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That Physical Gold You Thought You Owned? You Didn't

Tyler Durden's picture


Earlier today, the CFTC issued an order and charges against two Boca Raton companies, (Joseph Glenn Commodities LLC and JGCF LLC, and their owners Scott Newcom and Anthony Pulieri) which accused the abovementioned of engaging in illegal, fraudulent off-exchange financed transactions in precious metals with retail customers, and also ordered them to pay over $1 million in restitution payments. Superficially, it would have been any other run-off-the-mill CFTC wristslap against an entity that is deemed not TBTF, and thus systematically relevant, in the parlance of the DOJ (unlike the Jon Corzines of the world, who are perpetually absolved of all crimes - actual and alleged), if only it wasn't for one small clarification at the end of the body.

The relevant section is bolded below:

The CFTC Order finds that from July 2011 through June 2012, the Respondents solicited retail customers, generally by telephone or through Joseph Glenn’s website, to buy physical precious metals such as gold, silver, copper, platinum, or palladium in what are known as off-exchange leverage transactions. According to the Order, the customers paid the Respondents a portion of the purchase price for the metals, and Joseph Glenn and JGCF purportedly financed the remainder of the purchase price, while charging the customers interest on the amount they purportedly loaned to customers.


[T]he CFTC Order states that when Joseph Glenn and JGCF engaged in these illegal transactions they were acting as dealers for a metals merchant called Hunter Wise Commodities, LLC (Hunter Wise), which the CFTC charged with fraud and other violations in federal court in Florida on December 5, 2012 (see CFTC Press Release 6447-12). Hunter Wise was purportedly Joseph Glenn’s and JGCF’s source for the metal and the loans. As alleged in the CFTC Complaint against Hunter Wise and according to the CFTC Order in this case, however, neither Joseph Glenn, JGCF, nor Hunter Wise purchased or held metal on the customers’ behalf, or disbursed any funds to finance the remaining balance of the purchase price. The Order finds that the Respondents’ customers thus never owned, possessed, or received title to the physical commodities that they believed they purchased.

In other words: that physical gold that your trusted "held" on your behalf... they never really held it, and neither did you. But don't worry: all the gold "held" by various brokers professing physical possession and not to mention thousands of assorted paper gold ETFs is certainly there.

After all, where else can it possibly be (certainly not in the 5th subbasement of 1 Chase Manhattan Plaza housing the largest gold vault in the world)


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Wed, 03/27/2013 - 19:02 | 3383479 ghengis86
ghengis86's picture

Possession is the law! Bitchezz!
And fuck you too Bernanke

Wed, 03/27/2013 - 19:06 | 3383502 DoChenRollingBearing
DoChenRollingBearing's picture

Buy physical gold from REPUTABLE people and take delivery.  Simple.

Wed, 03/27/2013 - 19:13 | 3383529 Hedgetard55
Hedgetard55's picture

WTF?  Ashley Judd declares she will NOT run for the Senate, and you Zero Hedge fools are talking about fucking gold? Where the fuck are your priorities, bitchez?

Wed, 03/27/2013 - 19:18 | 3383541 McMolotov
McMolotov's picture

Yo, unless it involves the flashing of her ta-tas on the campaign trail, a discussion about gold takes precedence.

Wed, 03/27/2013 - 19:19 | 3383547 Hedgetard55
Hedgetard55's picture

+55 brother!

Wed, 03/27/2013 - 19:21 | 3383556 jcaz
jcaz's picture

Scumbags in the physical gold biz?  In Florida, no less?  Shocker!

Wed, 03/27/2013 - 19:30 | 3383591 AlaricBalth
AlaricBalth's picture

Here is one satisfied customers testimonial.

"They called me up with some really hot story about how precious metals are the best investment I could make. They told me I would make a lot of money and they would be guarding my account to make sure I was protected. What these thieves didn't tell me was that out of the $100,000 I sent them they took over $35,000 for commissions right off the bat!"

Wed, 03/27/2013 - 19:41 | 3383620 Pool Shark
Pool Shark's picture



There's one born every minute...



Wed, 03/27/2013 - 19:44 | 3383633 nmewn
nmewn's picture

A fool and his money are soon parted...

