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I like green eggs, gold, and ham to go with my spam.
You mean BAM! We at ZH are not quiet about our gold acquisitions!
see it, hold it, smell it...
WATCH: Jimmy Rickards talks Gold On Bloomberg
Buffalos are the coolest looking coin.
I'd buy some if the premiums weren't so big
"The central banks of India and China are rightly believed to be again quietly accumulating gold and the IMF figures do not include this potentially very important and significant source of demand."
China quietly purchases gold and accumulates it in various 'soverign wealth funds', such as SAFE. Occasionally China transfers gold from their SWFs to their central banks... that is when they make announcements of their accumulations.
My personal belief is that China is under reporting the amount of gold they are accumulating... as did Saudia Arabia when they announced they had 'found' some more gold and their reserves increased from 143 tons to 323 tons.
If you believe that gold and oil never flow in the same direction it is difficult to believe that the Mid East oil exporters are not under reporting their gold reserves. After all, there is no law that requires a soverign or central bank to report their gold holdings... Ask the Fed.
Why are they wasting time and money on collecting a barbarous relic when there are problems in the EZ waiting to be solved!?!
That's easy - tradition!
Fail UK....brown was such a twat
It's OK, you have the King.
I would love to be given power and money by proxy of falling out of some slut's cunt.
I meant Mervyn King but I don't disagree, excuse the miscommunication.
Just wait till the Fed tooth fairy comes to pry out your gold fillings in the night...Ben will leave you a post 1986 nickel however.
you meant post 1946 nickel
Intermission over. Back to the show. :P
The ECB has more gold then the US. The Fed has basically none.
US had 8133T in 2010 !
Is it not in 1971 ?
Shows us the Gold (or the copper or whatever)
It's in the Rocky mountains!
Rumor has it that those 8133T are based on the geological reserves in the mountains. They just need to be dug up....
some rumor mongers/ conspiracy theorists say/claim that the vaults in the WTC were storage facilities for vast amounts of the PM
any whoo,... just a rumor, eh?
Let's hope for true price discovery when the Pan Asian Gold Exchange is fully operational.
Oh yeh, you mean the one that just approved JPM china to operate there ?
Thats utter BS - you won't get price discovery from that bullshit exchange, not from litigation, not from gata, not from lawsuits, not from "making people aware" etc etc
Price discovery will come when the physical market trumps the paper market
That's right, when your coin and bullion dealers refuse to sell you at the COMEX/LBMA/whatever price quotes then you will have true prices.
It will also be game over.
We reached that in silver already. Gold is sure to follow...
We haven't reached it in silver yet either. Sure apmex and other dealers didn't have any on offer at 26 bucks, but the wholesalers, or a firm like goldmoney.com did. It was just bottlenecking and dealers choosing to hold on because they knew they price would bounce off the bottom by at least 10%
the day you can't buy from goldmoney.com, bullionvault, or go direct to a mine and buy wholesale at the spot price, thats the day it all unravels...
"That's right, when your coin and bullion dealers refuse to sell you at the COMEX/LBMA/whatever price quotes then you will have true prices."
Indio, you left out fiat... then we will have a true exchange rate of labor for gold. No more paper for gold.
Let's hope for true price discovery when the Pan Asian Gold Exchange is fully operational.
Sorry, not gonna happen. Take a look at that chart up above. Kicking the can and keeping gold prices low is allowing China to accumulate gold and make the transition to a gold standard. The Western nations have collectively 19,269 tons of gold and China has only 1054 (that we know about). That excludes all the other members of the EU and the ECB itself, which is probably over 70% backed by gold at this time. There's no way in Hell China would upset that scam, they are the cheif beneficiaries of the status quo, and you can see that in their actions inasmuch as they are coordinating margin hikes and buying in a slow and measured fashion.
Now I have said on this site numerous times that the Fed and the EU are going to screw China, but it is clear that for now, their self interests are all aligned in one big scam: Kick the can and suppress gold prices.
PS: I am overwhelmed by the chart up above. I had no idea how far these countries have progressed in replacing the foreign currencies component of their balance sheets with gold (for the most part), and how far behind the game China is. Inasmuch as central banks always lie, I would be willing to wager we are even closer to end game then the chart shows.
SW... China isn't 'behind this game'. China has been playing the game for 5,000 yrs and their population has the highest overall IQs in the world save the Jews, who are first as a group in IQs.
If you think of the continuous horrendous circumstances both groups have suffered it's easy to think that only the smartest lived to reproduce. Neither the Chinese nor the Jews are simple minded... Both groups have been to far more schools of hard knocks than the average American.
Anyway, why would China or any other soverign report their gold reserves when the US Fed does not?
If a soverign reports it's total gold reserves and is then invaded, the invaders will look for all the gold thats been reported. Why not under report and avoid losing all one's gold to invaders? Perhaps Gaddafi could answer this one?
