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Resume Of The Day: Meet The Man Who Sold 1,300 Tons Of Swiss Gold

Tyler Durden's picture




 

If you are the person who sold 1,300 tons of Swiss gold in the pre-"New Normal" era, you probably would like to keep that fact to yourself. But not Michael Paprotta, or the guy who did sell 1,300 tons of gold for the Swiss National Bank from 2000 to 2005. As a reminder, the price of gold in the period was between $250 and $450, making Gordon Brown's own dump of a meager 400 tons of UK gold between 1999 and 2002 seem like amateur hour by comparison. Assuming a current price of gold of $1800 and a blended disposition price of $350/oz, this means that Switzerland effectively gave up on just under $60 billion in upside. That's ok though, the SNB's balance sheet is now full to the gills with money-good EURs. Who needs gold in a fiat regime anyway? Certainly not Michael Paprotta who gives up on tens (soon hundreds) of billions in gold upside fiat equivalents in the morning, then goes skiing in the afternoon.

From LinkedIn:

And for those who are not familiar with the brilliant Swiss gold selling operation...

Source: SNB's Philip Hildebrand

 

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Thu, 10/04/2012 - 11:15 | 2855860 Bastiat
Bastiat's picture

Upside would have been even better without that supply.

Thu, 10/04/2012 - 11:28 | 2855915 jekyll island
jekyll island's picture

Well, you do want to sell into a bull market.  I guess his timing was a little off.  

Thu, 10/04/2012 - 11:37 | 2855950 Pladizow
Pladizow's picture

The Swiss were forced to do this, if they wished to join the IMF. - Gold Wars - Ferdinand Lips

 

Thu, 10/04/2012 - 11:43 | 2855966 swissaustrian
swissaustrian's picture

+1

Additionally we were pressured because a portion of the gold bars originated in Nazi concentration camps. We had compensated the victims for the crimes of WWII before, though. So the Nazi argument was just a convenient method to force us to sell.

Thu, 10/04/2012 - 11:47 | 2855981 killallthefiat
killallthefiat's picture

He would be perfect as the new VP of Muppet Slaying at GS.

Thu, 10/04/2012 - 11:51 | 2856000 MillionDollarBogus_
MillionDollarBogus_'s picture

What was their profit...???

What price did they pay for it...???

Thu, 10/04/2012 - 11:54 | 2856009 BaBaBouy
BaBaBouy's picture

WAY TO GO, SW Douchebag...

 

and ... GOLD $50K Bitchezzz...

Thu, 10/04/2012 - 11:55 | 2856014 LawsofPhysics
LawsofPhysics's picture

Silver is at $3490.00 right now!!!!  (according to CNBC) Fuck yeah!!!!

 

http://data.cnbc.com/quotes/SICV1

 

 

Thu, 10/04/2012 - 12:01 | 2856031 BaBaBouy
BaBaBouy's picture

Shiiit ... I can trade in all my Silver for

DOUBLE In GOLD...

 

Im In...

Thu, 10/04/2012 - 12:35 | 2856118 Jeremy Roenick
Jeremy Roenick's picture

A fool and his money (real money) are soon parted....  That is all.

Thu, 10/04/2012 - 12:49 | 2856176 fourchan
fourchan's picture

some jews gave their eye teeth for a trade like this.

Thu, 10/04/2012 - 15:44 | 2856990 MillionDollarBoner_
MillionDollarBoner_'s picture

Surely the real question is...

who's arse were they covering?

Who could not meet their obligations?

Who's "Delivery" obligation did this fulfil?

Thu, 10/04/2012 - 12:03 | 2856036 redpill
redpill's picture

Word has it he unloaded the gold so he could move into a huge cash position of Iranian Rial two months ago.

Thu, 10/04/2012 - 12:25 | 2856094 LawsofPhysics
LawsofPhysics's picture

Looks like the "error" has been fixed.

Thu, 10/04/2012 - 11:55 | 2856004 BaBaBouy
BaBaBouy's picture

Hehehe ...

