This page has been archived and commenting is disabled.

About That "London Gold Exchange"...

Tyler Durden's picture




 

We are only putting this up because we have been flooded with emails about an event which for some reason readers believe is relevant. The event in question is that according to its website, the London Gold Exchange ("LGE" or the "Joke") has closed. The one thing we would like to say about this is that the LGE is nether an exchange, nor does it trade gold. And, judging by its Wikipedia page, is probably not based in London but in Hong Kong. But yes, if one is concerned about such "currencies" as bitcoin and other digital "currencies", this may be news...And now, carry on.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 09/26/2011 - 14:07 | 1712061 trav7777
trav7777's picture

LOLZ, bitchez

Mon, 09/26/2011 - 14:11 | 1712089 sqz
sqz's picture

The metals exchange you guys are looking for is the UK London Metal Exchange or LME whose website is this: http://www.lme.com/precious/gold.asp

Mon, 09/26/2011 - 16:13 | 1712722 Manbarepig
Manbarepig's picture

This isn't the exchange you're looking for...

Mon, 09/26/2011 - 19:07 | 1713209 Ahmeexnal
Ahmeexnal's picture

Yomomma's gold exchange has also shutdown indefinitely.

 

Mon, 09/26/2011 - 14:08 | 1712065 GeneMarchbanks
GeneMarchbanks's picture

Huh? Someone fill me in?

Mon, 09/26/2011 - 14:11 | 1712088 centerline
centerline's picture

Also in the "huh?" category is a new post over at Hypertiger that has documents pertaining to a lien filed by the IRS against the US for $14.3 trillion.

Mon, 09/26/2011 - 14:14 | 1712109 Conax
Conax's picture

We should give them Puerto Rico in exchange for the lien, hell they're headquartered there anyway.

Throw in Samoa if it will sweeten the pot.

Mon, 09/26/2011 - 14:15 | 1712122 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

No need to worry, Attackwatch will inform Bernanke shortly and he will handle it in like 15 minutes.

Mon, 09/26/2011 - 14:30 | 1712206 pods
pods's picture

That was on urbansurvival.  Someone posted a link to it on Friday I think.  A UCC filing that once again mortgaged our asses to the banksters.

pods

Mon, 09/26/2011 - 15:16 | 1712420 jonan
jonan's picture

what exactly does this put us on the hook for?

Mon, 09/26/2011 - 15:26 | 1712459 trav7777
trav7777's picture

ah...Hypertiger.  Saying the same things I am saying about yields, growth, and money supply.

Where we part company is the endgame.  Unpayable claims get discounted...and our money is claims.

Mon, 09/26/2011 - 17:27 | 1712999 Silver Shield
Silver Shield's picture

Hypertiger? Do you mean the legend in his own mind and everyone else is too stupid to understnd him- Hypertiger?

 

;)

 

Mon, 09/26/2011 - 14:15 | 1712114 GeneMarchbanks
GeneMarchbanks's picture

So... some shady shit just went down and some sorry ass PM 'investors' got hosed, am I close?

Mon, 09/26/2011 - 14:45 | 1712286 WhatCouldGoWrong
WhatCouldGoWrong's picture

Gene... Yes, you were very, very close. Instead of quotation marks around investors it should have been quotation marks around the term PM

Mon, 09/26/2011 - 14:59 | 1712352 GeneMarchbanks
GeneMarchbanks's picture

@WCGW Indeed. You have to know why you're in PMs. Buying like these poor folks did wasn't insuring or investing. Many people will get burned and so... the bitterness toward PMs will only increase.

Mon, 09/26/2011 - 16:23 | 1712758 Alpha Monkey
Alpha Monkey's picture

Only by paper players.  Anyone buying phys knows enough and is probably content with their decision.  They aren't waiting for the next uptick to sell and then buy a dip.

Mon, 09/26/2011 - 14:08 | 1712069 rich_maverick
rich_maverick's picture

Get physical...  All other forms of PMs are still paper...

Mon, 09/26/2011 - 14:46 | 1712282 depression
depression's picture

"The purchase of gold or silver shall be classified as a form of economic terrorism against the state."

Mon, 09/26/2011 - 15:02 | 1712366 CH1
CH1's picture

Soon.

Mon, 09/26/2011 - 14:10 | 1712087 New American Re...
New American Revolution's picture

Now That's Funny....

