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Barclays Opens Massive Brand New Precious Metals Vault In London

Tyler Durden's picture




 

It appears that JPM and HSBC's monopoly in the warehousing of tungsten gold is coming to an end. Just two weeks after QEternity was announced, it has become obvious that the only things, literally, that will matter in the future are the ABCDs: Anything Bernanke Can't Destroy. And as a result of a surge in physical purchases, buyers need to store their metal somewhere. Sure enough, one of the the UK's most insolvent banks - Barclays - is more than happy to provide its brand spanking new warehousing services, with the opening of what will be on of Europe's largest PM vaults. From Dow Jones: "Barclays has opened its first precious metals vault in London in a bid to satisfy growing client demand for bullion as a store of value, the bank said Thursday. The vault, which houses gold, silver, platinum, palladium and rhodium and began operating earlier this month, is one of the largest in Europe. While the bank already has extensive trading and clearing capabilities, this is the first time that Barclays has been able to offer its own precious metals storage facility to its customers, having previously relied on third-party storage." Of course, if and when the scramble comes and everyone demands their gold from the vault located in an unknown location, but somewhere in the inner loop of London's M25, Barclays will just say "Ooops." But we will cross that bridge when we get to it.

From DJ:

The vault "is a very significant milestone in the expansion of our physical commodities offering, filling an important gap across metals and energy," said Mike Bagguley, head of commodities and FX at Barclays. "In doing so we further strengthen our metals business, and our presence in the bullion market," he added.

 

Demand for bullion as an investment vehicle has been rising apace in recent years, with the value of gold almost tripling between the start of the global financial crisis in late 2008 and the metal's record highs of around $1,920 a troy ounce in September last year. According to the World Gold Council, global demand for physical gold bars was 1,159 metric tons in 2011, up 30% on the previous year.

Curious why Ben Bernanke is a goldbug's best friend? Here it is from the horse's mouth:

"Since QE3, the number of enquires we're getting about buying gold have gone up," said Jonathan Spall, product manager for metals at Barclays.

Barclays is not the first, and certainly will not be the last to offer paid confiscation warehousing services:

Aside from the Bank of England, HSBC Holdings PLC and JPMorgan Chase & Co. are the only other banks with their own precious metal vaults in London, which is the center of the global bullion market. Deutsche Bank AG also plans to open a new precious metals vault in London next year.

Wonder where the vault will be located in case you want to "check" the sanctity of its contents? Here:

Like most gold vaults in the U.K., Barclays' facility is located within the area bounded by the M25 road that orbits London. Barclays' vault was designed and built by Brink's Limited UK--a subsidiary of leading global security firm Brink's, Inc.--and is protected by a purpose-built security system.

Finally, as to who will be able to benefit from the new facility: "The vault caters for institutional investors, sovereign wealth funds, central banks and commercial banks."

In other words, everyone.

So come one, come all, and hand over your gold to Barclays for safekeeping. Pretty please.

 

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Thu, 09/27/2012 - 09:51 | 2835174 Debtonation
Debtonation's picture

Too bad its going to be full of fiat gold.

Thu, 09/27/2012 - 09:56 | 2835192 CvlDobd
CvlDobd's picture

Hey big man! Let me hold your gold!

Owning gold and letting someone else hold it does not compute in my head.

Thu, 09/27/2012 - 09:56 | 2835195 Aziz
Aziz's picture

Hey Barclays!

Rehypothecate this!

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

Thu, 09/27/2012 - 09:58 | 2835205 i-dog
i-dog's picture

Hmmm ... I wonder in which foreign jurisdiction, err, I mean square mile, it will be located....

Thu, 09/27/2012 - 10:00 | 2835216 BaBaBouy
BaBaBouy's picture

Not That We Need To FORCE The Issue, Butt The Chinee Are Buying Up Every Scentila Of GOLD They Can Get Their Little Hands On ... " China's Zhongrun to nab 42% stake in Australian gold producer Noble Mineral - Mining.com, Sep 27 2012 9:12AM" GOLD $50K Bitchezzz...

Thu, 09/27/2012 - 10:01 | 2835224 fuu
fuu's picture

If no one counts the bars in the vault are they really there?

Thu, 09/27/2012 - 10:04 | 2835233 BaBaBouy
BaBaBouy's picture

TUNGSTEN CENTRAL, Bitchezzz...

Thu, 09/27/2012 - 10:12 | 2835259 Richard Chesler
Richard Chesler's picture

The vault, which houses gold tungsten, silver tungsten, platinum tungsten, palladium tungsten, and rhodium tungsten, and began operating earlier this month, is one of the largest in Europe.