Wed, 03/27/2013 - 19:55 | 3383658 mtomato2
mtomato2's picture

"...a fool and his money were lucky enough to be together in the first place."  Gordon Gekko

Wed, 03/27/2013 - 20:38 | 3383752 espirit
espirit's picture

Skimming from the big boys piece of the action get you more than a wrist slap.

Luckily, these dimwads aren't sleeping with the fishes.

Wed, 03/27/2013 - 20:50 | 3383771 FEDbuster
FEDbuster's picture

Just checked the gun safe again. my silver, gold, guns and ammo still there.  No counterparty risk, no rehypothication, no leasing, no fleecing, no Corzine risk, etc....

"If you can't stand in front of it and defend it with an AR-15, you don't own it."  Ann Barnhardt

Wed, 03/27/2013 - 21:02 | 3383815 rehypothecator
rehypothecator's picture

I'm not too impressed with the premise of this article. Or rather maybe with the conclusions drawn in the numerous posts. The fact that a judge found that the victims didn't own the metals they thought they had, could, on the one hand, be used to draw conclusions about whether any other third-party gold holdings are really holdings or not, but, on the other hand, could also be used as the justification for finding the defendents guilty of criminal fraud.  (Which, rather pleasantly, is what they would deserve in a just world, not so easy to find recently or locally.)  

Wed, 03/27/2013 - 21:09 | 3383838 macholatte
macholatte's picture


But don't worry: all the gold "held" by various brokers professing physical possession and not to mention thousands of assorted paper gold ETFs is certainly there. After all, where else can it possibly be ...


But, but, what about Mr. Sprott?

Wed, 03/27/2013 - 21:46 | 3383957 Ahmeexnal
Ahmeexnal's picture

Best way to protect your PMs is to store them in a timewell.

Thu, 03/28/2013 - 00:38 | 3384322 rehypothecator
rehypothecator's picture

The trouble is taking delivery of the timewell.  What company do you use for timewells?  

Thu, 03/28/2013 - 05:41 | 3384512 TwoShortPlanks
TwoShortPlanks's picture

When the West is forced to compete with the BRICS for Oil, on even terms, using Gold...well...FUBAR!

Thu, 03/28/2013 - 01:19 | 3384359 Professorlocknload
Professorlocknload's picture

Visions of this kind of thing are the main reason I'm not in Sprott's products. The other reason is trans-border activity scrutiny/confiscation.

I wouldn't take kindly to paying some Smoot Hawley clone tariff penalty to get it back, even if it was still there.


Wed, 03/27/2013 - 21:09 | 3383842 steve from virginia
steve from virginia's picture




Customers believed they were getting something for nothing.


Instead they were screwed.


Caveat emptor: if something sounds too good to be true ...


it is.

Wed, 03/27/2013 - 21:57 | 3383989 FEDbuster
FEDbuster's picture

Molon Labe.

Wed, 03/27/2013 - 22:19 | 3384073 Pegasus Muse
Pegasus Muse's picture

Go ahead DHS pukes.  Make my day.

Wed, 03/27/2013 - 23:37 | 3384228 Major Malfunction
Major Malfunction's picture

Your .. tank has a .. problem.  The barrel is taped off.

Thu, 03/28/2013 - 11:29 | 3385474 Pegasus Muse
Pegasus Muse's picture

It's called a Dust Cover. 

It's removable.  


Thu, 03/28/2013 - 06:10 | 3384533 10mm
10mm's picture

Or an AK.

Thu, 03/28/2013 - 09:21 | 3384991 FEDbuster
FEDbuster's picture

The AK or AR-10 would be my preference, too.  Ann Barnhardt prefers her pink AR-15:

or my favorite:


Thu, 03/28/2013 - 11:45 | 3385537 Prince Eugene o...
Prince Eugene of Savoy's picture

I love you Ann Barnhardt!

Thu, 03/28/2013 - 15:35 | 3386369 Long_Xau
Long_Xau's picture

The fool being lucky is obvious. Implying fiat money are lucky if even (or especially if?) a fool accepts them is a good one. +1

I believe honest forms of money and honest people attract each other.

Thu, 03/28/2013 - 07:22 | 3384633 caShOnlY
caShOnlY's picture

A fool and his gold is heavily armed.

Thu, 03/28/2013 - 09:16 | 3384978 FEDbuster
FEDbuster's picture

A fool and his fiat currency is disarmed.

