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The Secret World Of Gold

Tyler Durden's picture




 

In a wide-ranging look at the history and present of the barbarous relic, CBC's Brian McKenna and Ann-Marie MacDonald have gathered many perspectives (pro and con) on gold. The following documentary moves from historical shipwrecks to Nazi 'death gold' and England's war chest to recent years where widespread economic uncertainty has given the yellow metal a "new lustre in the world of high finance." Valued for its permanence, beauty and scarcity, people will lie, cheat, steal and kill in the name of gold; and the clip provides color on many of the market manipulations of the last few years. As MacDonald says, whether it’s a few gold coins or gold bars stored in one of the many vaults around the world, many investors are taking a shine to gold. But there’s not a lot of it. It is said that, even melted down, there would not be enough to fill an Olympic swimming pool. Some claim that much of the gold held by the Bank of Canada, the Bank of England, the Federal Reserve and Fort Knox is gone - that for every 100 ounces of gold traded, there exists only one ounce of real, physical gold. So, where is the gold - and who really owns it?

 

Part 1

 

Part 2

 

Part 3

 

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Sun, 04/21/2013 - 12:31 | 3480374 Silver Garbage Man
Silver Garbage Man's picture

You got PHYZZ or you got NOTHING!

Sun, 04/21/2013 - 12:31 | 3480379 Pinto Currency
Pinto Currency's picture

People will people will lie, cheat, steal and kill period.

Not because of gold.

Sun, 04/21/2013 - 12:35 | 3480395 Spider
Spider's picture

Cost of gold rising while production numbers are dropping.  Total average costs for miners are at $1280ish for 2012 and rising...

http://seekingalpha.com/article/1346991-the-true-all-in-cost-to-mine-gold-complete-2012-figures

Sun, 04/21/2013 - 12:38 | 3480402 Abraxas
Abraxas's picture

The common line among us (PM friendly folk) is that the gold price collapsed solely due to manipulation of the paper price. Perhaps I don't see the entire picture, but something does not add up. If the price fall is in paper only, why shouldn't the premiums be 20%, 50% or even 200%? My dealer charges 4% over the spot and there seems to be plenty of physical. Also, I don't see any line-ups. I asked the lady working there if the sales went down since the price drop, and after some hesitation, she nodded in confirmation. 

Is this like anomaly or these reports from KWN are complete bogus? It seems to me there's more to the picture than meets the eye.

 

Sun, 04/21/2013 - 12:39 | 3480407 Zer0head
Sun, 04/21/2013 - 12:43 | 3480414 Manthong
Manthong's picture

..too much mercury (or wood pulp or tungsten?) in the official fish anymore. 

Sun, 04/21/2013 - 12:52 | 3480451 fonestar
fonestar's picture

I am Canadian and I HATE our CBC (Communist Broadcasting Corporation)!  They take all of our tax dollars and use them to paint a very narrow and thin image of what it means to be Canadian (read leftist, pseudo-intellectual).  They continually bash Stephen Harper, Bush and the NRA while casually ignoring all the crimes comitted under Obummer.  Their disinfo piece on Kennedy "JFK: The lost Bullet" made me so angry I wanted to put my fist through the screen.

Sun, 04/21/2013 - 12:56 | 3480452 greased up deaf guy
greased up deaf guy's picture

part 3 at about the 7:25 mark... americans were paid $35 per ounce when their gold was confiscated?

WRONG! they were paid $20.67 and the gold was conveniently revalued at $35 subsequent to that. HUGE difference.

Sun, 04/21/2013 - 13:01 | 3480469 Arius
Arius's picture

these are small details ... dont be that picky :) unintentional mistakes ...

interesting explanation by Macguire on how the paper trade works ... no wonder there is a disconnect between paper and physical ... it actually makes a lot of sense ... it seems they can trade trillions on paper and put the price down to the floor even ZERO if they want to, however, when it comes to selling the real stuff then they dont really want to sell it for that price ... hence the catch 22 on what to do with the gold price?

Sun, 04/21/2013 - 13:02 | 3480489 Manthong
Manthong's picture

NOT the good guy.

http://i.imgur.com/CxevKe9.jpg

 (good buddy of Tom Daschle)

Sun, 04/21/2013 - 13:18 | 3480548 philipat
philipat's picture

BUT, they weren't even brave enough to include testimony from a JPM whistebloer?

Sun, 04/21/2013 - 13:37 | 3480556 Manthong
Manthong's picture

at 7:30 … third video.. W R O N G

Confiscation paid at $ 20.67 per ounce.. FDR devalued dollar.. revalued gold to $35.00 shortly afterwards thereby depriving citizens of the protection they thought their alleged “freedom” provided..

edit .. oops.. deaf dude caught it...

Sun, 04/21/2013 - 13:45 | 3480659 I think I need ...
I think I need to buy a gun's picture

why is bernanke skipping JAckson hole first time in 25 years fed chairman not there?

Sun, 04/21/2013 - 14:02 | 3480717 Manthong
Manthong's picture

>>>>>>      S about to HTF

>>>>>>     All is good and right in the global economy

Sun, 04/21/2013 - 14:34 | 3480830 DoChenRollingBearing
DoChenRollingBearing's picture

I saw the CBC videos a couple of days ago via jsmineset.com.

It is very much worth watching, it covers a number of themes that many of us have been exploring for some time (manipulation, Venezuela's gold return, paper vs. physical gold, etc.).

@ Manthong

I gave you the green, but I think it will *probably* take a little while longer before the SHTF.  It will, but this has dragged out SO LONG that I think there is more stasis before an impact...

Sun, 04/21/2013 - 15:21 | 3480941 Manthong
Manthong's picture

 

Yeah..

It always takes longer than first apparent.

But once gravity takes hold, that 32 ft/s/s can be nasty..

especially in a moral vacuum.

 

Sun, 04/21/2013 - 15:23 | 3480959 Rubicon
Rubicon's picture

Crap show. Heavily edited.

Sun, 04/21/2013 - 19:50 | 3481529 TwoShortPlanks
TwoShortPlanks's picture

Dot

Sun, 04/21/2013 - 15:29 | 3480971 James_Cole
James_Cole's picture

Interesting that the CBC is putting out a documentary about gold as the prices are collapsing... Canadian commodity collapse almost across the board has sent economic outlook for Canada into a tailspin, maybe CBC's next doc should be about how oil price is secretly being crushed by paper markets, followed by a doc about copper price being crushed by papoer markets and finally the most epic doc of them all -- the case for Natural Gas!

C'mon CBC, Canadians are counting on you!

http://business.financialpost.com/2013/04/18/meltdown-15-of-worlds-gold-...

Sun, 04/21/2013 - 15:40 | 3481008 akak
akak's picture

Keep going in your anti-gold badmouthing here, junior Nadler, and keep digging the grave of your credibility here ever deeper.