 

MD Bonus Now Has Alter Ego MD Bogus ...

Thu, 10/04/2012 - 15:46 | 2856996 MillionDollarBoner_
MillionDollarBoner_'s picture

WE are many and one ;o)

Thu, 10/04/2012 - 11:58 | 2856022 imaginalis
imaginalis's picture

Look. Someone obviously told this plonker to sell it. Someone closely connected to the buyer. Who is that someone?

Thu, 10/04/2012 - 11:48 | 2855982 DoChenRollingBearing
DoChenRollingBearing's picture

The Central Bank of DoChenRollingBearing was happy to help take that nasty gold off his hands.  You're welcome, Mr. Paprotta!

What so many here at ZH apparently do not understand is that elections DO have consequences (France), and that just because there are so many conspiracy stories and trendy "there is no difference between them" remarks abound here, well there is at least 14 cents worth of difference...  Buy gold no matter what you think, and you'll be OK, even if you understand nothing!

Thu, 10/04/2012 - 13:05 | 2856220 JonNadler
JonNadler's picture

I agree with you senor Dochen, this estupido made it possible for the goldbugs to load up at lower prices! It was so good when it was in the Swiss bank and we could hypothicate it and  rehypothicate it and rerehypothicate and rererererere...well you get the picture.

We could have issued a million sahres of GLD for every ounce in there, but this scimunitto had to give it away!

 

BTW when is my resume going to be profiled on ZH? I've had almost as ilustrious a career as this moron

Thu, 10/04/2012 - 15:09 | 2856575 DoChenRollingBearing
DoChenRollingBearing's picture

Ha ha!

If Tyler won't do it himself, YOU should post your resume here yourself!

Thu, 10/04/2012 - 15:11 | 2856805 DoChenRollingBearing
DoChenRollingBearing's picture

While I am here, I will take this opportunity to send a link to the precious metals we sell in Peru (bearings).  We are having a great year...

 

http://tinyurl.com/9fdmgyp

Thu, 10/04/2012 - 11:49 | 2855993 redpill
redpill's picture

Being early is usually the same as being wrong.

Thu, 10/04/2012 - 11:50 | 2855995 EINSILVERGUY
EINSILVERGUY's picture

Obviously CNBC can do better

 

Silver is now at $3490.00

 

Thu, 10/04/2012 - 12:03 | 2856039 BaBaBouy
BaBaBouy's picture

IRAN Syndrom Hits The USD...

Thu, 10/04/2012 - 12:06 | 2856042 tocointhephrase
tocointhephrase's picture

Freudian slip

Thu, 10/04/2012 - 12:38 | 2856129 ParkAveFlasher
ParkAveFlasher's picture

Silver technical analysts simply have to fold their paper in half at $35/oz.  Their rulers and protracters are not necessary as of late.

Thu, 10/04/2012 - 12:46 | 2856166 Silver Bug
Silver Bug's picture

hah wow, horrible trade.

 

http://jamesturkblog.blogspot.ca/

Thu, 10/04/2012 - 15:52 | 2857041 midtowng
midtowng's picture

After the Swiss came the Spanish. What was their price for a gold dump?

Thu, 10/04/2012 - 16:05 | 2857069 MillionDollarBoner_
MillionDollarBoner_'s picture

Would you seriously trust anyone born with the name Pap-Rotter, who didn't immediately change it by deed poll, with your toilet brush, let alone billions in gold?

Seriously?

Thu, 10/04/2012 - 11:17 | 2855861 SMG
SMG's picture

Traitor to his country, like so many in positions of power these days.  Damn oligarch puppets, when will people wake up and when will this end?

Thu, 10/04/2012 - 11:19 | 2855876 SHEEPFUKKER
SHEEPFUKKER's picture

Sell the gold low and then peg the currency to the Euro. Well done Swissies. 

Thu, 10/04/2012 - 11:23 | 2855885 Dalago
Dalago's picture

It say's "Implementation of Monetary Policy." AND sold shit ton of gold.  Sounds like a real Krugman to me.