Got it.

Thu, 09/27/2012 - 10:19 | 2835269 Pladizow
Pladizow's picture

Barclays will be in for a surprise when they ask for their gold to be transferred from the vaults of JPM and HsBC!

So we should store our gold at the center of global fraud?

Thu, 09/27/2012 - 10:37 | 2835341 Bicycle Repairman
Bicycle Repairman's picture

If I had any PM I would store them with Barclays.  That's one secure looking vault.

Thu, 09/27/2012 - 12:38 | 2835770 XitSam
XitSam's picture

My question is: where is this gold coming from?  I mean, is there a large, on-going tranfer of gold from "unnamed sources" into private hands going on?  It is not just shuffling owners for what is already in the market, that would not require any additional vault space. Nor would a rise in the price of gold require more storage. China is reportedly taking gold out of the London system. So... central banks? Tungsten?

Thu, 09/27/2012 - 17:00 | 2836756 thewhitelion
thewhitelion's picture

A Mr. J Corzine wants to make a huge deposit to his peronal account.

Thu, 09/27/2012 - 17:08 | 2836779 Catflappo
Catflappo's picture

Ironically, owners of tungsten tungsten have been told their deposits are not welcome

Thu, 09/27/2012 - 10:22 | 2835297 Boris Alatovkrap
Boris Alatovkrap's picture

In Russia, is tungsten useful material for dental prosthesis. Sometime is so cold and tongue is stick with teeth, but is comparative to cheaper with Gold.

Thu, 09/27/2012 - 10:56 | 2835412 Raymond Reason
Raymond Reason's picture

Comrade, at me there is big love -- grammar russian.  At us in america, not so many gold teeth how at you all in russia.  Yes they prosper gold teeth!

Thu, 09/27/2012 - 15:47 | 2836508 Boris Alatovkrap
Boris Alatovkrap's picture

In Russia, is golden teeth will to meet robber with pliers.

Thu, 09/27/2012 - 10:05 | 2835235 camaro68ss
camaro68ss's picture

what good is a vault filled with tungstin and I.O.U's

Thu, 09/27/2012 - 10:10 | 2835254 Acet
Acet's picture

"I'm afraid your bars were lost in an unfortunate boating accident while crossing the Thames on their way to the vault"

Unfortunatly, Gold seems to be one of the most hydrophilic substances on the planet.

Thu, 09/27/2012 - 10:50 | 2835392 LeisureSmith
LeisureSmith's picture

Located within the ring of steal......awesome. https://en.wikipedia.org/wiki/Ring_of_steel_(London)

Thu, 09/27/2012 - 11:03 | 2835432 imaginalis
imaginalis's picture

They don't want anybody to penetrate their ring but when it come's to our's....

Thu, 09/27/2012 - 11:25 | 2835508 tocointhephrase
tocointhephrase's picture

FAT END FIRST BITCHEZ!

Thu, 09/27/2012 - 12:16 | 2835675 Nobody For President
Nobody For President's picture

Greenie for the reference AND the pun. 

Hint: did not need to boldface the steal - puns do best with a twinge of subtlety, but still ok.

Thu, 09/27/2012 - 10:00 | 2835220 krispkritter
krispkritter's picture

Fort UKnox...the myth continues...

Thu, 09/27/2012 - 10:06 | 2835243 The trend is yo...
The trend is your friend's picture

After The SHTF who will have the treasure map where X marks the pot on the Vault?

Thu, 09/27/2012 - 10:16 | 2835276 ParkAveFlasher
ParkAveFlasher's picture

The schematic of that vault probably looks like a Chutes N' Ladders board, start is your deposit box and and finish is the Queen's "Chambre du McDuck".

Thu, 09/27/2012 - 12:19 | 2835690 Nobody For President
Nobody For President's picture

And if the SHTF for real, that pot of gold may be just slightly radioactive for a few (thousand) years.

Thu, 09/27/2012 - 10:14 | 2835270 EL INDIO
EL INDIO's picture

Nice Art !

Thu, 09/27/2012 - 10:18 | 2835280 Kaiser Sousa
Kaiser Sousa's picture

ah, one of my all time ZH favorites - the digital finger....

Banzi should dress it up so we can spread the love to mainstream bullshit media and all other slaves of the bankers....just a wish...

please come true.....

