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Inside The Bank Of England's Gold Vault

Tyler Durden's picture





 

For those who think any documented presentation of the physical gold held by the world's oldest central bank usually takes place on a movie set in Burbank, CA here is a video featuring University of Nottingham's chemistry professor Professor Martyn Poliakoff (of all people) from within the bowels of the world's second largest gold repository supposedly disproving this (whose comment "one's first reaction is that it can't possibly be real" may be far more accurate than he can possibly imagine). Why the BOE would change its long held tradition of keeping its gold miles away from the public's eye (very much the same way Bob Pisani's dramatic descent into the GLD vault was a straight-to-DVD B-grade thriller) is anyone's guess, especially now that Goldman is about to take the helm of this most venerable of money-printing institutions. But we are delighted they have: we are confident with this precedent set, that the New York Fed will promptly grant some US chemistry professor the right to inspect and "document" the hundreds of tons of flood-resistant gold it too holds safely 80 feet underground, it not a member of the German parliament of course. Finally, if anyone can see Bundesbank's gold bars, please raise your hand.

 

h/t hockey

 


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Sun, 12/09/2012 - 12:18 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

But if our money was still backed by gold, then our bankers could not print as much as they want.  How then could they fund our governments' spending sprees without the inflation tax? 

Want to understand what is really going on?  Buy and read The Creature From Jekyll Island, 5th Edition.

Sun, 12/09/2012 - 12:23 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

No wonder there's no fucking money in the economy. It's all there on those shelves.

If you were to divide the entire worlds real estate by the number of ounces of gold in existance, each ounce of Gold would be worth $250,000.00

Sun, 12/09/2012 - 12:37 | Link to Comment francis_sawyer
francis_sawyer's picture

Until those bars are verified by a committee consisting of:

~~~

- Bill Nye the Science Guy

- The professor from the 'She Blinded Me With Science' video

- The professor from Gilligan's Island

I'll retain my skepticism...

Sun, 12/09/2012 - 12:45 | Link to Comment Muppet Pimp
Muppet Pimp's picture

I know what is really going on there but frankly even in the spirit of truth cannot divulge it in this forum.  THINK!

Sun, 12/09/2012 - 12:58 | Link to Comment francis_sawyer
francis_sawyer's picture

Hey ~ Can we get a new video with the birdbrain standing next to this pile?...

~~~

http://www.zerohedge.com/news/2012-12-06/visualizing-us-debt

Sun, 12/09/2012 - 13:12 | Link to Comment Muppet Pimp
Muppet Pimp's picture

thanks for the compliment francis

Sun, 12/09/2012 - 13:20 | Link to Comment francis_sawyer
francis_sawyer's picture

I kno right?

Sun, 12/09/2012 - 13:41 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tungsten gold vault, bitchez.  That is what I know.

Imagine China's surprise when 4 years ago a large shipment of gold came into their harbour that was actually gold.  They must have thought, "Well, as long as we keep getting gold then we will let Bernanke print away."  Then they thought, "The moment we get a shipment of tungsten the party's over." 

Four long years later they are still getting shipments of gold.  But all is well that ends well, and Jim Rogers, Marc Faber, and likely many of the Rotheschilde clan have connections in the China Parliment that will allow their families to live comfortably for the next 100 years until they create their next paradise....

Africa 2112?

Sun, 12/09/2012 - 14:45 | Link to Comment Muppet Pimp
Muppet Pimp's picture

I am quite certain they....no sorry cannot say it.

Sun, 12/09/2012 - 16:04 | Link to Comment killallthefiat
killallthefiat's picture

Looks like chocolate?  I'll bet it tastes like it too!

Sun, 12/09/2012 - 17:37 | Link to Comment Supernova Born
Supernova Born's picture

Like a traveling art exhibit.

Just stopping by on its way to a limited engagement at the Bundesbank.

Sun, 12/09/2012 - 18:25 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

Call me sceptical, call me a conspiracy buff, call me crazy....but some of that shit looked painted to me. I mean, how the fuck is Einstein gonna know.

Perhaps I'm still just a little upset over my boating accident.

Sun, 12/09/2012 - 18:31 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

THEY'VE GIVEN ME two bars to look at. Yeah, they're the real ones, the rest are painted cardboard symbolizing the ones out on lease. The list of leasee names are written down here,,,somewhere?!

Sun, 12/09/2012 - 19:44 | Link to Comment Ginsengbull
Ginsengbull's picture

And the meek shall inherit the earth.

Mon, 12/10/2012 - 08:22 | Link to Comment onthesquare
onthesquare's picture

The stacks on the shelves are on top of each other so the numbers are not visible.  Gold being soft and the bottom bar, stamped with 3 or 4 bars on top may damage the serial number.  To look for a specific bar would require the moving of the bars on top of it.  Not a smart way to stock.  Each shelf has 6 tons of gold on it and the wood shelving holds one ton with no warping over time.

The professors bars may be real but this display just seems like a strange way to store something so heavy.  I dive, using lead not gold for weight, and if that was a chunk of lead then you could barely move it.  The assistant is holding his block too easily.

Just saying...maybe real and may not IDGAF

I don't need to believe it.

Sun, 12/09/2012 - 13:43 | Link to Comment BaBaBouy
BaBaBouy's picture

Veeeery Interestink...

Vy Do I Zeem Tsu Szmell Zee Tungsten In Zis Vault?

