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The Queen Of England Asks Economists – ‘Why Did Nobody Notice?’

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From Goldcore Gold Bullion

The Queen Of England Asks Economists – ‘Why Did Nobody Notice?’

Today’s AM fix was USD 1,696.50, EUR 1,297.32 and GBP 1,051.38 per ounce. 
Yesterday’s AM fix was USD 1,694.75, EUR 1,299.16 and GBP 1,051.46 per ounce.

Silver is trading at $32.58/oz, €24.99/oz and £20.29/oz. Platinum is trading at $1,621.50/oz, palladium at $697.00/oz and rhodium at $1,060/oz.

Gold was up $1.30 or 0.08% in New York yesterday and closed at $1,711.30/oz. Silver slumped to a low of $32.21 and ended with a loss of 2.6%.

Gold was not able to break $1,700/oz on Friday and prices are on course for their 3rd consecutive weekly fall, as investors focus on the looming fiscal cliff talks where little progress has been made.

Like an old western movie, with wind and dust blowing around, Obama and Boehner are holding out waiting to see who will “draw” or concede to the other’s plan to avert the fiscal cliff. Last Sunday, they exchanged counteroffers to their original campaigns.  Yesterday evening just an hour after U.N. ambassador, Susan Rice, (not a Republican favourite) removed her name as a candidate for Secretary of State, the U.S. President and Speaker of the House met for an hour and still agree to disagree. 

U.S. industrial output figures for November are published at 1415 GMT.

There is a decrease of liquidity in the gold bullion market with many institutional players taking profits, closing out positions for year end, and heading off for the Holidays all contribute to a lack of momentum in the market.

Spot silver hit a one month low in the prior session of $32.21. This is also its third weekly fall, and its longest period of weekly drops in 7 months.

Queen Elizabeth II and Prince Phillip visited the Bank of England’s gold vault and wonders like most people how the things got so bad.  

Back in 2008, when the monarch visited the London School of Economics she described the credit crunch as ‘awful.’ .  Fast forward to 2012, the heart of Europe’s  4 year-old debt crisis while the Queen of England hears a financial expert compare the debt crisis to a flu epidemic or an earthquake, as hard to predict. This comparison is truly patronizing and an insult to the Queen’s intelligence.

Although I am not English have some respect for your elders, especially your Queen, Britons!  Pensioners in England can recall hard times during the World War when items like sugar were a luxury.  In this new era of credit you have people complaining if they can’t borrow to have their new BMW financed to match their Cotswold’s country house or Spanish holiday home.

The Queen was informed that since financial risk has been managed better (need we mention Libor?) than it was in the past, people became complacent.  She smiled and said, ‘But people had got a bit...lax, had they?’ 

Her Royal Highness also suggested that the Financial Services Authority may not have been hard-line enough in its policing. She said: ‘The Financial Services – what do they call themselves, the regulators – Authority, which was really quite new … it didn’t have any teeth.’

It’s rather ironic that the tour showed the gold vault since a good portion of the UK gold reserves were sold off from 1999-2002, when gold prices were at their lowest in 20 years.  Hopefully so called financial experts can learn from the Queen as quantitative easing and money printing only debases currencies and strengthens gold which is not controlled by sovereign monarchies or governments.

Yesterday, Dr. Constantin Gurdgiev, a former non-executive member of GoldCore’s investment committee wrote “Some thoughts on gold’’ on his blogspot at True Economics.com in reference to an the Irish TV program Prime Time’s presentation on the yellow metal.

Prime Time’s program covering gold is undoubtedly one of the rare occurrences that this asset class got some hearing in the Irish mainstream media. Which is the good news.

Not to dispute the issues as raised in the program, here are some of my own thoughts on the question of whether or not gold prices today represent a bubble.

A simple answer to this question, in my opinion, is that we do not know.

Short-term and even medium-term pricing of gold (in any currency) is driven by a number of factors (fundamentals), all of which are hard to capture, model and value.

For example, currency valuations forward suggest that gold is unlikely to experience a sharp and protracted correction in the US dollar terms, if you believe the Fed QE4 is likely to persist over time. In euro terms, potential for devaluation of the euro implies pressure to the upside to the gold price. Yen price is also likely to play longer-term continued devaluation scenario. Things are less certain when it comes to Pound Sterling price… and so on. Here's just one discussion on one of the above effects:  Soberlook.com

Another example: drivers for prices on demand side that include rather volatile regulatory conditions in the major gold demand growth markets, such as China and India.

In short, things are much more brutally complex than the PrimeTime programme allowed for.

The reason for this complexity is that gold acts simultaneously (as an asset) in several structural ways:

1) as a simple bi-lateral long term hedge for inflation, equities and currency valuations

2) as a medium term (albeit not entirely persistent) hedge for some asset classes (e.g. equities)

3) as a short term speculative instrument to some investors

4) as a backing for numerous and large volume ETFs

5) as a benchmark backing for numerous and relatively large volume synthetic ETFs

6) as a store of value

7) as a risk management tool for complex structured portfolios

8) as a bilateral safe haven against equities and bonds, political and economic risks, systemic financial markets risks, etc.

These relationships can be unstable over time, can require long time horizon for materialization and are 'paid for' by assuming higher short term volatility in the price of gold. That's right - while PrimeTime contributors spoke about gold price 'correcting' or 'bubble bursting' none seemed to be aware of the fact that if you want to get something you want (hedging and safe have properties being desirable to investors), you should be prepared to pay for it (price volatility seems to be a good candidate for such cost of purchase).

