This page has been archived and commenting is disabled.
As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For Physical Starting?
In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.
»
- 82193 reads
- Printer-friendly version
- Send to friend
- advertisements -
dude, that's the best you can give back to hecklers? seriously?
"you gotta be a bit of a psychologist & know how to appeal to a person" - g.carlin
http://www.youtube.com/watch?v=OGTr9LXxXvQ
Metals Options expiry this Friday. I broke out a fresh bag of popcorn and a new case of Dr. Pepper for this one !
Time to bomb, "Shock and Awe" Venezuela and steal their gold and oil.
Time to bomb, "Shock and Awe" Venezuela and steal their gold and oil.
We can't seem to get finished liberating the Middle East; the Venezuelans may have to wait for freedom.
Yes, more kinetic action to spread democracy!
Es un cisne negro para el JPM.
Any truth to the rumor that DeGaulle brought a French
sub into NY to get Frances gold out of NYFR around
the time we went off the gold standard? Maybe pre- ~68'?
Think I heard it on C2C....can't find the link.
I've read many references to that: not just a sub, a fleet.
http://en.wikipedia.org/wiki/Bolivarian_Armada_of_Venezuela
Nice looking frigates. But Chavez might want to dial Moskow to arrange another joint exercise before picking up any gold from NY.
Just when I think things can't get any more bullish for gold, things get bullier. Did JPM know about the Venezuela plan before they predicted $2500/oz gold by year end?
http://www.zerohedge.com/news/shocker-jpm-sees-gold-2500-year-end
JPM -- trading on inside information!?? Bite your tongue!
OH SHIT! I am upwind from them. Good thing I have my ventilator masks, tyvek suits, etc going on...FUCK!!!
so far, the gold and silver market is shrugging off these latest events. a request of this nature takes time to deal with one way or the other. it shows the sheep that everything is just one big setup and that the rule of law does not in fact really exist but is just there to make us think there is such a thing. watch and see how they handle this request. how many years have they been hammering on this chavez..?
Hmmm... Let's see. Diversification: 50% Au, 30% Ag, 10% Pt, 10% Pd
Yeah, that's the ticket... Phuck fiat...
Don't forget plenty of Cu:Zn and Pb..
Roger that; base metals for base problems.
+1 I'd love to see you interviewed on CNBC with that recommendation! They'd never let you pull up some comparison charts, paper pushing bastards that they are!
Are we talking a short ton? If so...
One short ton = 909.18474 kilograms
One short ton = 29166.6667 troy ounces
99 (short?) tons of gold = 90,009.2893 kilograms
90,009.2893 = 2,887,499.93 troy ounces
2,887,499.93 x $1788 (approx spot) = $5,162,849,821
A metric ton -- 32,150 troy oz. -- the standard measures of PMs.
Thanks. A metric ton, hmm, a little more than my personal accumulation.
32,150 troy oz x 99 = 3,182,850 troy ounces
3,182,850 x 1790.7 = $5,699,529,495
Venezuelan gold @ JPM: 17,42 tons
http://es.scribd.com/doc/62414483/Punto-de-Cuenta-Reservas-Composicio%CC%81n-y-Distribucio%CC%81n-04-08-11-FINAL
I love the gold articles. I can always count on finding some of my favorites in the comment section.
Where is sheepdog? I am getting worried. Did I just miss his comment?
Lonely tonight TCT?
Why would Hugo risk a boating accident ove the MarianaTrench? Much better to fly it home on the Presidential jet. Just fly over to England and don't leave until you get your whole deposit. Bring a drill.
you really think they're gonna give Hugo back his gold? you watch how barbarous it really is......... :-)
Finally, JPM et alia have met an entity as ruthless as they are. This should be fun to watch and read!
Chaves: " yourz ponzi schema iz collasping, please giz us ouuur gold back...."
For those who claim you can't eat gold nor does it pay interest, the alternative is to buy USD paper assets and after a few years, you won't be able to afford to eat nor would you have any principal to earn interest on :)
You can too. Silver as well.
http://www.ediblegold.com/
Termites can eat paper and cotton and you can eat the termites. Try that with gold.