Thu, 09/27/2012 - 10:39 | 2835349 Unprepared
Unprepared's picture

 

 

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

Thu, 09/27/2012 - 12:01 | 2835626 Apeman
Apeman's picture

 

 

 

....................../´¯/) 
....................,/¯../ 
.................../..../ 
............./´¯/'...'/´¯¯`·¸ 
........../'/.../..../......./¨¯\ 
........('(...´...´.... ¯~/'...') 
.........\.................'...../ 
..........''...\.......... _.·´ 
............\..............( 
..............\.............\...

Thu, 09/27/2012 - 09:58 | 2835206 ebworthen
ebworthen's picture

Gold in bank = 2X theirs - 1X yours

Thu, 09/27/2012 - 10:04 | 2835231 jekyll island
jekyll island's picture

Don't worry, we are here to help you.  You can trust us, we would never do anything to put your assets at risk. 

Sincerely, 

Jon Corzine

Thu, 09/27/2012 - 10:11 | 2835250 cranky-old-geezer
cranky-old-geezer's picture

 

 

If you don't have it in your hand, you don't have it.

ALL PM "accounts" are going to be corzine-ized. 

ALL of them.  Guaranteed.

Thu, 09/27/2012 - 11:03 | 2835434 Raymond Reason
Raymond Reason's picture
Hide it in a hiding place where no one ever goes
Put it in our pantry with your cupcakes
It's a little secret, just the Robinsons' affair
Most of all, you've got to hide it from the kids koo koo kachoo
Thu, 09/27/2012 - 10:10 | 2835246 localsavage
localsavage's picture

Remember that when the shit hits the fan, posession is 9/10th of the law.

Thu, 09/27/2012 - 10:26 | 2835310 Zap Powerz
Zap Powerz's picture

In related news, pedophiles are now allowed to own and operate day cares.

Thu, 09/27/2012 - 11:09 | 2835448 Raymond Reason
Raymond Reason's picture

It makes sense given their long experience in orphan care. 

Thu, 09/27/2012 - 10:41 | 2835359 centerline
centerline's picture

Anyone who is buying PM's because they don't trust the system, then puts said PM's into the hands of the very people who are at the heart of the problems in the system, has got to be to mad.

Is there anyone here that simply cannot imagine the possibility of day when the banks don't open, tanks roll onto the street for real, and people are told to fuck off regarding anything inside said banks in the name of "national security?"  Or some other scenerio where assets vanish in the night.

Thu, 09/27/2012 - 12:45 | 2835796 viahj
viahj's picture

+ infinity

all the clues are around us.  each day we see another hint of what is really happening around the world.  there is a global scramble for gold.  manipulated low to keep the sheeple calm while the large banks and sovereigns snatch up everything they can.  the day of fiat reckoning is approaching. 

Thu, 09/27/2012 - 10:53 | 2835405 True.North
True.North's picture

On top of that, if this is through their Private Bank/Asset Management they generally charge a fee for this.

 

Making the spread on gold purchases -- $

Charging a fee to hold a client's said gold - $$

Laughing all the way to the hypothecation bank -- PRICELESS

Thu, 09/27/2012 - 11:12 | 2835453 Rossalgondamer
Rossalgondamer's picture

thus they go full circle -

While they write another IOU on your W2PM

 

Thu, 09/27/2012 - 10:12 | 2835263 Alpo for Granny
Alpo for Granny's picture

When the SHTF, the only thing that vault is going to do is protect the investors from their metals.

Thu, 09/27/2012 - 12:57 | 2835844 ToNYC
ToNYC's picture

Another opportunity to do a tungsten swap if they can find any pures on this try: like looking for rare silver dollars in bulk bags 50 years too late.

Barclays keeps a handful for window shoppers and salting the mine/minds.

Thu, 09/27/2012 - 16:01 | 2836585 sgorem
sgorem's picture

'ABCD' = ANOTHER BERNANKE CRAP DUMP. there, that's my 2 cents worth.......................

Thu, 09/27/2012 - 09:58 | 2835175 Dalago
Dalago's picture

My fault is better.

Thu, 09/27/2012 - 09:52 | 2835177 Stackers
Stackers's picture

And its gone ...... next please.

Thu, 09/27/2012 - 10:14 | 2835268 Sudden Debt
Sudden Debt's picture

Like "the check is in the mail", it will be "the gold is on the plane"

Thu, 09/27/2012 - 11:16 | 2835467 Urban Roman
Urban Roman's picture

Dangerous plane to fly on. It could vaporize

Thu, 09/27/2012 - 10:15 | 2835271 EL INDIO
EL INDIO's picture

The vault is actually a StarGate that transfers the PMs to another planet. If someone asks for his stuff they stick a Goa'uld snake up his …

Thu, 09/27/2012 - 09:55 | 2835185 Cognitive Dissonance
Cognitive Dissonance's picture

Any person who stores their Gold or Silver in a public vault is a fool who has just been parted from their "money".