Sun, 04/21/2013 - 15:50 | 3481043 James_Cole
James_Cole's picture

Keep going in your anti-gold badmouthing here, junior Nadler, and keep digging the grave of your credibility here ever deeper.

Yes, my credibility has been utterly destroyed by being right consistently. 

Sun, 04/21/2013 - 19:56 | 3481764 Bay of Pigs
Bay of Pigs's picture

Right about what? You don't even accept the factual things that are going on in the criminal and fraud ridden futures market.

You're a clown on gold. Big floppy shoes, bright red nose and an orange wig.

Sun, 04/21/2013 - 22:18 | 3482313 DoChenRollingBearing
DoChenRollingBearing's picture

Gold is up $10 or so as I write.

Sun, 04/21/2013 - 23:16 | 3482470 James_Cole
James_Cole's picture

Right about what? 

Right about the price movements of the past 6 months, which doesn't matter to you I know. But I imagine most people would prefer to buy at 24$ rather than 34$. 

You don't even accept the factual things that are going on in the criminal and fraud ridden futures market.

What don't I accept? And if you are claiming that the main driver of the price (futures market) is 'criminal and fraud ridden' why are you investing in the physical? Makes you a sitting duck to people you already know are being dishonest. 

Are you and Eric Holder going to march down to the CFTC and demand they set the markets right, thus unshackling gold from gross manipulation? Good on you guys, bring Captain America along too, CFTC is bound to see the light.  

Sun, 04/21/2013 - 23:49 | 3482545 StychoKiller
StychoKiller's picture

Do you KNOW of anyplace to get Ag at $24/Toz?  The least expensive that I saw was around $28/Toz, PROVIDED you were able to purchase at least 1Kg at a time!

Sun, 04/21/2013 - 16:53 | 3481220 disabledvet
disabledvet's picture

Good luck crushing oil with a paper price. The dollar amount is so massive globally I really find such an idea to be ridiculous. I can definitely see "manipulation" in gold and silver prices as far from ridiculous since the amount actually available for trading is so small and it's actual "value" or "necessity" is for all intents and purposes is de minimus. Having said that I still believe the goal of the banks is to drive the price of gold and silver HIGHER not lower. So sure...the fact that the price is falling at all does indeed stand out...but not for the reasons given.

Sun, 04/21/2013 - 19:14 | 3481641 jimmytorpedo
jimmytorpedo's picture

Better to be a year early than a day late.

In my case, 5 years early.

Every day I wake up and think, "how long can this go on?"

I'm actually starting to enjoy this ongoing disaster porn.

I must be turning back into a sheeple.

Sun, 04/21/2013 - 14:37 | 3480834 Pool Shark
Pool Shark's picture

 

 

So, where is the gold - and who really owns it?

I own it; and it's all at the bottom of the lake.

[tragic boating accident...]

Sun, 04/21/2013 - 15:48 | 3481032 kill switch
kill switch's picture

Report on Global News Network that 98% os all gold is now below the waterline. I agree tragic just tragic. Germany now you can see why 9 years for repatriation.

Sun, 04/21/2013 - 17:57 | 3481431 w00dmann
w00dmann's picture

What is this tragic boating accident you speak of so often?  I'm genuinely curious.

Apart from that, of course, my sincere condolences on your loss.  That's a true bummer.

Sun, 04/21/2013 - 19:01 | 3481606 Pool Shark
Pool Shark's picture

 

 

Thanks Roman;

that was the link I was looking for...

Sun, 04/21/2013 - 14:06 | 3480727 DaddyO
DaddyO's picture

Things are moving more rapidly than perdicted. Chairman Bernanke needs to stay behind the curtain and yank a few more levers before things really unwind...

With the recent turn of events in Boston and the headway made on displacing the Bill of Rights, he needs to ramp up the amplitude a touch.

DaddyO

Sun, 04/21/2013 - 15:30 | 3480983 ebworthen
ebworthen's picture

And FDR got maybe 15% of privately held gold from the sheep; the real people said "fuck that and fuck you FDR!" and kept their gold.

If Obummer tries that bullshit I'm gone - out of the U.S.A. by boat - never to return.

Sun, 04/21/2013 - 18:21 | 3481485 GeneH3
GeneH3's picture

The sheeple were thus Cyprused -- given a 40% haircut on the store of value they held. The $2 billion "profit" from this coerced transaction was used to bankroll the Exchange Stabilization Fund.

Sun, 04/21/2013 - 13:58 | 3480703 MrBoompi
MrBoompi's picture

It's a sweet deal to be able to naked short (anything) then be able to overwhelm the market with fake HFT trades, taking the price down. When the right players are tipped off ang get in the action, the profits can be quite handsome. Poor old Bart Chilton. He just doesn't have the resources to do anything about it. What worthless pieces of shit him and his coworkers are.

Sun, 04/21/2013 - 14:27 | 3480806 outamyeffinway
outamyeffinway's picture

Hey Bart's a valued member of the community and he'll tell you all about it. If you're lucky. Or nice.

 

A dialogue with Bart from: http://silverstrategies.blogspot.com/

 

Well I guess I touched a nerve with Bart. I really didn't think he'd get upset about the lining of the pockets thing but hey, some people are sensitive to the things that cause them the most guilt. It must be like eating the Bread of Shame.

What I thought would upset him was the eunuch in a brothel statement. But the CFTC has been ball(less) for so long this didn't seem to bother him. Maybe he didn't even get that far.......

Anyway here's his response:

"I was reading your email and thinking about my thoughtful response until I got to the lining my pocket bs. I could be making  a hell of a lot more money working in the private sector, but I have declined to do so.   I’ve spent my career in public service doing the best I can. I accept it isn’t good enough for some, but I certainly don’t have to respond to those people.  Please don’t email again. B"
Sun, 04/21/2013 - 14:46 | 3480863 Bay of Pigs
Bay of Pigs's picture

Bart talking about his career in "public service" is laughable at this point. The CFTC is just another toothless and useless gov't agency that was captured by the Banksters a very long time ago.

Oh, and how is that 4 or 5 year old silver investigation coming along Bart? Please, tell us something...

Sun, 04/21/2013 - 15:06 | 3480907 DoChenRollingBearing
DoChenRollingBearing's picture

+ I don't know how many billions...

Yes, Bart has been very slow to do anything other than flap his lips a bit.

When can we expect our feckless regulators to, well, regulate?  Our tax dollars are completely wasted, and we see deep hypocrisy at work when we have a regulator that is supposed to keep the markets in order, but choose instead to investigate nothing...

"Regulatory Capture" apprears to be the only thing that explains this.  Regulatory Capture would also explain Jon Corzine, Bay...

