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The Scramble For Gold Is On: GLD Gold Holdings Hit A Fresh Record, Increase By 12 Tonnes Overnight
The total NAV in tonnes in GLD has just hit a fresh new all time high, climbing by 12.2 tonnes overnight, and closing at 1298.53. Gold holdings in the ETF have now increased by 30 tonnes over the past week, taking up all the weekly gold supply produced by miners on the planet. Also, as the charts below demonstrate, after being relatively flat, total gold tonnage in the GLD has increased at a dramatic pace over the past month, increasing by 10% of all assets, even as gold fixing has only increased by 4% during the same time period. It appears even non-physically backed gold ETFs are now scrambling to get all the gold (either real or imaginary) they can get their hands on.
Chart of GLD closing price and NAV:
Indexed chart of GLD closing price and NAV:
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Again, the inevitable collapse of this pathetic gold scheme, GLD, will be like 100 Lehmans in the calamity it will cause on the world markets.
I can't wait!
Physical gold only!
You're right re when GLD gets busted, it will be loudest explosion since Krakatoa.
When they bust GLD, I hope that they look at OUR (well, .gov's) gold.
All that will happen is the actual price of "real, physical" gold will skyrocket. When this happens, the miners will be worth their weight in...you guessed it...gold.
Betcha Obama will then storm out with a new patriotic tax ripping every penny off these greedy evil mining bastards.
My point is that you are assuming that the counterparty is the vault, when in fact the counterparty is the entity sitting across the table. If you are concerned otoh that the counterpaty is naked and insolvent, and the cash value settlement mechanism itself will fall apart, well then I understand your concern. Adidas adizero
There is no difference between owning GLD and shorting an ETF that tracks inverse gold performance. If people aren't concerned about the latter, then why all the concern over the former?
My point is that you are assuming that the counterparty is the vault, when in fact the counterparty is the entity sitting across the table. If you are concerned otoh that the counterpaty is naked and insolvent, and the cash value settlement mechanism itself will fall apart, well then I understand your concern.
But at that point, gold isn't going to do a damn thing for you. You will want to own lead.
Why, because you will want to shoot the executives whose paper scheme collapsed?
I have no clue where the madmax contingent gets the idea that a society's collapse has ever made lead that valuable. It's simply never happened anywhere.
Trav you are right but it is much easier to believe that champions for gold are crazy end-of-the-worlders because it helps the sheep rationalize their disdain for gold.
I do believe that you have hit the paperbug nail squarely on its thick and clueless head.
Wow! Who was able to crap 12 tonnes of gold overnight?
muahahahaha
go long Charmin.
I'm actually quite heavily invested in physical Charmin. Easy to store in attic, and qualifies for Government tax credit for increasing energy efficiency of your home.
**If I could just teach the women of my house that it isn't necessary to use a half a roll every time they piddle, I'd have a twenty year supply.
Dude i think you got junked for using the word 'piddle'. You pottymouth.
What is the businees that follows piddle? Poodle?
The fact that a gold ETF has the initials JPM attached to it in any way, shape, or form should tell you all you need to know. They get their gold from the same place BB gets his money-thin air.
seriously - how the f#@k can they track, store and account for almost 1,300 tons of gold? This is insane.
Buy physical knuckleheads.
yes the physical knuckleheads are being accounted for.
They "borrow" from the BOE who "hold" it for the Arabs who "think" the prestigious BOE would never lease what they don't own.
TUNGSTEN IS A BITCH......
W-hy even bother? W-here w-ould you store it? W-hy not just play w-ith electrons instead?
You store it under your ganja in the greenhouse like everyone else, silly.
(hey the catcha questions don't work with minuses involved. What's that about, techno-gurus?)
Audit the bitches!
I'll bet if you went to go see their gold there would be bright red FLAMMABLE signs as far as the eye could see....
GLDs directors are doing exactly what they should do when re-balancing whatever the underlying is, and yet only skepticism from the comments.
ITS FAKE GOLD!!111
Try taking delivery on even a single COMEX contract then come back and tell us that these guys are able to get 30 TONS in a single week.
It's all double (or triple, or quintuple, or dodecatuple) enteries in JPM's books.
ya no kidding. 2.5million+ ready to be served. they aint gonna get gold, cash settlements all the way.
Imagine they did cash settlements for a while, it would be inflationary.