Thu, 09/27/2012 - 09:57 | 2835200 SpykerSpeed
SpykerSpeed's picture

Oh great, a new vault in London, one of the centers of Anglo-American elite activity.  I can't wait to store my life savings there.

Thu, 09/27/2012 - 10:02 | 2835221 Cognitive Dissonance
Cognitive Dissonance's picture

Mine has been involuntarily stored at the bottom of a deep lake in an unfortunate and tragic boating accident. However we did manage to save the cat.

C'est la vie

Thu, 09/27/2012 - 10:10 | 2835251 Eally Ucked
Eally Ucked's picture

Dangers of overloading boats, hope the cat doesn't have implanted chip.

Thu, 09/27/2012 - 10:12 | 2835260 i-dog
i-dog's picture

Make sure the cat doesn't talk.

Thu, 09/27/2012 - 10:49 | 2835388 Cognitive Dissonance
Cognitive Dissonance's picture

I told Mrs. Cog that we needed to tie up all the loose ends. But the way she looked at me indicated that I could easily be considered a loose end rather than her cat.

I quickly dropped the subject and made nice to the cat. :)

Thu, 09/27/2012 - 11:18 | 2835476 Bahamas
Bahamas's picture

lake Baikal bitches

Thu, 09/27/2012 - 10:34 | 2835335 tonyw
tonyw's picture

So CD, but what about those lucky people with 1,000s of ounces, they can't just hide it in their sock drawer can they?

Thu, 09/27/2012 - 10:44 | 2835373 centerline
centerline's picture

Depends on where the sock drawer has been located.

Thu, 09/27/2012 - 10:59 | 2835395 Cognitive Dissonance
Cognitive Dissonance's picture

If a lucky person can afford to own 1,000's of ounces of Gold they can afford their own personal storage.

If you don't have physical control of your PMs you don't own them. You just think you do.

Thu, 09/27/2012 - 11:40 | 2835552 mccoyspace
mccoyspace's picture

sock drawer?! Shit, how did you know that's where mine is?

 

Thu, 09/27/2012 - 12:27 | 2835735 ParkAveFlasher
ParkAveFlasher's picture

Only a moron couldn't figure out where to hide his gold.  Within arm's reach of anyplace there are potentially dozens of nifty locations.

Thu, 09/27/2012 - 10:59 | 2835424 Navymugsy
Navymugsy's picture

I just read this as "pubic vault". I'm either stressed or really stresed.

Thu, 09/27/2012 - 11:53 | 2835599 NotApplicable
NotApplicable's picture

Long merkins!

Thu, 09/27/2012 - 09:54 | 2835186 bigkahuna
bigkahuna's picture

This is the next roose...In goes gold, out comes tungsten.

Thu, 09/27/2012 - 10:31 | 2835321 kill switch
kill switch's picture

No, In goes gold , out comes Corzine in a boat...

Thu, 09/27/2012 - 09:54 | 2835187 dolph9
dolph9's picture

Don't store your metals with a bank...but I'm sure everybody here knows that.

Even a fund like Central Fund of Canada is not safe...the gold resides with the Canadian Imperial Bank of Commerce.

So when push comes to shove, it's the bank's gold.

Thu, 09/27/2012 - 10:55 | 2835408 toothpicker
toothpicker's picture

Why not just hand the gold to thieves directly?

 

Wait! Oh....ok that's what they'll be doing.....

Thu, 09/27/2012 - 09:54 | 2835188 Jim B
Jim B's picture

Why do they need a vault, they will probably loan out the gold anyway....

Thu, 09/27/2012 - 11:15 | 2835463 Raymond Reason
Raymond Reason's picture

why do they need gold? 

Thu, 09/27/2012 - 09:55 | 2835190 Number 156
Number 156's picture

I'll stick it under my mattress before I hand it to them.

Thu, 09/27/2012 - 09:55 | 2835191 Lost Wages
Lost Wages's picture

I'd be more likely to give my gold and silver to Barkley the Muppet Show dog than Barclay's the bank.

Thu, 09/27/2012 - 09:58 | 2835201 RSBriggs
RSBriggs's picture

Just remember, a bird in the hand is worth a bird and an infinite number of rehypothicated birds in the bush.