No matter what happens in the short- to medium- term, gold is likely to remain the sole vehicle for the store of value and risk hedging over the long-term. It did so over the last 5,000 years or so and it will most likely continue doing so in years ahead. This property of gold is well established in the literature and is hardly controversial.

There is one caveat to it - due to instrumentation via ETFs, there are some early (and for now econometrically fragile) signs emerging that some of gold's hedging properties might be changing. More research on this is needed, however and only time will tell, so in line with PrimeTime, let's stay on the RTE side of Complexity Avoidance Bias on that one.

There is an excellent summary on what we know and what we don't know about gold by Brian M. Lucey, Trinity College Dublin Professor.  Available here

Last year I gave a presentation at the Science Gallery on some properties of gold: Read here

Not to make this post a lengthy one, let me summarize my own view of gold as an asset class:

In my view, gold can be a long-term asset protection from the risk of expropriation, inflation, devaluations, and tail risks on political and economic newsflow side etc.

To me, gold is not a speculative (capital gains) instrument for the short-term and it should not be acquired in a concentrated fashion - buying in one go large allocations. Gold should be bought over longer period to allow for price-averaging to reduce exposure to gold price volatility.

Gold allocation should be relatively stable as a proportion of invested wealth - different rules apply, but 5-10% is a reasonable one in my view.

Of course, any investment portfolio (with or without gold) should strive to deliver maximum diversification across asset classes, assets geographies etc.

Disclosure: I have no financial interest in or any commercial engagement with any organization engaged in selling gold. Until December 1, 2012 I used to be a non-executive member of the investment committee of GoldCore Ltd and was never engaged on their behalf in any marketing or provision of advice to any of their current or potential clients.

Dr. Constantin Gurdgiev’s Bio and Blogs

NEWS

Gold heads for 3rd straight weekly drop; US eyed- Reuters

Japanese business confidence slumps – The Financial Times

Queen gives Bank chiefs a ticking orf over the crash as she visits vaults – The Daily Mail

Queen and Duke of Edinburgh visit gold vault at Bank of England – The Telegraph

COMMENTARY

Mark Faber on the End of Modern Capitalism Including Comments on Gold & Silver – Zero Hedge

China Playing a Major Role in Global Silver Market – Silver Seek

France maintains top AAA credit rating from Fitch - BBC

For breaking news and commentary on financial markets and gold, follow us on Twitter.

 

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Fri, 12/14/2012 - 08:55 | 3062183 GetZeeGold
GetZeeGold's picture

 

 

Cheese it amigos.....it's the Queen.

 

 

Fri, 12/14/2012 - 08:57 | 3062190 Ghordius
Ghordius's picture

God save the Queen. I'd say she is making a strong hint

Fri, 12/14/2012 - 09:01 | 3062205 The Abstraction...
The Abstraction of Justice's picture

Just a hint? Too little, too late. The royal family do not deserve the throne.

Fri, 12/14/2012 - 09:06 | 3062216 Ghordius
Ghordius's picture

What is the old girl supposed to do? Unleash her reserve powers? She would need some popular support for that...

Fri, 12/14/2012 - 09:13 | 3062236 magpie
magpie's picture

We are entering a time machine...the UK without its own central bank or run by foreign ones.

Fri, 12/14/2012 - 09:23 | 3062253 Harlequin001
Harlequin001's picture

' ‘The Financial Services – what do they call themselves, the regulators – Authority, which was really quite new … it didn’t have any teeth.’

It has plenty of teeth. Just try bucking the status quo and you'll find out just how sharp it's teeth are...

Like every regulator it exists only to preserve the flow of funds into government bonds or stock markets. Just try punting something that doesn't and see how far you get...

Fri, 12/14/2012 - 09:51 | 3062328 Dalago
Dalago's picture

Dearest Queen,

 

Ask the Rothchilds of England.

 

Warmest Regards.

Fri, 12/14/2012 - 10:09 | 3062388 Pseudo Anonym
Pseudo Anonym's picture

she's just making sure her own, unlike everybody else's, gold was not stolen by the hofjuden.  i call that being prudent.  other than that, she couldnt give a fuck

Fri, 12/14/2012 - 10:15 | 3062411 overmedicatedun...
overmedicatedundersexed's picture

most likely she is seeing what size vault to build to hold her AU, as like many she sees it at risk of being corzined.

Fri, 12/14/2012 - 11:17 | 3062602 TruthInSunshine
TruthInSunshine's picture

Fuckin' old hag. That bitch owns more real estate than anyone, and she didn't work for it.

The "Royal Family" =  Sponsored/encouraged wunderlust to allow debt slave Brits to fantasize about Unicorns and Prince Charming, much like little girls have princess dress up tea parties. Modern day bread & circus.

This message was Johnny Rotten approved.

God save the queen
The fascist regime
They made you a moron
Potential H-bomb


God save the queen
She ain't no human being
There is no future
In England's dreaming


Don't be told what you want
Don't be told what you need
There's no future, no future,
No future for you

Sex Pistols - God Save the Queen
Fri, 12/14/2012 - 11:09 | 3062592 john39
john39's picture

she is hofjuden...  the house of windsor claims that it descended from the "king david"... look it up.