Sun, 04/21/2013 - 16:33 | 3481167 Marco
Marco's picture

I agree, but what is the solution? Only allow producers to go short?

Sun, 04/21/2013 - 14:54 | 3480886 Motorhead
Motorhead's picture

Best thing about CBC is seeing Grapes on HNIC!

Mon, 04/22/2013 - 04:11 | 3482868 Buck Johnson
Buck Johnson's picture

Didn't Canadian banks come up with fake gold coins.

Sun, 04/21/2013 - 14:14 | 3480765 killallthefiat
killallthefiat's picture

A shameless plug for a no-name author...do not click

Sun, 04/21/2013 - 15:06 | 3480909 outamyeffinway
outamyeffinway's picture

Please. WTF would I be plugging? Post some letters you've written to the regulators or congressmen. We'll see who's the no-name.

Sun, 04/21/2013 - 17:17 | 3481297 Zer0head
Zer0head's picture

Not sure if you are referring to the link zer0head posted at the top (http://annmariemacdonald.com/) If you read the preamble to this ZH post  you will see that this "no name author"   is  hostess of the documentary along with a list of farily notable literary awards not a plug just some background on one of the people behind this propaganda.

Sun, 04/21/2013 - 16:32 | 3481163 Whalley World
Whalley World's picture

mayabe where you come from bud.

 

have you read fall on your knees?  Get your nose out of those mad magazines

Sun, 04/21/2013 - 15:26 | 3480969 q99x2
q99x2's picture

The History Channel

Sun, 04/21/2013 - 12:42 | 3480410 Spider
Spider's picture

Whose your dealer?  Please post the site because thats not what i'm seeing. Try buying silver eagles and you're paying $29.50 - not sure where you'd get ANY type of silver under $25.  This is just the first step in a paper default ... high premiums and soaring physical demand. 

 

Next step comes when producers and refiners realize they can get silver cheaper by buying comex contracts and asking for delivery.

Sun, 04/21/2013 - 12:55 | 3480464 fonestar
fonestar's picture

They should have done a piece instead, "The Non-Existant World of Silver".

Sun, 04/21/2013 - 13:00 | 3480477 Abraxas
Abraxas's picture

I was talking about gold and not silver. I paid $1465/oz on Friday and they have a discount if you buy 25 or more. How much do you pay?

Sun, 04/21/2013 - 15:28 | 3480972 Skateboarder
Skateboarder's picture

From a few of places I inquired last week, the average seems to be $60 above spot for an oz. SF Bay Area. $4-5 above spot for Silver.

Sun, 04/21/2013 - 14:03 | 3480721 MrBoompi
MrBoompi's picture

Exactly. So say they take the price down to $17 like some predict. Not only will buyers overwhelm the physical market, nobody will sell at that price. It's obvious these markets are run by psychopaths.

Sun, 04/21/2013 - 15:00 | 3480897 Kirk2NCC1701
Kirk2NCC1701's picture

In that case, PM is merely seeking its price and supply level on the free bullion market. What's the problem with that?

You buy or you don't.

Sun, 04/21/2013 - 12:50 | 3480442 Urban Redneck
Urban Redneck's picture

How many people are buying and taking possession of physical gold in the US?

If the record demand of US mint gold is 2 million ounces or 1/5 of one gram per person in one business day (which is chump change compared to a CB transaction, or an par with a single large insutional transaction) - then I would presume not many in the larger scheme of things.

The little guys are largely along for the ride (in the US/EU).

 

(with the caveat that there will be a straw that breaks the camel's back...)

Sun, 04/21/2013 - 15:07 | 3480883 Pool Shark
Pool Shark's picture

 

 

Even with the recent record demand, US Mint sales are not that high (when you consider there are over 300,000,000 Americans, and the record annual sales for Silver Eagles is still only 39,800,000 ounces). That's only 1/10th ounce of silver per citizen per year. Just wait 'till gold/silver truly go 'mainstream.'

Here are the year-to-date sales figures:

http://www.coinnews.net/2013/04/20/gold-silver-plunge-on-week-us-gold-bullion-coins-on-fire/

Sun, 04/21/2013 - 15:30 | 3480920 James_Cole
James_Cole's picture

For all the chatter on here about gold demand way up, someone needs to do impromptu interviews at some offices of gold miners. Right now the fear of God is in these peoples eyes, walk into their offices and it's like entering a funeral. 

Sun, 04/21/2013 - 15:37 | 3480999 akak
akak's picture

Hey, if I had a number of world governments and world central banks being the declared enemy of my stock in trade, and suppressing its official price, even to the point of pushing it below its actual cost of production, I would have fear in my eyes too --- and more than a share of rage.  Sadly, the spineless and servile mining CEOs seem more than willing to bend over and take it meekly.  Suspiciously willing, in fact.

Sun, 04/21/2013 - 15:59 | 3481071 James_Cole
James_Cole's picture

even to the point of pushing it below its actual cost of production,

The cost of production is ludicrously high because every crap gold deposit on Earth has supposedly (up until recently) become economically feasible. Companies like Barrick made a lot of very foolish decisions on where they were investing money. 

Sadly, the spineless and servile mining CEOs seem more than willing to bend over and take it meekly.

Meekly accept the inevitable outcome of their bad decisions? At least some of them have had the balls to acknowledge some poor decisions - part of them being actual professionals rather than scamming newsletter writers. But this is inexcusable:

http://www.goldminerpulse.com/gold-chart-ore-value.php

Sun, 04/21/2013 - 16:26 | 3481144 Urban Redneck
Urban Redneck's picture

And the governments that aren't trying to suppress the price, are trying actively to capture more dollars of the nominal rise in price through taxation and fees to pay for their own operations and social "benefits" programs.  Mining is a tough business, not a get-rich-quick scheme.  But the current period EPS temptation/pressure often seems to inhibit better judgement and strategic planning.

Sun, 04/21/2013 - 17:15 | 3481287 auric1234
auric1234's picture

I can't see what's so wrong with them. If they're hedged, the plunge didn't affect them.

And if they aren't, they are able to dictate the price.

 

Sun, 04/21/2013 - 17:26 | 3481329 James_Cole
James_Cole's picture

I can't see what's so wrong with them. If they're hedged, the plunge didn't affect them.

You can't magically hedge away everything and no individual miner has the ability to dictate price. 

The production costs are way too high & they bleed money like crazy. A huge number of operations are totally unsustainable @ ~$1200, a lot of projects in development have even more absurd costs.

Investors have had cold feet for a while because of the crappy returns and that lack of interest just got a lot worse...when investor cash dries up a lot of these guys go out of business - mining ain't cheap. 

I linked to a FP article above about how 15% of gold miners are already facing collapse, these guys don't exactly run their business like Swiss watches.  