China has computers too...and an army of hackers doing their dirty work......I bet alot of the PM´s "crashes" were China induced...you bet they are buying gold....in thier eyes...the long term..they want to be the worlds reserve currency...and when they own enough..and enough commodities..they will shit out the dollars and let the world know what the new standard is...if you want to buy their coal, oil, rare earths....you buy in their currency
You bet, youngman. We are seeing a huge transfer of gold from West to East and the morons playing the paper gold/take physical delivery game are assisting the transfer.
Luckely, the US and EU have already so much of this stuff that they don't need to buy it..... .... ..... I wonder who sold again.... ... ...
It's been apparant for over a decade where this is heading. It's been crystal clear for several years it is unavoidable that paper currencies are going to fail. So why would the Fed and the Treasury, with unlimited funds, enjoying near complete secrecy, not replace the gold? I don't doubt for a second that the gold was moved around to facilitate their scam, but they have had the ability to replace it and every reason to do so. I would bet that gold is there, or nearly all replaced by this time. TPTB have no intention of abdicating the throne.
Here's a source of bullion. The prospectus of the GLD requires the fund to track the price of gold, but it doesn't require it to hold any gold at all. They could have already moved out that $70.26 billion in bullion and replaced it with paper. That's 2,500,711 pounds of gold, or 1250 U.S. standard tons.
From our perspectives, kicking the can has been very self destructive. But, from the perspective of TPTB, kicking the can has bought them time to set up a new gold referrenced standard. I have to believe we are kicking the can so countries that don't have gold can get up to speed, and countries that are supposed to have gold, but leased it out, can replace it.
Since world gold production is only ~ 2,500 tons per year and normal demand for jewelry, coins and industrial use is 3,500 tons per year, where did all the gold that the US supposedly replaced come from?
China is now the worlds largest gold producer, surpassing S Africa several years ago, and China isn't exporting any gold... except a very few Pandas with high prices on them.
Ron Paul...Go find our gold !! If we have any left.
No Problem! Let's just check everybody's visa bills for purchases that have the word "Gold" and "Bullion" in it and they'll have found already 1/3 of what they need!
Could Mr. Banzai or the ZH cultural committee come up with a poem, to celebrate the investment theme stacking. Something along the lines of imortal Robert Frost' "I am a bender of birches"... but set to a theme of the joys of stacking.
Bernake must be 'perplexed' with all this 'traditional' supersticion about buying all this 'barberous relic'.
Just gotta love the hypocrisy!
And Tajikistan has a central bank? Ex-Goldman employees by any chance?
This is all very well, but I'd have liked to see some details on the whereabouts of all this gold that has changed hands, or indeed the form in which it is being held by these central banks.
For example, we are told that Thailand has bought 53 tonnes of it this year. Does that mean that there's an extra 53 tonnes of it sitting in the Bank of Thailand's vaults? Or have they got nothing more substantial than some numbers on some bits of paper that add up to 53? If the latter, does anyone know for sure that this gold exists?
If the Fed and the ECB want this to end well, with countries like China and Thailand having currencies that are strong enough that we have any hope at all of some kind of balanced trade, then those countries have to stack gold before we shift to a new monetary system. I suspect that is why gold prices are going up during their trading hours, but generally fall prior to our open and throughout the day.
TPTB would love the emerging economies standard of living to go up and yours to go down so that trade is more balanced under the new monetary system. That's why Joe China is being encouraged to buy gold, and Joe six-pack here in the West is being barraged by anti-gold propaganda.
This is all about kicking the can to create security for TPTB, not security for you.
Good point. IFRS, or some other supposedly transparent set of reporting rules, should include a clause that if a listed or accountable entity is going to claim gold in its vault, it must be audited.
A seemingly innocuous rule likely to never see the light of day.
TGR... The only way an 'international gold audit rule' could be inforced is by war.
Gold reserves quantities are more closely guarded than nuclear secrets...Rest assured, any data released by any soverign regarding gold reserves is automatically suspect... I simply assume all are lying.
Yes, it would be largely unenforceable, just like most standards and ethical accounting measures some people assume these entities adhere to.
Though as the issue here is trust - not just between the banks (central or otherwise), but between the banks and the unwashed masses - maybe if some did get a well publicized gold audit from a reputable third party, others may feel obliged to follow.
Wishful thinking though, perhaps.
the "BIS" knows all -
China has been accumulating PM's for years, under the radar,... directly from the dirt farmers [especially their favorite 'hedge free' small miners - s.america, africa, and neighboring australia -
they steer clear of listed agents. why? check out the distinguished oligarch ownership,... whom by the way controls 'basel' - which disseminates the massaged data of all!
Once most the unsuspecting monopoly game figures sell their wedding rings for cheap price, the monopoly game will be over, and there is going to be a new game with a new currency backed by tradition.
Aug 3, WSJ:
"South Korea became the latest government to disclose a big bullion purchase, saying Tuesday that it recently bought 25 metric tons - more than doubling its holdings to 39 metric tons. Mexico, Russia and Thailand have also been major buyers in 2011."
Yet the figures above have Korea listed at 0...
Surely they haven't sold...
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