+1
211 tons shouldn't be a problem, eh?
"According to the documents, the South American country aims to move 211 tons of gold it keeps abroad and values at $11 billion to the Central Bank in Caracas, where the government keeps its remaining 154 tons of bullion. "
http://online.wsj.com/article/BT-CO-20110817-713939.html
Chavez!
Communist preverts.
They have plans to sap the vital fluids of the American people through flouride.
I don't know about sapping one's fluids but potassium flouride is used in rat poison and makes the populace docile. It worked so well in the nazi camps that the U. S. Government bought it over here. These are good people that rule over we slaves. Of course, most of their minions are being poisoned too but still think they are part of the system. Ha, ha ha!
Ok, a freebie here since I've been busy:
http://www.theecologist.org/News/news_round_up/555831/ecuador_offers_to_...
Ecuador is holding the rainforests to ransom, sitting on shit loads of oil. Wait, everyone cries, hasn't Ecuador defaulted more times than Gary, Indiana? Yes, but the kicker is... China put a few billion down payment for the rights. Which means a BRIC country is getting a shoe into the oil of S.America, which Uncle Sam doesn't like. China next to Brazil, and Apple & Google itching to fight over Brazil's high tech industry [watch space: Google buys Motorola for $12.5 bil, which is patent protection but also happens to have major high tech infrastructure / investment / partnershaips in Brazil, which is where Apple is looking to move production if China goes south). Hint: $80 android taking Kenya by storm, means that Google have the African mobile market in the bag, which is fucking huge. Apple hipsters < Somalian warlords with their 10 phones each.
Chavez can see the writing on the wall, and is politely reminding everyone that although he's a populist democratic dictator who has already survived one CIA sponsored coup, and has flirted with the Russians (like, who hasn't? (bylad!) he's not in bed with the Chinese (yet). He's staking his countries' position as neutral - it won't work, but he's doing his best.
Oh, and his cancer hit remission. Miracle, one supposes. Pope is going to be visiting all the EU countries (Catholic) that have defaulted so far btw - noticed that? Defaults are Catholics / Orthodox - falls perfectly into the great white Protestant mythology, of course.
Much much more fun on the horizon - http://www.youtube.com/watch?v=7JkwHnlyMKI&feature=related
thanks for providing tonight's quality entertainment, those 2 links you shared were choice. who needs cable when there's hedge TV?
Apparently our motto is "We live to serve"
Remember: Starkey says "The Whites have become black"... which just means "you're all slaves now if you've not got enough bank to make the 0.1%".
war
Someone sink the ship! Then we'll send a recovery vessel and Chavez will be SOL!
Chavez looks sicker than Castro ! Cuban healthcare on parade ? Does he have cancer of the rectum, or of the prostrate or AIDS ? The world awaits your Socialist candor, Chavy Baby ? Looks like he's getting meaner as death approaches ? Monedas 2011 The right wing humoristic equivalent of a Crucifix in a mayonaise jar of urine !
methinks you're a sad excuse for a double agent sock puppet and a low-rent mercenary for Axlerod's Army, but that's tip e. 2011 "when shit's so obvious, it's gotta be stepped on"
If truth is happening, Socialists flock to it like moths to a candle flame ! They are curious and they want to manage it and rewrite it before it is widely propagated ! We are all here because Keynesian Socialism is goin' down and still the Socialists are well represented here; although, you would think, if they had any pride, they wouldn't admit it ! I'm not the funniest guy......but you Socialists provide me with so much material, I can't help but be funny once in a while ! Monedas 2011 Loving every bit of the consternation he provokes in insecure Socialists !