Thu, 10/04/2012 - 11:35 | 2855946 prains
prains's picture

I'll wager there's a couple of nipple clips under that ski suit

Thu, 10/04/2012 - 11:45 | 2855979 JPM Hater001
JPM Hater001's picture

I want to know what the resume looks like of the person who decides to buy it back.

Thu, 10/04/2012 - 11:18 | 2855863 darteaus
darteaus's picture

Who was the big buyer?

My guess would be that the buyer was represented by Raiffeisen, since that is where he works now.

Thu, 10/04/2012 - 11:31 | 2855928 Alea Iactaest
Alea Iactaest's picture

No kidding. Think he learned using OPM, now trading for real at Raiffeisenbanken?

Thu, 10/04/2012 - 12:21 | 2856086 fightthepower
fightthepower's picture

The Fucking Rothschilds. 

Thu, 10/04/2012 - 14:02 | 2856434 ozziindaus
ozziindaus's picture

My guess has always been the Emerging Markets. They needed to stockpile gold as collateral against all of the Developed Market Fiat investment. Again, they are not stupid or incompetant. It's all planned.

Thu, 10/04/2012 - 11:16 | 2855866 PaperBear
PaperBear's picture

So how much have the Swiss people been screwed by ?

Just let me do the maths on that.

Thu, 10/04/2012 - 11:17 | 2855870 PaperBear
PaperBear's picture

Oh how kind, the author has done the calculaion for us - just under $60 billion.

Thu, 10/04/2012 - 11:18 | 2855874 PaperBear
PaperBear's picture

Just wait til gold surpasses $10,000/oz

Thu, 10/04/2012 - 11:29 | 2855919 jekyll island
jekyll island's picture

Maybe it was paper gold.  

Thu, 10/04/2012 - 11:43 | 2855963 ParkAveFlasher
ParkAveFlasher's picture

$60B is the measurement direct impact of the sale.  IMO that's kind of like holding a tape measure over the first three feet of gash in the Titanic's hull.

Thu, 10/04/2012 - 11:17 | 2855868 malikai
malikai's picture

I was on the other side of that trade.

Thanks man.

Thu, 10/04/2012 - 14:15 | 2856481 oddjob
oddjob's picture

Funny, you were short Gold a few weeks ago warning of an imminent correction.

Thu, 10/04/2012 - 18:56 | 2857681 malikai
malikai's picture

Paper. Life goes on.

Thu, 10/04/2012 - 11:17 | 2855871 Aziz
Aziz's picture

Gordon Brown sold my gold. 

Thu, 10/04/2012 - 12:16 | 2856064 Big Corked Boots
Big Corked Boots's picture

Bill Clinton *may* have sold mine.

Thu, 10/04/2012 - 12:31 | 2856109 malikai
malikai's picture

Yea, but what I don't get is why he didn't sign the UK up to the Euro.

I mean, he was very talented at fucking shit up. Why didn't he finish the job?

Thu, 10/04/2012 - 11:20 | 2855879 ziggy59
ziggy59's picture

Looks like a Helicoptor Ben Wanna Be

Thu, 10/04/2012 - 11:20 | 2855882 Zola
Zola's picture

Can you say - HIGH TREASON - can you spell G.U.I.L.L.OT...

These *holes are the reason the world has gone mad. People love to talk about integrity, doing the right thing in organisations, but the top 1% driving decisions have shown their utter and complete moral rot and thus need to be replaced.

Thu, 10/04/2012 - 11:32 | 2855933 aheady
aheady's picture

Replaced??? Fuck that.

Thu, 10/04/2012 - 11:43 | 2855964 CommunityStandard
CommunityStandard's picture

There will always be a top 1%.  Unless you change the rules of math.  Which the government seems to be trying really hard to do.

Thu, 10/04/2012 - 13:00 | 2856204 SMG
SMG's picture

Yes, that's true, but it would be much better if that 1% viewed themselves as servants to people to improve the lives of everybody.  Instead of as a Master Race, who wants to exterminate the "useless eaters" that are consuming the Master Race's resources.