Sun, 12/09/2012 - 14:43 | Link to Comment Muppet Pimp
Muppet Pimp's picture

Keep thinking.....Zoom back out from where you are and reconsider your assumptions.

Sun, 12/09/2012 - 18:59 | Link to Comment The Shootist
The Shootist's picture

Is the hair a prerequisite for being considered a wacko crazy scientist?

Sun, 12/09/2012 - 19:42 | Link to Comment Ginsengbull
Ginsengbull's picture

For Einstein, every day was a bad hair day.

Mon, 12/10/2012 - 02:41 | Link to Comment Transformer
Transformer's picture

Did anyone else stop the video at various points and try and cound the number of standing shelves.

I came up with 7 or 8 rows, not sure, 16 shelves deep, with 6 levels per shelve.  That would be 768 tonnes in that room.  And what does that mean?

It was also possible to see the serial number of one of those bars.   Whose gonna go look at the list and tell us who it belongs to?

Sun, 12/09/2012 - 14:46 | Link to Comment _underscore
_underscore's picture

If it's the same thing as I'm thinking MP, I don't know, but the only aspect of the film that was interesting was that is was made.

 How many requests for access do you think the BoE gets for vault 'viewings' & the like? It's probably hundreds a year. So, just now, they let a little old professor of chemistry(?)/whatever in to do a short exposition on gold - just like that? The commentary also mentions about the 'gold never leaving the vault' even (if the rightful owner wanted it back for some reason..?) for transactions & the oldest bar having been there since 1916.

 

Mon, 12/10/2012 - 01:58 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

The commentary also mentions about the 'gold never leaving the vault'

You stumbled across the most important point here, gold never leaving the vault.

That gold is meaningless vis a vis the currency.  There's no connection at all.  It's there to create confidence in the currency, but it's false confidence since there's no legal connection to the currency.  It might be on the asset side of the balance sheet to offset currency on the liability side, but there's no real connection between them.  So it's just a confidence game.  A con. Designed to fool people.

Since there's no real connection between them, gold in that vault can be used for other purposes.  It can be leased and sold, and it doesn't affect the currency one bit.

I and a few others believe BRICS might introduce a gold and silver redeemable currency.  "redeemable" is the key.  There's a legal connection between gold and silver held in reserve and the currency.  The curency can be exchanged for some of that gold and silver.  Gold and silver backing the currency must be kept available.  It can't be leased out nor sold.

But if BRICS introduces a gold and silver backed currency, it's meaningless since there's no redeemability, no real connection between them.  It's just another confidence game.  Another con.

Mon, 12/10/2012 - 05:18 | Link to Comment _underscore
_underscore's picture

Some good points CoG.  I saw this 'accidental' audit though, more as a 'my dick's bigger than yours' contest behind the bicycle sheds, just in case the big swinging gold BRIC dick was ever pointed in anger.

 Even if gold is made redeemable against currency, or gold itself is used as currency or neither takes place, the atavistic idea of 'treasure', constant for 10K years or more, remains.

 

Sun, 12/09/2012 - 14:03 | Link to Comment drawho
drawho's picture

I estimate that what is shown is 480 tons,

Shelf is 5 high, length is 16 stacks, and there are 6 rows.

5x16x6=480 Tons

Each shelf has 72 bars at 28lbs=2016lb or one ton.

Very small amount.

Sun, 12/09/2012 - 14:21 | Link to Comment WmMcK
WmMcK's picture

+Thurston Howell III

Sun, 12/09/2012 - 18:20 | Link to Comment Silver Bug
Mon, 12/10/2012 - 09:19 | Link to Comment gold-is-not-dead
gold-is-not-dead's picture

Yup, and it's all gold plated! :)

Sun, 12/09/2012 - 12:38 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Not sure about that figure

About 5 billion ounces of gold in the world ... 160,000 metric tonnes, each metric tonne around 32,000 troy ounces

All 'assets' in the world of any and every type, are estimated at USD 300 trillion in value (4x global GDP) ...

But half of that 'wealth' is paper, 150 trillion in interest-paying debt instruments, ha! as Bill Gross estimated recently ... 40 trillion or so in stocks ... then other business equity, capital investments, other stuff, my used car ...

So be generous and say 80 trillion global real estate ... 5 billion ounces of gold ... about 16,000 in real estate per ounce in gold

Very roughly of course

Sun, 12/09/2012 - 13:56 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

That would bring Gold in at roughly 90% off. Hell of a Buy signal :)

 

Sun, 12/09/2012 - 12:42 | Link to Comment The Swedish Chef
The Swedish Chef's picture

Wrong. Real estate would be worth 5% of current valuation. 

Sun, 12/09/2012 - 13:36 | Link to Comment Carp Flounderson
Carp Flounderson's picture

If you divide the entire world's real estate by the number of used condoms in existance, each used condom would be worth $1500.  I assume you're a buyer?  You can have mine for a friend price of $100?

Sun, 12/09/2012 - 13:59 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

I am willing to buy your 100% pure Gold condoms from you as long as you don't show me a picture of what's left of your dick

Sun, 12/09/2012 - 17:29 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

Indeed, the world's central banks have done a lousy job, especially in recent years. But sooner or later, the economy will adjust and the prices of goods and services seek a more logical relationship. What will be the price of gold at that time?. You will not want to know.

Sun, 12/09/2012 - 19:01 | Link to Comment Tango in the Blight
Tango in the Blight's picture

On those shelves and on the bottom of lakes.

