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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uno's picture

his tie must be from the 1970's

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

SubjectivObject's picture

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

Granpa Smartemz!  Yeaaaaaaaaaaaaaaaa!

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.

knukles's picture

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

Mr Lennon Hendrix's picture

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

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

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

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...???

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.

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....)

PUD's picture

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

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!

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?

Acidtest Dummy's picture

I have subscribed to your comments Alexandre Stavisk

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.

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...

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!

knukles's picture

Booyah!

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

rufusbird's picture

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

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.

PMakoi's picture

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

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.

spentCartridge's picture

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

mark mchugh's picture

That's the conclusion I keep coming to.

new game's picture

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

unununium's picture

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

DavosSherman's picture

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

A Lunatic's picture

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

DavosSherman's picture

Wonder how much of that shit is leased?

Mr Lennon Hendrix's picture

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

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.

Body of Lies's picture

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

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. 

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.

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.).

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.

magpie's picture

How about a before and after Carney

knukles's picture

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

Ginsengbull's picture

China can fit more clowns in the same sized car.

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'...........

Seasmoke's picture

Have we met somewhere before ? You look familiar.

smiler03's picture

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

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

Bay of Pigs's picture

Haha....where ya been dude?

Dr. Gonzo's picture

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