Thu, 10/04/2012 - 14:46 | 2856669 margaris
margaris's picture

Governments are about to go george-orwell on our asses...

But no one can change math...

There are pyramids, and there are flat plains...

Flat plains by definition can't have top 1 % ...

Its about hierarchy...

People of the world please stop believing in governments (the most dangerous superstition there is)

Thu, 10/04/2012 - 11:35 | 2855947 DogSlime
DogSlime's picture

He sells the gold reserves then goes skiing.  If I was Swiss, I'd be really piste-off.

Thu, 10/04/2012 - 11:40 | 2855956 swissaustrian
swissaustrian's picture

We are.

That's why we've launched the gold initiative:

http://www.pmbug.com/forum/f2/switzerland-referendum-prohibition-gold-sa...

Thu, 10/04/2012 - 11:45 | 2855973 ParkAveFlasher
ParkAveFlasher's picture

Great.  The fair & good people of Switzerland can buy that gold back ... er, soon.  Not now.  But, soon.

Thu, 10/04/2012 - 11:54 | 2856012 swissaustrian
swissaustrian's picture

There are decent chances that this intiative might pass a constitutional referendum during summer of next year. We'll certainly get enough signatures (100'000) to get a vote. The question is how much time the SNB would be given to implement the 20% gold reserves rule which would be amended to the constitution.

Thu, 10/04/2012 - 12:13 | 2856058 ParkAveFlasher
ParkAveFlasher's picture

I hope the initiative succeeds.  However, I wonder what mass of actual gold "20% reserves" becomes by that time.  That is my reservation ..

Thu, 10/04/2012 - 12:20 | 2856082 swissaustrian
swissaustrian's picture

At current prices and current reserves, it would be about double the number of ounces of what the SNB currently holds.

Thu, 10/04/2012 - 12:28 | 2856101 Urban Redneck
Urban Redneck's picture

The SNB has the authority to acquire additional gold now.  Using derivatives with captive/controlled entities would keep it hidden on the required public reports.  The problem is that Swiss bankers aren't that creative or aggressive.

If they need some help with that one, they can figure out to find me...

Thu, 10/04/2012 - 11:20 | 2855884 Smartie37
Smartie37's picture

Paprotta E. Coyote..........suuuuper genius

Thu, 10/04/2012 - 11:23 | 2855895 falak pema
falak pema's picture

hey, give him a break ZH did no exist in 2000-2005 period! 

Besides the skiing was very good! 

Thu, 10/04/2012 - 11:21 | 2855890 cougar_w
cougar_w's picture

Oh boy, today we get Snotty Tyler.

Thu, 10/04/2012 - 11:23 | 2855898 JustObserving
JustObserving's picture

But he gets to date Charlie Munger.  There is always an upside to selling gold.  

Thu, 10/04/2012 - 11:23 | 2855899 semperfi
semperfi's picture

He must have a PhD in Economics.

Thu, 10/04/2012 - 11:43 | 2855970 resurger
resurger's picture

7 Years of experience in buying the top and selling the bottom is not really bad.

Thu, 10/04/2012 - 11:30 | 2855922 v48AEk00
v48AEk00's picture

57 connections ...not only dumb, but not very popular either, but then again, totally makes sense

Thu, 10/04/2012 - 11:30 | 2855923 Dr. Gonzo
Dr. Gonzo's picture

Cool. I was basicly buying from this guy and Gordon Brown way back then. I just bought a few more oz on Tuesday and it was really painful to pay the new $1800+ price. I sure miss these guys.

Thu, 10/04/2012 - 11:30 | 2855927 Sabibaby
Sabibaby's picture

He should have sold paper gold instead.

Thu, 10/04/2012 - 11:31 | 2855930 resurger
resurger's picture

It sux to be him!

Thu, 10/04/2012 - 11:32 | 2855932 Conman
Conman's picture

How many tonnes was gold and how many was tungsten?

Thu, 10/04/2012 - 11:33 | 2855938 Gandalf6900
Gandalf6900's picture

sorry I was just joking, can I have it back?