Thu, 09/27/2012 - 09:56 | 2835194 Croatian Patriot
Croatian Patriot's picture

Vault fo SILVER ?

Thu, 09/27/2012 - 09:59 | 2835213 Buckaroo Banzai
Buckaroo Banzai's picture

Try BullionVault.

Thu, 09/27/2012 - 11:17 | 2835474 Raymond Reason
Raymond Reason's picture

The thing about BullionVault is you can't take the gold out. 

Thu, 09/27/2012 - 11:29 | 2835522 tocointhephrase
tocointhephrase's picture

You can, in 400oz bars muwahahahahah

Thu, 09/27/2012 - 09:56 | 2835196 krispkritter
krispkritter's picture

'The Honourable Jon Corzine has been chosen to head up management at the new facility. He handed out his new business cards which were blank except for the phrase "Now you see it, now you don't"...'

Thu, 09/27/2012 - 09:56 | 2835197 ebworthen
ebworthen's picture

What?  Safe storage for a barbarous relic?

Safe from thieves and ne'er-do-wells, other than politicians and bankers.

Thu, 09/27/2012 - 12:26 | 2835724 XitSam
XitSam's picture

"--and is protected by a purpose-built security system."

Sure. Purpose-built = custom. Custom security means built to resist the attacks they can think of. There are many indirect attacks. 

 

World's Biggest Diamond Heist

 

Thu, 09/27/2012 - 09:56 | 2835198 Diesel Seven
Diesel Seven's picture

A bird in-the-hand is better than two in bush. Americans (at least the elderly) have already have already learned this lesson during the gold call--not sure the UK is far enough offshore to protect it.

Thu, 09/27/2012 - 09:57 | 2835199 gojam
gojam's picture

It's so secure nobody will ever find out how much tungsten it holds.

Thu, 09/27/2012 - 09:58 | 2835202 AL_SWEARENGEN
AL_SWEARENGEN's picture

Tradition Cocksuckerz!

Thu, 09/27/2012 - 09:58 | 2835203 Downtoolong
Downtoolong's picture

Barclays will just say "Ooops."

 

No doubt of it. Read the fine print in the storage contract before you sign. They probably have an option to give you back LIBOR indexed derivatives instead, based on current market rates of course.

Thu, 09/27/2012 - 09:59 | 2835209 Acet
Acet's picture

Oh yeah, 'cause we can all trust in Barclays, LIBOR fraudsters & masters of mark-to-fantasy and in the UK authorities that are completelly in bed with the banks and have not put a single person in jail for banking fraud ever since the Serious Fraud Office (whose budget keeps getting cut) was told by the government back in the 90s to not investigate cases related to financial institutions in the city.

Might as well just deposit your PMs on a Nigerian vault managed by MFGlobal.

Thu, 09/27/2012 - 09:59 | 2835210 buzzsaw99
buzzsaw99's picture

That enormous vault makes me want to trust them so much. [/sarc]

Thu, 09/27/2012 - 10:05 | 2835239 nonclaim
nonclaim's picture

And that mighty heavy door, so secure...

(/me wonders how hard is to unscrew those bolts to the right... or if this is all coated plastic.)

Thu, 09/27/2012 - 10:13 | 2835265 buzzsaw99
buzzsaw99's picture

it hardly matters, they (the kleptos) have the combination/keys.

Thu, 09/27/2012 - 11:15 | 2835462 Urban Redneck
Urban Redneck's picture

The walls have slightly more concrete and less steel per ft3 than the door, but the difference in ratios is less than one might think.

Thu, 09/27/2012 - 09:59 | 2835211 Dr. Engali
Dr. Engali's picture

Yeah right...the banks have proven that they are trustworthy. They have no history of vaporizing  clients assets. I'm sure your gold be secure there. My gold on the other hand is nice and safe at the bottom of a lake.

Thu, 09/27/2012 - 10:04 | 2835234 fuu
fuu's picture

I can help you with that.

Thu, 09/27/2012 - 17:02 | 2836760 Likstane
Likstane's picture

damn dirty ape...

Thu, 09/27/2012 - 18:30 | 2836981 fuu
fuu's picture

With the amount of underwater swimming I am doing right now there is no way I am dirty.

Thu, 09/27/2012 - 10:00 | 2835212 LawsofPhysics
LawsofPhysics's picture

Another vault in which the bankers intend to "rehypothicate" any physcial assets you may decide to store there.  No thanks.