Fri, 12/14/2012 - 11:39 | 3062727 Pseudo Anonym
Pseudo Anonym's picture

the queen is not hofjuden by definition

it think you're confusing (and lumping together) jew w/ hofjuden as court bankers:

http://en.wikipedia.org/wiki/Court_Jew

Fri, 12/14/2012 - 11:58 | 3062782 john39
john39's picture

perhaps technically correct... but the point i tried to raise is that the so called royal families all trace the lineage back 'hebrew' roots.... including the widsors, the spanish royal family etc....  (not to mention most U.S. presidents who are related to the windsors)....   court bankers is a bit of misdirection...  they were also the court itself, carefully concealed from the ignorant masses.

Fri, 12/14/2012 - 12:08 | 3062807 Pseudo Anonym
Pseudo Anonym's picture

never disputed:

they [hofjuden] were also the court itself, carefully concealed from the ignorant masses.

in times of renaissance, the royals were the front, later beheaded by the ignorant masses, while the hofjuden were enriching themselves by stealing from the public purse, just like today, and ran the show from behind the scenes (just like today) via the 'invisible' hand principle.

Fri, 12/14/2012 - 12:16 | 3062832 Thisson
Thisson's picture

You're both fucking ignorant bigots arguing over which flavor of ignorance tastes better, so go fuck yourselves.

Fri, 12/14/2012 - 12:40 | 3062912 Pseudo Anonym
Pseudo Anonym's picture

i understand.  the truth and reality of the hofjuden kleptocratic psychopathy is just too uncomfortable for you. i'll come and tuck you in after i burp you so you can sleep better.  good night, dont let the bed bugs bite you.

Fri, 12/14/2012 - 09:23 | 3062256 NoDebt
NoDebt's picture

What's the Queen SUPPOSED to do??  Try this on for size.....

How about the 'ol girl whips out her Makita and drills a few "test holes" in some of those bars.  Then she looks STRAIGHT into the camera and says "Now tell those crazies on Zero Hedge to STFU!!"

Fri, 12/14/2012 - 09:24 | 3062259 Harlequin001
Harlequin001's picture

Yeah, that'll look real good with a shit load of tungsten round her feet...

Fri, 12/14/2012 - 11:50 | 3062759 old naughty
old naughty's picture

Oh, Diana, why did you choose such an in-law?

Fri, 12/14/2012 - 10:03 | 3062351 SilverDOG
SilverDOG's picture

The Abstraction...,

 

Precisely.

Who is foolish or multi-generational trained enough to respect that old raping and pillaging financial whore. I have more respect for the drug dealer on the corner. Not, a guarded old hag responsible for millions of deaths. Rid the planet of the inbred, bank sucking retards. 

Can anyone remotely utilize their hindsight... without bending over to check their ass?

Down with the Queen whore.

Fri, 12/14/2012 - 10:37 | 3062492 CPL
CPL's picture

The Royals do not deserve a fart in a sack.

But like anyone else that has trusted these fools with their money she has just as much a right to know.

 

This will not turn out how people thought it will, not by a long shot.

Fri, 12/14/2012 - 09:15 | 3062240 Acet
Acet's picture

It's not the first time she makes some comments on the Economic situation in the UK, the involvement of banks in the current mess and regulatory failures.

Given the English subtlety, avoidance of giving offence and tendency to tip-toe around a subject rather than straight talk - the Queen being a master practitioner of the art - the Queen's comments about this have been surprisingly strong and critical.

 

Fri, 12/14/2012 - 09:31 | 3062276 williambanzai7
williambanzai7's picture

GOLDFINGER 2012 (FINAL)

Fri, 12/14/2012 - 09:39 | 3062292 Harlequin001
Harlequin001's picture

Of course, it's not just any Queen. It's THE Queen...

Fri, 12/14/2012 - 09:50 | 3062325 Downtoolong
Downtoolong's picture

 

Queen: Do you expect the muppets to believe you?

Goldfinger: No Your Majesty, I expect them to die.  

 

Fri, 12/14/2012 - 10:50 | 3062538 lmm166
lmm166's picture

75 years and those Germans are still nippen' @ my royal ankles.

Fri, 12/14/2012 - 11:54 | 3062770 TheGardener
TheGardener's picture

Queen : So we will buy the Empire back for Pence on the Pound if I claim German citizenship because of my forefathers ?

 

Gerd Fröbe :  My apologies her Majesty, this is a paid for commercial and those chocolate bars will be sold by Christmas !

Fri, 12/14/2012 - 15:52 | 3063899 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

Awesome!  

 

would be nice to have a hidden, smiling, Corzine in there, vaporizing the shit

Fri, 12/14/2012 - 12:22 | 3062853 Bansters-in-my-...
Bansters-in-my- feces's picture

Gordius.... Did you mean "Gold save the Queen"..?

Fri, 12/14/2012 - 10:29 | 3062462 Tommy Gunner
Tommy Gunner's picture

God save the queen - fascist regime.

Fuck off Liz - I saw the collapse coming about 8 months before Lehman and was busy dumping every bit of cash I could lay my hands on into gold.

And instead of reading Hello - try reading the Big Short.  Lots of people saw this coming.

And guess what you dumb bitch - a worse crash is on the way.

And you'll be asking the same dumb questions again. 

