 'conflict' is between who holds 'clean' gold and who holds 'conflict' gold.
I imagine central banks and government will be holding primo facie 'clean' gold. Any other holdings will be in 'conflict' with the state and central bank, therefore subject to seizure, arrests, sanctions, etc...the usual PC control mechanisms that have been perfected over the last thirty years.
Seems to be an attempt at creating an incredibly over-reaching control system over how much gold is available on the market starting from the mining source.
It's like the Chicago Carbon Credit Exchange of gold... trying to leverage control and tremendous amounts of money with absolutely no authority to do so.
Ha! They used "Dodd-Frank and SEC" in the same sentence. LOL
This "Conflict Gold" scheme must be resisted at the grass roots level every chance we get ! The only thing that counts is gold's purity ! Monedas 2011 Conflict Communism and Conflict Islamic Terrorism get a pass ? The "Cash for Gold" kiosks will pay less for Conflict Gold ?
conflict free gold and silver to be stored in Fukushima 1 & 2 - collection in person at owners risk
He who has the gold makes the rules. Golden Rule, beeotchez.
I have already rebuked future Gold purchases. I am no fan of what the Central Banks have done to the public so far. Now there is a strong possibility that phase 2 of their scheme is to implement an "honest money system" now that they have stolen most of the world's assets with their phoney liquidity schemes. On the one hand Gold investors say that it is a good hedge against inflation created by the Central Banks knowing full well that central banks are buying gold. Duh. How smart is that? Keep handing them more power and wealth with your gold purchases. As for me I will continue to buy white metal. The World gold council's concerns are for newly mined gold btw. They don't care about the skin that's been ripped off burned or mutilated from earlier in history. They own all of that gold already.
Why? Why? Why?
Well. it is really quite easy to answer this question; we are in a total collapse made worse by our denial of the fact.
No one is in control and we are snapping at every new morsel of panic-driven drivel as though there is something left of the Machine. Read what we write at ZH as proof of this!
Caught up in maelstrom beyond our control----who cares? Words and thought are worthless here------why not just settle back and enjoy the ride? These constant adrenelin rushes from post to post are like a drug------I feel like a spinning top.
Who's to say what conflict gold is? I can say that here, the miners are major Chinese government and private firms, and gold mining is about the one operation the Chinese engage in where they don't import domestic Chinese labor. Instead, they use indigenous locals who are paid upwards of a dollar fifty a day.
These locals , thousands of whom are employed in mines where China is taking out north of a billion a year, are tasked with hand kneading the slurry after pouring in a good dollup of mercury, after a quick wash with aqua regia (nitric and hydrochloric acid). That a lot of them are picking up Minamata disease or going "mad as a Hatter" is not as important as getting "real money" into the hands of the Chinese elite. And heck, the mercury is the lesser of two evils, as up to about 2009 most of the recovery was done with cyanide, until a whole bunch went downstream or in the water table before the sun had had a chance to break it down. Hundreds died. Fish don't much like it either, preferring to go belly up rather than swim in the sludge.
I don't think the WGC has much idea about either production levels or consequences.
Good point ! Everything from China is Conflict/Slavery tainted ! WGC will never admit it, though ! Monedas 2011 Nuthin' dirtier than Chinese coal dripping with the blood and excrement of forced Socialist labor !
Why are people so obtuse? China is not killing people in Libya, Afganistan, Iraq, Yemen, Packistan, Bahrain, etc.....that is the United States.
Where does this moral superiority of Americans come from? Foolish.
AMERICAN goods are conflict goods. Lets start with the man in the mirror.
I have business in China, yes the going wage is $350 a month, so what? That doesnt make it slavery. It is safer there than in the US. The government doesnt listen to my phone calls or look in my bank accounts there. The markets are more free in China. There is less violence, less aggression, people have a good work ethic and are trying to get ahead. Yeah, those bad Chinese!