Thu, 09/27/2012 - 09:59 | 2835214 BadKiTTy
BadKiTTy's picture

..... Correct me if I am wrong but wasnt it Barclays that was selling interest rate swaps with one hand ("in case interest rates go up Sir.... best to protect yourself/your business") whilst manipulating LIBOR down ("oops, sorry Sir but you appear to be on the wrong side of that trade") 

The vault probably has a pass through to their personal stashes off shore somewhere....

Who knows, I have so lost all faith! 

K@ 

Thu, 09/27/2012 - 10:02 | 2835225 LawsofPhysics
LawsofPhysics's picture

Many more losing "faith" as the issue of moral hazard remains.  Faith will only return when real consequences for bad behavior returns at all levels of society, not before.  Why isn't John Corzine's head on a fucking pike yet?

Thu, 09/27/2012 - 10:51 | 2835358 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

This is important:

Mr. Corzine, according to our arbitrary judicial system and inherently corrupt bankster/political system, DID NOTHING ILLEGAL!  

This scum bag knowingly made bets bigger than the firm could handle.  The Fucked up thing about this is, instead of sending this amoral piece of garbage to a lifetime prison sentence, the "law" allows for transferring segregated customer accounts to cover bets when trading sovereign debt.

Translated, this means that any firm trading government securities can readily, and with impunity, tap into EVERYONE'S trading account, at that particular firm, in order to cover a bad bet.

What the heck happened to taking risk with one's own funds, making/hedging calculated bets on anything, and acting responsibly?

The banking world has spun so far out of control. The politicians are in their pockets because they can slide back and forth into a high powered/paying criminal career and never suffer any real consequences for their immoral behavior.

Thu, 09/27/2012 - 11:13 | 2835456 LawsofPhysics
LawsofPhysics's picture

bankers can't "print" real commodities.  When the supply lines break (starting to see defaults on contracts to deliver already), shit will get real in a hurry and we will all get to find out the real value of everyone's labor.  Prepare.

Thu, 09/27/2012 - 10:00 | 2835217 SoundMoney45
SoundMoney45's picture

Why any entity other than a central bank would trade currency for the nth+1 claim to rehypothocated money is a mystery to me.  

Thu, 09/27/2012 - 10:00 | 2835218 Quinvarius
Quinvarius's picture

It is probably 1 cubic foot of space.  Just enough to hold a a USB stick accounting for the paper gold and a voodoo doll.

Thu, 09/27/2012 - 10:01 | 2835223 TideFighter
TideFighter's picture

OW*located gold, bitchez!

Thu, 09/27/2012 - 10:12 | 2835236 Mercury
Mercury's picture

While the bank already has extensive trading and clearing capabilities, this is the first time that Barclays has been able to offer its own precious metals storage facility to its customers, having previously relied on third-party storage."

 

You mean like...a bank is actually going to start acting like a bank?  Unbelievable. What will they do next - lend money?

Of course buying PM to protect yourself from the Fed....and then storing it behind the jaws of a Fed-dependent bank is somewhat self-defeating.

Thu, 09/27/2012 - 10:05 | 2835238 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

I'm stating the obvious, but Jon Corzine, when he robbed, looted, and bankrupted MFGlobal, allowed the "authorities" to confiscate any and all holdings that were stored in the vault at MFGlobal. Every poor victim that stored physical gold or silver as margin, simply saw it vanish into thin air.

In the coming world wide banking disasters, guess what?????  Whatever is in the vaults is gone forever!

You think that A-Hole Jamie Dimon hasn't taken an inventory yet?  When they blow through the customer deposits on some bad bets, they're simply going to walk with your safe box.  With IMPUNITY!

Thu, 09/27/2012 - 10:16 | 2835247 LawsofPhysics
LawsofPhysics's picture

Judging by the activity this year in off-shore accounts, I'd say many of TPTB already have left with much of the wealth.

Thu, 09/27/2012 - 10:05 | 2835240 djsmps
djsmps's picture

Gold?!!  We meant beef bullion.

Thu, 09/27/2012 - 10:08 | 2835242 slackrabbit
slackrabbit's picture

Its an alchemy vault!

Insert gold, withdraw tungsten....

Thu, 09/27/2012 - 10:08 | 2835244 youngman
youngman's picture

for me the more decentralized the gold storage becomes..the harder it is for TPTB to leverage it....this bank will want to fill it with gold bars....so they will have to come from somewhere..and that somewhere is where we will find out who really owns the gold bars...