Mon, 09/26/2011 - 14:13 | 1712100 Hearst
Hearst's picture

Rest assured the 'permanently closed for business' sign will hang off the doors of the CME, LBMA, & CFTC.  Buying physical will hasten that inevitable justice.

Mon, 09/26/2011 - 14:52 | 1712310 strannick
strannick's picture

Au Contraire. As a government entity, the CFTC wont die, it will just multiply. Those endless silver investgations dont investigate themselves you know. Commissioners need assistants for that stuff. And their assistants need assistants...

Mon, 09/26/2011 - 15:00 | 1712342 Hearst
Hearst's picture

I meant to say Comex and not the CFTC but hey, throw all those cocksuckers in there together!  Speaking of which, isn't 'Bart - Silver is manipulated but I'll never act - Chilton' susposed to speak on Silver this month?  Let me guess.  He'll state what's obvious again.  Then say he can't go into details due to the third 3 year ongoing investigation into Silver.  But no there's still hope from the regulators...

Mon, 09/26/2011 - 14:14 | 1712111 slewie the pi-rat
slewie the pi-rat's picture

 

 

carry on, BiCheZ!!!

Mon, 09/26/2011 - 14:16 | 1712128 Glasgow Gary
Glasgow Gary's picture

The TDFMetals site has indeed become quite hilarious. Turd can't seem to be able to separate Noise from Signal. Indeed, Turd himself has become a fade since the Spring. When he's bullish, watch out. But, very useful when he's bearish. I hate to see good people get stuck in such loops. You wind up throwing spaghetti against a wall twice a day, just to see what sticks.

GG

Mon, 09/26/2011 - 14:27 | 1712190 SilverIsKing
SilverIsKing's picture

What's the URL for your blog?  If I can't read what you consider a laughable blog, let me know where yours is so I can read a much less hilarious one.

Mon, 09/26/2011 - 14:37 | 1712246 pods
pods's picture

I just can't see why Turd always catches such hell over predictions.  Haven't visited his blog (only read him here), but to try and predict the metals while fighting all manner of manipulation is difficult.

He could be right 99 times out of 100 but someone will come here and chide him for the 100th.

Does he now have to predict when the exchanges will raise margins as well?  Maybe perform a mind-meld with Blythe so as to be right all the time in order to enrich others?

He is out there making statements about directions in the future, instead of speaking about how well he played last weeks markets at least.  

Plenty of those people around.

pods

Mon, 09/26/2011 - 14:46 | 1712287 boiow
boiow's picture

turd rocks. 

  took his advice last year with regard to market timing to sell gold to buy farm land. 

 he was spot on.

Mon, 09/26/2011 - 14:18 | 1712139 HamyWanger
HamyWanger's picture

Which incidentally confirms that most "gold investors" lack a solid understanding of the economical and financial world, that coupled to a contempt for all forms of research and curiosity. 

Which seems to correspond to the definition of a redneck. 

Even a 5th-grader knows the difference between the LME and the "London Gold Exchange" (lol)... 

Mon, 09/26/2011 - 14:27 | 1712188 Pladizow
Pladizow's picture

Surprised this TROLL was able to hold out so long.

Must of thought to himeself, "only after a 20% correction in gold, will I be able to post again".

What is the over/under as to how long it will be before this TROLL goes into hibernation agian?

Mon, 09/26/2011 - 14:31 | 1712213 Tyler Durden
Tyler Durden's picture

Hamy =/= Harry

Mon, 09/26/2011 - 14:34 | 1712228 HarryWanqer
HarryWanqer's picture

Thanks for clarifying that Tyler.

Mon, 09/26/2011 - 14:52 | 1712300 Pladizow
Pladizow's picture

Same avatar, similar name, both been around a similar amount of time - so which is which?

Mon, 09/26/2011 - 14:56 | 1712332 fuu
fuu's picture

HaryWanger and HammyWanqer are both meta-trolls of HarryWanger.

Mon, 09/26/2011 - 15:09 | 1712389 Pladizow
Pladizow's picture

Also seems strange that Tyler would offer unsolicited clarification?!?

Even stanger is that Harry offered gratitude only 3 minutes later?

Am I paranoid, Who said that......?