Look at our inner cities, look at American prisoners, the people we put to death each year, the number of gun deaths, the government abuses in search and seizure, Guantanamo Bay, Abhu Graib, the wars. Fuck all this flag waving - we are NOT the greatest nation anymore! We adopt torture as formal policy and assassinate leaders without due process of law. We have become the enemy my friends.
Thank you, Legal Eagle,
There's nothing left to say------you have put it most succinctly.
>These locals...are tasked with hand kneading the slurry after pouring in a good dollup of mercury
Evidently these people ex ante prefer accepting the job to the alternative of not accepting it.
>Fish don't much like it either, preferring to go belly up rather than swim in the sludge.
How much wealth have you offered so far to rescue these fish?
http://news.yahoo.com/s/yblog_technews/20110526/tc_yblog_technews/chinese-prisoners-forced-to-play-world-of-warcraft-make-money-for-guards
I have always been reluctant to endorse gold as a currency for these reasons. But the chinese (above) have the fix.
All the major gaming companies are focusing on expanding the market share of women. Deebeers is pissed cause they can forsee the day when engagment rings are holograms showing how 'leet thier betrothed is.
...err wait ... Debeers had it covered.
The beauty of using gold as currency is that producing it requires hard work - it costs at least $5 to dig it out of the ground. You can alternatively create negligible quantities of gold atoms through nuclear reactions and only at great expense. Either way, it's hard to produce.
It seems there's less safety with fiat and virtual currencies. I'm more worried about BitCoin being attacked by professional criminal hackers than I am about scientists discovering magical Rumpelstilskin gold factory technology.
Oh I agree. I have pretty extensive control systems training (not control over people, but robotics and electronics)
The first and most important thing you learn is a simple dampner. Gold is good at that. But from a nationalistic perspective the USA does not have any easy gold left.
Would post more but ron paul is on the teevee.
While I well understand that everything Chinese is glorious and a “miracle” and everything American is the epitome of evil over which Americans hold a monopoly, sometimes things sneak under the radar.
Most of the folks working are indigenous people displaced when they were forcibly moved off their own land so that the mining could take place. Also, they’re a little hazy on Minamata Disease or the genesis of the term “mad as a Hatter”, since they are a little short of the 350 TV stations folks in the developed world can access. As for their “decision” to work after their fields were purloined: for some it was not a decision, it was a “suggestion”, even for the children. Also, it is probably just coincidental that on projects such as constructing the dams that will generate power not for the local people but 100% for China, and which also resulted in the forced relocation of tens of thousands, every single laborer is/was imported from China. Hand kneading mercury through slurry, however, appears to be a skill only possessed by the local tribes people. Funny that.
The Chinese are not without heart, though, as they have established quite the matchmaking venture along the border areas, where they “help” young girls find suitable husbands in gender challenged China. They also have found innovative and unique ways to provide jobs for some of the girls in the Food and Hospitality Industry. See here:
http://www.irrawaddy.org/article.php?art_id=21486
As for what have I spent to save the fish? Zip. For the people of the country, on the other hand, millions of dollars have come from my own pocket building schools, providing food and medical care, housing and clothing, funding education through the university level, making microloans and funding small business start-ups, etc.
I have to laugh at the fellow above who said his phone conversations were monitored in China. First, it is highly doubtful his own conversations were monitored in the US, though it is possible. I doubt he is that important to the US. In China? Well, I guess he left his paranoia in the safe deposit box back home when he left the US. Oh, and can he do an internet search on something like "Tiananmen June 1989" while in China without using Tor or Your Freedom? Then when back in the US, try going straight up, without the SOCKS proxy, to Google such things as "911 Truth" or "drone deaths in Waziristan". Any difference?
Finally, I never liked what the US did/is doing in much of the world, and have voiced my opinions repeatedly. Should I now just sit quiet where I am because people being hurt by some other country’s action don’t share enough of my gene pool or hold a different citizenship?