Sun, 12/09/2012 - 21:05 | Link to Comment Dre4dwolf
Dre4dwolf's picture

I wouldn't trade a house for 1 oz of gold, thats for sure.

It would have to be atleast 50 Oz ~ 300 Oz depending on the location of the home.

 

Gasoline should cost 1/10th oz of silver per Gal (pretty much does).

I would personally prefer silver as a currency, because its scarce enough to retain value, but no scarce that its impossible to use.

Its very easy to lose 1/10th an oz of gold (its very small), an Oz of Silver is liek 1/100 oz of Gold sorta (which would be freaking small as shit, too small to use as a practical currency for common day to day transactions).

 

The entire point of having a gold-standard is nullified if you store the gold in banks, because bankers can't be trusted, the whole point of running a bank is to be able to rob it at will by printing more receipts for gold than gold in the vaults ,  bankers bank on you not withdrawing your gold, ever , they insure you dont by making your transactions as convenient as possible, (credit cards, electronic funds transfers and IOU'S/checks.

Today's monetary system is RAPID , but its junk because in the end the money is controlled by complete morons (bankers and politicians).

If you are writing a check, its the same as writing an IOU, that promises to pay you another IOU, that promises to pay you another IOU that is not re-deemable by law.

So, really, in the end your trading defaulted debt notes, which is pretty much the most worthless piece of paper you can get.

People only take them because they are brain-washed to from birth, if people were presented with a choice, o/c they would pick the real currency, its just that the majority of the population is never presented with the choice and they are too stupid to realize they are being robbed blind ^^, which plays out in the favor of people who are in the position to capitalize on it.

Sun, 12/09/2012 - 12:22 | Link to Comment DeltaCharlie
DeltaCharlie's picture

That's a lot of gold in storage for a barbarous relic!

Sun, 12/09/2012 - 13:11 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

tradition

Sun, 12/09/2012 - 13:44 | Link to Comment new game
new game's picture

it all seems quite stupid and it is all because humans can't trusted. hey fuck face benjy. i am talking to you and about 536 other assholes that are all fucking us over as we chat.....print me some money so i don't have to toil-eh you mfer!

 

Sun, 12/09/2012 - 14:52 | Link to Comment e-recep
e-recep's picture

let's remember what roubini said on december 14, 2009 : "the barbarous relic gold is going to tank."  (gold was 1120 us$/oz back then.)

 

Sun, 12/09/2012 - 20:23 | Link to Comment Vendetta
Vendetta's picture

and they can't eat it

Sun, 12/09/2012 - 12:39 | Link to Comment Insideher Trading
Insideher Trading's picture

I will be using this approach as a pick-up line during my next foray into the bay scene.

Great ice breaker.

Sun, 12/09/2012 - 14:53 | Link to Comment knukles
knukles's picture

Leather chaps work better.

Sun, 12/09/2012 - 17:18 | Link to Comment FreeSlave
FreeSlave's picture

wat kind of video you expect to get from this russian jew (from wikipedia) professor? he is here to protect their zio-ponzi

Mon, 12/10/2012 - 00:11 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

This backed by gold thing makes no sense. Money is always backed by something. At this point our money is backed by gold at 1730 dollars an ounce. Same price as all the rest of the currencies at the time being if you trade in them.  The fluctations in currency pairs is what makes the price of gold go up or down. It's called inflation, and inflation exists because the price of things go up in prices because money supply. And in case you haven't noticed we have the lowest inflation in the world at 1.4 percent.  It is quite obvious gold is in a tremedous bubble of which no one can account for.  It's all in computer money. They are trying to crack a code. If there was no inflation we would still be buying lunch for 20 cents. Does this make any cents to you?  This is not 1932 anymore   Stop being stupid.

 

If people are good only because they fear punishment, and hope for reward, then we are a sorry lot indeed. The difference between stupidity and genius is that genius has its limits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking. Intellectuals solve problems, geniuses prevent them. God does not play dice. Technological progress is like an axe in the hands of a pathological criminal.

Sun, 12/09/2012 - 12:12 | Link to Comment falak pema
falak pema's picture

that looks like tungsten to me, with chinese paint on it.

Sun, 12/09/2012 - 12:25 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Note that they were not allowed to choose the bars at random, and did not drill into the bars...

Sun, 12/09/2012 - 14:04 | Link to Comment imaginalis
imaginalis's picture

And we he didn't see the other rooms. The ones with tumble weeds blowing around

Mon, 12/10/2012 - 08:32 | Link to Comment onthesquare
onthesquare's picture

The room looked very clean with no smell.  The wood shelves would give off an odour over time as would the paint.  Anything organic would smell. 

Egg head professors are the most naive people in the world.  Take one drinking sometime and find out how gulable they are.

Sun, 12/09/2012 - 12:26 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Maybe it's moon gold in the vault

There are even videos by these American government guys who say they landed on the moon 40+ years ago using a computer with less power than my pocket calculator

They claim it has nothing to do with the semi-secret movie studio the CIA ran for several decades in Laurel Canyon, California

A good version of the 'original NASA moon landing tape' is from the Onion - lots of coarse vulgar language, very funny

'Can you believe it? We are on the f-cking moon!'

http://www.youtube.com/watch?v=dIkHLO93lCA

Sun, 12/09/2012 - 12:58 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Riddle me this, Bank Guy:  if the moon landings were a hoax, then why didn't the Soviets win the propaganda war by exposing the fraud and humiliating the Americans?