IMF Urges Swift Action to Restore Confidence and Growth in Euro Area
http://www.imf.org/external/pubs/ft/survey/so/2010/CAR060710A.htm
Press Briefing by David Hawley, Senior Advisor, IMF External Relations
http://www.imf.org/external/mmedia/index.aspx
Stop pulling my leg. Ben just told us there is no double dip.
IMF Executive: Europe Developments Show Global Recovery Is Fragile
http://online.wsj.com/article/BT-CO-20100608-716080.html?mod=WSJ_latestheadlines
I think they are trying to mop up the market, this with tungsten, if even!
Hey, who are you to insult Mr Lennon like that! He is a respected and gentlemanly poster here at ZH for longer than I have been here.
You are a vile troll.
Make that junk No. 3 from me.
Do chen
what a sleaze bag,, you would think that language like that would get a swift delete drop kick.
these anal ,, have no sense of shame .. are focused on the very low gutter talk ,
and needs a big bar of soap smacked side of his head,, and ending in his mouth,
probabably his mom ..left to room for a second,
and he free to post his highest thought. has provided a key for many to see ..
these types would suck an egg.. and do flip flops nude .. in front of a gacking crowd of the very most violent in maxium security prison.
a real dog in heat
dumpster! Check below for sincere congratulations on kicking Bravo's ass last night!
Even Chumbawamba, the soon to be High Potentate, noted your excellent demolition of Bravo last night.
+ $1235
With a name like dumpster I'm surprised you are so easily offended. I get annoyed when people claim every gold fund is some new conspiracy and that no physical backing exists. If you wanna make the claim that's fine but at least have something solid to support your claim. Maybe you could offer your insight on PHYS? And what's the deal with the sloppy grammar and punctuations?
eric animal mouth cartman
my comments had nothing to do with gold funds this time ,but a slur with no redeeming value
and the 20 folks who junked your post because of your filthy language was and is the real issue
the deal with the grammer is go find some one who gives a shit ,, your filth trumps what ever choice spoken language so important to you ,
i make my views known on physical .
You just said shit.
You sir, are a hellatroll. Now please go away quietly and fuck your bastard self with one of the dildos your whore mother molded from Chef's black cock.
merkin face
you have posted three times
and have now distinguished your self . as the person most likely to be sucking eggs,, do a dance in front of the maxium security prison for sexual offenders,
and then falling into the morning job of cleaning the slime pits in the sewers of calcuta .
who in their right mind beside the mirror would even look kindly at a wrinkled flacid pile of decayed pre-Acroposthion
When the normal development of the prepuce is properly understood, one can easily see that patiently awaiting the natural development of preputial retractability will usually eliminate the need for medical or surgical intervention. Better information about the normal development of the foreskin should relieve parental anxiety and reduce false diagnoses of phimosis in "boys".
I'm guessing that I missed the now junked-to-oblivion ravings of one JohnnyBravo, yes?
Come on, guys ---- you know that you're supposed to stop at 19 junkings when I'm gone, to let me deliver the coup de grace!
Good work, anyway!
Just go to Eric C below if you need to junk... We blew him away faster than I was blown away in a Peace Flotilla thread for Gaza...!
I am guessing that Eric is NOT our pal Bravo, the truly worthy Bravo, but a vile imitation.
This Eric guy took a cheap amd sleazy shot at Mr Lennon, whom I admire.
lol next time
Ay! Respect My Authoritah!
Kind of hard to do that when you've been spending all day playing with Mr. Hanky and Big Gay Al.
Dude, I've been playing all day in a sideways channel with Mr. Bollinger Bands and EUR/CHF while I wait for the next SNB intervention.
So you don't work for a living then, is that it?
I'm 8 years old dude, where am I supposed to work? The only way an intellectual like myself can make some spending cash is the fx market. They let everyone in.
.
I can believe the 8 years-old part.
.
I think you're just still mad that you never got Kyle's secret bag of Jew Gold that he wore around his neck.
What is a hellatroll you stupid asshole.
The irony of you asking that question is quite rich.
You're a flag junkie.
And you are just a junkie.
He got junked again by me.
Eric would probably even get junked by Bravo, who at least is not a gratuitous, vile and vicious troll.
trollus maximus stupidus NAdlerus?
SDR Valuation Tuesday, June 08, 2010
http://www.imf.org/external/np/fin/data/rms_sdrv.aspx
Pay close attention to these numbers & the carbon credit monopoly money system being formed. We are told it's for saving the earth.
/snickers
I read that all of the gold ever mined = 2.5 Olympic size swimming pools worth.
I suspect that if a calculation was made of all the claims of bullion held by CBs, ETFs etc we would reach at least half a dozen pools worth.