Thu, 10/04/2012 - 11:47 | 2855949 giovanni_f
giovanni_f's picture

no. it is now belong to goldmann sags.

Thu, 10/04/2012 - 11:39 | 2855953 swissaustrian
swissaustrian's picture

He was just a low level minion. The real decisions were made by others.

Read "Between the alps and a hard place" by Angelo Codevilla or "Gold Wars" by Ferdinand Lips to get the full story.

Thu, 10/04/2012 - 11:39 | 2855955 Ted Baker
Ted Baker's picture

WE WANT MORE LIKE THESE...CONTINUE LONG GOLD, CAD,CHF AND MXN BUT SHORTING MASSIVELY EUR & AUD....HOWEVER WE LIKE PLANTS WITH GREEN LEAVES SO LONG FACEPLANT AS A LONG TERM INVESTMENT. PRICE TARGET 35-38 BY DEC 31ST 2012

Thu, 10/04/2012 - 11:44 | 2855971 GFORCE
GFORCE's picture

I'm sure he's not bothered. Just following orders and getting paid handsomely.

Gold was an old relic in those good ol' days, barely worth a mention on bloomberg!

Thu, 10/04/2012 - 11:46 | 2855976 q99x2
q99x2's picture

Michael Paprotta stay away from my gold. You idiot!

Thu, 10/04/2012 - 11:48 | 2855983 swissaustrian
swissaustrian's picture

His current employee Raiffeisen Bank is the primary subprime lender in the (currently booming) Swiss real estate market. Rumors are they aren't reserving sufficient capital on many mortgages of subprime borrowers. Additionally, they seem to be incompetent in hedging interest rate risk with IR swaps. This bank is as bad as it gets as far as Swiss banking is concerned.

Thu, 10/04/2012 - 11:48 | 2855987 zerotohero
zerotohero's picture

He actually pulled off a major play - the gold was filled -not with tungsten- but swiss chocolate.

Thu, 10/04/2012 - 12:01 | 2856034 imaginalis
imaginalis's picture

Could be better than Swiss chocolate filled with tungsten. Ouch

Thu, 10/04/2012 - 11:49 | 2855990 Robslob
Robslob's picture

 

 

NOTE TO SELF:

When Central Banks start selling Gold in mass then BUY, conversly, when Central Banks begin buying Gold in mass SELL?

Thu, 10/04/2012 - 12:11 | 2856050 tocointhephrase
tocointhephrase's picture

NOTE TO SELF:

When Western Central Banks start selling Gold in mass then BUY, conversly, when Western Central Banks begin buying Gold in mass SELL?

 

Fixed it for ya

Thu, 10/04/2012 - 11:52 | 2856002 Lost Wages
Lost Wages's picture

He must have frostbitten his brain on all those ski trips.

Thu, 10/04/2012 - 11:55 | 2856013 ohreally
ohreally's picture

1300 tons of tungsten filled bars probably doesn't amount to $60 billion in forgone upside

Thu, 10/04/2012 - 11:55 | 2856016 InjuredThales
InjuredThales's picture

"He sells the gold reserves then goes skiing.  If I was Swiss, I'd be really piste-off."

Thread winning comment right here!

Thu, 10/04/2012 - 12:03 | 2856037 imaginalis
imaginalis's picture

What do you expect from a mogul?

Thu, 10/04/2012 - 11:56 | 2856018 Random_Robert
Random_Robert's picture

#WINNING...!

 

Between 1999 and 2000 I turned 1300 paper banknotes into a pile of junked car parts, and then I re-conditioned those junk parts and turned them into a restored automobile...

I then sold said automobile for a huge profit (some "collector" gave me 8500 paper banknotes for it), and I bought the cheapest thing I could find (which at the time happened to be 1 ounce barberous yellow relic coins that people were essentially throwing away for about $250 each)

Today, my original 1300 is convertible to about 35,000 in easy liquidity.

I am such an idiot.   I should have gone skiiing instead.

