- advertisements -
Notice starting @ 0:24:
"- I was the first bubble artist in America to get a government grant to research, create and perform a soap bubble show.
- Paid by the government?
- That is correct.
- These are your tax dollars at work. You know, considering some things your tax dollars are spent on, soap bubble blowing seems like an efficient expenditure."
That's ironic, because by far the most skillful bubble artist, Ben Bernanke is also sitting on the government payroll.
give me soap bubbles (even bathtub bubbles) over the financial, war, foreign and national security policies of the bush/obama administration.
I blame those godd(ess)less Chinese too!
They also invented paper money, three times, all of which ended in hyperinflation.
And each time wound up back on the silver standard....
******-> The article refernces a visit to "Scotia Mocatta", the only and only bullion bank?, which is part of the Bank of Nova Scotia. Central Fund of Canada's annual report clearly states:
".... Central Fund’s bullion is stored on an allocated and fully segregated basis in theunderground vaults of the Canadian Imperial Bank of Commerce (the “Bank”), one ofthe major Canadian Banks, which insures its safekeeping.'.
Unless Scotia Bank and CIBC are one and the same (don't think so), the jump to a conclusion that CEF is lying about its holdings is very short on credebility. The quote above was taken from CEF's 48th *annual* report; this bullion fund has been in business almost as long as I've been alive. It is going to take more than bad jouranlism to shake my faith in CEF.
I thought the headline was exceptionally sensationalistic based on what the article revealed.
the meat is in the linked Eric King interview.
The interview sounds completely phony -- touches of The Sting to me!
Nadler reads totally phony to me. HI
Knuckles is planning his counteroffensive as we speak.
$600 gold by June 1st. That's his story and he's sticking to it.
I have my mortgage and chequing account with Scotia. When I tried to buy physical gold coins from them it became a bureaucratic labyrinth very quickly. I couldn't figure out why the only gold vending/holding bank would make it so hard for a customer to just buy some %&$*ing coins on a monthly basis. Now I know.
It's easier to buy it over the internet and have it FedEx'ed. And yeah, I'd recommend buying in small quantities regularly.
Yeah they are hard to deal with. they would not sell to me unless I disclosed by social security number and they charge $25 an oz commission and then a 5% sales tax.
I don't have any idea where they store gold but the article states that Canada's "only bullion vault" is empty which implies that even CIBC should keep their gold under administration at that vault.
I wonder about Canadian Mint vault, is it existing or it just nice name for part of the floor at Scotia Mocatta?
Yes it does in fact exist... unfortunately the only gold in it is a couple of atoms thick and is only on the foil in which the chocolate mints are wrapped!
Which means we must pray for a once in a 1000 year Canadian heat wave to overwhelm the vault air conditioning to expose the Gold fraud. Add some caramel and peanuts and we'll have a party.
Mmmm, looks like Gold, tastes like chocolate. Two great experiences in one. Wasn't this how Resse's peanut butter cup was created?
Chocolate too? no wonder their currency is doing so well... not to mention all the oil they have... should we invade since they are holding out? <sarcoff>
Chocolate and gold foil?
PHYS is stored there according to Sprott.
I'm only guesstimating but i see the 'central' reference as a mistake in need of some clarification. The scotia macotta is the canadian member of the LBMA and is nothing to do with the CEF. The central fund of the LBMA however....
You are correct - they are different banks. And the Royal Canadian Mint is yet again a separate entity - http://www.mint.ca/store/mint/customer-service/faq-1100010#bullion1.
I don't know the motives of those claiming 'fraud' in every instance that involves gold apart from the mining companies (if you knew mining companies you'd LOL) but they're suspect to say the least.
If one reads the transcript of the interview, It is clear that the man from the CEF is referring to another person who found Scotia-Mocatta short of inventory. There is no suggestion that CEF is short of inventory.
I spoke to an investor services rep with CEF this afternoon. He confirmed that CEF stores its gold and silver in allocated accounts at Canadian Imperial Bank which is not affiliated with the Bank of Nova Scotia.
Round of applause, we finally have a serious response about a serious story. Too bad I had to read a page of complete bullshit before getting to it.
NICE people still trust them, maybe 40% of the country. But their numbers are dwindling fast.....
+1. Trust. After information it is the most valuable commodity in the world. Gold, PMs, paper, seashells, whatever the tokens may be it is trust that makes them valuable as a medium of exchange and hence as a store of value.
Want to know how valuable it is? just ask any confidence man. It shouldn't be hard, take a walk through New York or Washington D.C. and you'll find many con men. Their stock in trade is trust.
It is rapidly disappearing and so it will become even dearer.
Properly deserved trust is what really makes an economy run.
the economy and everything else. Excellent comment
+1+1 Spot on comment and Spot on Avatar / Screen name. Well done.
BUT, if they are out of tulip bulbs.. their days are numbered....as you mentioned, CONfidence is the key to all forms of trade.