"if truth is happening,{insert trigger noun} flock to it like moths...WE {don't forget the we, very important!} are all here because (insert trigger adjective) {insert trigger noun}...and still the {insert trigger noun} are represented here....but you {insert trigger noun} provide me with so much material (tip e. ed : no shit dumbass, that's the fucking point)...he provokes in insecure {insert trigger noun}..."
meanwhile, deep in the Utah desert on government-owned land, somewhere in the bowels of a mile-long warehouse filled wall-to-wall with well-aerated servers, some spider captures a fly and instantaneously reports back to Central Command with an IP address to add to the List...
'nuff said. see you on the other side Bubba.
You turned out to be a little better sport than I gave you credit for ! I have activated hormones in my spider's web that provoke teflon like secretions ! You will soon be able to fly away ! You have been pardoned because you entertained me a little ! Monedas 2011 Comedy Jihad Spider Central
I have been there. It isn't fun when "you can feel the devil bite your ass"!
Hugo, this is Barack Obama. Listen, we tricked you fair and square, and now its time to move on -
JP Morgue: Mr. Chavez, your gold is invested in other SIV portfolio's and cannot be closed at this time. Might we offer you a sneak peek to reinvest your gold holdings into another high yielding account.. with little risk of course.
Better than GS' Libyan move... [on a year where they only had 1 day missed trading...]
http://www.youtube.com/watch?v=4TlPo0yCSa4
Oh, and the Dutch just "released" another $100mil to aid agencies of the soverign national holdings to help the rebels. Seriously... if the London rioters had proposed that they were creating a national bank, would they have been armed?
Sorry, boys and girls...have to go the contrarian route on this one. This development pretty much puts a nail in the coffin of the SDR. I always thought it was a lost cause because of the Bank of England's lack of gold holdings but this kind of seals the deal. Rubin is probably crying his little black Keynsian heart out tonight.
Bingo. Very few monitor the SDR shell game. If they found out, well you know.
http://www.imf.org/external/np/fin/data/rms_mth.aspx?SelectDate=2011-08-31&reportType=CVSDR
England, like the Vatican, holds a lot more gold than you'd expect. Remember: jewelry isn't included. Which means - The Crown (a snip at $150mil), looted Anglo-Saxon treasure, Henry VIII's stuff and so on.
Gordon sold enough to prevent England getting raped (and no IMF position for him! Damn.. sucks to be second fiddle to the golden boy of Blair), but he didn't liquidate the real holdings. England probably has x2-3 times as much gold in jewelry than common stocks.
Watch the Antique Roadshow - every so few episodes, someone turns up a looted treasure worth a few £100k. Then look at the paintings, gold, silver, art etc etc we looted during the Empire.
Shit like that is priceless - and worth more than buffalo skins and mementos from the time you genocided the natives.1
Hugo's gold will be seized under anti-terrorism laws before the puppeteers let the comex bust.
Doesn't Conoco and Exxon have claims from Hugo's nationalizations a few years ago?
Hugo : Do you really think Jamie has time for this ... he is busy opening branches. Do you think he is going to stop opening branches just because he can't cover your little gold position?
Get ready for the UNESCO, save the children, World Doomsday Gold Census ! All good liberals will turn in their gold ! Hee hee hee ! Monedas 2011 The gays have no bread ! Let them eat cock !....Monedas
i will admit some of your posts are downright hilarious, but this one isn't.
I wouldn't be too surprised if the gold is "lost to piracy" crossing the Atlantic.
Would the USA go so far as stealing gold from sovereign nations to butress it's failings?
Yours has to be a rhetorical question!
Are you suggesting the mother of all boating accidents ? In deep water where Hugo Baby couldn't find it ! Then get ready for a Goldfinger market moment ? Monedas 2011 A hoarder on a high pink cloud enjoying the Socialist flea circus below ! Hugo's incompetence reminds me of that Lufthansa 747 jet that was misdirected by a stuttering Mexican flight controller to land on the runway that was under repair.......they were unable to locate either "black (orange) box" although the debris field was limited to the runway ! They lost the tower's voice recordings, too ! Don't underestimate the incompetence generated by a Latin Inferiority Complex, Nepotism, Socialism and Xenophobia !
This Chavez callup should help gold and silver.