Mon, 09/26/2011 - 15:12 | 1712400 fuu
fuu's picture

I dunno about that. I do know that when the 3 of them were posting it was hilarious. Maybe Tyler just has a good sense of humor.

 

I always suspected Wanqer and Hamy were one and the same.

Mon, 09/26/2011 - 15:17 | 1712422 Pladizow
Pladizow's picture

This is some Scully/Mulder shit!

Mon, 09/26/2011 - 16:54 | 1712906 Atomizer
Atomizer's picture

Harry Wanker misspells his own name

Mon, 09/26/2011 - 14:32 | 1712215 Biosci
Biosci's picture

Hamy?  Seriously?  You've been around long enough to know better.

Mon, 09/26/2011 - 14:20 | 1712148 fasTTcar
fasTTcar's picture

I own London Gold Buyer.

We are open 6 days a week :-)

www.londongoldbuyer.com

Mon, 09/26/2011 - 14:25 | 1712178 pods
pods's picture

Poof, it's gone!

pods

Mon, 09/26/2011 - 16:16 | 1712733 Alpha Monkey
Mon, 09/26/2011 - 14:32 | 1712218 lix333
lix333's picture

Dealers are not buying gold. That is the reason. 

Mon, 09/26/2011 - 14:33 | 1712222 rambler6421
rambler6421's picture

Soon happening to the COMEX and LBMA. 

Mon, 09/26/2011 - 14:39 | 1712245 breezer1
breezer1's picture

 

A subscriber sent me a link to the London Gold Exchange which closed their doors PERMANENTLY today. Here's the link:   www.londongoldexchange.com   At first I thought they might be related to the London Metal Exchange but they are not. Just similar names. Here's the description of the London Gold Exchange from Wikipedia:   "London Gold Exchange is a digital currency exchanger founded in 2001. The London Gold Exchange is owned by LGE International LTD., an offshore company registered in Belize, with offices in LondonEngland and Hong Kong. London Gold Exchange operate 2 franchises, one in the UK and one 'International' which covers everywhere other than the UK. The UK administration office in Central London, with staff based in locations around the UK. The International administration office is in Hong Kong, with staff also operating from mainlandChina. Technical staff also operate from locations in Australia."     Yes. This was a DIGITAL gold exchange playing in the gold DERIVATIVE markets. From other articles the London Gold Exchange claimed to be the LARGEST e-gold exchange in the world. 
  Hmmm...   This surely can't be good news for their customers or the COUNTER PARTIES on the other end of these paper/electronic gold derivative transactions. The ripple effect of an implosion of gold and silver derivatives will set off the long awaited "Weapon of Mass Financial Destruction". I doubt this will be big enough to start the crash but it is definitely a sign of things to come.
  Then again, there is not much difference between an e-DIGITAL market and the COMEX market as both are just electronic derivatives of gold and silver. It's possible that September will be the largest volume month for COMEX silver in history... meaning north of 3,000,000 contracts traded representing over 15 Billion Ounces of SILVER! To add some context there's only about 30M ounces of physical silver available for delivery in the COMEX warehouses which represents a 500-1 ratio of paper trades against physical silver available for delivery in the month...and this is how the price is set for physical commodities in this age of paper Ponzi Schemes.   I know it is difficult to ride out these slams but this IS the end game so...
  STAND STRONG!!!   Obviously, it looks like we are going to have to EARN the future rewards on our physical gold and silver investment once again. So be it!
  We saw it coming long ago and IF you survive another few months with your METAL IN HAND then you will be one of the ONLY investors in the world to have preserved their wealth after the CRASH.   Keep and eye out for the END of the THIRD quarter as there should be MANY surprises in OCTOBER.   BIX WEIR's just recieved email.  

 

Mon, 09/26/2011 - 16:06 | 1712680 Hannibal
Hannibal's picture

Force majeure (French) or vis major (Latin) "superior force", also known as cas fortuit (French) or casus fortuitus (Latin) "chance occurrence, unavoidable accident",[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties,....

(wikipedia)

Tue, 09/27/2011 - 00:58 | 1713843 sullymandias
sullymandias's picture

I was also wondering what the physical deliveries would look like this month for the COMEX. I'd like to see another one of those registered/eligible charts again too.

Mon, 09/26/2011 - 14:56 | 1712271 godzila
godzila's picture

Er... what's wrong about bitcoin ?