That's what you get when you are your mother and father are brother and sister

Fri, 12/14/2012 - 08:56 | 3062188 EscapeKey
EscapeKey's picture

Why would they? They made out like bandits out of taxpayer funded bailouts.

As for the regulators - the BoE now "regulates" the banks - talk about the fox guarding the henhouse.

Fri, 12/14/2012 - 08:59 | 3062195 Ghordius
Ghordius's picture

"For example, currency valuations forward suggest that gold is unlikely to experience a sharp and protracted correction in the US dollar terms, if you believe the Fed QE4 is likely to persist over time. In euro terms, potential for devaluation of the euro implies pressure to the upside to the gold price."

Am I the only one that finds those two sentences a bit strange?

Fri, 12/14/2012 - 12:22 | 3062854 TheGardener
TheGardener's picture

That whole article is a bit strange.  Explaining Gold in currency terms get`s you off track easily, but this particular sentence makes sense for those who looked for arbitrage opportunities in the Gold/Dollar Gold/Euro

USD/EUR crosses : there were none ! So Gold is traded in Dollars but appreciates in Euros , no big deal , the Euro has a long way to fall to his "Peseta" or "Drachma" implied value or purchasing power, ultra low

wage Germany excluded. Same could be said about the American Peso, buys you nothing but shit compared to other big bloc consumption vouchers, or whatever they call their currencies.

 

Recommending 5-10% Gold makes those folks almost moronic, I`d prefer to recommend 115% so you get used to manage and settle your debts for real and in real money.

Fri, 12/14/2012 - 09:01 | 3062199 PUD
PUD's picture

Money as debt. The very fundamental nature of credit money is the root cause of everything. This is a fact which is totally absent from the thinking of everyone. All money is debt. Debt carries interest. Interest requires more debt money creation...it compounds...it goes exponential at some point of saturation. This is why things are as they are. Every other discussion from MMT to gold is a sidebar.

Fri, 12/14/2012 - 09:04 | 3062201 NoDebt
NoDebt's picture

Has anyone noticed all the pictures of gold bullion vaults sent to the media lately?

"Yes, we actually have the gold!  We swear!  We're running 3 tours a day through the place!  Come see for yourself!  We're not lying about this!  Here's a picture of the Queen inspecting it personally!  What more do you want from us?  Can you not see how strong and stable we are?  Now everyone please start having confidence again!"

 

Fri, 12/14/2012 - 09:07 | 3062218 HD
HD's picture

 Let me drill into a few random bars....I'm in the mood for chocolate.

Fri, 12/14/2012 - 09:30 | 3062272 Bicycle Repairman
Bicycle Repairman's picture

I'd want to publish the numbers of a gold bar or two and find out how many people "own" it.

Fri, 12/14/2012 - 12:23 | 3062862 FeralSerf
FeralSerf's picture

Only one person, "Lord" Rothschild, actually owns them -- the real solid gold ones, that is. There may be others that think they have an interest in them though.

Fri, 12/14/2012 - 20:43 | 3065186 Bicycle Repairman
Bicycle Repairman's picture

The others are silly, aren't they?

Fri, 12/14/2012 - 09:19 | 3062249 insanelysane
insanelysane's picture

I didn't do too well in strengths of materials class in college but methinks those bars of gold must be gold plated aluminum because those steel racks don't seem strong enough to hold that much gold/tungsten.

Fri, 12/14/2012 - 11:00 | 3062560 Going Loco
Going Loco's picture

We went through all that on a previous thread. The racks are correct for the weight they are bearing.

Doesn't prove it's not Tungsten though.

Fri, 12/14/2012 - 11:08 | 3062585 earnulf
earnulf's picture

We may have gone through that on an earlier post, however it still does't change the fact that each shelf is holding 5,000 pounds (English weight) of 400 oz bars.    Some of those shelves are five deep, meaning that they are supporting 25,000 pounds of weight per shelf.  (80 bars per shelf, 400 troy oz each is about 2200 kg per shelf)

Fri, 12/14/2012 - 11:08 | 3062586 earnulf
earnulf's picture

double post

 

Fri, 12/14/2012 - 09:19 | 3062250 Wakanda
Wakanda's picture

The propaganda machine is in high gear.  The internet is destroying it.

The Second American Revolution, through the cables to a computer near you.

Fri, 12/14/2012 - 12:38 | 3062922 TheGardener
TheGardener's picture

So whoever fails to see and accept those huge useless amounts of Gold in those vaults shall henceforth be called a Gold-doubter and be punished as such.

 

Questioning, "relativating" or discussing Gold in groups more than three should be treated as such felony.

/sarc off

 

 

 

 

Fri, 12/14/2012 - 12:48 | 3062952 FeralSerf
FeralSerf's picture

"Here's a picture of the Queen inspecting it personally!"

"The lady doth protest too much, methinks." -- Hamlet

Fri, 12/14/2012 - 09:02 | 3062208 q99x2
q99x2's picture

Keep that Queenie's dirty little hands away from the gold. I do not trust her. Queens are easier to replace than gold these days. The worthiness of her hiniest has been debased.

Fri, 12/14/2012 - 09:09 | 3062225 magpie
magpie's picture

Hard to call, House of Goldman vs House of Windsor, though a monarchs personal credit and real estate ownership often trumps the financiers in the most inopportune moments.

