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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


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!!!!





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

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



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...



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

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.



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?


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

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

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