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Resume Of The Day: Meet The Man Who Sold 1,300 Tons Of Swiss Gold
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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Upside would have been even better without that supply.
Well, you do want to sell into a bull market. I guess his timing was a little off.
The Swiss were forced to do this, if they wished to join the IMF. - Gold Wars - Ferdinand Lips
+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.
He would be perfect as the new VP of Muppet Slaying at GS.
What was their profit...???
What price did they pay for it...???
WAY TO GO, SW Douchebag...
and ... GOLD $50K Bitchezzz...
Silver is at $3490.00 right now!!!! (according to CNBC) Fuck yeah!!!!
http://data.cnbc.com/quotes/SICV1
Shiiit ... I can trade in all my Silver for
DOUBLE In GOLD...
Im In...
A fool and his money (real money) are soon parted.... That is all.
some jews gave their eye teeth for a trade like this.
Surely the real question is...
who's arse were they covering?
Who could not meet their obligations?
Who's "Delivery" obligation did this fulfil?
Word has it he unloaded the gold so he could move into a huge cash position of Iranian Rial two months ago.
Looks like the "error" has been fixed.
Hehehe ...
MD Bonus Now Has Alter Ego MD Bogus ...
WE are many and one ;o)
Look. Someone obviously told this plonker to sell it. Someone closely connected to the buyer. Who is that someone?
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!
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
Ha ha!
If Tyler won't do it himself, YOU should post your resume here yourself!
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
Being early is usually the same as being wrong.
Obviously CNBC can do better
Silver is now at $3490.00
IRAN Syndrom Hits The USD...
Freudian slip
Silver technical analysts simply have to fold their paper in half at $35/oz. Their rulers and protracters are not necessary as of late.
hah wow, horrible trade.
http://jamesturkblog.blogspot.ca/
After the Swiss came the Spanish. What was their price for a gold dump?
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?
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?
Sell the gold low and then peg the currency to the Euro. Well done Swissies.
It say's "Implementation of Monetary Policy." AND sold shit ton of gold. Sounds like a real Krugman to me.
I'll wager there's a couple of nipple clips under that ski suit
I want to know what the resume looks like of the person who decides to buy it back.
Who was the big buyer?
My guess would be that the buyer was represented by Raiffeisen, since that is where he works now.
No kidding. Think he learned using OPM, now trading for real at Raiffeisenbanken?
The Fucking Rothschilds.
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.
So how much have the Swiss people been screwed by ?
Just let me do the maths on that.
Oh how kind, the author has done the calculaion for us - just under $60 billion.
Just wait til gold surpasses $10,000/oz
Maybe it was paper gold.
$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.
I was on the other side of that trade.
Thanks man.
Funny, you were short Gold a few weeks ago warning of an imminent correction.
Paper. Life goes on.
Gordon Brown sold my gold.
Bill Clinton *may* have sold mine.
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?
Looks like a Helicoptor Ben Wanna Be
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.
Replaced??? Fuck that.
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.
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.
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)
He sells the gold reserves then goes skiing. If I was Swiss, I'd be really piste-off.
We are.
That's why we've launched the gold initiative:
http://www.pmbug.com/forum/f2/switzerland-referendum-prohibition-gold-sa...
Great. The fair & good people of Switzerland can buy that gold back ... er, soon. Not now. But, soon.
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.
I hope the initiative succeeds. However, I wonder what mass of actual gold "20% reserves" becomes by that time. That is my reservation ..
At current prices and current reserves, it would be about double the number of ounces of what the SNB currently holds.
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...
Paprotta E. Coyote..........suuuuper genius
hey, give him a break ZH did no exist in 2000-2005 period!
Besides the skiing was very good!
Oh boy, today we get Snotty Tyler.
But he gets to date Charlie Munger. There is always an upside to selling gold.
He must have a PhD in Economics.
7 Years of experience in buying the top and selling the bottom is not really bad.
57 connections ...not only dumb, but not very popular either, but then again, totally makes sense
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.
He should have sold paper gold instead.
It sux to be him!
How many tonnes was gold and how many was tungsten?
sorry I was just joking, can I have it back?
no. it is now belong to goldmann sags.
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.
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
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!
Michael Paprotta stay away from my gold. You idiot!
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.
He actually pulled off a major play - the gold was filled -not with tungsten- but swiss chocolate.
Could be better than Swiss chocolate filled with tungsten. Ouch
NOTE TO SELF:
When Central Banks start selling Gold in mass then BUY, conversly, when Central Banks begin buying Gold in mass SELL?
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
He must have frostbitten his brain on all those ski trips.
1300 tons of tungsten filled bars probably doesn't amount to $60 billion in forgone upside
"He sells the gold reserves then goes skiing. If I was Swiss, I'd be really piste-off."
Thread winning comment right here!
What do you expect from a mogul?
#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.
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.
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.
Ben can buy it all back in a month...every month with silver fries on the side
The real question is how many times this tonnage has been swapped, leased, hupothecated and re-hypothecated.
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
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!
It will be $10,000/oz as soon as they decide to buy it back.
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.
THEY KNEW WHAT THEY WERE DOING! GB DID ANYWAY! FUCKING CRONY CAPITALISIM! FACIST CUNTZ!
Editors of ZH are familiar with the "hindsight is 20/20" paradigm.
Brian Sacks can print up $60B with one keystroke - OK, two (Ctrl and P) - and prolly will later this month.
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 ???????
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_NoteHow long until we see a central bank surrounded by tanks . . with the guns pointing in.
Oddball
http://www.youtube.com/watch?v=Csv1wXOr5tY&feature=endscreen&NR=1
Maybe he was the person casting gold around tungsten in those 10 oz "PAMP" bars?
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.
You must understand that this is modern alchemy - the ability to turn gold into paper and tungsten; we're damn good at it....
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.
if the persons did not take possession of the gold, SNB may still have it.
hindsight FTW bitchez!
"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.
2005? But that was when the Liberal Dream of Hope was Strong. He doesn't know what's what.
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.
The Swiss Franc is irreversible.
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
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.
The irony is that he is still employed. There are many money managers that correctly called gold but got fired for it.
Its not about what you know but rather, whom you know and those that protect you.
Just wait until the trades' counter-parties are hiring. I hope he can speak Mandarin.
To whom did he sell to? China?