Changing topics now.  I've read all of the NASA biographies, and one funny story relates to how NASA's budget was coming under pressure even before Apollo 11 launched.  Reportedly, Mike Collins jokingly suggested that Armstrong and Aldrin could solve the budget problems by taking a bag of gold dust down to the surface and sprinkling it on the moon rocks they brought back . . .

Sun, 12/09/2012 - 13:02 | Link to Comment cxl9
cxl9's picture

You're using reason to argue against a religious belief. Good luck with that.

Sun, 12/09/2012 - 14:33 | Link to Comment Oh regional Indian
Oh regional Indian's picture

you are both not thinking deeply enough.

Mutual back-scratch. What makes you think the Sputnik or Yuri Gagarin or Valentina Tershkova were for Real?

The hoax of the space/moon stories AS TOLD are a global, mutually assured secrecy hoax.

Where "they' really are and what has really been done is an un-known.

Question is what did Gary McKinnon find? And was the US noises to bring him in a hoax3 ???

Too much disinfor abounds to answer that question.

ori

Sun, 12/09/2012 - 16:15 | Link to Comment BLOTTO
BLOTTO's picture

NASA is an occult organization.

.

I dont neccessarily believe we landed on the surface of the moon using a Comodore64 computer either. I'm not sure a human has gone higher then a few thousand miles in space.

.

When you own both sides - to control the outcome of course...maybe 'they' had it in the plan/agenda that it would be the Americans that 'make it' to the moon and not the Soviets (for reasons unkown). And thats that.

.

Why - because fuckin Walter Cronkite said we landed on the moon on the illuminatii controlled main stream media? And we are just sitting in front of our tv in 1969 watching it like the creature from the black lagoon emerging. You dont think they could stage such an event? Look at all suspicious events since then and before...We've been getting duped for 1,000s of years.

.

The events of Titanic sinking, World Wars - 9/11 - opens the doors to the truth of ALL the big events...does that make sense? 9/11 alone makes almost every suspicious event in history to be re-looked at and dissected...getting to the actual truth of it...i understand is next to impossible.

.

Wait until that floating piece of shit in space uses its holographic technology and systems to hoodwink the masses even more...you think all it does it captures earth surface images and which way the tide is washing clams on the shore? come on man.

Mon, 12/10/2012 - 02:27 | Link to Comment Raymond Reason
Raymond Reason's picture

Compulsive liars are obliged to prove every assertion, in my book. 

Sun, 12/09/2012 - 16:28 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Riiiight . . . because there was LOTS & LOTS of mutual back-scratching going on between the Soviets and Americans in the 50's and 60's.

Re: sputnik, what makes me think it was real was that anyone with a properly tuned radio receiver heard it as it came into range, passed overhead, and then faded out.

And I'll leave it at that because cxl9 is correct.

Sun, 12/09/2012 - 16:59 | Link to Comment BLOTTO
BLOTTO's picture

Much respect - one last comment.

.

No, of course no mutual love between US and Soviets back in that time...but the global elite are the ones controlling, owning, fundinggg, leading the hostility in the direction that 'they' want as it fits in their master plan agenda...We are talking about the top teir that controls the two sides that are bickering. You are stopping at two presidents and their people arguing with each other...im on another level where TPTB are controlling them...bloodline families/bankers.

No one is aruging what we see on the Main stream media controlled surface of the cold wars and all that...the truth is burried upon layers of shit and piss and worms/crickets...not in the 2-minute mass report to the twinkie eating self absorbed not capable of independent thinking people.

...

But behind the scenes...ahhh theirs the rub!

 

Sun, 12/09/2012 - 18:30 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Point taken, Blotto.  And although some may think it's splitting hairs I wouldn't dream of arguing that there are no international puppetmasters.  (Incidentally, my sarcastic post above was in response to ORI.)  Cheers!

Sun, 12/09/2012 - 19:46 | Link to Comment Freddie
Freddie's picture

The only reason I might think NASA & space flight were real is that the Germans ran it.   We do know they launch big sh*t into the sky.  People saw it.

One reason why I think it was fake was that scum Cronkite.

Sun, 12/09/2012 - 20:00 | Link to Comment GoinFawr
GoinFawr's picture

The moon 'landings' must have been faked, this video proves it: http://www.youtube.com/watch?v=5C5_dOEyAfk

If there is no air on the moon, then birds wouldn't be able to fly on it, so there is NO WAY THEY COULD HAVE FOUND A FALCON FEATHER UP THERE!

Sun, 12/09/2012 - 20:13 | Link to Comment TrulyBelieving
TrulyBelieving's picture

That's right cxl9, when you see religion going against reason you know that religion is false.  A true religion won't go against reason. A simple way to know it's true.

 

Mon, 12/10/2012 - 02:31 | Link to Comment Raymond Reason
Raymond Reason's picture

You chose your wife by reason?

Mon, 12/10/2012 - 11:29 | Link to Comment TrulyBelieving
TrulyBelieving's picture

No, but choosing a wife doesn't go against reason.

Mon, 12/10/2012 - 00:25 | Link to Comment laboratorymike
laboratorymike's picture

I'm not so sure; even religious belief uses reason inside of it's doctrines to answer religious questions. Maybe we're talking reason vs. fanaticism?