No, not paranoid. I am a tax lawyer and the IRS routinely, without shame or fear of reprisal, tells me they have looked in my client's bank accounts. They have called to ask me why such and such deposit was made or withdrawal taken. I quietly ask them what authority they have for monitoring accounts, they are shocked by the question. Second, because I help US persons with offshore assets come clean with the IRS, it is public record in connection with the UBS John Does summons that the Florida District Court allowed the DOJ to listen to my phone calls from the bank, relying on the fact the calls originated in Zurich - so the constitution doesn't apply, assuming calls from a bank could not be attorney-client protected, which is shit.
Here come the elites! "We will apply our quadruple standards to judge whether your country is a dangerous terrorist-sponsoring-war-mongering-WMD-maker state or not. We are ineffable, mind you." Now follow MSM praising such good and ethical decision. You know, the world would be such a violent place were western democracies not helping everybody else.
I think when you pay taxes, for the portion going to the murder-industrial complex, you should be allowed to dye the dollar bills red or draw dead babies or something to mark them as "Blood Dollars".
That is why the tax code is so complex. Physcology 101. Turn the question on the questioner.
Oh look. If I get a deduction for a solar panel, that means atleast my money is not going to a blood for oil scheme.
I dont like abortion, and don't want it funded, .... oh look here .... I or somebody I know gets a deduction for having a child. That means MY money is not going twords abortion, somebody elses is, so it is okay.
I live in a McMansion. It is probably a little excessive, not very green, maybe I should not be running HVAC on a home this big ... but look here I work hard, and they want me to have a big house with the mortgage intrest deduction ....
Take it to the corporate level and it just gets rediculous. Corporations, the things with no conciouses to have guilt, dont pay ANY taxes at all. G.E. has 1000 people dedicated to tax avoidance. how many do they have working on cleaning up Fukishima?
Like I said before. Biblical scholars will tell you that the anti-christ is probably not single person or beasty. the timelines for it in the bible are in the human perspective of time, not God's time. There is not going to be a battle in the valley of armegetto with men and pointy sticks... It will be much more torturous. And we will bring it on ourselves, with the best of intentions.
*I am not anti-tax, I am just anti-social-engineering via tax code.
I remember the propaganda films in the early days of "Cuban Conflict Resolution" ! They showed hot meals of pork, black beans and rice served on stainless steel trays to the sugar cane cutters out in the field ! Those days are long gone !.........Let's see some You Tube at some Chicom gold mines ? Hahahahahahaha ! Monedas 2011 How many of you have a leaf blower in your bathroom ? Monedas is free as the breeze !
http://trololololololololololo.com/
The days of propoganda are not long gone for Americans, who still believe the propoganda that we are somehow better than other people.
Americans are as common as anyone and proud of it ! The only thing that ever made us special was our all too brief flirtation with Liberty and greatness ! God knows we have the capacity to sink back into the Socialist slime ! Better no....freer yes ! Monedas 2011 Propagate Idi-O-Bama back to Kenya !
Nothing wrong with being common, I agree, and I wish our liberty endeavor had lasted longer.
It is important for the armaments industry to show that newly-manufactured weapons are produced responsibly; to be responsive to market expectations; to engage pro-actively with governments and regulators; and to play its part in preventing weapons from being misused to enable armed conflict or severe human rights abuses
Don't get smart....it doesn't become you ! Leave the sarcasm to the pros......like me ! Monedas 2011 Our dirty bombs are manufactured under sterile conditions !
Americana 101 : Did you know that the American Indians experimented with circumcision ! Their favourite style was the "Foreskin Fringe" ! French fur trappers took the idea back to France and the "French Tickler" condom was invented ! Monedas 2011 Comedy Jihad "Open Line Friday" World Tour ! Leaf blowers installed in your bathroom while you wait ! http://trololololololololololo.com/
So I'm a surprised that I haven't seen any discussion on the upcoming ban of OTC metals trading in the good ole USSA. I almost fell out of my chair when I got the email from my broker.
??
You got some 'splainin' to do?