Chinese Gold Exchange Sold Out - Begins Importing From Switzerland

Tyler Durden's picture


Submitted by Michael Krieger of Liberty Blitzkrieg blog,

Chinese Gold & Silver Exchange Society Runs Out of Gold... Importing from Switzerland and London

Hong Kong’s Chinese Gold & Silver Exchange Society has been in operations for over a century, and it’s President Haywood Cheung was interviewed by Bloomberg news earlier today.  Whoever orchestrated the attack on gold and silver in the last week or so has gravely miscalculated, since the response to the drop has been surging demand for physical gold and silver.  While I tend to be skeptical when I hear about silver shortages since these reports have been so exaggerated in the past, the lack of silver coin availability and premiums are the most extreme I have seen since the financial and economic meltdown of 2008.  Now we discover that the Chinese Gold & Silver Exchange Society has essentially sold out of gold bullion, and must wait until Wednesday for shipments to arrive from Switzerland and London.


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Fri, 04/19/2013 - 14:05 | 3473022 nope-1004
nope-1004's picture

Everyone can feel this ponzi economy unwinding.  Desperation in the gold attacks by paper thugs and fiat pimps.  The physical and paper markets are diverging, no question.  Pricing is broken, corrupt, manipulated, and wrong!

Take delivery and f'em.


Fri, 04/19/2013 - 14:08 | 3473052 resurger
resurger's picture

Am so fucking glad to read this ... fuck em'

Fri, 04/19/2013 - 14:15 | 3473079 WayBehind
WayBehind's picture

Importing from the Swiss? I wouldnt sell them one once. 

Fri, 04/19/2013 - 14:30 | 3473172 Doña K
Doña K's picture

The woman TV reporter should know that you don't use idiomatic expressions with foreigners. She said there is a floor in the price. To him sounded about noise on the floor of the exchange.

Fri, 04/19/2013 - 14:36 | 3473184 francis_sawyer
francis_sawyer's picture

I don't understand this... Gold isn't 'BACKED' by anything...


In related news... Mt. Gox begins IMPORTING bitcoins from fonestar...

Fri, 04/19/2013 - 14:38 | 3473228 nope-1004
nope-1004's picture

LOL.... I remember when..... gold was reported to be "backed by nothing".

A must watch:


Fri, 04/19/2013 - 15:35 | 3473554 MagicHandPuppet
MagicHandPuppet's picture

@note - Great link!  I was wondering what happened to that clip of the idiot saying gold was "backed by nothing".  Pathetic stupidity.

Fri, 04/19/2013 - 15:48 | 3473622 The Big Ching-aso
The Big Ching-aso's picture

Ya but they'll never run out of tungsten.

Fri, 04/19/2013 - 16:37 | 3473879 Manthong
Manthong's picture

original youtube post

this just keeps gettin better and better.. 

BTW..I have a single ASE for sale.. at 250.00 and..

I am still a patient guy.


Fri, 04/19/2013 - 16:40 | 3473972 mt paul
mt paul's picture

will sell 2 ASE

for 498.99 $


plus shipping

Fri, 04/19/2013 - 16:54 | 3474031 Manthong
Manthong's picture

ha ha ..

another market maker.. but I love competition.  :-D

Fri, 04/19/2013 - 17:40 | 3474229 DaveyJones
DaveyJones's picture

Empires and history. We are our own worst enemy. This move has only weakend the dollar further, weakened us, and strengthened anyone with the wits to buy real assets and reject the green. Like everything else, these moves are having exponentially stronger effects. The more people rejct the game the closer we are to the dollars collapse. Ben is accelerating us toward the cliff. He's not just a liar. He's an idiot. 

Fri, 04/19/2013 - 18:46 | 3474522 dryam
dryam's picture

For those that didn't hear about CBS-Canada's show on gold last night here is the video.  You might want to download them because they'll probably be taken off youtube soon.

Sat, 04/20/2013 - 00:37 | 3476229 TwoShortPlanks
TwoShortPlanks's picture

Believe me, there are Big Fish on our side. They know that one day a great number will have a single objective, rich or poor, with a common goal.

