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A big F**CK YOU to Helicopter Ben.
The Bernank's greatest quotes (thus far); be afraid; be very afraid:
OT: Papaconstantinou goes full retard, claims Greek debt is "absolutely sustainable" - lol
I just demanded physical delivery of all the pussy I'm supposedly long...we'll see.
Sounds like UofT did the "Texas Two-Step" all over thr Fed. Chair's head... So much for Ben's silly serenades...
Please divide $1B by $1,500 per oz = ?
666,666.67 ozs. Omg!!!
It's even more than that since he said that have an average price of $1150/oz.
Is that the amount http://bible.cc/1_kings/10-14.htm they have in a basement vault at the new New York Solomon's Building (WTC 7 not hit by any plane on 911 but was blown up by the Larry Silverstein tongued devil who called up the insurance company that charged for it) replacement? or their New York Citi Bank 666 address? or is it some other Bank Atlantic Iron Maiden they ''put'' their collective self fulfilling prophetic golden 6's in? http://www.youtube.com/watch?v=6iaKgEM3gXE
What a hedge attempt against zero but, it will not keep out http://www.youtube.com/watch?v=h2qy2wrwY-Q the Lion of Babylon http://www.youtube.com/watch?v=lr9b1kJDLrE or keep the drunken whore in her saddle.
The Little Whore House in Texas can ware Barry's pimping golden Lion's jacket but, that ain't helping the Detroit Lions sell marked up T-shirts made in China and marked down tickets printed by the Fed, and it sure as hell ain't gonna prevent the whirlwind from sucking the life out of labor like some second born from Shanghai's conceived in the back seat of The Detroit Wheels. http://www.youtube.com/watch?v=ftXxKfLCOeU
Labor pangs http://bible.cc/mark/13-8.htm ...in the back of the Government Motors Rockin Roll car http://www.youtube.com/watch?v=y2YJG1zu_uw ain't gonna deliver golden Bitchez. This Texas Whore is fallen from the same branches of the same barren tree http://www.youtube.com/watch?v=rylbj33b8qA&feature=related Does he not represent the fangs of the drunken golden monkey; in the back seat of the GM car driven by the private non union worker, watching the monkey man in the rear veiw mirror devour all the fur and fermented fruit of their future that is fallen ...is fallen http://bible.cc/revelation/14-8.htm down the drain http://www.youtube.com/watch?v=bm7arWC7Dlk into the black hole (stored in the communist union built vault) now on sale at the Great Wal Mart of China, where the driver is headed? Is the driver Thelma or Louis? you know, the one that shot the rapist.
Steve Wynn says he's using Chinese Casino revenue to offset losses in U.S. and that American Middle Class is Being Wiped Out by Governmental/Federal Reserve Policy:
If I read a different story correctly, Kyle Bass sits on the endowment board and may of had some influence in this decision.
This guys is showing the world how its done in Texas. Everything's BIG in Texas. Including the gold bullion holdings of a college endowment.
Any bets on who's next to declare a large physical stash?
I think both Harvard and Nothwestern Mutual Life did it some time ago?
Think of the interest they will lose out on when interest rates go up.
Yes, very much:
"The decision to turn the fund’s investment into gold bars was influenced by Kyle Bass"
But note well the original version, dated 4-15, which had the following comments stripped out:
"Open interest in gold futures and options traded on the Comex typically exceeds supplies held in its warehouses. If the holders of just 5 percent of those contracts opted to take delivery of the metal, there wouldn’t be enough to cover the demand, Bass said.
“If you own a paper contract where they can only deliver you 10 cents on the dollar or less, you should probably convert it to physical,” said Bass"
Has anyone representing the Fund actually confirmed the gold is where it is supposed to be? Hands on? Serial numbers verified? Assayed? If not, then the notion of delivery is meaningless.
They get shown the gold just like every other billion dollar gold holder gets shown the same gold . How many times is the comex allowed to sell the same gold again?
I'm sure The billionaire Gold tour swings by the same bank vault every couple of days or so, because there only is one vault
It's probably a big one mile round-a-bout where they take the billionaires on golf cart rides past each gate that looks into the same vault of gold.
They travel to Madme Tussauds. The gold is all wax, as are the guards. Why the fuck would this money manager buy 1B in gold and not take delivery? That defeats the purpose of holding gold. Why is he public about this holding? This story stinks to high heaven.
I haven't heard anything reported directly from the fund. But this is what Harvey Organ had to say yesterday:
"We now have confirmation that the Texas Endowment fund tendered his GLD paper for real physical gold and store this gold at a registered HSBC vault.
I am 100% sure that this gold is allocated and secure."
With Kyle Bass on the board and has been mentioned as the instigator, I have to assume its allocated - or why even bother?
I wonder why Harvey thinks UT redeemed baskets of GLD, when Zimmerman himself states they took delivery on futures instead of rolling them?
Besides, only "authorized participants" are allowed to create/redeem baskets, which I thought was limited to the bullion banks.
If you look at this months activity, 1 billion never went into the COMEX gold dealer, and 1 billion surely didn't go out.