Fri, 12/14/2012 - 09:22 | 3062255 Acet
Acet's picture

She has no power.

Wether or not she personally benefited from the exuberance of the last couple of decades is open to discussion, but it's hard to point out anything she has done to make this come about or anything that she could have done to avoid it.

On the upside, at least she has managed to maintain a very high level of Respect from her subjects, so she has quite a lot of Moral Power. Wether she will deploy it or not when, in the UK the fecal mater finally makes contact with the rotary impeller, is unclear.

 

Fri, 12/14/2012 - 09:32 | 3062268 magpie
magpie's picture

Ah well, with the EU extending its tentacles its back to the good medieval times with Italian bankers and the Hanseatic League managing their puppet rulers on the island.

Fri, 12/14/2012 - 09:31 | 3062278 reload
reload's picture

"Wether she will deploy it or not when, in the UK the fecal mater finally makes contact with the rotary impeller, is unclear".

Not in public She wont, she is no fool, unlike some/most of her children.

Fri, 12/14/2012 - 10:50 | 3062534 Tuco Benedicto ...
Fri, 12/14/2012 - 12:41 | 3062934 TheGardener
TheGardener's picture

Her Majesties moral power lent to tall Gold reserve claims. Desperate ?

Fri, 12/14/2012 - 13:24 | 3063073 Sandmann
Sandmann's picture

The official role of the Remembrancer is to "maintain and enhance the City's status and ensure that its established rights are safeguarded"[13][19] which is interpreted by Shaxson, Monbiot, Occupy London[4], as safeguarding the rights and status of the Corporation's voters who, they believe, are overwhelmingly banks and large corporations - though as noted above, voters are predominantly employees and partners of businesses, not the businesses themselves, and the franchise favours smaller businesses over large. Shaxson calls the Remembrancer the City's "official lobbyist in parliament"; the Remembrancer is privileged to sit opposite the Speaker in the House of Commons.[13]

Fri, 12/14/2012 - 13:22 | 3063070 Sandmann
Sandmann's picture

Joker !

http://www.guardian.co.uk/uk/2012/nov/30/city-of-london-corporation-reform

There is no surviving record of a charter first establishing the corporation as a legal body, but the city is regarded as incorporated by prescription, meaning that the law presumes it to have been incorporated because it has for so long been regarded as such even in the absence of written documentation.[3] The corporation's first recorded royal charter dates from around 1067, when William the Conqueror granted the citizens of London a charter confirming the rights and privileges that they had enjoyed since the time of Edward the Confessor. Numerous subsequent royal charters over the centuries confirmed and extended the citizens' rights.[4]

Around 1189, the city gained the right to have its own mayor, eventually coming to be known as the Lord Mayor of London. Over time, the Court of Aldermen sought increasing help from the city's commoners and this was eventually recognised with commoners being represented by the Court of Common Council, known by that name since at least as far back as 1376.[5]  ....

Fri, 12/14/2012 - 09:03 | 3062209 Sandmann
Sandmann's picture

http://www.freerepublic.com/focus/f-news/1913243/posts

This is how the USA does business ! Don't hold your breath that your votes have any relevance !  Vive la Republique !

Fri, 12/14/2012 - 09:11 | 3062230 Ghordius
Ghordius's picture

+1 for remembering

if you skew your political system in favour of anonymous oligarchs (hint: SuperPACs) then you don't have to be astonished if some of them are foreign

the ancient Romans knew that you can't exclude the oligarchs from the political process, and so they put them front-and-center to better watch them: in the Senate

very pragmatic, imho

Fri, 12/14/2012 - 09:07 | 3062219 slackrabbit
slackrabbit's picture

I too noticed the Queens visit to the same gold vaults.....This whole BoE ‘gold vault’ thing is beginning to reek of one word…Panic!

Fri, 12/14/2012 - 09:11 | 3062226 Banksters
Banksters's picture

Fuck the 'queen', her brood, and the shit eating press that refuse to skewer the concept of royalty at every turn.  

 

 

 

 

 

Fri, 12/14/2012 - 10:40 | 3062502 otto skorzeny
otto skorzeny's picture

it is disgusting how the US MSM slobbers all over these entitled fuckers-if it's so great they should all go move over there- maybe to the North End of London where the muslims want to set up Sharia Law. maybe the mullahs could snip off Matt Lauer's clit

Fri, 12/14/2012 - 09:11 | 3062228 Super Broccoli
Super Broccoli's picture

noone actually knows what the real price is for gold since most of the market is driven by paper-gold which has no value !

Fri, 12/14/2012 - 12:54 | 3062984 TheGardener
TheGardener's picture

For sellers the paper Gold price is also the real street price. By official testimony there are "hundreds of times the underlying physical" trading in those illiquid markets for paper Gold.

Liquid they become on delivery, which seldom happens.

Fri, 12/14/2012 - 09:13 | 3062232 rsnoble
rsnoble's picture

The old bitch has realized the end is near and just wanted to see how much gold she has and im sure she consideres every ounce of it hers.

Fri, 12/14/2012 - 09:17 | 3062233 Mad Mohel
Mad Mohel's picture

It's a shame all that stolen gold from the days of empire, gone. Boo hoo they sold at the bottom. It was all stolen, so it was pure profit baby.

And another thing, you imagine the level of manipulation those pricks would exhibit if they had not sold all that gold. Right after they sold, price went up, hmmmmmm? Limey bastards.