Fri, 04/19/2013 - 17:11 | 3474132 LoneCapitalist
LoneCapitalist's picture

Can I get a raincheck on that?

Fri, 04/19/2013 - 15:48 | 3473635 macholatte
macholatte's picture

Just 1 question......


IF all the sheeple are stupid, ignorant dip-shits and all the politicians and economists and bankers are truely smart and the "journalists" are the most intelligent of all, THEN why do governments and central banks hoard gold?

Fri, 04/19/2013 - 16:15 | 3473839 TeamDepends
TeamDepends's picture

We're not buying ANY of this.  Haywood Cheung?  Sure, and I am Mohammed Dershowitz.

Fri, 04/19/2013 - 16:43 | 3473971 Manthong
Manthong's picture

horde,, hold.. same diff.

tradition.. reserves.. tail reamed risk (very soon)

Fri, 04/19/2013 - 15:51 | 3473647 KnightTakesKing
KnightTakesKing's picture

Not to mention it's a "barbarous relic".

Fri, 04/19/2013 - 15:59 | 3473715 robertocarlos
robertocarlos's picture

She is good looking.

Fri, 04/19/2013 - 14:40 | 3473242 jomama
jomama's picture

don't forget it has ZERO intrinsic value as well.

Fri, 04/19/2013 - 14:47 | 3473286 Panafrican Funk...
Panafrican Funktron Robot's picture

Indeed, it is merely a hunk of junk with no use whatsoever.  "Precious" metal my ass!

Fri, 04/19/2013 - 15:01 | 3473373 imaginalis
imaginalis's picture

Get in there and buy physical before Blackrock

Fri, 04/19/2013 - 14:58 | 3473345 agent default
agent default's picture

Yeah were I live you don't have to mine it or anything, it grows in the forest.

Fri, 04/19/2013 - 16:00 | 3473742 outamyeffinway
outamyeffinway's picture

You heard it from the horses mouth...


The floor for gold is in China!

Fri, 04/19/2013 - 14:42 | 3473259 Nothing To See Here
Nothing To See Here's picture

- Wednesday morning -

Shangai : Where is the gold we ordered? This shipment is empty!

Zurich : WHAT?? I am telling you Mr. Wong, we are shocked, SHOCKED, that your delivery didnt go as planned. Rest assured that your claim against us is still perfectly valid. We will proceed your gold delivery as soon as we get delivery from New York.

Fri, 04/19/2013 - 15:06 | 3473399 mick_richfield
mick_richfield's picture

"Nonsense, Mr. Wong.  I assure you that your shipment crate is as full of gold as Fort Knox!"

Fri, 04/19/2013 - 16:22 | 3473873 auric1234
auric1234's picture

Here, just as we promised. We put your 30 tons of gold in this suitcase full of GLD shares.

Worry not, each ounce is accounted for and these pieces of paper prove that you're their sole owner.


Fri, 04/19/2013 - 17:12 | 3474139 Nothing To See Here
Nothing To See Here's picture

Cant help but think of that scene :

Fri, 04/19/2013 - 15:38 | 3473569 goBackToSleep
goBackToSleep's picture

Yeah, how about sanding the 1mil of AU to get to the tungsten. What are the Chinese gonna do, go to war with the BOE? If they do, the BOE's pitbull (US) will be right over to accidentally detonate an air burts emp between Japan and China. Sorry that weapon strayed a bit off course. how convenient that would be for treasuries. I'll go long the dollar once it happens.

Fri, 04/19/2013 - 16:27 | 3473903 GoldForCash
GoldForCash's picture

Gold, we thought you said cold. We mailed 1 tonne of ice cubes. Must have melted....did you have insurance ?

Sat, 04/20/2013 - 02:28 | 3476370 MythicalFish
MythicalFish's picture

The trading floor looks pathetic. Put in a few lenovos.

Fri, 04/19/2013 - 14:15 | 3473081 eclectic syncretist
eclectic syncretist's picture

JP Morgans registered COMEX gold inventory declined from 1.3 to 0.8 million ounces in the past week, a burn rate that if continued will result in them having zero physical gold available for delivery IN LESS THAN TWO WEEKS. 

This is happening very quickly while people are distracted with other things.