Yes, and the only way to confirm your trust is to go and try to redeem your gold and silver certificates. They are similar to the ones that the US treasury used to distribute. Try redeeming your FRN's for anything other than another FRN and see how far you get with that. The last trusting tight-fisted holder of those fallacious and deceptive links to credit, are going to be most disappointed.
Properly deserved trust is what really makes an economy run.
!!!!! Since most of our interactions with most of the other humans on this planet are economic in nature, you are absolutely correct. My capital will stay in hiding until it is safe for it to come out and play.
Whereas, because it is audited regularly and independently, we can be completely sure that Fort Knox is absolutely stuffed with all the stated gold reserves. Not Tungsten. Or receipts from JPM for all the gold they have leased and sold.
Imagine the surprise on the face of Auric Goldfinger if he were to break into Fort Knox today and only then realised the huge flaw in his plan....
It was Auric Goldfinger not Erno. And the Fed and Treasury already fulfilled Goldfinger's plan. Remember he did not want to steal the gold at Fort Knox, just detonate a radiological device that would render the gold useless for 50 years or so. Right now that would be the equivalent of the Comex and electronic paper gold. If we can bust the paper gold exchange/traders and force all future gold trade to be in physical, then our physical gold would experience the same rapid appreciation as Auric had hoped his would have enjoyed had he succeeded.
Funny how Auric teamed up with the Chinese in the movie to help him take advantage of the chaos that his plan would unleash. Might not the Chinese have an important role in this version in helping to bust the Comex in our real life scenario? Fact is stranger than fiction.
Thank you samsterns for the correction. I will have Goldfinger's people remove you from the list.
I wouldn't care if that Gold was radioactive! I would slather my self all over it naked until I was hairless and toothless, muttering "precious.. Oh, my precious.."" through bleeding gums. Once I was sufficiently terminal, I would locate some kind central banker and give him a naked, bleeding bear hug (hoping for cross-contamination of the radioactivity).
A person can dream
Seems that GATA is playing the role of Auric Goldfinger for us gun toting, goldbugs.
80 million gold eagles served (just a number) ....but whos counting? anyone?
Pussy Galores's Flying Circus!
Where's Oddjobs? Oh yeah, he got electrocuted.
(huffing nerve gas(
CEF says it's gold is stored in a canadian bank. Did CEF have to fly the gold in from Hong Kong? Something doesn't make sense.
It makes perfect sense. Just like the Comex, the LBMA, GLD and SLV - all they have is vaults full of empty racking, with the occasional moth fluttering about in the wide open spaces where the metal used to be. When someone calls their bluff and demands delivery, all hell breaks loose and they scramble about attempting to acquire metal from whichever central bank will help dig them out of the hole into which they have dug themselves.
That is because Hong Kong is part of Canada. No. Wait a minute. I think I have that backwards. It is Vancouver that is part of China.
Now does it make sense? No? Sorry.
Yes, they do, but NOT the Scotia Bank. Go here & read the 1st Quarter report:
The bullion is held in the Canadian Imperial Bank of Commerce. The headline of this post in not correct.
I would have to agree with Lionhead here. I'm failing to see the link here between Scotia and CEF.
Lovely document. Nice layout - lots of comforting words on it. Does it prove anything? No. If you think it does, well I've got some lovely Madoff vintage documents for you demonstrating beyond doubt that 'Ol Bernie's on the level.
Listen to the Interview. Lenny Organ, through his broker pestered CEF for months to get access to actually see the gold he and Harvey owned. Eventually they showed him, in the company of his broker, the vault described above.
You'd have thought that CEF would know which vault Lenny's gold was in. You must also consider the Hong Kong sourced delivery above. Why do that if they have 67m ounces to hand in their own vault.
No, the Organs did not pester CEF.
They had their private gold from the COMEX transferred to the only physical metal vault in Canada: ScotiaMocatta's vault at 40 King Street West in Toronto.
CEF is in the clear for now. ScotiaMocatta is not.
I have some Scotia ozt bars, and it bothered me when I received them that they are not serialized. Oh, the assay card has a number inside the plastic case, but they didn't bother to etch it on the bar itself. Pamp and Heraeus do, so I am concerned that Scotia had Valcambi forgo that step. Why?
I'm also with Lionhead. CEF is certainly not GLD.
Unlike GLD, CEF has regular audits of its holdings. However, when the story from Rob Kirby about tungsten bars broke, along with concerns about the Canadian Mint having issues with melting "gold" bars, I ditched my CEF. They may have all the silver and gold bars as claimed, but unless each one has been assayed to rule out tungsten cores, etc., there is a chance that all that glitters is not solid gold and silver. It's a chance I wasn't willing to take.
Embry of sprott did a walk through and inventory as a director of cef's bullion a few months ago as required by their officers and he laughed at the question when asked ,'is it all there'. he said yes.
no, they just had to dig that deep to keep it away from JPM.. so it is technically closer to Hong Kong
Ah!..................I feel so much better.
Instead of STORING it in a Demoratic/Socialist institution, it's kept in a RED CHINESE Vault?.What's the likelihood of (if the SHTF), of your having a snowballs chance at getting it from Hong Kong?.
This stinks to high heaven.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.