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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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.


resurger's picture

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

WayBehind's picture

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

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.

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...

nope-1004's picture

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

A must watch:


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.

The Big Ching-aso's picture

Ya but they'll never run out of tungsten.

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.


mt paul's picture

will sell 2 ASE

for 498.99 $


plus shipping

Manthong's picture

ha ha ..

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

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. 

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.

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.

LoneCapitalist's picture

Can I get a raincheck on that?

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?

TeamDepends's picture

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

Manthong's picture

horde,, hold.. same diff.

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

KnightTakesKing's picture

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

jomama's picture

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

Panafrican Funktron Robot's picture

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

imaginalis's picture

Get in there and buy physical before Blackrock

agent default's picture

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

outamyeffinway's picture

You heard it from the horses mouth...


The floor for gold is in China!

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.

mick_richfield's picture

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

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.


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.

GoldForCash's picture

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

MythicalFish's picture

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

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.

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?

Bam_Man's picture

Force Majeure, bitchezzzz!

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..

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



Max Hunter's picture

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

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.

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.

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?

ziggy59's picture

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

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.

debtor of last resort's picture

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

francis_sawyer's picture

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

outamyeffinway's picture

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

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.