Sun, 04/21/2013 - 12:50 | 3480450 seek
seek's picture

Sales actually are down at a lot of dealers.

They have no inventory left to sell, some are even laying off staff as a result. But this hides the fact that their inventory was blown out in a matter of two days.

Sun, 04/21/2013 - 14:20 | 3480787 debtor of last ...
debtor of last resort's picture

The Netherlands: silver eagles, maples and philharmonics not available, some suppliers cannot deliver gold krugers, buffalo's and maples. Bidprices 102% for gold, 110% for silver coins in good status. The bidprices are from 1 supplier, have not checked the rest.

https://www.inkoopedelmetaal.nl/nl/munten

Sun, 04/21/2013 - 14:44 | 3480850 DoChenRollingBearing
DoChenRollingBearing's picture

@ seek

On Friday the 12th (the first day of the plunge) and Thursday the 18th I was only able to buy one Gold Eagle each day at my LCS.  So, YES, your statement is very believable, it matches my own recent experience and what I have been reading.

FOFOA's new paper gold price target is now (perhaps, hey, not even he knows...) $250 right before the system breaks...  When?  He doesn't say.  Although he smells it coming sooner rather than later.

Sun, 04/21/2013 - 15:52 | 3481047 seek
seek's picture

I agree with the sooner rather than later assessment. I still don't think this is "the big one" for the entire financial system, but between the banker white house meeting a bit over a week ago, the gold crash immediately after, and now Ben missing Jackson Hole with months of advance warning, something big (and smelly) is up and gold is wrapped up in it.

I'm sure we'll see $250 or heck, even $10, in the last few minutes of COMEX's life. They've been averaging a 1.5-2% loss of inventory per week now since January, and are down nearly 20% from the start of the year, that's got be be causing some havoc with the paper markets. I halfway wonder if part of the takedown was to scare away speculators and shrink the size of the market to make the crash more manageable.

Sun, 04/21/2013 - 17:13 | 3481276 auric1234
auric1234's picture

But surely you think that the endgame for gold manipulation will be immediately followed by the endgame for FIAT paper altogether? It's hard to imagine how would FIAT resist the existance of unmanipulated gold markets.

 

Sun, 04/21/2013 - 18:57 | 3481591 seek
seek's picture

It would be a sign of major disruptions to come in fiat, but the two are pretty disconnected at the moment.

We're already in the endgame of fiat, but it'll be a long slide to the final destination. The implosion of paper gold and gold manipulation is a milestone event, to be sure, but not the end of the road. Don't underestimate the ability of the fiat magicians to pull out new rabbits. As I noted the other day, the exits are being locked. Let's assume that paper gold goes away tomorrow and physical's price jumps to $10K, $20K, whatever, because none of it is available for sale, it's irrelevant. Paper gold, or paper oil, stocks, bonds -- all will get cheaper -- because it has no value and no trust behind it and people want to escape.

What do you do with your fiat, does it actually just go away? No, it doesn't -- it can't escape the system due to the locked exits. All you can do is sell paper investments for paper dollars. The investment prices plunge. Welcome to deflation.

Once you try the exits and can't leave, what do you do with your fiat? You buy.

You buy everything tangible that has a hope of retaining value -- real estate, cars, food, anything you CAN buy. You don't want the fiat, you want out! When everyone feels the same, velocity of money skyrockets. Welcome to hyperinflation. That's the endgame. Past experience says this will take months to years to play out completely.

Mon, 04/22/2013 - 17:27 | 3485547 auric1234
auric1234's picture

Yes, those are the steps I expect. But you speak of a "long slide" and I just can't see how these steps can take years once gold enters permanent backwardation.

If you're trapped in FIAT and can't use it directly to buy gold, the only rational reaction is to go immediately in a rush buying all sort of assets.

I can't see how hyperinflation would take more than a few weeks to manifest itself.

 

Sun, 04/21/2013 - 20:10 | 3481803 Diogenes
Diogenes's picture

I'm wondering if they sold down their inventory preparing for the big beat down, getting set to replenish their stock at bargain prices.

Sun, 04/21/2013 - 13:04 | 3480493 FlyingDutchman
FlyingDutchman's picture

I haven't had any problems buying krugerrands or sovereigns in the last month here in Europe.

 

Sun, 04/21/2013 - 17:53 | 3481416 jonjon831983
jonjon831983's picture

I've always wanted a Krugerrand ever since http://www.youtube.com/watch?v=GUorM4nTX7k

Alas, my local shop never has any in stock.

Sun, 04/21/2013 - 13:16 | 3480522 Bokkenrijder
Bokkenrijder's picture

Same here in Europe Abraxas, I don't see any lines at places selling gold. The place where I buy pm's (in a major European capital) basically told me last week when I paid a normal visit to get some insurance papers out of my safe: 'business as usual, no increase in customers.'

KWN is the Jim Cramer for goldbugs, full of outrageous predictions and hard to confirm 'facts' (such as long lines in front of bullion dealers) just feeding the hype.

Sun, 04/21/2013 - 14:45 | 3480853 Doña K
Doña K's picture

Maybe the central banks do want to sell most gold as they may have found a secret way to manufacture it. Maybe if everyone like Venezuela, Germany and other countries asked, they will never get it. Waiting seven years to get your gold is like saying let us find it or buy it or accumulate it for you.

Something very catastrophic will happen soon. get your selves at least 1/3 of you assets in physical gold for insurance.

Just like deficits don't matter. The price of gold does not matter either.

Sun, 04/21/2013 - 17:23 | 3481319 Acet
Acet's picture

That's funny, 'cause all my suppliers here in Europe (in Holland and the UK) have upped their premiums for Gold coins and one of them is even paying more than spot to BUY coins.

In fact, the guys I usually get my charts from (bullion by post, the biggest seller in the UK), went from "all normal" on to higher premiums and a noticed saying "due to high demand we can't satisfy our next day delivery promise anymore" to even higher premiums and an additional clausule in their notice saying "we'll only be taking orders of £500 or more".

Maybe your supplier is one of those "we buy gold" stores or a jewellery store with normal premiums of 20% or more?

 

Sun, 04/21/2013 - 17:40 | 3481371 DosZap
DosZap's picture

Same here in Europe Abraxas, I don't see any lines at places selling gold. The place where I buy pm's (in a major European capital) basically told me last week when I paid a normal visit to get some insurance papers out of my safe: 'business as usual, no increase in customers.'

KWN is the Jim Cramer for goldbugs, full of outrageous predictions and hard to confirm 'facts' (such as long lines in front of bullion dealers) just feeding the hype.

I would advise you to see who writes their articles,KWN does nothing but get views of poor,lazy,retards./sarc

Also, in the USA most folks order online,as MOST coin shops do not stock gold for the most part, they cannnot hedge themselves against the volitilaty of Au,Pla.And the ones in my area that do, have a min of $75 prems on any one ounce Au coin.I refuse to pay it.