Over to you GATA???
its so pointless paying attention to the GLD gold movements.
no one in the world can get big quantities of physical except these magicians. they are so full of tree's in that vault they put the amazon to shame.
no cb sells their gold for spot price, no cb sells their gold to the public for spot price.
cb's sell to cb's at multitudes of the spot price and the bis dictates who gets it.
I can go to Benny Lee and say "Mr. Lee, I need X amount of Canadian Maple leaf coins" and Benny Lee says "Cut me a certified cheque, dude", and I do, and walk out with a bitch worth.
PR releases to get investors to trust GLD. SLV should be having some soon. Must be getting bad when the frequency of the announcements happen weekly. Guess it will soon be daily and hourly additions. Burn baby burn.
Is the Sprott ETF still trading at a premium to GLD?
GLD is sweet guys, I don't know why you have to hate everything in the stock market! No everybody can or wants to hold physical gold and GLD is the next best thing.
something real can never have a paper substitue. we have been in a paper and delisional bubble where it seems most investors can't even tell the difference between whats real and not anymore. maybe they should get smacked with a gold brick to learn the difference.
can you substitue your food for paper? so then why gld for gold?
Because as we all know, physical assets can never be part of a bubble!
Yea, like houses.
You don't hold it, you don't own it.
If you want to play paper, PHYS is close.
But, "ain't nothing but the real thing".
Short it then big shot!
We are, by buying Physical.
You do that, buy all the GLD you can
All you are doing is bidding up the price of MY bullion.
Well either your house has a secret passageway to an underground tunnel where you store your bullion like a little Leprechaun or you're just as likely to lose on your investment (or hedge) as I am. The government has already seized gold once, what makes you think they won't do it again?
The federal government has NEVER "seized gold" --- they simply demanded its surrender, an order with which the large majority of people even in the law-abiding 1930s did NOT comply. Do you really think that if they tried it again, they would be any more successful?
Besides, with the USA no longer on a gold standard, the fedgov would have little reason to even try to demand another surrender of gold, short of a draconian, last-ditch attempt to confiscate any and all wealth and savings from its citizens --- it would merely discredit them that much further in the eyes of the world, and most likely result in the collapse of the US dollar as the last shreds of confidence the world had in the dollar, and them, evaporated.
I am not saying that the federal govermment would never try resorting to such desperate tactics, but if they ever do, it will merely be a sign that the gig is up, and that their power structure was collapsing. A relatively brief wait-out of the last dying spasms of the kleptocratic elite would then likely suffice to make gold once again safe to buy, sell and own.
c'mon akak, you're breakin my balls with all this flagging.
I only did a couple of them.
It couldn't possibly be that somebody else doesn't like you!
I shall now return to my secret underground Leprechaun tunnel.
Good argument, I agree with everything you said. But it's the last-ditch attempt by the government to control wealth that keeps me on edge.
do you actually think the government found everyones gold ?
No.
Because it'd be far easier to seize FRNs and 401ks
junked Eric as i stand with my friends and he is obviously an idiot. Good day to you all.
Did we have fun today watching the coitus interruptus of the SNB playing with the EURCHF? Imagine how you will feel when GLD shits the bed.
Maybe GLD is a fraud and the stock will crash but your EURCHF scenario can be avoided by simply using options to insure against a sudden crash in the fund.
Central Fund's Silver Bullion Trust ( Sbt.un on TSX) is the only true silver investment vehicle in the world worth looking at.
I went to the coin shop today.
They paid me $1,260 for some Krugs I wanted to sell.
That's well over spot, so I offloaded a few coins.
Will probably use the money to buy some Palladium when it bottoms out.
Paying over spot has been the norm -- example at CNI (LA area) today, buying at $1260, selling at $1295. It's a matter of getting the round-trip right...good luck with the palladium.
Palladium is an interesting metal. It absorbs 900 x its volume of hydrogen. Also used in some catalytic converters.
I was able to get a few Canadian Palladium coins a few years ago. Now the only dealer I know who has Pd has it in 100 oz. Russian bars only. Sigh.
So except for Au and Ag, the only other metal I want to get more of is Platinum.
http://www.apmex.com/Category/969/World_Palladium_Coins.aspx
http://www.apmex.com/Category/426/Palladium_Canadian_Maple_Leafs2010__Prior.aspx
http://www.apmex.com/Category/8/Palladium_Bars_999_Fine_1_Ounce___100_Ounce.aspx
Thanks Colonel!