Thu, 03/28/2013 - 10:17 | 3385219 masterinchancery
masterinchancery's picture

Probably more like five, judging from recent elections.

Wed, 03/27/2013 - 21:03 | 3383817 natronic
natronic's picture

If someone ripped me off for 35k with a phone call I would probably just shoot myself for being such and idiot....right after I sent $10,000 to the Nigeria prince in jail so I can collect my $10 million to cover my $35k loss.

Wed, 03/27/2013 - 19:43 | 3383626 salvadordaly
salvadordaly's picture

They did not mention anything about a boating accident either? C'mon guys get on board.

Wed, 03/27/2013 - 19:51 | 3383654 eclectic syncretist
eclectic syncretist's picture

Can't wait for Ric Scott to get all over this shit.  After all, he's spending more money to drug test welfare recipients than they get if they pass the test, so he must be going to go really hard on these assholes.

Wed, 03/27/2013 - 20:03 | 3383679 DosZap
DosZap's picture

After all, he's spending more money to drug test welfare recipients than they get if they pass the test, so he must be going to go really hard on these assholes.

Feds said NO NO to this testing it's a NO GO.

Wed, 03/27/2013 - 20:08 | 3383692 The Big Ching-aso
The Big Ching-aso's picture

Let's see.  Boca RATon, gold, silver, platinum, big deposits, loans, and funny sounding surnames.  What could go wrong?

Thu, 03/28/2013 - 08:45 | 3384829 Cacete de Ouro
Cacete de Ouro's picture


But Horatio Caine will save us? ......Won't he?

He is real, no?..... Ahh, man, don't tell me he's not real...?

F@#K, I'd better get my gold back from those swarthy looking individuals in that gold depository down on Brickell Avenue....


Thu, 03/28/2013 - 01:00 | 3384344 MsCreant
MsCreant's picture

I gave you green arrow #55.

Wed, 03/27/2013 - 19:24 | 3383567 Pareto
Pareto's picture

+1 Thanks for help bringing it back into perspective.  Its important not to get distracted during these difficult and trying times.

Wed, 03/27/2013 - 19:41 | 3383624 nmewn
nmewn's picture


Now if she had flashed and had gold rings stuck through her nipples we'd be right back on topic. She'd clearly be leveraging her assets for personal gain! ;-)

Wed, 03/27/2013 - 23:31 | 3384216 Pareto
Pareto's picture

Nice Nice "Here ya go", like, fuck, "it was sposed to be a secret, but, well, here ya go." ...awesome.

Wed, 03/27/2013 - 23:28 | 3384212 Pareto
Pareto's picture

+1  Ohhhh fer suuureee!  lol fuck, i don't know who down arrowed me.  shit i was being sarcastic.

Wed, 03/27/2013 - 19:45 | 3383640 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

10 years ago maybe.  Girl's gettin' old.

Wed, 03/27/2013 - 20:24 | 3383718 NoTTD
NoTTD's picture

Reminds me.  I need to get the old Primus LP out and listen to "Wynona's Big Brown Beaver".  Haen't heard that in a while.  

Thu, 03/28/2013 - 00:35 | 3384315 HulkHogan
HulkHogan's picture

That was funny.


Wed, 03/27/2013 - 19:15 | 3383535 Thomas
Thomas's picture

I'm sure all the bullion-hoarding banks that serve GLD have the gold.

Wed, 03/27/2013 - 19:51 | 3383653 DosZap
DosZap's picture

I'm sure all the bullion-hoarding banks that serve GLD have the gold

Yep, likely they do,BUT, one caveat, you will never ,ever get it placed into your hands.

Wed, 03/27/2013 - 20:55 | 3383797 edb5s
edb5s's picture

Likely they do not have it and also likely that you will never ever get it placed into your hands.

Wed, 03/27/2013 - 19:29 | 3383590 sunnydays
sunnydays's picture

So what they are prosecuting them for, is something JP Morgan and all of them do every day.  Christian admitted it was a 100 to 1 leverage.  Yet that is ignored.   


They always get the little guy that is muscling in on some of their action.  It is the WS mob after all that has it's many government arms to take care of their problems.   CFTC is taking care of this one for the mob. 