Sun, 12/09/2012 - 18:02 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Okay, it looks like each one of those racks holds roughly 11,000 pounds of gold, worth about 300 million USD. That's the weight of two original Humvees on each rack! Man, that must be some strong-ass steel.

Did you notice they never panned the camera long enough for someone to calculate the number of racks? They'd need over 100 full racks to account for the claimed 300+ billion of stored gold.

Sun, 12/09/2012 - 20:39 | Link to Comment klockwerks
klockwerks's picture

That was my 1st impluse was, that is one very sturdy shelf.  Just asking

Sun, 12/09/2012 - 12:12 | Link to Comment booboo
booboo's picture

Gold foil wrapped Kidney Pie, its whats for dinner.

Sun, 12/09/2012 - 12:12 | Link to Comment The Bernank
The Bernank's picture

There has never been any reason to doubt the central banks' supplies of gold. We stand ready to lease increasing amounts if the price rises.

Sun, 12/09/2012 - 12:27 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Anything you say Corzine.

Sun, 12/09/2012 - 12:14 | Link to Comment Darth Silver
Darth Silver's picture

Looks too small for large Germans to get in there and inspect.

Sun, 12/09/2012 - 14:57 | Link to Comment knukles
knukles's picture

That's a fine How-Do-Ya-Do to the Krauts.
They can't even get in to see their own fucking gold but some nut-job absent minded professor with a Don King hair do gets to go in and fondle the shit. 
See, we still got troops stationed in your country, Germany, even tho there's no fucking enemy there, anymore.
Except for the Muzzie Terrorists....

 

Aarrrrrrrrggggggggaaaaaaaaaaahhhhhhhhhh!

Who the fuck thinks up this shit?

Sun, 12/09/2012 - 15:05 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

+1

They might as well have elmo go down there and tell me the BoE gold vault is where Snuffleupagus lives.

Sun, 12/09/2012 - 12:15 | Link to Comment b_thunder
b_thunder's picture

The good Professor says:  "...so much gold... that the furst reaction is that it can't possibly be real"  - his gut feeling may be correct after all!  Professor, what do you know about tungsten?

 

Sun, 12/09/2012 - 13:32 | Link to Comment Missiondweller
Missiondweller's picture

Interesting he was only allowed to touch those two bars.

Sun, 12/09/2012 - 12:16 | Link to Comment Monedas
Monedas's picture

Let the public select a few bars from all on their inventory .... immediately pull them out and saw them in half in front of the camera !  

Sun, 12/09/2012 - 17:01 | Link to Comment Urban Redneck
Urban Redneck's picture

I think they would be more concerned with checking the serial numbers to avoid a repeat of the Pisani slip-up-

Sun, 12/09/2012 - 19:58 | Link to Comment Yen Cross
Yen Cross's picture

good job. Monedas

Mon, 12/10/2012 - 02:36 | Link to Comment Raymond Reason
Raymond Reason's picture

Let's make it illegal for the govt to own gold.  Melt it down and divide it equally among the citizens. 

Sun, 12/09/2012 - 12:18 | Link to Comment Taint Boil
Taint Boil's picture

 

 

Looks legit to me.........

Sun, 12/09/2012 - 13:48 | Link to Comment Taint Boil
Taint Boil's picture

 

 

What’s more ridiculous his hair style or that they’re telling us that is real gold?

Sun, 12/09/2012 - 14:08 | Link to Comment Harbanger
Harbanger's picture

How do you know it's not a wig?

Sun, 12/09/2012 - 14:58 | Link to Comment knukles
knukles's picture

The copper antennae sewn into the curls.

Sun, 12/09/2012 - 12:20 | Link to Comment Super Broccoli
Super Broccoli's picture

what an impressive amount of tungstene there !

Sun, 12/09/2012 - 12:22 | Link to Comment rufusbird
rufusbird's picture

Well, that clears up one thing. We know where they got the idea for "Big Bird".

Sun, 12/09/2012 - 12:22 | Link to Comment Pure Evil
Pure Evil's picture

Why are they holding on to such a large supply of barbarous metal?

Ship it to me and I'll find a good use for it, maybe as ballast for my boating expedition.

Sun, 12/09/2012 - 12:23 | Link to Comment Dealer
Dealer's picture

No risk of that.

 

Sun, 12/09/2012 - 12:24 | Link to Comment Freddie
Freddie's picture

Whorealdo aka Jerry Rivers should be in there looking for Al Capone's vault.  This is so fake.  Nothing is labeled.  This is all the Bank of England aka Roth gold?  He is an idiot too.  the value of currencies can go up and down.  More like fiat paper is worthless.

Sun, 12/09/2012 - 13:20 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

this is what i was thinking too:

This is all the Bank of England aka Roth gold

in the end, it will turn out to be all hofjuden and the old monarchy gold; storage and security paid by plebs

Sun, 12/09/2012 - 12:30 | Link to Comment SoundMoney45
SoundMoney45's picture

At 9 seconds in, "it <the gold> is just sitting here, doing nothing.  But it is a bit sad, rather like a mausoleum, where the dead gold is sitting waiting, for people to remember it.  

When the gold sits in a vault as backing to an exchangable currency, it is keeping currency creation by bankers and politicians in check. When creation of an exchangable currency is not kept in check, citizens will redeem their currency for gold, and the gold will leave the vault.  

I am waiting for the BOE's gold to be used to back a currency, rather than the gold being being leased to bullion banks who then sell it to primarily Asian buyers.  