Hey Do,
How about Anti-money?
Antimony, I just like the sound of it!
ORI! Actually, for exotic metal investments I would (and am) taking a look at Rare Earth Metals, some of which are essential for hi-tech uses (Europium for red phosphors for your monitor, Terbium for high performance permanent magnets. etc.).
Chumbawamba, if he is rich and handy enough, could be a MONOPOLY on refining rare earth metals, no one in N. America apparently has the technology to separate those metals with such similar chemical properties.
Robo- You thinking we will see sub $200 PA again? That is what I am waiting for....got my last batch at $170.
butchee, lucky you! My average cost in Pd is some $350.
I am not selling ANY of my PMs. I hope to quietly give them away, maybe to grandchildren if we are lucky.
The power of giving!
Damn, you're investing in PROTACTINIUM? Where does one buy the bullion form of that?
I just hope you have it in a thick lead box --- its intense radioactivity is a bitch!
so... is $170 a good price?
So physical gold sales where your most logical means of acquiring FRN's ?
its really sporting of retail investors to give GLD their $$ so it can buy tons of gold to be held safely for the authorized participnts-bullion banks to wthdraw when tshtf.
for those etf investors not so gving, there is always phys
What a coincidence? My gold holdings just increase by 12 tonnes overnight, too.
Also a coincidence, I don't actually prove my holdings to anyone.
I haven't seen that Black Swan guy around in a while. Didn't he promise to eat his shoe or something on YouTube at $1500 gold?
He is back, he changed his name to Johnny Bravo. He told everyone about it. All legit.
Actually, I like having him around. He challenges us on our views on gold, at least when he does not insult those he wrangles with.
Although I do confess that when I saw dumpster kick his ass last night pleased me to no end. Even the mighty High Potentate Chumbawamba praised dumpster for driving Bravo off the thread last night.
Keep an eye out for the dumpster, his take is unique.
akak always is ready to combat Bravo, JayBayGay and jory (the last two are kind of minor league Bravos).
Only way to have bloodier fights here at ZH is to go to the Middle East related blogs...
You're right - a good Devil's advocate is healthy and I respect him too for putting up a good fight
professor yes that would be true if he were an honest devils advocate/
His take is copy cat crib sheet noise
by now most should see that an unemployed self serving troll.. would post such mindless drivel
their are some arguments for the non use of gold ,, in a monetary system but "it" is so far off .. that he \ does not put up a fight . just a low slung slug doing night duty . before the pizza route .
there are ways to argue a point with out mindless alliteration and distorted hyperbole of what others have said . in mocking tones of a very young person in search of of his jollys , in my very humble opinion
You are right, Dumpster. If JB were honest, and could admit to not knowing everything in the known universe, then I could have tolerated him. He would argue with the proverbial sign post -- just for sport. That gets very tiresome. Direct and constructive dialogue is useful, whereas, consistent trolling is not. Thanks for your continued pursuit of honest debate.
so after the end of the world, you are sitting on a pile of physical gold, and people are seeking food, drugs, liquor, cigarettes, and temporary shelter, what are you?
A loser.
Don't worry.
You will have a job, you can work for the farmer that I lent my gold to at interest.
So you're going on and on about holding gold bullion when the truth is you lent it to a farmer? You should practice what you preach.
You claim to have little respect for fiat currencies but yet you're willing to take the risk of lending your gold to a farmer to get more of it? I think you're the one who's gonna be looking for a job, if you aren't already.
Congratulations on your brilliantly appropriate choice of an avatar here --- you are fully as much of an asshole as the original EC in South Park. Probably as fat and lazy, too. Do let us know when you grow your first pube.
WOW! akak, you're one pissed of pirate! You got some sand in your vagina?
I would get repaid with more gold, not fiat. The main point is that I am the capital holder so its totally up to me, not the farmer or the peasant (you)
You gold bugs are out of control. Don't get me wrong, I respect gold but you gold bugs get so worked up you can't control your emotions.
So let me get this straight. You the capital holder would be the one lending to the peasant (me). Must be one hell of a wealthy peasant to pay you back in gold...
hahaha, No. I am not as brain dead as Citi Bank, I do not lend to peasants.
Only to entities that can produce a capital good.
So how does this scheme work? You lend your gold to a peasant farmer who (and I'm guessing here) collateralizes his farm with your gold and pays you back with gold interest. He then pays interest (FRN) on a loan to a third part who required gold as collateral on the farm. If I'm correct, then you have just introduced a third party problem who has first rights to that gold in case the peasant defaults. This is probably not a new idea. Maybe it was called Prime evil Sub-Prime. "As much as things change, they remain the same".