Wed, 03/27/2013 - 20:18 | 3383711 disabledvet
disabledvet's picture

I look forward to the "their stealing is far better than our stealing" defense.

Wed, 03/27/2013 - 19:58 | 3383666 Bicycle Repairman
Bicycle Repairman's picture

They don't call Boca Raton the slime mile for nothing.

Wed, 03/27/2013 - 20:06 | 3383686 MrPalladium
MrPalladium's picture

Mouth of the Rat!

Thu, 03/28/2013 - 03:35 | 3384446 trader1
trader1's picture

i grew up there ;-)

Thu, 03/28/2013 - 09:42 | 3385070 Ura Bonehead
Ura Bonehead's picture

I've been in the financial biz a looong time.  Everytime I look at a regulatory action the first thing I assume is it involves a Florida/Boca firm.  And very often, I'm right.  I guess there is a new, fresh batch of retirees moving to the land of milk, honey and stupid money every day.

Orange juice, Latin music, Mickey Mouse and Spring Break are the only things I would trust with my money originating from Florida.

Wed, 03/27/2013 - 21:07 | 3383828 Xploregon
Xploregon's picture

Google "American Precious Metals, LLC" to read the play-by-play prosecution and details of another bogus metals scam out of Florida and how they operated.
Caviet Emptor on all things Florida.

Thu, 03/28/2013 - 02:14 | 3384400 Nobody For President
Nobody For President's picture

Buy physical silver from REPUTABLE people and take delivery. Simple.

(This works too.)

Thu, 03/28/2013 - 13:35 | 3385923 Long_Xau
Long_Xau's picture

Buying from reputable sources is highly recommended, but NOT SUFFICIENT. You need to TEST the metal to verify its intrinsic value. This ability to accurately verify its value is one of the main advantages of precious metals versus most intangible (promise/trust based) and even some tangible assets.

Wed, 03/27/2013 - 20:13 | 3383706 Buck Johnson
Buck Johnson's picture

Possession is 9/10 the law, but if the govt. does it they decide who gets the lion share percentage of that.

Wed, 03/27/2013 - 20:52 | 3383787 Groundhog Day
Groundhog Day's picture

But your honor....we were only doing what our mentor's at JPM that a crime

Wed, 03/27/2013 - 21:35 | 3383927 dbarrett
dbarrett's picture

Buy your gold and hold it yourself. Better to buy it from a local dealer and pay cash so no one knows you own it. 

Wed, 03/27/2013 - 22:44 | 3384130 Kirk2NCC1701
Kirk2NCC1701's picture

+1, but I'd give you more if I could.

Wed, 03/27/2013 - 23:59 | 3384263 pods
pods's picture

I don't see what the difficulty is here.

Get to know your local coin dealers, buy in bulk from reputable online joints, but always have it.

Paper gold/silver is about the dumbest thing I can think of:

You are opening yourself up to all paper risk, without pizzaz of the stock of the day.

You also HELP perpetuate the manipulation of the REAL PM market.

Anyone who is holding "shares" in PM this or that is actually PART of the problem.

Those "shares" are fucking conjured up through some crazy ass scheme that takes longer to explain the legality of than to have it blow up when a light is shone upon it.

Paper fucks go play in every other leveraged to the gills phony HFT scam, and let the REAL exhange rate between conjured fiat and precious metals be found.


Wed, 03/27/2013 - 19:02 | 3383480 jeebus
jeebus's picture

Unique circumstance.

Wed, 03/27/2013 - 19:04 | 3383488 icanhasbailout
icanhasbailout's picture

Madoff to sue for copyright violation

Wed, 03/27/2013 - 23:52 | 3384252 ebworthen
ebworthen's picture

Corzine gurgling his Bollinger laughing about the little guppies getting prosecuted, and gargling with it before bed.

Wed, 03/27/2013 - 19:07 | 3383508 Schmuck Raker
Schmuck Raker's picture

...NOT a template.

Wed, 03/27/2013 - 19:47 | 3383644 DosZap
DosZap's picture

Unique circumstance.

Yeah, like MF Global.

Thu, 03/28/2013 - 08:14 | 3384730 kill switch
kill switch's picture

90 Year old judge can't see JPM's manipulation, fucking guy has fourth degree cataracts..This is one of those judges they dust off when needed..

Wed, 03/27/2013 - 19:02 | 3383483 Manthong
Manthong's picture

Like Germany?