Fri, 04/19/2013 - 14:19 | 3473106 fonzannoon
fonzannoon's picture

eclectic please play this out. Assuming JPM would not allow their inventory to go to zero, or presumably not even close to zero, what happens? They have to settle in cash?

Fri, 04/19/2013 - 14:23 | 3473131 Bam_Man
Bam_Man's picture

Force Majeure, bitchezzzz!

Fri, 04/19/2013 - 15:26 | 3473492 Max Hunter
Max Hunter's picture

Let me see.. TPTB drove the prices down to 22 so they can sell us schmucks silver and gold at blowout prices so they can run out of the pretty stuff.  Then, they have none and we have it all at a discount as the price for physical takes off for orbit.. .  Then, they can't sell their paper scheme anymore..


They push the prices down.. buy up everything (gold mostly) accept a few coins they sell us schmucks.. Unload their shorts, go long, restock the vaults continue paper scheme in other direction for a while..

Fri, 04/19/2013 - 15:44 | 3473606 macholatte
macholatte's picture



When dealing with people, remember you are not dealing with creatures of logic, but creatures of emotion.

Dale Carnegie

Contrariwise, if it was so, it might be; and if it were so, it would be; but as it isn't, it ain't. That's logic.

Lewis Carroll



Fri, 04/19/2013 - 15:57 | 3473694 Max Hunter
Max Hunter's picture

Maybe.. I still have to lean towards what I see.. and what makes sense..

Fri, 04/19/2013 - 18:49 | 3474539 sun tzu
sun tzu's picture

The problem is the more they push prices down the more people will buy. I'm not talking about American peons, I'm talking about 2 billion peons in Asia.

Fri, 04/19/2013 - 14:58 | 3473346 cynicalskeptic
cynicalskeptic's picture

The anti-gikd propaganda is continuous..... don't you get it?  Gold isn't reallt worth anything....


The astounding number of articles on gold of late (all negative or with some bogus 'explanation' of the decline) stinks of a concerted propaganda effort to gegt owners out of gold.... everyone else is selling now - you're a fool if you don't.....     .  One talking head on the BBC a few days back said the decline was because demand from China had DROPPED - even as China was buying a few hundred topns in the previous week.    NO articles in MSM about the frenzied buying of physical since the drop though - don;t want to call attention to THAT.

Fri, 04/19/2013 - 15:09 | 3473414 cynicalskeptic
cynicalskeptic's picture

The real story may be in SILVER.   Gold is coming back fast - has bounced back to 1400 already.  Silver is being kept down and nort coming back as fast.  What's the number of contracts outstanding on COMEX?

Fri, 04/19/2013 - 15:29 | 3473503 ziggy59
ziggy59's picture

Less than zero is not a problem these days... In fact on bizarro world, its a positive..somehow

Fri, 04/19/2013 - 14:14 | 3473083 debtor of last ...
Fri, 04/19/2013 - 14:19 | 3473110 Captain Benny
Captain Benny's picture

Screw that.  I'm buying whenever I find change in my pockets.  No need to try and pick one specific day.  Just do it every day.

Fri, 04/19/2013 - 14:20 | 3473119 debtor of last ...
debtor of last resort's picture

In your case: sell your wife and buy moar on may 1st.

Fri, 04/19/2013 - 14:38 | 3473221 francis_sawyer
francis_sawyer's picture

Tried buying ammo today... No dice... Nuttin' but 7mm on the shelves [& about a box of 30-06]...

Fri, 04/19/2013 - 15:25 | 3473485 outamyeffinway
outamyeffinway's picture

Coinstar this wekend for me. Spent my savings, sold my BTC for silver. Nothing left but the change jar.

Fri, 04/19/2013 - 14:43 | 3473261 CaptainObvious
CaptainObvious's picture

Yup, stack it high and stack it deep.  I just got back from the coin dealer, where I purchased every Maple Leaf they had in stock, plus some gold.  I'm not waiting for Joe Sixpack to start panic buying...look at the ammo situation:  Joe Sixpack is running around trying to find some ammo, while I've got a gun safe full of it.

Fri, 04/19/2013 - 14:46 | 3473281 Go Tribe
Go Tribe's picture

Bought today.

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