You can pay me back in daughters
Dude, the US is on its THIRD central bank.
Trust me, man, life goes on even after societies and economic systems collapse. Humans will spontaneously self-reorganize a new one.
JFC, what is this, some kind of American Arrogance or something?? Like we cannot imagine a world existing at all without US at its center, our USG our FED and all this bullshit?
Look, man, the USSR collapsed, Brazil has a couple of times, Argentina a couple of times, Mexico, S Korea...been massive financial crises all over. Life goes ON.
The more primitive societies value gold more. And, the collapse of the Fed and the almighty FRN isn't going to end up like "the Road" and shit.
Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
For where your treasure is, there will your heart be also.
Well, zen0, you raise another set of issues.
I have my own deep flaws (not to mention Cog Dis insanity), which I must get around to resolving.
In the meantime, I am preparing. Not just treasures but food and advice to loved ones (and anyone who will listen).
I hope you will post often. Keep it real.
+ 1000
And why not treasures in both?
Psalm 72
+1 good point, often missed.
Doesn't the priest say this just before passing around the tip jar?
Yeah, just pass those treasures on to me... I'll 'get rid' of it for you..
Can buy SilverBullion Trust OTC in the US as SVRZF. Adequate liquidity generally. Esp good to know about when Canada has a trading holiday and US mkts are open . .
Sometimes the premium to NAV is different in the US vs Canada (SBT_U).
doc rx
abut a six month wait for these funds to get good delivery of silver
If you believe Harvey Organ, then someone is standing for delivery of 76 tons of gold from the June Comex contracts. Of course, this could still be a gambit, but if they hold firm and demand the shiny stuff? Could be very interesting:
http://harveyorgan.blogspot.com/
Sell your gold when everyone else wants to pay top dollar for.
boeing
this time around gold will take its place as a backing for international movements of goods
its final price will not fluctuate as per 1980 as many believe ,,
gold in hand in the coming years will be a treasure .
its use can be many fold , a gradual sell off to meet living expense ,, will not attract crowds of guckers
it may even be used as a collaterial collecting interest . for the savy investor
even a gold mine (G) for future business opportunitys
Sounds like you have been reading fofoa too dumpster.
fofoa.blogspot.com
+ $55,000!
.Hi folks. Its a good day for umbrellas
yes i read fofoa .. read another on the old blogs post
have taken this position since before 2000, my old post under the ment17 handle were all over yahoo before the juck yard kids destroyed it with mindless drivel ..
also even before 2000 was making the point that this time around government would be buying at 1500,, (to of set that stupid move buy mr brown(250) bravo lol,
i was out of gold 800+ in 80..
this time around the fake fiat will be backed by gold , or nations will be out to lunch for international purposes,,
after the usa and others give a hand full of spit to their creditors ,, no one will take a promise unless backed by gold ,
the utter stupidity of the anti gold folks .. shows to go you what a education on mush will do for the wilted brain of a sucking the tit of Keynesian poo.
silver here at 4.00-4.25 gold 300 + these factious arguments are absurd on the face .. and reveal shallow understanding of economics, or history and even the last 100 years of American's love affair with the creature from jackal island .
most of the static against gold from my take is from zit faced wonder diaper clad never done any thing important in their life people .
raving against the real cycles of time ,
or lend it out when everyone else wants to pay top interest for it ?
It seems a bit suspicious. I mean - are they really able to buy tons and tons of physical gold at moments notice on a day to day basis? If not - maybe this is all part of the "Plan". See- get the ETF to load up on IOUs and gold derivatives and bloat up to a huge size based on that. Then - on the designated day - there will be a counterparty accident - and the etf will be exposed as not having all the physical people thought. Tat would lead to a panic unwinding and a gold crash.
The Euro would already have crashed by then.
leaving the USD a king of the hill, free to embark on QE2, QE3 - triyyons and Triyyons of it. Sounds logical no?
Nope if they prove that GLD and SLV have no gold or silver they will crash and the physical Gold and Silver will explode
QE2 will never happen. The Democrats are too afraid to vote for it. The voters are furious. In November, we
take Congress back from the socialists. It's over, no more bailouts.