Wed, 03/27/2013 - 19:03 | 3383485 Sudden Debt
Sudden Debt's picture

And as long as nobody blinks their eyes we can implement....


better start buying gold and silver peeps.... last call.... somebody just had t blink his eyes...

Wed, 03/27/2013 - 19:04 | 3383487 UP Forester
UP Forester's picture

Wow.  I guess they also ran canoe trips....

Wed, 03/27/2013 - 19:09 | 3383513 edb5s
edb5s's picture

I have some silver Fiji Takus (as pictured in my avatar) coming in tomorrow from Gainesville.  Luckily for me, the weather around these parts is gonna be just about perfect for taking a boat trip soon thereafter.

Wed, 03/27/2013 - 21:13 | 3383593 Intoxicologist
Intoxicologist's picture

Snow's melting here fast; I practically need swim fins to walk down my driveway.  I'm certain the order I placed last night won't make it from mailbox to house.

Edit: To clarify, I did not buy from Gainesville.

Wed, 03/27/2013 - 19:47 | 3383647 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

If you are talking about Gainesville Coins,, they suck. Took them over 3 weeks to deliver 20 ASE's which they claimed to have in stock. Will never order from the again. And anyone who supports them; work for them or they are them. f**k  Gainesville Coins,

Wed, 03/27/2013 - 19:58 | 3383664 edb5s
edb5s's picture

I know someone who has had good orders and bad orders with Apmex and Provident.  I know the last time he ordered Maples from Provident, it took about a week longer than it should have and they didn't communicate the delay at all.  I would imagine that their demand (and supply) would be fairly volatile and/or unpredictable, especially recently.  This will be my first order through Gainesville.

Wed, 03/27/2013 - 21:01 | 3383805 Captain Benny
Captain Benny's picture

After APMEX treated me like shit and told me lies about changes to operations and how my bullion would be shipped, I stopped buying from them.  I put a TON of large orders to them in the past, but I said to myself that I'd never do it with them again.  Silver Doctors has been great to me... and I've only placed small (couple thousand $ each) orders... 


APMEX: You suck
CMI, Tulving, and Silver Doctors: Thanks for treating customers right!

Wed, 03/27/2013 - 20:22 | 3383714 StarTedStackin'
StarTedStackin''s picture

What's the knock on Merit Financial?

Wed, 03/27/2013 - 21:01 | 3383803 James
James's picture

I live by Gainesville coins.

Bought approximately 400 Silver Eagles in half-dozen trips.

One time the Guy behind the counter suggested I should store my Silver in their vault. I laughed in his face.

Last time I went there to get 100 Silver Eagles some guy I had'nt seen before was behind the counter. He was wearing grey and silver pants w/6" squares checkerboard pattern, a red polo shirt w/white horizontal stripes and a baseball cap on backwards.

Told him what I wanted and he said to leave my $3.500 cash and he'd call me later. I asked if he was out of his mind and turned to leave and their stood a HOMELAND SECURITY agent scowling at me. Have'nt been back since.

Thu, 03/28/2013 - 04:37 | 3384471 MagicHandPuppet
MagicHandPuppet's picture

Crap. I guess those fedorists don't like us pulling paper out of their banker-overloads' system.

Thu, 03/28/2013 - 06:23 | 3384544 css1971
css1971's picture

You burned money?

Wed, 03/27/2013 - 21:25 | 3383892 EINSILVERGUY

I can't speak for your experience but I can speak for mine. Used Gainsville no less that 20 times in 3 years and never had a problem.  Recieved what I asked for. Professional.  If you have a 1 time bad experience so be it. But times now are different and some of the dealers have a lag in delivery. SBSS was 6 weeks late on my delivery. Provident has been within a week and so has APMEX( course for the extensive premiums you better get the delivery in 3 days). Gainsville has always delivered my shit within a week to 10 days unless if was noted that deliveries would be  delayed and I was advised at time of purchase.

Wed, 03/27/2013 - 22:05 | 3383995 James
James's picture

EINSILVERGUY- Actually I really don't have a problem W/Gainsville Coins-Beautiful showroom-Usually had good service.

Having said that I ran a business for over 3 decades and learned early to NEVER give your customer a reason to shop elsewhere.

I was trying to spend money.