Sun, 12/09/2012 - 14:02 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

That is when it is on an official gold standard.  We are currently on a defacto gold standard.

The gold is held as a reserve on the bank's balance sheet and when their liabilities rise gold, as the only performing asset, also rises.

It is the best of both worlds for the bank:  people do not know that gold is money but it still acts as money.

Who cares if gold goes higher?  Right?  The system will still be in maintenence.

- Say the Bank Chairs

Sun, 12/09/2012 - 12:32 | Link to Comment Peter Pan
Peter Pan's picture

Imagine how much their vault would have had if their ex prime minister Gordon Brown had not sold around 300 tonnes.

Gordon Brown single handedly cost the British taxpayer 3 times more than the refusal of Iceland to pay compensation to Britain.

What would be more telling than a tour of the Fed's gold stash would be a third party valuation of their crappy balance sheet.

Sun, 12/09/2012 - 12:45 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Believe it was Jim Willie, along with others, who has said that Gordon Brown's gold sale was much worse then mere stupidity ...

It was bailing out banks and bullion dealers who had over-leased too much gold, and it was the Central Bank cartel move to supply the real gold needed at that moment, to keep the Ponzi going

Some other commenter here said BoE stands for Bail Out Everything

Sun, 12/09/2012 - 13:04 | Link to Comment TheGardener
TheGardener's picture

Wasn`t it recently reported that the Bundesbank repatriated some of its Gold from the Bank of England at the time ?

So Gordon Brown did not actually sell any Gold for real, just the German Gold was brought back into existence by that "sale"  ?

 

For the Germans to take delivery of their non existent Gold the holdings of the Bank of England had to be reduced on paper ?

 

Sun, 12/09/2012 - 22:07 | Link to Comment sumo
sumo's picture

Rothschild was allowed to get out from under its massive underwater gold short position, but it  was a condition of the deal that Rothschild exit from the LBMA gold market.

Naturally they got back in through the back door, buying a stake in Bullionvault.

Sun, 12/09/2012 - 12:59 | Link to Comment RockyRacoon
RockyRacoon's picture

"...Gordon Brown had not sold around 300 tonnes..."

You mean they just moved the sticky-notes around to other shelves.  Easy stuff.

Sun, 12/09/2012 - 12:42 | Link to Comment FeralSerf
FeralSerf's picture

Anyone want to make a guess as to how much weight is on each shelf of those racks and what the stress is, (whether the racks are overloaded)?

Sun, 12/09/2012 - 12:51 | Link to Comment Argentum Maximus
Argentum Maximus's picture

Approximately 1 tonne per shelf... at 6 shelves in height, that is ~6 tonnes per rack.  

 

Sun, 12/09/2012 - 13:07 | Link to Comment TraderTimm
TraderTimm's picture

Sure, why not. Looked at the video - they do a convenient freeze-frame when they discuss the current market value of each shelf.

Each shelf has 2 piles of 4 bars high and 9 bars across = 72 bars

Each shelf also has 2 'bookend' piles sitting in between of 4 bars high = 8 bars

This gives a total of 80 bars per shelf.

The video references briefly that there's a ton of gold on each shelf. Lets run the numbers. Assuming its a short ton, that's 32,000 ounces.

They also mention at the time the video was made, each shelf was worth ~$56,000,000 USD.

This would give a valuation of ~$700,000 per bar at 400 oz per bar, which implies a valuation per ounce of $1,750 when the video was recorded.

Sun, 12/09/2012 - 12:35 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

I'd like to see the Saudi's gold vault.............

Sun, 12/09/2012 - 12:37 | Link to Comment Peter Pan
Peter Pan's picture

I prefer to see China's.

Sun, 12/09/2012 - 12:36 | Link to Comment Insideher Trading
Insideher Trading's picture

Old white guy with an afro for the win.

Sun, 12/09/2012 - 12:39 | Link to Comment uno
uno's picture

his tie must be from the 1970's

Sun, 12/09/2012 - 12:47 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Re 'From the 1970s' ... So is the video, new voice-over to make it sound contemporary

Like the way the BBC and other sites showed pictures of dead Iraqis from years ago and said it was murdered Syrians now

Sun, 12/09/2012 - 13:29 | Link to Comment SubjectivObject
SubjectivObject's picture

He's very trustworthy ......................... looking

Granpa Smartemz!  Yeaaaaaaaaaaaaaaaa!

Sun, 12/09/2012 - 14:21 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Propaganda 101 - use people who the muppets think they are or want to be to say things that the muppets will repeat.

This is like Teeny Bobber boys listening to Justin Babers - they imagine they are him.  Same with Little Gaga - girls imagine they are her.

But when it gets weird is when adults begin to imagine themselves as other people.  Sure, for many, it is easy to try and use Brad Pitt's facial expressions, or 50 Cent's lingo, but then there are the cases of the educated pretending they are Barak Obama, Joe Biden, and this old ass Chem Prof.

There will be people who watch this video who believe this propaganda only because they too are Profs, or are old and white, or because their husband is old and white, or because they will one day be old and white......

And that is the reason for this video:  create something the muppets can believe, if not just for one more day, to keep them entrenched in the fiat system of banking.

Sun, 12/09/2012 - 15:00 | Link to Comment knukles
knukles's picture

Just when I was getting my Joe Biden imitation down...

Sun, 12/09/2012 - 15:25 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I wonder how often Biden tries to leave the WH with his underwear over the outside of his pants.