Thu, 10/04/2012 - 11:57 | 2856019 mliu_01
mliu_01's picture

I am sure a lot of you could send him a thank you note. Thank him for giving you a chance to stack a little more.

Thu, 10/04/2012 - 11:57 | 2856020 mliu_01
mliu_01's picture

I am sure a lot of you could send him a thank you note. Thank him for giving you a chance to stack a little more.

Thu, 10/04/2012 - 11:57 | 2856023 dark pools of soros
dark pools of soros's picture

Ben can buy it all back in a month...every month    with silver fries on the side

Thu, 10/04/2012 - 11:59 | 2856025 apberusdisvet
apberusdisvet's picture

The real question is how many times this tonnage has been swapped, leased, hupothecated and re-hypothecated.

Thu, 10/04/2012 - 12:01 | 2856030 adonisdemilo
adonisdemilo's picture

he must be one of the one percenters.

i bet he runs a roller.

i can do him a good deal--swap the roller for my 10 year old mini.

cheap insurance, only costs 34 quid to fill up and the dogs love the comfortable back seat.

makes you wonder if he's daft enough to fall for it.

i think he might be

 

Thu, 10/04/2012 - 12:01 | 2856033 Dr. Gonzo
Dr. Gonzo's picture

So if G.B. and Switzerland would have held onto their gold reserves like any normal soveriegn nation with it's people's best intersts in mind  instead of dumping it at the cheapest possible price then gold would basicaly be $10,000 an oz right now. Thanks for the cheap gold!

Thu, 10/04/2012 - 12:36 | 2856119 ParkAveFlasher
ParkAveFlasher's picture

It will be $10,000/oz as soon as they decide to buy it back. 

Thu, 10/04/2012 - 12:08 | 2856044 Inthemix96
Inthemix96's picture

A tear weld up in my eye.  This reminising of lost friends realised how much this reminds me of that one eyed scotch cunt, who did something so similar you would think it was planned.

Gordon McBroon, my heart aches for your fucking stupidity.  We miss you like a hole in the head, my old fat cunt.

See, not just one eyed scotch cunts are idiots.  You get the daft fuckers all over the world.

Thu, 10/04/2012 - 12:14 | 2856060 tocointhephrase
tocointhephrase's picture

THEY KNEW WHAT THEY WERE DOING! GB DID ANYWAY! FUCKING CRONY CAPITALISIM! FACIST CUNTZ!

Thu, 10/04/2012 - 12:08 | 2856046 Lord Koos
Lord Koos's picture

Editors of ZH are familiar with the "hindsight is 20/20" paradigm.

Thu, 10/04/2012 - 12:15 | 2856061 mayhem_korner
mayhem_korner's picture

 

 

Brian Sacks can print up $60B with one keystroke - OK, two (Ctrl and P) - and prolly will later this month.

Thu, 10/04/2012 - 12:15 | 2856063 newworldorder
newworldorder's picture

Come on lets give this guy a break. Even in medieval times the executioner was not blamed. This man was only performing his duty. Someone has to do it. Just look at that winning smile. Look at all the employers he has impressed in his long and illustrious career in gold sales. He has to be on the "insider" short list of experts - right ???????

Thu, 10/04/2012 - 12:34 | 2856091 THE DORK OF CORK
THE DORK OF CORK's picture

But states in Europe don't really own the stuff.....

Its held by each central bank.

The States remain in debt to the banking sector, be it a central bank or a commerical bank.

There is no true state fiat withen Europe or indeed the US.

Its all collateral money baby.

True states should not concern themselves with bank credit or Gold...thats the banks problem , their role should orbit the Fiat money system.

True states should just print money and tax the stuff and thats it......they should divorce themselves from the credit bsnking industry as they serve no purpose in a energy starved world.

If there is a deficit in the money /credit supply becuase the banks have stopped lending then they just print the stuff interest free.

That is what Fiat means in my book....... Fiat is not bank sov debt.