I can see a bunch of small businesses losing the rest of their ass soon
by still wanting to fight the fiat
http://online.wsj.com/article/SB1000142405311190363940457651456031057190...
This is terrible, forcing the hand of these businesses to play the fucking currency game. Sickens me. Fuck the U.S. dollar, more and more I hope it crashes into oblivion.
Also, if these businesses (or any homegamers) ever saw a professional trading desk or HFT operation, they would never, ever make another market purchase for stock or options -- let alone try and compete on the Forex. They are hopelessly outmatched and outgunned.
They should take a tour of some of the Asian trading desks. It's ALL insider trading, the traders are on the phones scheming and finding out the day's next play to lift easy coin from the marks (read: investors). These guys work nonstop. Mom, pop and their 401K don't come even close to standing a chance. It's Jaws versus Nemo.
My thoughts also Sequitur.I do not know if they are being forced
Gold and Silver are readily available.
yes they will be killed in short fashion. I know precious metals dealers that lose their ass once in a while playing the rigged
forex game.
I also see the Silver spring tightening, soon it pops ... Thinking to the upside
Good day to all
Wow, small businesses tracking forex? That spells disaster. It takes years to master the market.
Is Chavez volunteering for suicide practice or what!
think 'out of the box'...
what if he was doing what he was told, [what? what?]
The plot thickens...
the trend begins...
http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=133623&sn=Detail&pid=110649
Have no fear, the mobsters will make life hell for Chavez if he tries to play the "free market" game and ask for his country's gold back. Venezuela may have a sudden "terrorist" attack, or be accused of having WMDs so the US army might have to invade.
Simple transactions like asking for your own gold back from one of the syndicate banks like JPM might be considered and act of war or terrorism (or are they the same thing anymore? Who knows?) in today's fascist economy.
What will be fun is watching the corporate media spin this in a way that makes Chavez look like the bad guy. You can count on lots accusations of Marxist and communism or socialism, or whatever other buzzwords turn off critical thinking in the sheople.
Chavez about to find out Brown sold V's Gold at a high...
fat chance of him getting one oz. So who does he try and blow up?
One of his commie neighbors? Or does he go after the nazis in Argentina?
This is what is left. Communism 80% Fascism 20%.
An orwellian shit hole formerly know as planet earth.
The Picture of Dorian Gray 1945 Dorian/Basil Confrontation
http://www.youtube.com/watch?v=qF8LWvkmAp4
Hugo Chavez: "Won't give back our gold? No oil for you, US Bitchez..."
US Crude Oil Imports (Top 4 Countries)
Country Average 2011
China will buy up that 917k a day for gold... Cash talks, US Bullshit walks...
As most of this is processed in the Citgo refineries which are completely Venezualan owned this would be a somewhat stupid response. Not gonna happen, he needs the revenues.
I won't be surprised if we see a news report that Seal Team 7 heads for Caracas.
When they arrive, they can kill Osama Bin Lauden again. It's about time!
Can't wait for October 2012 release of Obama the Osama killer
Not that they don't trust us but I bet they dispatch several separate transports just in case a shipment were to crash or sink...and when they get it home safely I bet they assay the shit out of it. It's a sign of the times that the corruption and fraud over here is now so bad that banana republics are now a safer place to store gold than the COMEX or London. Sad. Can't blame them though. The full faith and credit of the USD or GBP as collateral for their gold is no consolation prize these days. Of course they want their gold back. Could you imagine the horror of getting stuck with shit US currency in place of gold at this stage of collapse? That would be a bitter pill to swallow.
declaration war on Venezuela will start at once..
I guess gold will be delivered by f-16
alx
Venezuela wants it 's gold but The FED with the help of Pentagon and Nato will delibrately deliver Silver to Chavez instead...in the form of Tomahawk missles.
trend???
http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=133623&sn=Detail&pid=110649
Withdrawal > 338,303 ounces...
No sweat... The Bernank can print that GOLD right up and back stop JPM...