Sun, 12/09/2012 - 17:09 | Link to Comment Yen Cross
Yen Cross's picture

That was funny/

Sun, 12/09/2012 - 20:52 | Link to Comment klockwerks
klockwerks's picture

Wondering, who made the video, when was it made and why? How many people were they trying to reach with this and where will people find it. I'm so tired of stupid and I think my head is going to explode. Nothing make sense anymore, up is down, down is up and at 68 I'm to old to try to keep track of who's on first

Sun, 12/09/2012 - 20:53 | Link to Comment klockwerks
klockwerks's picture

Wondering, who made the video, when was it made and why? How many people were they trying to reach with this and where will people find it. I'm so tired of stupid and I think my head is going to explode. Nothing make sense anymore, up is down, down is up and at 68 I'm to old to try to keep track of who's on first

Sun, 12/09/2012 - 12:40 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Middle row ,a couple rows in on the cover picture I see some bars that are NOT london Good Delivery Bars.

They look like loafs of bread,(rounded tops) definately different from the tapperd front row...

???...USA coin melt perhaps...???

Sun, 12/09/2012 - 13:03 | Link to Comment RockyRacoon
RockyRacoon's picture

It's not the shape that counts. The "loafs" are acceptable shapes. It's the purity that makes the bars Good Delivery.

You'll note that the mad professor handles both types in the video... if you got that far.

Silver is the same.  I own both types of silver 100 toz bars.  Well, I did, that is.  Before the boat capsized.

Sun, 12/09/2012 - 15:07 | Link to Comment knukles
knukles's picture

Actually LBMA good delivery has set dimensional requirements....

Butcha know Rocky, it's not the cover, it's whats inside that counts :)

 

 

Sorta like the Bank's biggest shareholder, the Queen.  Outside she looks like anybody's elderly kind, compassionate grandmother, but inside she's really a Annanukian Reptilian child eating Morloch.

(I know because when I lived there I wanted to marry Princess Anne and get a free ride for life, hoping they'd shut me out of sight n a big castle up in Scotland where I could drink, drug and discharge firearms all day.  But alas....)

Sun, 12/09/2012 - 12:43 | Link to Comment PUD
PUD's picture

What stupid human folly...a giant vault full of a yellow element just sitting there doing shit.

Sun, 12/09/2012 - 13:53 | Link to Comment Eally Ucked
Eally Ucked's picture

What do you mean doing nothing? It sits there and value of it changes to show you how much your government prints (manipulation exluded).

Do you think thermometer is useless? It just hangs there and shows you temperature, what a useless device! And who needs to know temperature of something!

Sun, 12/09/2012 - 23:05 | Link to Comment Alexandre Stavisky
Alexandre Stavisky's picture

Like Gogol's Dead Souls.  Sitting there doing nothing, Mr. GOldfinger.  Except that they represent the stacked, catalogued, and largely forgotten daily exertions of millions of men who were cheated of their full, true payment of their labour.  This system of money is only to put the poured-in specialness that humankind is, toward the natural endowments of the earth, and create amazing gifts of goods and service.  That fiat cheats them of hard-won concessions to compensate their labour and that fiat also steals away, ever so slightly, their saved DOINGS, is the secret of the FORCE/FRAUD crime that mankind has endured since Able(sic)/Cain't.

But the eternal balance sheets shall ever be reconciled.  Only man's timeline makes it seem unbalanced.

Little urchin and gremlins of the world that think that whatever comes to pass in the darkness, shall not be seen nor spoken, ARE MISTAKEN.  Stealing small shrouds from the corpses at cremation, and cobbling together the small coins that it brings, is what this great silly Keynesian endeavour really is.

Playing sidegames in the courtyard of the immense and august Chessmaster swilling from his winecellar's best.  What do you suppose his reaction may be?

Mon, 12/10/2012 - 22:26 | Link to Comment Acidtest Dummy
Acidtest Dummy's picture

I have subscribed to your comments Alexandre Stavisk

Sun, 12/09/2012 - 14:26 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The yellow element is held as a reserve on the BoE's balance sheet and has likely been the only performing asset for them as they have seen their liabilities go through the roof.

Sun, 12/09/2012 - 20:11 | Link to Comment krispkritter
krispkritter's picture

What stupid human folly...a giant boat full of a yellow element just sitting on the bottom of a lake hiding my shit...

Sun, 12/09/2012 - 12:44 | Link to Comment tongue.stan
tongue.stan's picture

A quite strange episode of Doctor Who. Seems he has teleported into some sort of alien Twinky warehouse, where the creamy center has been replaced by creamy tungsten. But the good Doctor must soon rush into one of the adjoining chambers, where his hot little assistant is being tortured by monarchal banker creatures. Quite strange indeed!

Sun, 12/09/2012 - 15:08 | Link to Comment knukles
knukles's picture

Booyah!

+ Bazillion for the Dr Who reference.
Next season starts on something like the 25th, BTW....

Sun, 12/09/2012 - 12:44 | Link to Comment rufusbird
rufusbird's picture

he inadvertantly makes a good case for putting it into coinage and circulation...

Sun, 12/09/2012 - 12:45 | Link to Comment Payne
Payne's picture

The storage room makes on sense.  This looks like a room where they are constantly showing the public or they are delivering bars for different customers.  Most of the space in the room is wasted and the shelving does not look strong enough to hold tons and tons of weight over time.  Display case style for pictures, videos etc.