Thu, 09/27/2012 - 10:10 | 2835249 UGrev
UGrev's picture

...and if you put your phys in that vault, YOU ARE ONE DUMB MOTHER FUCKER!

Thu, 09/27/2012 - 11:26 | 2835509 Raymond Reason
Raymond Reason's picture

and this is the crux of it: misplaced faith.  aka idol worship. 

Thu, 09/27/2012 - 10:17 | 2835278 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You can't print gold, but it can be rehypothecated.

Thu, 09/27/2012 - 10:17 | 2835279 Sudden Debt
Sudden Debt's picture

I don't need to store it over there because it's just a numismatic coins collection which I collect for a hobby.

Thu, 09/27/2012 - 10:20 | 2835287 Hubbs
Hubbs's picture

This gives me the goose bumps...sort of like the Jewish refugees being told that they were being "relocated" to other towns during WWII.

 

This vault will be the Auschwitz for gold. 

Thu, 09/27/2012 - 10:21 | 2835292 Zap Powerz
Zap Powerz's picture

Youre a moron if you let someone else hold your PMs.

Thu, 09/27/2012 - 10:22 | 2835293 Yen Cross
Yen Cross's picture

 They should lock Draghi and Bernanke in that damn thing ,so they can see what real wealth looks like!

Thu, 09/27/2012 - 10:24 | 2835303 Pseudo Anonym
Pseudo Anonym's picture

this invitation:

So come one, come all, and hand over your gold to Barclays for safekeeping.

tells me that the hofjuden are preparing to commingle gold plated tungsten with good delivery bars of other sovereigns.

Thu, 09/27/2012 - 10:28 | 2835314 Seize Mars
Seize Mars's picture

...aaaand it's gone.

Thu, 09/27/2012 - 10:41 | 2835328 Anasteus
Anasteus's picture

Perhaps the biggest tungsten storehouse in the world... ah, not to forget Fort Knox!

In addition, Barclays will certainly be the most reliable authority in determining GOFO (Gold Forward Offered Rate) considering its rich LIBOR know-how.

Thu, 09/27/2012 - 10:34 | 2835332 HungryPorkChop
HungryPorkChop's picture

Just don't let them pull out their Exotic Financial Instrument and try to Rehypothecate their Blind Naked Shorts because we have no idea what could happen but it does sounds sinister. 

Thu, 09/27/2012 - 10:34 | 2835333 devo
devo's picture

I don't doubt they have some gold. I mean, if you are a banker, why not fill the coffers if investors are going to buy gold for you? Something tells me these investors will ever see any gold or recognize any wealth preservation!

Thu, 09/27/2012 - 10:36 | 2835338 booboo
booboo's picture

I believe it has been scientifically proven that when have large stores of gold, silver, platinum, palladium and rhodium in close proximity of each other you create a new element called Pandemonium.

Thu, 09/27/2012 - 12:51 | 2835824 calgal
calgal's picture

And its Atomic Weight is 911

Thu, 09/27/2012 - 10:37 | 2835340 whotookmyalias
whotookmyalias's picture

All your gold are belong to us.

 

(had to say it)

Thu, 09/27/2012 - 10:40 | 2835351 RSloane
RSloane's picture

The article is absolutely correct in stating that Bernanke has been the goldbugs' best friend. The more Bernanke lies, prints, distorts, and props up Wall Street the more gold is valued. When he said to Ron Paul before Congress that "Gold is not money" he should have added, "I've debased the US currency so much gold is the only thing of value [along with other PMs] anymore that I can't personally fuck up". 

Thu, 09/27/2012 - 10:43 | 2835366 morning_glory
morning_glory's picture

Awww c'mon. I am sure they will give you a nice paper receipt when you deposit your gold there.

Thu, 09/27/2012 - 10:55 | 2835409 SoundMoney45
SoundMoney45's picture

I wonder if the vault exists.  

Thu, 09/27/2012 - 10:57 | 2835415 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

What about Eric Sprotts PSLV account?

Would you say that's a safe place?

Thu, 09/27/2012 - 10:59 | 2835425 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

Would you guys trust this place? 

I hope so, its where 100% of my retirement is...

http://sprottphysicalbullion.com/sprott-physical-silver-trust/

Let me know your thoughts...

Thu, 09/27/2012 - 11:20 | 2835486 j8h9
Thu, 09/27/2012 - 11:10 | 2835451 unclebill
unclebill's picture

Tungsten Bitchezzz!!!!!

Thu, 09/27/2012 - 11:14 | 2835461 Time for Titus
Time for Titus's picture

Do what they do, not what they say.