Fri, 12/14/2012 - 09:15 | 3062238 Wakanda
Wakanda's picture

Her hat is faaabulous.

Fri, 12/14/2012 - 12:51 | 3062969 FeralSerf
FeralSerf's picture

All hat, no cattle.

Fri, 12/14/2012 - 09:15 | 3062241 dogbreath
dogbreath's picture

Thats some tough shelving

Fri, 12/14/2012 - 09:16 | 3062242 Zen Bernanke
Zen Bernanke's picture

Don't kid yourself.  The all definitely noticed and knew what they were doing would present a problem under certain circumstances.  These guys aren't that stupid.   But at some point, likely when you're having that high level risk management operations meeting with the CEO, CFO, CRO, and the board, you all weigh the pros and the cons and conclude that the money is too good, plus if the shit hits the fan, your gov't would bail you out anyway.  Done and done!

Fri, 12/14/2012 - 09:19 | 3062247 amanfromMars
amanfromMars's picture

Have y'all noticed this, and is it why there is expanding and deepening chaos and conflict?

Posted Friday 14th December 2012 12:25 GMT amanfromMars 1 …. on http://forums.theregister.co.uk/forum/1/2012/12/14/uk_anon_investigation/

PC Plod is as PC Plod does ...... and he just takes and follows orders and is a puppet to muppets?

The elephant in the room which makes a mockery of justice and fools of law officers ...... and extraordinarily renders politicians as knowing accessories to fraud and crime and unfit for good governance purpose, ......  http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9743839/...?

Is that collusion or a conspiracy?

Oh, and just in case you might not know, "PC Plod" is a euphemism for a policeman.

 

Fri, 12/14/2012 - 09:30 | 3062254 Mercury
Mercury's picture

Bring back constitutional monarchy.

At this point it would be a step up from the extra-constitutional, protection racket system we've now devolved into.

Fri, 12/14/2012 - 09:24 | 3062260 youngman
youngman's picture

I tought the shelving was kind of cheap..and the stacking was like they just threw the bars on top of each other...some are upside down?????...when I have seen someone handle  these bars they have white gloves and use two hands...very carefully...you would think the stacks would be perfect.....straight...perfect.....

Now all the shows/ photos  of people wanting to see their gold......hmmmmm..it means we are not the only ones that are concerned....I still think when countries start taking their gold home....then it will get interesting....

Fri, 12/14/2012 - 12:33 | 3062895 FeralSerf
FeralSerf's picture

Like we used to say when we saw the chrome plated valve covers:  "all show but no go."

 

". . . a poor player
That struts and frets his hour upon the stage
And then is heard no more. It is a tale
Told by an idiot, full of sound and fury
 Signifying nothing." — Macbeth

Fri, 12/14/2012 - 09:27 | 3062266 adonisdemilo
adonisdemilo's picture

All she had to do was pick up a bar, any bar, demand to see the paper trail and make sure there were n minus 1 vacant places in the tower of London. The 1 minus is reserved for Gordon Brown.

Fri, 12/14/2012 - 09:34 | 3062285 reload
reload's picture

No need to save a cell for Gordon.

Put his head on a spike outside the pallace already.

Fri, 12/14/2012 - 13:11 | 3063032 TheGardener
TheGardener's picture

Imagine the IRS walking into your vault. No receipts, no computerized warehouse system they could walk out with a copy of the database, no electronic tracking system of bars held on behalf on others,

not to mention leased out or sold forward Gold to frontrun the mayan calendar. CONFISCATION !!! Outright, and never to be seen again by the rightful owners.

Fri, 12/14/2012 - 09:30 | 3062270 tradewithdave
tradewithdave's picture

My pattern recognition may be getting a bit rusty. Does anyone else notice a pattern here? Is it White House of Windsor?

http://tradewithdave.com/?p=14193

Fri, 12/14/2012 - 09:32 | 3062281 smacker
smacker's picture

I favour the view that the Queen's visit to the BoE gold vault was a carefully planned trip primarily for worldwide PR purposes...and of course that she's also very interested to know how her Royal Firm's £multi-million investments are doing.

As far as the BoE staff moron telling the Queen "the banking crises was hard to predict", this is not simply disingenuous, but so obviously a bare faced lie. There were very many expert voices outside of government issuing rising warnings from 2003 onwards that debt levels were getting out of control and also the frightening rising levels of derivatives - the crises most definitely was not a difficult problem to see coming. This raises some important questions of why they allowed it to happen.

The BoE chose to ignore these warnings and preferred to follow the vacuous mantras coming from Chancellor Brown that he had abolished boom & bust. ho-ho.

Every one of these morons need to be brought to account.

Fri, 12/14/2012 - 09:35 | 3062286 GMadScientist
GMadScientist's picture

Fucking Grandma's making rap videos...who does she think she is? ;)

Fri, 12/14/2012 - 09:54 | 3062297 Bastiat009
Bastiat009's picture

The British politicians who sold the Kingdom's gold at a stupid price went on to work for banks and are deemed to be highly intelligent men.

Do you all think I am stupid? Please, say yes.

Fri, 12/14/2012 - 09:46 | 3062309 Dave Thomas
Dave Thomas's picture

Woulda been 1000x more funny if you heard the needle scratch across the Clair De Lune, and then Yakkety Sax broke out with the Queen chasing Bob Pisani around those pallets of gold.