Mon, 09/26/2011 - 15:37 | 1712524 goldm3mb3r
goldm3mb3r's picture

We already have digital currencies - issued by governments, what the hell do we need Bitcoin for. Fundamentally I object to a currency that is only obtainable by nerds "mining" in their basements. davincij15 posted loads of good videos on youtube about silver and gold until he became obsessed with Bitcoin and started talking bollocks. Sadly missed.

Mon, 09/26/2011 - 14:42 | 1712273 fyrebird
fyrebird's picture

Wait. Did ZH just save the world financial markets from a groundless stampede over a rumor-induced cliff?

I'm willing to give them the credit.

Mon, 09/26/2011 - 14:57 | 1712337 unununium
unununium's picture

bitcoin is the real thing.

Mon, 09/26/2011 - 14:58 | 1712348 godzila
godzila's picture

I don't know about that but it's certainly well worth the intelectual effort to understand it.

Now I certainly would not say it's the ultimate virtual currency but certainly the closest thing you can get this day.

Mon, 09/26/2011 - 15:06 | 1712381 CH1
CH1's picture

Right. It's not perfect, but it's a good start.

Mon, 09/26/2011 - 19:12 | 1713220 Ahmeexnal
Ahmeexnal's picture

yeah, bitcoin ain't the perfect ponzi scheme.

then again, none of them are.

Mon, 09/26/2011 - 17:01 | 1712935 terryfuckwit
terryfuckwit's picture

people who understand the speed and strength of linux/android and the untameable bit torrents, transparency and open source approach to pure decentralised banking technology will rate bitcoin.. Most ZH'ers not quite ready for that sorry

Tue, 09/27/2011 - 08:37 | 1714412 beemasters
beemasters's picture

Err... you mean like people who can profit from the Fed's digital coins will rate it highly?

Mon, 09/26/2011 - 14:58 | 1712344 ZeroNuclear
ZeroNuclear's picture

A shipwreck containing 200 tonnes of silver worth about £150m
has been found in the Atlantic - the largest haul of precious metal ever discovered

http://www.bbc.co.uk/news/uk-15061868

Shipwreck of SS Gairsoppa reveals £150m silver haul
Mon, 09/26/2011 - 15:15 | 1712413 LaughingRebel
LaughingRebel's picture

I wonder if those guys who carry on under the name of the late Mel Fischer found that?  They're the ones who if you invest $10,000 they pay you back with a piece of broken pottery lol

Mon, 09/26/2011 - 18:12 | 1713101 Oracle of Kypseli
Oracle of Kypseli's picture

This does not affect silver price one bit as these would be colectible silver pieces and not bullion.

Mon, 09/26/2011 - 22:15 | 1713659 Newsboy
Newsboy's picture

Sunk in 1941. It's just bullion. Nothing collectable. Junk silver.

Mon, 09/26/2011 - 15:17 | 1712424 LongSoupLine
LongSoupLine's picture

Is it the SS JPM?

Oh wait, the SS JPM sank because it's made of paper.

Tue, 09/27/2011 - 01:02 | 1713847 sullymandias
sullymandias's picture

Electrum!

Mon, 09/26/2011 - 15:07 | 1712388 CH1
CH1's picture

Am I'm sure they'll melt it down and put it into the market real soon... or maybe not.

Mon, 09/26/2011 - 16:54 | 1712905 Conax
Conax's picture

It's over 15,000 feet deep inside a rusting hulk.  Not too concerned here.

Mon, 09/26/2011 - 15:16 | 1712418 tmosley
tmosley's picture

THANK YOU.  All this jibber jabber was getting annoying.

Mon, 09/26/2011 - 15:31 | 1712473 DoneThis2Long
DoneThis2Long's picture

BREAKING NEWS (not really):

The damn site IP is 111.235.136.47 hosted by an ISP in Singapore:QALA Singapore Pte Ltd.