Sun, 04/21/2013 - 13:21 | 3480564 augustusgloop
augustusgloop's picture

Not sure why you are getting dinged, Abraxas. most of the talk of shortages is anecdotal. retail demand is up based on reports from Hong Kong & US Mint. But as you say, premiums are not all that high on gold (silver eagle premiums are very high)- apmex advertises gold eagles for $1,489 or about 5% over spot. I'm not sure where ZH commentators are getting $1,600 for physical from. If you listen to the commentators on KWN, most are referencing the same reports or each other--so it's a bit of an echo chamber. 

If you add to this what seems to be a huge deflationary drain -- as evidenced by general commodities and copper -- it is not so hard to see gold going down, albeit with a significant push over the cliff by central banks. 

Sun, 04/21/2013 - 13:38 | 3480603 Arius
Arius's picture

"it is not so hard to see gold going down, albeit with a significant push over the cliff by central banks."

 

The Central Banks which will need to provide the physical to sell at those engineered prices, which they do not want to, dont forget Bank of England sold all his gold at $300 and so did Canada ...

hence the catch 22 and the reason why the bullion banks have not pushed the price to ZERO.  as Macguire explaines bullion banks can easily push the price down, just sell hunderds tons of paper like they did last week; however, the catch 22 is that they should come up with the real stuff to sell at those prices ... hence the catch 22. yes, they can lower the price... but no, they do not have the stuff ... so, more than likely it will rise, in a somewhat controlled violent manner

Sun, 04/21/2013 - 14:35 | 3480831 Manthong
Manthong's picture

"somewhat controlled violent manner"

..like squeezing the trigger on something.

Sun, 04/21/2013 - 14:38 | 3480837 Overfed
Overfed's picture

Premiums on physical gold have tripled in my neck of the woods, and more than tripled on silver.

Sun, 04/21/2013 - 14:53 | 3480880 DoChenRollingBearing
DoChenRollingBearing's picture

The premium for 1 oz AGE's went from about $85 per coin before the plunge (so roughly 5.5% - 5.8%) to $100 (call it 7%) for the last two I bought.  And, last I checked, my LCS had zero Gold Eagles in stock.

Sun, 04/21/2013 - 15:00 | 3480896 DosZap
DosZap's picture

The common line among us (PM friendly folk) is that the gold price collapsed solely due to manipulation of the paper price. Perhaps I don't see the entire picture, but something does not add up. If the price fall is in paper only, why shouldn't the premiums be 20%, 50% or even 200%? My dealer charges 4% over the spot and there seems to be plenty of physical. Also, I don't see any line-ups. I asked the lady working there if the sales went down since the price drop, and after some hesitation, she nodded in confirmation.

Is this like anomaly or these reports from KWN are complete bogus? It seems to me there's more to the picture than meets the eye.

My Dealer always has Silver, they upped their prems on IRA approved Buffalo rounds by $.30, and said 2-4 weeks delivery, usually get it in 2-3 days.Bottom line is everyone but MOST Americans worldwide(esp in the East), know wealth is on sale, and are making a run on all they can get, because they KNOW it will do nothing but go higher down the road.THey think HOLD, we think profits/losses in fiat TP.

Sun, 04/21/2013 - 15:10 | 3480918 DoChenRollingBearing
DoChenRollingBearing's picture

Your neck of the woods seems to be much better supplied than mine, and better than some other reports I have been reading.

So, DZ, keep stacking while times are good there...!

Sun, 04/21/2013 - 15:11 | 3480925 Jorgen
Jorgen's picture

Some inventory change info from APMEX (arguably the biggest retail bullion dealer in the U.S.) website. Silver products offered by them are mostly sold out

                                                             as of 04/19/2013 14:20    as of 04/21/2013 14:20
2013 1 oz American Gold Buffalo                                   544                                449
Random year 1 oz American Gold Buffalo                       300                                250
2013 1 oz American Gold Eagle                                   3627                               3516
Random year 1 oz American Gold Eagle                       3919                               3598
2013 1 oz Canadian Maple Leaf                                       ?                               1808
Random year 1 oz Canadian Maple Leaf                           ?                               1853
2013 1 oz South African Krugerrand                                  ?                                  92
Random year 1 oz South African Krugerrand                      ?                                 284
2013 1 oz Australian Gold Kangaroo                                 ?                                  52
2013 1 oz Austrian Philharmonic                                      ?                                 196
Random year 1 oz Austrian Philharmonic                Sold Out                          Sold Out

 

Sun, 04/21/2013 - 16:41 | 3481182 Urban Redneck
Urban Redneck's picture

How do you get the actual inventory for a specific item off the Apmex website?  

Sun, 04/21/2013 - 17:17 | 3481296 Jorgen
Jorgen's picture

@3481182

Click on the item you are interested in and enter 9999 for quantity in add to cart area. It will show you how many pieces are available if you entered above their available quantity.

Sun, 04/21/2013 - 17:25 | 3481323 Urban Redneck
Urban Redneck's picture

Thanks for the help!

Mon, 04/22/2013 - 00:24 | 3482610 StychoKiller
StychoKiller's picture

Try doing the same for Ag...

Sun, 04/21/2013 - 15:51 | 3481049 whatsinaname
whatsinaname's picture

Do you rememberwhat Stan Druckenmiller said a few weeks -- Some of the QE liquidity has leaked into gold too (in addition to oil, bonds and stocks). And some of it is being "wrung" out now. 

Sun, 04/21/2013 - 17:39 | 3481271 constantine
constantine's picture

Well, I tihnk that your skepticism of kingworldnews is perfectly fine.  They're the used cars salesmen of the gold world.  Let's look at reality, they make their money by advertising gold miners and apparently have a business arrangement with Sprott's group (if my interpretation of one of the Rick Rule interviews is correct).  However, it's hard to imagine that there was a worldwide conspiracy to make it seem as though there was major physical demand for gold and silver on the drawdown.  There's still a lot of people that believe in the gold story, myself included.  Also, though they weren't completely wiped out, it's clear to me that the large retailers such as APMEX and Gainesville Coins have a lot less metal and more wait times than they did directly before the takedown.  All one needs to do is examine the website to see this.  It's clear that nobody would concentrate sales in futures market the way that they do if they were looking to unwind positions in an economical manner.  We can argue manipulation or not until the cows come home; what is clear is that the trading of contracts in an amount that are many multiples higher than the underlying material is not real price discovery.  The value of a promise for something, when there are anywhere from 10-100 other promises for the same material cannot have the same value as the material itself.  This just seems like common sense to me.  