My only thought with GLD is the US/UK is giving them Gold to deliver from storage if needed. If so, they all should be jailed and executed for high treason.
the voters may be furious but i doubt it's about qe2. not sure who "we" is but the sad obama admin is following the bailout template set by paulson et.al. ron paul occupies one seat in congress; how many real allies has he? comparing congress to socialists is libelous to socialists. they are crony capitalists at best. you are almost certainly right about the democrats being afraid though; it's a lifestyle.
+100
Yes, who is "we". If every dagger with a "R" on the hilt sticking in my back was an oz of gold, I could attend the next Bilderburg meeting and sit next to Benny-the-lubber.
Fine with me...I like the dollar seigniorage system because I get paid in FRNs.
Best of all worlds, gold way up and FRNs way up. Gold preserves FRN-based purchasing power and FRNs purchase via FX all other things like oil and shit from slave labor camps like China.
Yeah, that's a dream scenario for me too, $ up and Au up.
Hope that continues for awhile.
By the way, I agree with your view that MadMax scenarios are unlikely, but I want to be better prepared "just in case".
prime
an etf crash in the gold sector .. would have the very opposite effect..their Will be a mad dash into gold . those that thought they had a seat on the departing train will pay big to get a position
the usa fiat will be come a third rate currency if it is not backed by gold
and from all reports the usa gold is not there.
this will further exasperate the rush for gold ,, fear will over take .. and fear is a greater incentive than greed.
,
But the gold IS THERE... 'cept it has a marshmellow center made of Tungsten....
QE2 already in progress, loook at 30 years interest rate even better than in QE1. This time without printing, dollars flood back to US, now you shall understand( I knew it in first week of the event) why we have Greek event. Smart, very smart.
GOLD ETF's are sweet! *okay now flag me*
You've been at ZH for a week. Your first post above has set the tone. Keep it up.
So far you are just noise, and an irritating noise at that.
My rule is no junking without posting. Done.
Rocky, you should have seen that vile, ugly, personal, nasty and filthy post he unloaded on Mr Lennon.
I hope the Tylers that be (TTTB) kick this guy out. Worst vermin, by far, I have seen here.
Thanks for the heads-up on JB, Jr. I'll be on the lookout for his missives.
The U.S. sovereign gold - is it there? All 8,000 tonnes of it? In LBMA good delivery 400oz bars? Some strange occurrences in the global gold market are happening. In London and again in Hong Kong, some 400oz bars taken for delivery were found to be 22ct gold.
FDR confiscated everybody's gold during the depression. Now, up to then all the privately held gold was 90% in coin form, which is 22ct gold. The U.S. mint did not have the facilities or the budget, to smelt and refine all this gold to .999 purity. So they just melted it down into 400oz bars and stuck them in Fort Knox.
Strange how some 400oz gold bars with 22ct purity are showing up in different places in the world. Is all that gold still in Fort Knox? Is it still in 22ct bar form? The last gold bullion audit was done in 1954 during Eisenhower's presidency - 56 years ago! Now maybe there were some young 20 year old guys on the audit force. Today they would be 76 years old! Are the powers that be waiting till they are all gone? Curiouser and curiouser.
even without references, this is a great theory, esp. the 22ct part.
i think the guards at ft knox are there because it's empty...
Too funny! Just heard Bernanke on TV, "He doesn't understand the flight to gold!" What an asswipe! Maybe has something to do with his policies? Another laugher, TARP is gonna make money, banks are paying it back. Well, notice what never gets mentioned is the trillions in Facility lending and backstops of Fan/Fred, FDIC, GM, etc.....
What douches!
EURO chart indicates a move soon :
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Don't quite see how GLD etc.. being a big paper con (predicted demise.... it locks out when more than a certain percentage of holders try and redeem - a la Madoff) would raise the price of real physical gold.
Quite ready to accept I'm being a dumbass here, but what's the mechanism?
i would assume that should a large holder (like paulson/soros) actually demand delivery at the LBMA level, and advertise the expected default/denial of said metal... that word would get out like a fire-hose and the crisis of confidence and rumor-mill would fire off every stop/buy in the etfs/gold-stocks respectively, etc. it would be chaos, but everyone who thought they had gold would be running for the real thing... or at least away from the GLD thing.
so it wouldn't be a direct GLD effect, but rather a domino effect across the gold investment complex...
just a practical guess.
so where do these guys pull 12 tons from and not tickle the market a little - sure there are two markets: IMF tier and CRIMEX spot tier, but what's to stop some incest from turning things upside-down? there are a bunch of BRICs that would love a collapse in the price... and a bunch of governments that would hate the price to go up - drawing the retail investor away from his fiat deposits, etc. - maybe that's the saving grace.
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