Fri, 12/14/2012 - 09:46 | 3062313 Downtoolong
Downtoolong's picture

 

 

"…a financial expert compared the debt crisis to a flu epidemic or an earthquake, as hard to predict."


Last time I checked, the people who monitor flu epidemics and earthquakes didn’t cause them and didn’t get paid $billions to ignore them and do nothing to clean up their mess.  

 

 

Fri, 12/14/2012 - 09:59 | 3062346 rustymason
rustymason's picture

Who cares what this old bag has to say? She and her crew oversaw the total destruction of her country yet said not a single word or gave a single gesture in protest. To hell with the law! Her sole purpose is to be a protector! The only thing she and her family care about protecting is their own wealth and safety.

Fri, 12/14/2012 - 13:46 | 3063065 TheGardener
TheGardener's picture

Kept here to stay for an example of the failures of monarchies. Cheap play.

 

Hail democracies, mob rule will fix all ! Until it does not , but we will really really care for you, even forcefully....

Fri, 12/14/2012 - 10:17 | 3062423 Silversinner
Silversinner's picture

Anybody wonder where these goldbars went,when the gold was

sold at rockbottem prices,and not only by England.

My country(Holland) sold as much or more.

This was about a transfer of a little bit of shit paper

for eternal precious gold into the coffers of the elite.

SWAPS exchange something of value for an illusion.

The gold was not leased or sold,it was STOLEN!!

PS:most cetral banks do not hold that much,even if

the gold would be there on a per capita base.

About or under a ounce pp for the top ones,if

I look at my own stack i just :) ,like most of

us here on the hedge,hahaha.

 

Fri, 12/14/2012 - 10:39 | 3062497 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

"have some respect for your elders, especially your Queen, Britons!"

 

Oh yes!  All bow to the eugenicist old hen!  Geez!

Tuco

Fri, 12/14/2012 - 10:42 | 3062507 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

"question of whether or not gold prices today represent a bubble.

A simple answer to this question, in my opinion, is that we do not know."

 

10 year treasuries at 240 year highs.  Now that's a bubble!!!!!!!

Fri, 12/14/2012 - 10:47 | 3062522 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

And yet Germany still isn't allowed to see its gold in the Federal Reserve bank vaults in NYC????????

 

Fri, 12/14/2012 - 11:01 | 3062564 nah
nah's picture

half of its pre-revolutionary bitchez

Fri, 12/14/2012 - 11:09 | 3062570 _underscore
_underscore's picture

For the benefit our new world cousins who eschewed the contitutional monarchical system in favour of what might be called today a constutional oligarchical system ( ..or you might say queens instead of a Queen) - the Queen does still have the power to dissolve Parliament - not literally of course, though it might come to that if they refused. I suppose though, thinking about it, the queens have that same power as well, so one all at half-time, really.

It does strike me, as a subject of Her Majesty's, that we've been given lots of vault exposure over the past week or so - and one thing you must remember is that the Queen's visits are never 'off the cuff' whimsy, but planned meticulously, months or more, in advance. So the Queen's visit to the BoE vault has as much symbolic potency & political intent as a visit to Russia or Eire would.

The Queen also has the marvellous knack of asking the 'when did you stop beating your wife' question - quite innocently of course & apparently without much intent. Over here though, those casual questions questions asked by the little old lady who could be asking the price of a tea towel, sound like booming 'WHAT WENT B:LOODY WRONG & WHY DIDN'T YOU BLOODY STOP IT GOING WRONG', in letters the size of those on desert hoardings & at Iron Maiden volume levels.

 

Fri, 12/14/2012 - 11:28 | 3062685 haskelslocal
haskelslocal's picture

I was in a movie once where they used 50 of us to make it look like a crowd of 10,000 sitting in the stands at a football game.

Valut tours don't happen when you've got nothing to hide.

Fri, 12/14/2012 - 11:34 | 3062707 edifice
edifice's picture

Exactly. The remainder of the gold was melted and used to coat the tungsten.

Fri, 12/14/2012 - 13:33 | 3063111 jackinrichmond
jackinrichmond's picture

you always hear about brown selling 400-500 tonnes of their gold..

i wonder why no light has been shed on canada selling over 1000 tonnes of gold at about the same time.

oddly enough (sarc), it was when the IMF was 'helping' canada restructure their financial system.

 

Fri, 12/14/2012 - 14:17 | 3063182 Radical Marijuana
Radical Marijuana's picture

http://gizadeathstar.com/2012/12/now-its-canada-gold-what-gold-we-dont-have-no-stinkin-gold/#ixzz2EkTXmYFE

NOW IT’S CANADA:

GOLD? WHAT GOLD? WE DON’T HAVE NO STINKIN GOLD…

By Joseph P. Farrell, December 11, 2012

... the sequence of the story here as its author, Rob Kirby, outlines it:

The Royal Canadian Mint loses $15 million (Canadian) worth of gold;

The Royal Canadian Mounted Police are eventually called in to investigate;

But then, in 2009, the Royal Canadian Mint, in its annual report, makes no mention either of the missing gold or its RCMP report;

In the same year – 2009 – the Canadian government sold all of its 660 tons of gold bullion (pause & let that sink in);

And also, suddenly, in 2009, both the US mint and the Royal Canadian Mint suspend issuance of their popular US Eagle and Canadian Maple gold coins;

Then, in 2011, “suddenly” the Royal Canadian Mint has some $600 million in the sale of “gold-backed receipts.”