That day they made it difficult for me.

I went back to my computer and found another shop who had my request in stock ready to go.

And that's where I go now.

I'm sure they'll do just fine with out me.

Thu, 03/28/2013 - 00:09 | 3384284 Non Passaran
Non Passaran's picture

I don't understand.

One can't possibly make a point without a message completely written in upper case.

Try that next.

Thu, 03/28/2013 - 08:21 | 3384756 kill switch
kill switch's picture

I’ve had nothing but great service form Gainesville, while you go through the ordering process they tell you approximate delay possibilities...And their prices are consistently lower than APMEX. APMEX fucked me on some A-MARK bars supposed to be new, received ten in the order that looked like they where dragged behind a fright train.. I called them on it and they never returned my calls and e-mails so fuckummmmm.

Wed, 03/27/2013 - 20:40 | 3383755 WmMcK
WmMcK's picture

I love the coin but buy it local.

Wed, 03/27/2013 - 19:05 | 3383490 Ms. Erable
Ms. Erable's picture

GLD: worth the paper it's printed on.

Wed, 03/27/2013 - 19:06 | 3383503 Sudden Debt
Sudden Debt's picture

well... you don't really get the paper either.... sorry.... it's just digital... they also lied about that one....

Wed, 03/27/2013 - 21:05 | 3383822 natronic
natronic's picture


Wed, 03/27/2013 - 19:08 | 3383510 Bay of Pigs
Bay of Pigs's picture

And SLV is not...

Wed, 03/27/2013 - 19:11 | 3383518 Sudden Debt
Sudden Debt's picture

and while we're breaking the bad news....

the easter bunny?.....

don't bother looking for eggs this year....

Wed, 03/27/2013 - 20:09 | 3383695 Intoxicologist
Intoxicologist's picture

LOL, it's even worse than we feared!  There won't be any eggs to hide!


Thu, 03/28/2013 - 12:16 | 3385646 Boozer
Boozer's picture

Handsome dog.  Seems quite satisfied.

Wed, 03/27/2013 - 19:09 | 3383491 IridiumRebel
IridiumRebel's picture

Gold belongs in your home....digits can't be held or stacked.

Wed, 03/27/2013 - 23:58 | 3384258 ebworthen
ebworthen's picture


They'll have to get past me and my .45 ACP to get to my gold, Mother Fuckers!

Thu, 03/28/2013 - 03:38 | 3384448 trader1
trader1's picture

make your own geo-caches.  hide the gold in plain sight.  


Wed, 03/27/2013 - 19:05 | 3383496 Quantum Nucleonics
Quantum Nucleonics's picture

Growing up, I thought my grandfather was a kook for having a safe built into foundation of his house.  Gaining more respect for him in these times.

Wed, 03/27/2013 - 19:24 | 3383566 Hedgetard55
Hedgetard55's picture

+55 billion.

Wed, 03/27/2013 - 20:23 | 3383716 StarTedStackin'
StarTedStackin''s picture

gotta 600 lb safe on order. I'm setting it into 3 cy of 7500 psi concrete. Ex wife is still laughin' at me........




he who laughs last......

Wed, 03/27/2013 - 20:27 | 3383725 Henry Chinaski
Henry Chinaski's picture

Reversion to the mean. Bitchez.

Wed, 03/27/2013 - 19:05 | 3383497 Sudden Debt
Sudden Debt's picture

but on youtube... these brokers said... they promised....
it must be other brokers...

Wed, 03/27/2013 - 19:06 | 3383498 fuu
fuu's picture


"According to the Order, the customers paid the Respondents a portion of the purchase price for the metals, and Joseph Glenn and JGCF purportedly financed the remainder of the purchase price, while charging the customers interest on the amount they purportedly loaned to customers."

Wed, 03/27/2013 - 19:07 | 3383500 Handful of Dust
Handful of Dust's picture

Dear Valued Customer,


Send ME ur money...I promise I'll by and hold it for you.....promise....cross my heart...



Honorable Jon Corzine

Wed, 03/27/2013 - 19:13 | 3383527 IridiumRebel
IridiumRebel's picture

Pinky swear?

Wed, 03/27/2013 - 19:07 | 3383501 hannah
hannah's picture

according to the OBAMA GOLD REPATRIATION ACT....all holders of physical gold do not legally own their gold. the us government owns all gold within the borders of the usa.


a law coming soon....any bets...?!