Fat boy Zim probably got a bj for his lying mouth to utter such nonsense.
They should prepare for the end of the world
What - losing their QB en route to a 48-0 pasting by A&M?
The horror... The horror.
You got that right commander: If you can't take off your clothes and rub your privates on it, you don't own it.
Get that shit out of NY and to TX stat, BZ!
God Bless Texas
Hope they have some postdocs guarding it, or else the custodian is liable to shaft them when it comes time to bring it home to Texas.
They will just fly another plane into the building and claimed it "melted away?"
I still cant believe they hike tuition high enough to create large pension funds which can afford to diversify into $1B in gold holdings. Cut a few fees already!
EDIT: and it these universities which preach Keynsian economic policies.
What percentage of tuition goes into a university endowment fund? Got details? I'd be curious to see.
Tuition at the University of Texas is very low nationally. http://www.utexas.edu/tuition/ Twelve years ago, it cost less for me to attend law school there, than if I had stayed home in Pennsylvania and gone to community college.
UT and A&M come from oil wealth. These schools were founded by land grants. But in time, greedy politicians took the land, and switched it for countless acres of trash land that no one wanted - which turned out to be dripping with oil. And of course, their alumni have done crazy well over the last 40 years as Texas became an industrial and energy hub of the world.
What no comments? Ok I'll go first. I thinkk this bull market has 9 more years to go, so it's getting ahead of it's self. This kind of crowd normally shows up with a "bag in hand" at this stage. I can see later this year the fed "getting religion" and letting the market drop and going after gold and silver. Both should fall back to the uptrend line, then you can start adding. I wouldn't buy it here. But then I bought enough at lower prices that I am more worried about the government taking it rather than the price dropping.
If Ben wants to keep printing he will have throw the dollar a bone or risk his "all in" bets.
I knew I wouldn't get one posted before everyone showed up.
So how long before many if not all other public fund managers decide the same logic should apply to them as well? Howabout how long it will take for CRIMEX to show that the vault is empty?
the vault is not empty - plenty of tungsten there...
so the fed, jpm and their other little cronies just need to cause a disruption in the tungsten market, drive the price of tunsten to 1500 usd per ounce, then everything will be fine.
btw, i suspect that the contents of fort knox were sold off through the bullion banks to certain banking "interests" in europe (one reason for the gold suppression was to allow them to pick it up on the cheap) and that all is now safely tucked away in underground vaults there. when gold is remonetized, they are even filthier rich based on what was robbed from the citizens of this and other countries. the lesson here is trust no one else with your assets, particularly bankers or government.
Why does it cost a million a year to store something that only takes up a cubic meter of space? Just rent a big safe deposit box in a Swiss bank for $5000/yr. You can't get much safer than that - more cost means more complexity and room for error.
Just put it in the UT library. No one goes in there anyway.
Plus, why would you ever store any precious metal so close to those motherf*kers.
You would do that if you are one of the motherf*kers.
The insurance alone would be over $1M per year, even once in a bank box, and insurance probably wouldn't cover a flight to Switzerland (Since specific planes with known large quantities of bullion have a funny habit of falling out the sky enroute to Switzerland)
Insurance Transportation Storage (& Fiduciary Responsibility)
Making the purchase is the easy part. However, there needs to be a properly developed business case to incur the expense of removing gold from the "system." $1B is actually not a large enough volume to justify the expense of building a proper solution from scratch. If UT wants to store the gold in Texas, they have to find a suitable location within the state and identify and document the risks they seek to minimize or eliminate by doing so. They must also quantify that the cost of the measures taken is justifiable against the risks of the alternative of leaving the gold in its present location.
It can be done, but skipping ahead a few steps, a legislative framework would have to developed in Texas, to build out the infrastructure and share the implementation and operating costs. Simply shipping the gold to the back corner of a local TBTF bank's vault is extremely expensive and doesn't mitigate all identified risks while introducing new risks and costs.
Texas storing their gold in New York.....might want to re-evaluate before seccession.
NEW YORK CITY?........Get a rope.
If the gold is "still in the COMEX system" am I wrong for thinking they really HAVEN'T taken delivery at all?
Nope... very fair assessment. In fact, until it is in their possession, I would say they have exchanged paper for nothing.
I'm also curious about why GLD and why public spectacle? If you wanted to assure everyone that they could cash out and get gold, you make a public showing... but, you have to be sure to convince them to keep the gold in your vault... If so, mission accomplished.
How could one ever tell? Those are only words, after all (based upon other words which make up a promise). I know I wouldn't consider anything in a NYC vault to be in my possession.
Then again, as small as a step as this appears, it is still a giant step for such a mainstream entity. If they would've taken delivery and actually removed the gold from the Comex vault, they would've been derided and labeled as terroristic monetary cranks, hell-bent on destroying America.
WTF is up with all junks in this branch of this thread?
Somebody afraid of something bad about the Crimex being stated?
junks have gotten out of control on this board - too bad we cannot see who is doing the junking....
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