Now Kirby’s conclusion here – that this whole story has something to do with the seemingly constant reappearance of tungsten-salted gold bars – seems to me to be rather sound. After all, clipping and culling have been favorite practices of banks on bullion-based securities and coinage since bullion first became popular as an “international” medium of exchange during what Karl Jaspers called the Axial Age, ca. 800-600B.C., and it became a staple of exchange from the age of the gear classical empires until only recently in the modern age.

Tungsten-salted bars are, of course, an example of “clipping,” of diluting the purity of bullion, but Kirby is only suggesting the “culling” part of the equation: if one drills a gold bar to replace it with tungsten, then the replaced gold must go somewhere… and that somewhere, as Kirby alleges, is in the hands of the banksters themselves.

Now let’s add one more layer to the whole scenario as we’ve been following it here on this website, and in conjunction with the bearer bonds scandals: that the clipping-culling operation is tied into two others: (1) the massive obfuscation of the amount of gold really in existence, and amount that varies over whole orders of magnitude in some cases, and (2) the massive rehypothecation of that existing gold (whatever the amount may be).

How would this be done? Kirby’s article suggests a possibility. Let’s assume that one wishes to sell several “gold-backed” issues of receipts on the same actual physical reserve of gold(and just for fun, let’s call those receipts “Gold backed bearer bonds”). Now, suppose we have just enough gold at “today’s prices” to sell exactly $1,000,000,000,000 of receipts, but suppose we’re building The World’s Most Advanced Up To Date Secret Moon Base, and we need $6,000,000,000,000 to do it.

Solution: issue the first $1,000,000,000,000 on an inventoried and recorded deposit of gold bars, complete with the number of the bar. Then, melt the bars, stamp them with new inventory control numbers, and repeat the process for the next trillion of bonds, and again and again, until you’ve raised the requisite amount of cash.

And for good measure, when the Ecuadorians, Austrians, or Germans come knocking on your vault doors and want an accounting of their gold, you can, just like Mr. Strong to Herr Schacht in 1928, claim that you can’t find the gold of the country in question right now.

…that’s because its bars have long since been melted down, and recast, and renumbered…

See you on the flip side.

___________________

With reference to the Queen's question, the answer is that these financial crises are being deliberately driven. To repeat the obvious, the events on 9/11/2001 were an inside job, false flag attack, which were intended to be symbolic. The global system is being deliberately collapsed into chaos. The plan is to start genocidal world war, and impose democidal martial law, in order to be able to have excuses to murder most of the world's people. The financial crises were not unintended, nor unforeseen. Just like 9/11, they were inside jobs, false flag attacks, intended to cause the subsequent things that they actually did cause.

The runaway fascist plutocracy juggernaut is going to turn most people into road kill, and there appears nothing that can stop that from happening, since the vast majority of people are already way too brainwashed and intimidated, and anyway, attempting to do anything would only become precipitating triggers to start the wars and the imposition of martial law. There are already plans in place to deal with the exponential growth of the human population, and those are to create conditions where it will be possible to murder most of them. Since those people do not understand that, and do not want to understand that, they will continue to be set up to be robbed and murdered more and more, worse and worse, faster and faster ... It does not matter that that is insane! Social inertia, and well-established social habits, are enough to continue to cause that to happen. It is practically guaranteed that nothing else is possible than those utterly irrational and insane sets of "solutions" to human problems, since those are the only things which are now consistent with most of the human nature of most of the world's people.

To repeat the obvious, one's view about 9/11 is a litmus test about one's answer to the Queen's question. Nothing about the financial crises can be properly understood until after one faces the facts that 9/11 was an inside job, false flag attack, which deliberately symbolized the coming financial crises. There is a runaway trajectory of the best organized gangs of criminals controlling the world, through making more money from more murders, which is picking up speed ... and headed towards going into over-drive ... The real world is on the path towards mass murders on an astronomically amplified scale, the same as the creation of money out of nothing has been amplified to become billions, then trillions, then quadrillions. The only genuine solutions would require radical transformations in the established money/murder systems ... However, the majority of people do not understand that, and do not want to understand that, and therefore, they will continue to be set up to be robbed and murdered more than ever before ...

This is all just the basic design of Neolithic civilization, as an organized system of lies and robbery, being amplified to astronomical sizes by advances in science and technology. It is simply lies, backed by violence, becoming trillions of time bigger than ever before ... which is something that has never happened before, and yet, all of our well-established social habits are nevertheless driving that to happen, and therefore, IT IS GOING TO HAPPEN.

A global system of electronic fiat money, backed by weapons of mass destruction, is going to continue to be built to become bigger and bigger and bigger, until it finally collapses into chaos, and mass murders beyond comprehesion. There is nothing else that could happen, since there is nothing else which can stop the established systems from continuing to drive their own developments, through more money made from more murders, since that is the fundamental structure of the established social systems, which systems are deliberately not understood, and not wanted to be understood, by most of the people living inside of those well-established runaway systems.

Fri, 12/14/2012 - 19:17 | 3064911 Tommy Gunner
Tommy Gunner's picture

The Queen's money was made off of pillaging the world.   Give it back Liz you fucking whore!

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