Gold market is a ponzi scheme.  It works as long as more people aren't taking metal out of the system than those putting in; or than are currently available in stockpiles, which are probably slowly bleeding.

One thing that I will add about kingworldnews is that their weeklymetalswrap is much more balanced than many of their interviews.  I think that Bill Haines provides a very honest account of his physical metals sales and Dan Norcini, though seems to believe in the gold story, is far from a cheerleader and is honest and quite accurate about when and where he thinks takedowns will occur.  I remember him predicting that the bullion banks would try to paint a 'double top' for gold at $1,900.  That was exactly what transpired.  He really knows that market.

Sun, 04/21/2013 - 13:15 | 3480530 GOSPLAN HERO
GOSPLAN HERO's picture

President Frank Marshall Davis, Jr., wants your gold.

Sun, 04/21/2013 - 16:05 | 3481084 Professorlocknload
Professorlocknload's picture

So, what's the MEDIAN cost of production? Anyone?

Sun, 04/21/2013 - 13:18 | 3480557 icanhasbailout
icanhasbailout's picture

The real story is a little less politically correct, it's "women will fuck for it".

Sun, 04/21/2013 - 15:21 | 3480947 Euro Monster
Euro Monster's picture

Are you trying to say that people lie, cheat, steal and kill because it's in their nature? TELL ME ABOUT IT!

Sun, 04/21/2013 - 12:54 | 3480463 THECOMINGDEPRESSION
THECOMINGDEPRESSION's picture

It was a weak show. It seemed many things were cut out or omitted. This DAN guy that everyone was talking about had some earth shattering news. WHERE IS HE? Besides living in China..

Sun, 04/21/2013 - 13:20 | 3480560 Silver Bug
Silver Bug's picture

Amazing unbiased documentary. Love how they got John Embry and Eric Sprott in there. Finally a good piece put out by the MSM.

 

http://silverliberationarmy.blogspot.ca/

Sun, 04/21/2013 - 13:51 | 3480683 SilverRhino
SilverRhino's picture

After seeing part one, if I was Oddysey and found gold the FIRST thing I would do is install a foundry on the ship.   Find gold?  MELT IT.

Then register it as "Hey we found gold nuggets ... nope, no identifying marks" :) 

 

 

Sun, 04/21/2013 - 15:43 | 3481016 TheGardener
TheGardener's picture

Yes, gold may give bad people bad ideas, or more specifically the want of it as in paper gold.

The real thing in possession will calm down all better
souls, not just kings who`s money we hold in their
absence and on their behalf . Bury it deep, sink it even deeper into that lake and have peace of mind.

You will never have to lie or cheat or whore yourself out to the system again.

As good as gold. A heart of gold. As real as gold.

The greed story as depicted does not cut, it only applies to fiat and even worse just the want of it.

Sun, 04/21/2013 - 20:18 | 3481832 Diogenes
Diogenes's picture

1) Numismatic value > bullion value, by a lot. Especially for rare uncirculated coins off the bottom of the sea. The difference may not be quite enough to cover the rake off to the government but

2) You still have to account for where you got it, coins or nuggest, you can't sell hundreds of pounds of gold that easily without raising a lot of suspicions.

Sun, 04/21/2013 - 14:55 | 3480891 OutLookingIn
OutLookingIn's picture

SO, WHO?

WHO OWNS IT?

WHERE IS IT?

HOW MUCH?

 

Sun, 04/21/2013 - 15:12 | 3480924 DosZap
DosZap's picture

Only the Satantists know, and it are belong to them.The Elite.

If you own any, you have 99% more than most Americans idiots.

Sun, 04/21/2013 - 19:39 | 3481719 Sir Humphrey
Sun, 04/21/2013 - 12:31 | 3480375 Pinto Currency
Pinto Currency's picture

-


Sun, 04/21/2013 - 12:57 | 3480386 IridiumRebel
IridiumRebel's picture

"people will lie, cheat, steal and kill in the name of gold"

....over a barbarous relic that CBs have stacked since their inception? Why I cannot eat this store of wealth!! POPPYCOCK! Get my bond primary dealer on the phone! Britain is a buy ol' chap! 

 

EDIT: I AM BEING SARCASTIC. Jeez.

Sun, 04/21/2013 - 12:42 | 3480411 observer007
observer007's picture
Royal Canadian Mint reports exceptionally high demand

 

Sales of silver coins also remain very robust and are well above the usual average daily sales volumes. What is more, the Royal Canadian Mint also reports exceptionally high demand for its gold and silver coins.

 

http://homment.com/royal-canadian-mint

Sun, 04/21/2013 - 12:41 | 3480412 PUD
PUD's picture

Gold, the immoral relic.

The mining watchdog group Earthworks estimates that a standard 18-karat wedding band leaves behind 20 tons of ore and waste rock.

Moving that much earth doesn't just require a lot of energy. It can also lead to toxic mine drainage, probably the biggest environmental concern associated with gold-mining. When you dig up rock that's been buried for a long time, air and moisture can set off chemical reactions that produce acids and leach toxic metals. If those substances -- sulfuric acid, arsenic and copper, for example -- run off into lakes, rivers and streams, they will pose serious risks for populations of fish and other aquatic organisms. Mine drainage is a problem for many kinds of operations, but it's especially significant for gold extraction. For one thing, gold is often found in rock that contains a lot of acid-generating sulfides; for another, mining gold produces much more unwanted rock than does mining other minerals.

Sun, 04/21/2013 - 12:47 | 3480430 Abraxas
Abraxas's picture

How about oil, diamonds, plastic bags, water bottles, coal...?

Sun, 04/21/2013 - 12:47 | 3480438 PUD
PUD's picture

yeah..what's your point?  one environmental disaster condones another?

Sun, 04/21/2013 - 13:00 | 3480483 espirit
espirit's picture

Starve troll.

Sun, 04/21/2013 - 19:01 | 3481607 Matt
Matt's picture

Because no one in the world can survive without oil and its derivatives?

Sun, 04/21/2013 - 13:08 | 3480500 Abraxas
Abraxas's picture

Why pick one product out of millions of equal or greater impact and try to make the stink about that one? I choose the plastic bags and bottles as the single biggest evil of this world (after Monsanto and GS).

Sun, 04/21/2013 - 13:11 | 3480521 PUD
PUD's picture

because that is the topic of this article and unlike you and most of the others here, I can stay on topic

Sun, 04/21/2013 - 13:18 | 3480550 Abraxas
Abraxas's picture

I am aware of the environmental impact and I wish there was a way I could protect myself and my family from the future cataclysm without buying a product that leaves a scar on this planet. My job is not to save the planet. It's too large of a task for me. (I tried to adhere to the "Stay on the topic" protocol as much as I could).

Sun, 04/21/2013 - 13:35 | 3480615 PUD
PUD's picture

You are delusional if you think gold will be your safety net when the system breaks down. Pure fantasy on your part.

