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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Bastiat's picture

Upside would have been even better without that supply.

jekyll island's picture

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

Pladizow's picture

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

 

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.

killallthefiat's picture

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

MillionDollarBogus_'s picture

What was their profit...???

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

BaBaBouy's picture

WAY TO GO, SW Douchebag...

 

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

LawsofPhysics's picture

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

 

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

 

 

BaBaBouy's picture

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

DOUBLE In GOLD...

 

Im In...

Jeremy Roenick's picture

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

fourchan's picture

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

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?

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.

LawsofPhysics's picture

Looks like the "error" has been fixed.

BaBaBouy's picture

Hehehe ...

 

MD Bonus Now Has Alter Ego MD Bogus ...

imaginalis's picture

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

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!

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

DoChenRollingBearing's picture

Ha ha!

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

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

redpill's picture

Being early is usually the same as being wrong.

EINSILVERGUY's picture

Obviously CNBC can do better

 

Silver is now at $3490.00

 

BaBaBouy's picture

IRAN Syndrom Hits The USD...

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.

midtowng's picture

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

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?

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?

SHEEPFUKKER's picture

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

Dalago's picture

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

prains's picture

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

JPM Hater001's picture

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

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.

Alea Iactaest's picture

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

fightthepower's picture

The Fucking Rothschilds. 

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.

PaperBear's picture

So how much have the Swiss people been screwed by ?

Just let me do the maths on that.

PaperBear's picture

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

PaperBear's picture

Just wait til gold surpasses $10,000/oz

jekyll island's picture

Maybe it was paper gold.  

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.

malikai's picture

I was on the other side of that trade.

Thanks man.

oddjob's picture

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

malikai's picture

Paper. Life goes on.

Aziz's picture

Gordon Brown sold my gold. 

Big Corked Boots's picture

Bill Clinton *may* have sold mine.

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?

ziggy59's picture

Looks like a Helicoptor Ben Wanna Be