Zero hedge should really try to figure out what Fiat truely means.

http://en.wikipedia.org/wiki/United_States_Note
Thu, 10/04/2012 - 12:39 | 2856134 Bastiat
Bastiat's picture

How long until we see a central bank surrounded by tanks . . with the guns pointing in.

Thu, 10/04/2012 - 12:27 | 2856099 BrigstockBoy
BrigstockBoy's picture

Maybe he was the person casting gold around tungsten in those 10 oz "PAMP" bars?

Thu, 10/04/2012 - 12:40 | 2856136 lakecity55
lakecity55's picture

Actually, that is an interesting question.

Why haven't we heard any progress from the Feds?

The MSM said they were hot on the trail.

S/off.

Thu, 10/04/2012 - 12:37 | 2856127 Fix It Again Timmy
Fix It Again Timmy's picture

You must understand that this is modern alchemy - the ability to turn gold into paper and tungsten; we're damn good at it....

Thu, 10/04/2012 - 12:38 | 2856128 lakecity55
lakecity55's picture

Well, my stash is going up in fiats today.

Too bad I don't have a ton or two too sell with a spare to keep.

Thu, 10/04/2012 - 12:39 | 2856131 CURWAR2012
CURWAR2012's picture

if the persons did not take possession of the gold, SNB may still have it.

Thu, 10/04/2012 - 12:39 | 2856132 soopy
soopy's picture

hindsight FTW bitchez!

Thu, 10/04/2012 - 12:48 | 2856175 Wakanda
Wakanda's picture

"Certainly not Michael Paprotta who gives up on tens (soon hundreds) of billions in gold upside fiat equivalents in the morning, then goes skiing in the afternoon."

Must be a "champagne powder" day on the slopes.

Thu, 10/04/2012 - 12:52 | 2856182 Segestan
Segestan's picture

2005? But that was when the Liberal Dream of Hope was Strong. He doesn't know what's what.

Thu, 10/04/2012 - 13:04 | 2856237 pig no 3
pig no 3's picture

They can always print swiss franks to buy euros and change them lateron for dollars to buy back there gold. Wat i really don't understand is that they were so stupid to sell anything if they needed the money. If you need money just let your CB know.

Thu, 10/04/2012 - 13:14 | 2856279 debtor of last ...
debtor of last resort's picture

The Swiss Franc is irreversible.

Thu, 10/04/2012 - 13:15 | 2856285 U4 eee aaa
U4 eee aaa's picture

No doubt he was selling for the government accounts and buying for his own personal account.

I don't think that helmet iz for skiing. I think he needs it just for walking around. We need to protect this guy in case he falls over. Anybody who sells gold at market lows should have head protection

Thu, 10/04/2012 - 13:27 | 2856331 THE DORK OF CORK
THE DORK OF CORK's picture

People just don't understand why central banks sold the Gold.......

Its because they gave up the post 1600s nation state model of control.......the decided to enter the 9th circle of hell , the Modern market state.

Fine ,fair enough as we in Ireland say.

But the state need not play ball with the banks either.

The banks can have their market .....but what gives them the right to create a market state ?

Who gave this political power to them ?

Answer : they simply took it as there has been little resistance.

The State can produce money that will not feed into in the banking sector period - it can divorce  itself from the Banks by producing Fiat.

This cuts both ways but the guys running the ship of state in these various Vassal states serve different masters.....this dynamic will not change until people understand the problem ,including the cuckoos in place in various key sectors of the ship of state , including the bridge and engine room.

Thu, 10/04/2012 - 13:34 | 2856345 BinAround
BinAround's picture

The irony is that he is still employed.  There are many money managers that correctly called gold but got fired for it.

Thu, 10/04/2012 - 14:29 | 2856578 newworldorder
newworldorder's picture

Its not about what you know but rather, whom you know and those that protect you.

Thu, 10/04/2012 - 14:25 | 2856558 odatruf
odatruf's picture

Just wait until the trades' counter-parties are hiring. I hope he can speak Mandarin.

 

Thu, 10/04/2012 - 15:38 | 2856960 AldoHux_IV
AldoHux_IV's picture

To whom did he sell to? China?

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