Wed, 03/27/2013 - 19:19 | 3383538 I think I need ...
I think I need to buy a gun's picture

well then that goes for bass, druckenmiller, cramer, schiff, einhorn, all the fed heds, paulson etc i wonder how thats going to go?

i watch cnbc everday and make sure kudlow bartirmo, liesman, pisani and the rest of them in the know hand all theres over too....

as long as its all equal

Wed, 03/27/2013 - 19:19 | 3383551 hannah
hannah's picture

these guys are all 'super citizens' and can own gold.....

Wed, 03/27/2013 - 19:26 | 3383578 I think I need ...
I think I need to buy a gun's picture

well then we are all screwed no matter what if there are 'super citizens' if thats acceptable to you or anyone else on this blog

Wed, 03/27/2013 - 19:42 | 3383623 hannah
hannah's picture

acceptable or not...we will have casts of citizenship.

Wed, 03/27/2013 - 19:45 | 3383639 Pool Shark
Pool Shark's picture



Molon Labe



Wed, 03/27/2013 - 19:20 | 3383548 Manipuflation
Manipuflation's picture

According to my Springfields, I do in fact own it.  Cousin AK agrees.

Wed, 03/27/2013 - 20:29 | 3383732 cheetahbaby
cheetahbaby's picture

The M1A: "Bring Enough Gun!!!". Bravo bro...." CB

Thu, 03/28/2013 - 01:37 | 3384371 Professorlocknload
Professorlocknload's picture

Used to own it. It's in Neptune's hands now.

Thu, 03/28/2013 - 05:09 | 3384489 e-recep
e-recep's picture

What does Obama's son Drone think about it?

Wed, 03/27/2013 - 19:06 | 3383504 johngaltfla
johngaltfla's picture

If you don't hold it, you don't own it, blah, blah, blah.


I'm tired of warning stupid people. Who wants to just drink scotch, smoke cigars and feed fiat $20 bills to stupid strippers while it all collapses?

Wed, 03/27/2013 - 19:11 | 3383521 Schmuck Raker
Schmuck Raker's picture

Make mine a rum and I'm wichu.

BTW, the lap dance is always better when the stripper is cryin'.

Wed, 03/27/2013 - 19:20 | 3383552 Pareto
Pareto's picture

he he.  you're going to hell for that, dontchya.

Wed, 03/27/2013 - 20:03 | 3383676 Big Corked Boots
Big Corked Boots's picture

For that, I believe he went to Frank's Chicken House in Manville, NJ.

Thu, 03/28/2013 - 00:02 | 3384272 ebworthen
ebworthen's picture

Road trip!

Wed, 03/27/2013 - 19:28 | 3383587 Oldballplayer
Oldballplayer's picture

Not like bawling crying. Just a little helpless whimper every now and then.

Wed, 03/27/2013 - 20:30 | 3383734 Schmuck Raker
Schmuck Raker's picture

Right, I find it's quite a thrill when she grinds me against her will.

Wed, 03/27/2013 - 19:41 | 3383622 Dr.Vannostrand
Dr.Vannostrand's picture

<Golf Clap>

Wed, 03/27/2013 - 19:52 | 3383657 Manipuflation
Manipuflation's picture

Fuck it.  Sounds good.  Into the humidor I go.

Thu, 03/28/2013 - 12:33 | 3385716 Boozer
Boozer's picture

Still have Davidoff's from the late 80's aging nicely Manip, think I will join you.

Wed, 03/27/2013 - 20:39 | 3383756 Westcoastliberal
Westcoastliberal's picture

Lets go!  They still have strip clubs in Panama City Beach don't they?

Wed, 03/27/2013 - 20:50 | 3383777 Bingfa
Bingfa's picture

so few are gonna get through...

Wed, 03/27/2013 - 19:09 | 3383512 mt paul
mt paul's picture

tippy canoe

and tyler too...

Wed, 03/27/2013 - 19:09 | 3383515 monad
monad's picture

The Order finds that the privately held Federal Reserve Corporation’s customers thus never owned, possessed, or received title to the physical commodities that they believed they purchased.

Wed, 03/27/2013 - 19:11 | 3383520 Manipuflation
Manipuflation's picture

"Where else can is[it] possibly be."