Sun, 04/21/2013 - 13:43 | 3480653 Abraxas
Abraxas's picture

What do you suggest?

Sun, 04/21/2013 - 14:01 | 3480714 Bay of Pigs
Bay of Pigs's picture

Trolls have no answers, that's why they are trolls.

Sun, 04/21/2013 - 14:09 | 3480743 MrBoompi
MrBoompi's picture

What do I suggest? Possessing pictures of Dimon giving Blankfein a BJ. Should be worth something someday.

Sun, 04/21/2013 - 14:46 | 3480866 Overfed
Overfed's picture

Why don't you jump up on your high-horse about the environmental damage left behind in the production of "green" products? Maybe you enviro-nazis should research what it takes to make the batteries for your electric cars and hybrids? And your disposable electronics and computers that you have no qualms about using and replacing every couple of years.

People who live in glass houses shouldn't throw stones.

Sun, 04/21/2013 - 15:32 | 3480984 PUD
PUD's picture

I do not own a car and this post is about gold not cars....can't you stay focused?

Sun, 04/21/2013 - 16:45 | 3481189 Pure Evil
Pure Evil's picture

Not to be a contrarian dickhead here, but by bringing up the environmental aspects of gold mining you allow others to tangentially segue into the environmental effects of other human endeavors.

(By the way, the official topic is about gold and its allure to humans. I saw the videos and I don't remember any of them discussing at length the environmental effects of mining on the planet. So in effect you are the one going off the official topic.)

(Also, I am highly circumspect as to why these videos just appeared now that we have the gold/silver take down in progress. Does anyone know when or if they have been around for awhile? Basically, I'm a paranoid schizo, its in my nature.)

Mon, 04/22/2013 - 17:13 | 3485504 auric1234
auric1234's picture

They were scheduled to air before the take down.

 

Sun, 04/21/2013 - 22:30 | 3482352 MeelionDollerBogus
MeelionDollerBogus's picture

I don't own a car either but so long as you use things that are shipped by car, train or air and so long as others use cars, bus, train, etc., for your transportation you are still contributing to equal pollution for your existence, merely reducing your risk of OWNERSHIP to suffer maintenance costs, insurance, etc.

Sun, 04/21/2013 - 14:54 | 3480887 WallowaMountainMan
WallowaMountainMan's picture

agree.

people who envision that there will be a line drawn between the chaos that they forecast and the safety for people because they have gold (and the almighty lead) are 'true believers' who, on one hand point to the historic value of gold and the ability to use it to obtain necessities, but on the other hand fail to weigh the numbers and lead and power of those who do not have gold but may just decide gold was right.

and, as i think is accurate to say, the greatest strength a human has is the ability to change its mind. an action preempted by the context 'true believers'.

not that i begrudge true believers...after all, this is supposed to be the land of the free...it's just that, golly gee, is seems that there are a number of attitudes that accompany those who are true believers in something, that i find, well, unneeded when proffering the value of their belief system.

at least, that's what i believe.

truly.

:)

p.s. the fundamental error in human culture is the worshiping of the rare at the expense of diminishing the plentiful, for once the plentiful is gone, the rare becomes meaningless.

Sun, 04/21/2013 - 16:33 | 3481168 TheGardener
TheGardener's picture

WWM :" the greatest strength a human has is the ability to change its mind."

Beautifully socialist remark. Begrudge true believers or not,
if you ever were to touch the real thing your kind would just turn to stone. Epic!

Sun, 04/21/2013 - 18:43 | 3481548 WallowaMountainMan
WallowaMountainMan's picture

dear gardener,

your reply seems to assume that what i meant by 'changing one's mind' is that the change implied is toward a particular outcome.

it does not. it is the act of changing one's mind, not a particular outcome to which i referred.

as for the 'beautiful' aspect, ....well...thanks.

as for touching the real thing....and turning to stone...if you are referring to gold as to the 'real' thing, you error in your assumption that i have not touched nor do not own some of that element...i will admit though, that as i am turning to stone, it is becoming more difficult to type.

leaping about defending belief systems with ad-hominids tends to be one of the signs that demonstrates the problems true believers have, no matter what the subject matter of their true beliefs is.

Sun, 04/21/2013 - 22:26 | 3482344 MeelionDollerBogus
MeelionDollerBogus's picture

it's fantasy on YOUR part to believe otherwise. History's trend is those with gold and guns survive all.

Sun, 04/21/2013 - 13:43 | 3480658 Urban Redneck
Urban Redneck's picture

Isn't Bepe having a rally in Rome today, and shouldn't you be there helping to him to convice the Italians of the immorality of the gold they dug out of the ground only to bury right back in the ground under Banca d'Italia?

I'm sure the Mario Bros would love to help the Italian people cleanse their "souls"...

 

 

Sun, 04/21/2013 - 20:31 | 3481866 Calmyourself
Calmyourself's picture

Just one question, your avatar, is that you on the bottom represesenting GAIA while the big bad gold miner gives it to ya good and hard?

Sun, 04/21/2013 - 22:26 | 3482339 MeelionDollerBogus
MeelionDollerBogus's picture

gold pollution and mining pollution is not the topic.

Sun, 04/21/2013 - 14:03 | 3480720 gwar5
gwar5's picture

Enviro-fundamentalists are just making the planet worse by driving all the activity to unregulated third world countries so we all have to buy dirty energy. The point of environmental regulations is to make it safer, not shut it down where it is already safest. 

 

Warmers don't protest where the real problems are, like China and Niger Delta, because they're frauds who are just in it for the money. If you really cared you and Al Gore would be in China where they are 40 years behind. 

The Western epidemic of manboobs and breast cancer is being caused by those free government birth control hormones getting into the drinking water. Since you're already here, why don't you start there first?  

 

Sun, 04/21/2013 - 19:06 | 3481615 Matt
Matt's picture

If you stop buying crap at Wal-Mart, the factories in China that make the stuff will stop making the pollution. Think Globally, Act Locally, or something.

Sun, 04/21/2013 - 22:24 | 3482334 MeelionDollerBogus
MeelionDollerBogus's picture

Your continued existence condones them all.

Sun, 04/21/2013 - 12:54 | 3480456 The Abstraction...
The Abstraction of Justice's picture

A case of weighing the procs and cons.

Sun, 04/21/2013 - 12:46 | 3480435 PUD
PUD's picture


A months-long examination by The New York Times, including tours of gold mines in the American West, Latin America, Africa and Europe, provided a rare look inside an insular industry with a troubled environmental legacy and an uncertain future.

Some metal mines, including gold mines, have become the near-equivalent of nuclear waste dumps that must be tended in perpetuity. Hard-rock mining generates more toxic waste than any other industry in the United States, according to the Environmental Protection Agency. The agency estimated last year that the cost of cleaning up metal mines could reach $54 billion.