Thu, 09/27/2012 - 11:18 | 2835479 mickeyman
mickeyman's picture

Bernanke proposes, the market disposes.

Thu, 09/27/2012 - 11:49 | 2835587 dadichris
dadichris's picture

I for one am going all in with tungsten as I see demand skyrocketing for salted gold bars >_<

Thu, 09/27/2012 - 11:51 | 2835591 Jack Burton
Jack Burton's picture

Finally, a safe place to store my tungstun! I hear it is as good as gold now a days and I am LONG tungstun!

Thu, 09/27/2012 - 11:56 | 2835609 NotApplicable
NotApplicable's picture

Love the ABCDs, but why stop there?

ABCDEFGs: Anything Bernanke Can't Destroy; Especially Fine Gold.

Thu, 09/27/2012 - 11:58 | 2835616 NotApplicable
NotApplicable's picture

or...

ABCDEFGHIJs: Anything Bernanke Can't Destroy; Especially Fine Gold Hidden Inside Junk.

Thu, 09/27/2012 - 12:06 | 2835635 NotApplicable
NotApplicable's picture

or...

ABCDEFGHIJKLMNOPQRSTUVWXYZs: Anything Bernanke Can't Destroy; Especially Fine Gold Hidden Inside Junk Kayaks Left Motionless, Never Observing Perpetual QE, Rather Sitting Tight Under Vast Waves Xciting Your Zen.

Thu, 09/27/2012 - 12:20 | 2835698 Roandavid
Roandavid's picture

That was outstanding.

Unemployed?

Thu, 09/27/2012 - 11:57 | 2835614 ncdirtdigger
ncdirtdigger's picture

Isn't this a bit like hiding your stash under an addicts pillow?

Thu, 09/27/2012 - 11:58 | 2835615 NotApplicable
NotApplicable's picture

..

Thu, 09/27/2012 - 12:19 | 2835688 marvmiller
marvmiller's picture

I have gold in my RRSP and its stored in the Royal Canadian Mint.  Whats the consensus on storing gold there?  

Thu, 09/27/2012 - 13:05 | 2835876 TNTARG
TNTARG's picture

If I had some gold, I'll never give it to them. I'd rather built some art object, paint it over and put it on the library among books. Sort of. Anyway, I'd like to see them eating their precious metals. Salut!

Thu, 09/27/2012 - 13:15 | 2835920 JohnKozac
JohnKozac's picture

"Segregated Vault" is where they will store all your gold...he he he.

 

"Trust us....."......he he he.

Thu, 09/27/2012 - 13:24 | 2835976 LightWalker
LightWalker's picture

 Sorry to say but anyone who stores their paper-imaginary gold in one of these "places" deserves what they are going to get.....Corzined

Thu, 09/27/2012 - 13:40 | 2836027 sink critically
sink critically's picture

This will be used to make the fake gold disappear in a disaster without ever admitting it was fake. Run far from the city, the fix is in.

Thu, 09/27/2012 - 15:10 | 2836338 NewWorldOrange
NewWorldOrange's picture

Good point. And even if it is all real gold, what will the fractional reserve rate be? Heh.

Thu, 09/27/2012 - 13:41 | 2836030 Darth Rayne
Darth Rayne's picture

I would like to offer a similar opportunity to ZH readers.

Simply sell your PM's (precious metals) and burn the paper money. This way you get an additional boost of warmth, for free.

I ought to be a central banker, I am bursting with other fantastic ideas.

1) motorcyclists - kick motorists wing mirrors off as you ride past

2) motorists - knock over any parked motorcycles

3) cyclists - buy some diesel and pour it over the middle of the road

4) pedestrians - smash some windows

I am a banking god!

 

Thu, 09/27/2012 - 13:46 | 2836056 Darth Rayne
Darth Rayne's picture

Perhaps I ought to be a combined Banker / Economist. Saving money and human resources already.

 

Only one idiot required instead of two!

Thu, 09/27/2012 - 14:21 | 2836204 resurger
resurger's picture

_I_ Barclays

Thu, 09/27/2012 - 23:57 | 2837637 Tompooz
Tompooz's picture

Clay bars?

Thu, 09/27/2012 - 18:19 | 2836959 ToNYC
ToNYC's picture

Sully on CNB Silly did not know what Corpus Christi meant..nor anyone including a lawyer what habeus corpus meant. Now I know Corpus Chtisti means one fat NJ governor and the other means Living with the Dead....

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