I have some of it Tyler and I intend to acquire MOAR.  You can never really have enough.  Takes up less space than the ammo too.

Wed, 03/27/2013 - 19:11 | 3383522 StarTedStackin'
StarTedStackin&#039;'s picture

I always figured if'n I can't rub my hairy scrotum on it, it really ain't mine!

Wed, 03/27/2013 - 19:17 | 3383542 alien-IQ
alien-IQ's picture

That was simultaneously factual and disgusting.

Well done.

Wed, 03/27/2013 - 19:20 | 3383549 Ms. Erable
Ms. Erable's picture

Makes me worry for the mental well-being of his immediate family, progeny in particular.

Wed, 03/27/2013 - 19:26 | 3383577 StarTedStackin'
StarTedStackin&#039;'s picture




Nice of you to worry, but my children are just fine.


 My 'girl' just got an appointment to Annapolis, and I expect even better things from my 13 yr old son.

Wed, 03/27/2013 - 19:52 | 3383656 StarTedStackin'
StarTedStackin&#039;'s picture

Q:    What kind of sickfuck down arrows a 17 year old girl getting appointed to the Naval Academy?




A: A member of the Obowel Movement, most assuredly!

Wed, 03/27/2013 - 23:35 | 3384224 NidStyles
NidStyles's picture

Being indoctrinated at an even more militant indoctrination center is not something that should be praise.

Thu, 03/28/2013 - 00:04 | 3384274 ebworthen
ebworthen's picture

If she's a Patriot and an Oath Keeper and will use those skills and weapons to defend The Constitution when the SHTF then good.

Wed, 03/27/2013 - 19:34 | 3383603 StarTedStackin'
StarTedStackin&#039;'s picture

3:1 the down arrower has a shaved scrotum and is most likely a Reggie Love type

Wed, 03/27/2013 - 19:50 | 3383650 StarTedStackin'
StarTedStackin&#039;'s picture

whaaaaaaaaaaaaaaaaaatttttt Silver is antimicrobial ain't it?




Thu, 03/28/2013 - 00:06 | 3384279 ebworthen
ebworthen's picture

Kind of cold but has done wonders for my jock itch.

Wed, 03/27/2013 - 20:25 | 3383712 NuYawkFrankie
NuYawkFrankie's picture


Wed, 03/27/2013 - 19:18 | 3383543 UGrev
UGrev's picture

Buy lead and tell them you want your mother fucking gold or you're going to make another deposit. 

Wed, 03/27/2013 - 19:24 | 3383569 RSBriggs
RSBriggs's picture

Why would you want your mother doing it with PMs?

Wed, 03/27/2013 - 19:26 | 3383583 UGrev
UGrev's picture

har har.. ;)

Wed, 03/27/2013 - 19:39 | 3383544 itstippy
itstippy's picture

I'm awaiting a FedEx delivery of two kilograms of .999 gold bars from a desperate Nigerian Prince who needs to get it out of the country.  I wired him $10,000 for shipping and bribe money to cover upfront costs.  I get to keep one kilo for my efforts - he'll pick up the other when he gets out of the country himself.

What a maroon.  I have no intention of giving him his kilo of gold.  Once I take physical possession it's ALL MINE, sucker.

So watch out for scammers like me.  Don't be a chump.

Wed, 03/27/2013 - 21:38 | 3383931 dbarrett
dbarrett's picture

Gold Price Girls.....yeah baby!

Wed, 03/27/2013 - 19:23 | 3383559 lolmao500
lolmao500's picture

In other news, 3 spanish banks just posted several billion loss...

Wed, 03/27/2013 - 19:32 | 3383581 falak pema
falak pema's picture

some banks shit their derivative junk earlier than others; the US being the last inner bastion of Pax Americana construct.

Who is tightening that noose or  is it programmed on auto, inspite of Ben's helicopter?

Mutti is no longer a help, she and Bloom dust.

Wed, 03/27/2013 - 19:24 | 3383573 skank
skank's picture

Whiney,whiney (what really drives me crazy) - Willi one blood

Wed, 03/27/2013 - 19:25 | 3383575 T-NUTZ
T-NUTZ's picture

guns in each hand and gold arounds my neck BITCHEZ!!!!

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