A recent report from the Government Accountability Office chastised the agency and said legal loopholes, corporate shells and weak federal oversight had compounded the costs and increased the chances that mining companies could walk away without paying for cleanups and pass the bill to taxpayers.

Sun, 04/21/2013 - 12:57 | 3480470 espirit
espirit's picture

I'm going to upvote the trolls so they see less fiat in their paychex.

Sun, 04/21/2013 - 15:14 | 3480929 DoChenRollingBearing
DoChenRollingBearing's picture

And fewer buyers looking for gold.  's cool, help keep prices down a bit more for a bit longer.

Sun, 04/21/2013 - 13:22 | 3480572 scatterbrains
scatterbrains's picture

Come to think of it that's one enviromental cause I can get behind. Shut down all the gold and silver mines around the world and stop the pollution....   let me pick up a few more ounces first. Fuck I'll even hold a sign and stand out in the rain.

Sun, 04/21/2013 - 13:40 | 3480638 gwar5
gwar5's picture

But of course, the NYT: Save the planet, Nationalize all silver and gold mines.

Sun, 04/21/2013 - 15:21 | 3480952 Common_Cents22
Common_Cents22's picture

$54 billion?  sheeesh, thats 15 days of bernanke bucks.   big deal.

Sun, 04/21/2013 - 18:27 | 3481501 Professorlocknload
Professorlocknload's picture

  And the wars, misallocations and waste caused by the defense of the worlds fiat economic systems aren't environmental disasters? Ever look at DoD's carbon foot print, to use buzz words.

And what sanctions all that, if not big government?

Member agency 1. Environmental Protection Agency.

Member agency 2. Department of Defense.

Dovetailed through association? Are those smart bombs used in defense of the Dollar as reserve currency, equipped with pollution control devices?

But, even environmentalists live in wooden houses, communicate with plastic devices using electrically powered gallium arsenide containing chips, and promote solar cells of the same contents and flush their toilets into the bay.

Sun, 04/21/2013 - 18:57 | 3481589 Long_Xau
Long_Xau's picture

Earlier I was joking suggesting you are a spammer.
Turns out it might have been a correct call.
Now we have copy-paste bots on Zero Hedge? (link to the source you didn't even cite: https://www.nytimes.com/2005/10/24/international/24GOLD.html?pagewanted=all&_r=0)

Sun, 04/21/2013 - 12:49 | 3480448 nmewn
nmewn's picture

Yeah and bitcoin feeds itself from the extremely moral and virtuous world of coal, nuclear and oil...needing that greatest moral equivalency product of all...plastic...lol.

Sun, 04/21/2013 - 12:53 | 3480459 PUD
PUD's picture


This month a Philippine province sued the world's fifth-largest gold company, Canada-based Placer Dome, charging that it had ruined a river, bay and coral reef by dumping enough waste to fill a convoy of trucks that would circle the globe three times.

The world's biggest mining company, Australia-based BHP Billiton, sold its profitable Ok Tedi mine in Papua New Guinea in 2001 after having destroyed more than 2,400 acres of rainforest. Upon leaving, the company said the mine was "not compatible with our environmental values."

"You can mine gold ore at a lower grade than any other metal," said Mike Wireman, a mine specialist at the Denver office of the E.P.A. "That means big open pits. But it must also be easy and cheap to be profitable, and that means cyanide."

That kind of massive operation can be seen at Yanacocha, a sprawling mine in northern Peru run by Newmont. In a region of pastures and peasants, the rolling green hills have been carved into sandy-colored mesas, looking more like the American West than the Andean highlands.

Mountains have been systematically blasted, carted off by groaning trucks the size of houses and restacked into ziggurats of chunky ore. These new man-made mountains are lined with irrigation hoses that silently trickle millions of gallons of cyanide solution over the rock for years. The cyanide dissolves the gold so it can be separated and smelted.

At sites like Yanacocha, one ounce of gold is sprinkled in 30 tons of ore. But to get at that ore, many more tons of earth have to be moved, then left as waste. At some mines in Nevada, 100 tons or more of earth have to be excavated for a single ounce of gold, said Ann Maest, a geochemist who consults on mining issues.

Sun, 04/21/2013 - 12:58 | 3480476 espirit
espirit's picture

Starve.

Sun, 04/21/2013 - 13:09 | 3480511 nmewn
nmewn's picture

So, if your "moralist agenda" succeeds, my gold & silver skyrockets in fiat price due to supply constraints.

Well, good luck to you then and thanks ;-)

Sun, 04/21/2013 - 15:21 | 3480944 DoChenRollingBearing
DoChenRollingBearing's picture

nmewn, I agree.  But, it might take a little longer for a supply cut to show up in PM prices due to the high Stock:Flow of gold.

Nonetheless, more PUDs means fewer buyers of gold.  Which is just fine for you and me.

***

Slightly, but only slightly, OT.  The Progressive Agenda looks at the world as it "should be", at least in their eyes (note that).  People like me look, as much as possible, at the world as "it is".  Looking at the world as it "should be" means looking at it through colored glasses and from further away...

Realizm, bitchez!

Sun, 04/21/2013 - 17:45 | 3481390 TheGardener
TheGardener's picture

Slightly,but only slightly DoChen gets off the progressive agenda and that`s what I love ZH for.

Question yourself, if in doubt have your nose bloodied in fight club. Try again, all silliness knocked out .

As it is or should be : zero hedge .

Sun, 04/21/2013 - 18:00 | 3481435 nmewn
nmewn's picture

The "greens" live in some weird alternate universe where pecking out their eco-friendly wisdom on plastic keyboards, burning up countless megawatts of energy on Google servers to research bullshit never enters into their minds.

They say they are "green" so that should be enough! Dammit!

They don't give a flying fuck about windmills tearing through golden eagles or their dickhead crony socialist compadres looting the national treasury for Solyndra, Fisker, Cash for Clunkers, A123 etc. because again...they're greeeeeen!

You can tell them they're about to be robbed blind (and we did) and it still goes right over their heads because not only are they the most caring beings in the world, they're the smartest & most gullible ;-)

Sun, 04/21/2013 - 18:55 | 3481583 Professorlocknload
Professorlocknload's picture

Oooo, windmills? The kind with copper wound motors? Sitting on a base of 50 cubic yards of gas kiln fired mined cement? Gallons of oil sloshing in their gear boxes, with so many moving parts they are soon worn out? (Enter Do Chen and the Bearings)

;-)

Sun, 04/21/2013 - 18:58 | 3481594 nmewn
nmewn's picture

That would be the ones.

But lets not spoil their fantasy ;-)

Do NOT follow this link or you will be banned from the site!