Sun, 12/09/2012 - 12:47 | Link to Comment PMakoi
PMakoi's picture

I thought it interesting that he stammered a moment when he said "buy and... (pause) trade gold"!  He almost said "sell".

Sun, 12/09/2012 - 12:55 | Link to Comment mark mchugh
mark mchugh's picture

Here's a fun fact on Fort Knox's gold based on three very big assumptions.

  1. The 147.2 million troy ounces are actually there.
  2. They're .999 pure gold (in other words, tungsten-free)
  3. The US government is the rightful owner of the gold.

At $1700/oz., "All the gold in Fort Knox,"  would float the US government's deficit for about 10 weeks.

Sun, 12/09/2012 - 13:07 | Link to Comment spentCartridge
spentCartridge's picture

It must be 'worth' just a touch more then?

Sun, 12/09/2012 - 13:08 | Link to Comment mark mchugh
mark mchugh's picture

That's the conclusion I keep coming to.

Sun, 12/09/2012 - 13:57 | Link to Comment new game
new game's picture

or what is being valued comes down, (and that may not be value)...

Sun, 12/09/2012 - 16:54 | Link to Comment unununium
unununium's picture

What is being (over) valued is called the US dollar.

Sun, 12/09/2012 - 17:22 | Link to Comment DavosSherman
DavosSherman's picture

Paging ilene's Dr. Price, drill baby drill.  Go find that tungston Team FDA.

Sun, 12/09/2012 - 13:00 | Link to Comment A Lunatic
A Lunatic's picture

I care not who stores the gold, but who counts it................

Sun, 12/09/2012 - 13:02 | Link to Comment DavosSherman
DavosSherman's picture

Wonder how much of that shit is leased?

Sun, 12/09/2012 - 14:33 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Funny, I was wondering how much of that shit isn't leased.

Sun, 12/09/2012 - 17:20 | Link to Comment DavosSherman
DavosSherman's picture

+1 and I worded it so it could be taken both ways...  Shit's leased from others and same shit is leased to others.

Sun, 12/09/2012 - 17:29 | Link to Comment Body of Lies
Body of Lies's picture

Or how many different owners lay claim to each bar ... GLD (Gladly Leased Deposit)

Sun, 12/09/2012 - 13:02 | Link to Comment Dr. Gonzo
Dr. Gonzo's picture

That's it? We're talking about the famous Bank of England? Under 2 billion British pounds worth of gold! Big deal. Heck. I feel good about myself now.  I'm going to pat myself on the back for the stack I've been working on and I only had 10 years to aquire it by honest means. You guys had centuries and you probably stole most of it and that's all you have? I'm not very impressed. That value of that gold couldn't even fund the U.S. defecit for 4 months. 

Sun, 12/09/2012 - 13:02 | Link to Comment Snoopy the Economist
Snoopy the Economist's picture

Now if he randomly selected 100 bars and drilled into them showing they are solid gold then I would be impressed. Until then...not so much.

Sun, 12/09/2012 - 13:03 | Link to Comment giovanni_f
giovanni_f's picture

I wonder how desperate they must be in order to resort to such stupid visual propaganda. One shelf holds one ton of gold. How many shelves were to be seen? Although impressive from a small retail gold hoarders perspective my guess is that we are dealing only with some hundreds of tons of gold here. Whose gold is it? The Chinese would happily purchase the entire lot  - if it was for sale. Which it isn't. The tungsten issue is irrelevant. Even if all the gold in this propaganda clip was real gold, is still is a miniscule amount by any relevant macro-economic measure such as the debt of the US, e.g.).

Sun, 12/09/2012 - 14:38 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think the relevent part is that if the gold had proper value compared to the debt issued by all Treasuries the gold would be worth a lot more.

And the tungsten issue is very relevent.  Imagine someone trying to pay you for your house with 200,000 MXN pesos.

Sun, 12/09/2012 - 13:04 | Link to Comment magpie
magpie's picture

How about a before and after Carney

Sun, 12/09/2012 - 15:11 | Link to Comment knukles
knukles's picture

Indeed, t'is all a circus and we just clowns in the car

Sun, 12/09/2012 - 19:39 | Link to Comment Ginsengbull
Ginsengbull's picture

China can fit more clowns in the same sized car.

Sun, 12/09/2012 - 13:04 | Link to Comment RobotTrader
RobotTrader's picture

Imagine what would happen of the Plutocrats in Brussells and London decided to unload a complete shelf tower at 8:30am each Monday morning at market before the COMEX opened.

One horrific gap down in GLD and GDX after another for weeks.

Just sayin'...........

Sun, 12/09/2012 - 13:09 | Link to Comment Seasmoke
Seasmoke's picture

Have we met somewhere before ? You look familiar.

Sun, 12/09/2012 - 21:48 | Link to Comment smiler03
smiler03's picture

Tyler revived him, he must be bored. trav7777 profile is back as well.

Mon, 12/10/2012 - 09:28 | Link to Comment trav777
trav777's picture

nah, I tried to log into that one and it comes up red.  For some reason, this original one works, but it has 3 7s

Sun, 12/09/2012 - 13:41 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Haha....where ya been dude?

Sun, 12/09/2012 - 14:40 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Lol, that would never happen.

Sun, 12/09/2012 - 14:56 | Link to Comment Dr. Gonzo
Dr. Gonzo's picture

Plutocrats don't risk their real gold for those opperations. They use their mountains paper gold. 

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