For those who speak geek, heres the "transcript":

% [whois.apnic.net node-1]
% Whois data copyright terms http://www.apnic.net/db/dbcopyright.html

inetnum: 111.235.136.0 - 111.235.136.255
netname: VODIEN-SG
descr: Vodien Internet Solutions Pte Ltd
country: SG
admin-c: VISP1-AP
tech-c: VISP1-AP
status: ASSIGNED NON-PORTABLE
mnt-by: MAINT-VODIEN-SG
mnt-irt: IRT-VODIEN-SG
changed: *****@apnic.net 20110203
source: APNIC

route: 111.235.136.0/22
descr: Qala Singapore Pte Ltd
origin: AS45159
country: SG
mnt-by: MAINT-VODIEN-SG
changed: *****@apnic.net 20090907
source: APNIC

role: VODIEN INTERNET SOLUTIONS PTE LTD
address: 40C Hong Kong Street
country: SG
phone: +65 62886264
fax-no: +65 62885052
e-mail: *****@vodien.com
admin-c: VISP1-AP
tech-c: VISP1-AP
nic-hdl: VISP1-AP
mnt-by: MAINT-VODIEN-SG
changed: *****@apnic.net 20090908
source: APNIC

 

And if you want more, their server info is:

Date: Mon, 26 Sep 2011 19:10:27 GMT
Content-Length: 1032
Content-Type: text/html
Content-Location: http://www.londongoldexchange.com/maintenance/default.html
Last-Modified: Mon, 26 Sep 2011 03:21:17 GMT
Accept-Ranges: bytes
Etag: "c869a65afb7bcc1:6a1"
Server: Microsoft-IIS/6.0
X-Powered-By: ASP.NET

 

FWIW ......

Thank you, and now back to our regular schedule !!!!

Mon, 09/26/2011 - 16:57 | 1712924 animalspirit
animalspirit's picture

If LGE was a method for trading Liberty Reserve then this closing will be good for Bitcoin as Btcoin is used as an intermediary for those trying to buy Liberty Reserve.  For instance, in the U.S. you can go to a Wells Fargo or Bank of America, deposit cash into the account of ExchB.com and then buy Bitcoins with those funds.  You can then trade those bitcoins for a digital USD from MtGox.com and get those USDs exchanged for Liberty Reserve USD at AurumXChange.com

But just as this LGE news has little to do with gold it also has little to do with Bitcoin.

 

Mon, 09/26/2011 - 18:25 | 1713123 SILVERGEDDON
SILVERGEDDON's picture

Paper sucks, you Wall Street fucks! I'll see you vampires in the sun, with my loaded silver gun. Yer goin' down in flames, from Lower Manhattan to the Thames. Your paper is I know not where, I'd rather shit my underwear! For, be there bull, or be there bear, silver is the suit I wear! (With gratitude, and apologies to Dr. Seuss.)

 

The only paper I own is the stuff I wipe my ass with. Market paper is worthless, because I cannot do a good job of wiping my ass with it. Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back? All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest. I won't even bother pissing on them to put out the flames. I collect gold, silver, lead, copper, real dry powder, food, tools, diesel fuel, and other useful commodities. There is a community of folks all doing the same, so skill sets and extra eyes and hands can guard each others sixes, and "break on through to the other side, break on through to the other side, YEAH "

Mon, 09/26/2011 - 19:44 | 1713305 Bastiat
Bastiat's picture

Intriguing to see LGE was based in Mainland China.  Would love to know the size they were swinging and who their clients were.

Mon, 09/26/2011 - 20:24 | 1713424 TraderTimm
TraderTimm's picture

Bitcoin is a true 'sleeper' force that will become very important in the midst of chaos. That of course means society and the internet will still exist after massive fortunes are lost under the fiery blaze of monetary mismanagement. I liken it to a catalyst, where the conditions have to be right for it to catch on.

We're waiting. Perhaps Bernanke and the rest of the neckbeards will hasten that opportunity for us.

Mon, 09/26/2011 - 20:59 | 1713518 Jason_1sandal
Jason_1sandal's picture

Thanks ZH/Tyler I would normally email something like that to friends and like minded people. I refrained until I saw more evidence. Alot of my friends think I'm off my rocker and get that uh oh look when I try to tell them what is happening in our world. Giving false information wouldn't help lol

Mon, 09/26/2011 - 22:56 | 1713713 savagegoose
savagegoose's picture

hell igotabigdick.com doesnt seem to guarntee me loads of hungry pussy, or indeed any hungry pussy getting big dick. it just confirms someone spent $5 for the domain name

Mon, 09/26/2011 - 23:39 | 1713767 HedgingInfinite...
HedgingInfiniteRiskIsNotPossible's picture

Hell of an analogy.

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