After all Jamie Dimon IS Amerika's Shoe Shine Boy...
There will be riots in Venezuela coming up. Then somehow there will be plenty of people killed. UN will send troops over there to overturn Chavez or a successful coup attempt will be unveiled.
Then everything will be back to normal. JPM or BOE won't plan any delivery. They just plan how to get rid of Chavez and how to have the mainstream media muff the story.
For that much of gold, they will send a nuclear bomb over there if needed.
Sure will be interesting when the banks say....uhhh we don't have it.
Smart move. Who isn't trying to get their hands on their metal? Imagine the poor sucker nations that think they are going to get theirs back. If they produce his, they won't be able to get enough more to cover their incendiary shorts in a room full of candles.
Hugo will get a wad of paper with GLD printed thereon. They're not gonna give this little commie shit squat.
begs the question, "got gold?"
if $1800 is too much, just buy 10 oz of silver and trade it for 1 oz of gold someday soon.
Or just buy smaller demoninations of the right metal. Nobody says you need to buy an ounce. When you need gold, silver will not due.
If they don't give Chavez the gold, every country and every major player will demand their gold for fear
of it not being there. Can you imagine what that would do for the price of gold?
That would be a short covering event that would go down in history.
OT: Best 'Obama' speech ever. Very funny even if the president felt deeply offended.
http://www.youtube.com/watch?v=1m5LNn2gh8k&feature=player_embedded
Just as long as we realize that "transferring" the gold means moving it about 20 feet....which also happens to be about a quarter mile underneath the New York Federal Reserve building.
Just sayin'
Great news! Global warming is so intense that it opened up the NorthWest Passage! See? There is a silver lining...and we won't need so much heat in winter too!! Palm trees in Alaska!!
Watch this Financial Times video: http://video.ft.com/v/1115415600001/Global-warming-opens-up-Northwest-Pa...
+1 Long tungsten
Scramble for the physical. They ain't stupid.
Dominos, anyone?
As the global economy sinks into the deep doodoo, those with the means reach for gold.
Quite poetic, no?
"let the banksters have their gold, silver is for revolutionaries"
http://dont-tread-on.me/money-banksters-and-august-2011-%E2%80%93-the-co...
archived
OT, but apparently Mitt Romney needed to get in on the stuffing meat in his mouth act.
I read all of these posts----every damn boring one of them
same old ignorant red-neck-sounding stuff
ecuador threw out the us of a military
venezuela threw out the us embassadors
peru went with the soviets
bolivia didn't want the cia and dea in the country
brazil only allowed 100 us citizens per year to immigrate there for decades
south america is the only continent that has told the us to fuck off and i'm glad of this because at least someone has finally
sorry dudes, but reading so much trash in one night has worn me out----i just wanted to see if there's any intelligence left in this country and
well, i'm exhausted
good night all om
Oh Che Guevara, we love you so much for being the first South American who had the gall to sing : "Fu*k you very, very much" to the US of A. As did Charles de Gaulle of France. The two iconistic contrarians of that bygone age when USA/CIA was rampant at reigning in all those third world 'sheeple' all over the globe, from Vietnam to Brazil and Paraguy, as Operation Condor was spawned in the mid sixties.
http://en.wikipedia.org/wiki/Operation_Condor.
While Charles de Gaulle sang "I want my gold back to Nixon, I don't want your US dollars." We know what that started.
So Chavez today, now carries those two flags of yester year : the Che Guevara strain and the Charles de Gaulle refrain.
Brave New World Order... CHavez the new Bonaparte of AMerindian renaissance. I wish he would take his RObespierre hat off!
(Dragnet) Tung ter Tungsten
Will we see a bid there a week before Hugo gets his stash back ?
Sent: Donnerstag, 18. August 2011 09:43
Subject: UBS Precious Metals Daily: 18/08/11: Venezuela Gold Rush
Venezuela Gold Rush
"Yesterday the Central Bank of Venezuela announced plans to "transfer billions of dollars in cash reserves from abroad to banks in Russia, China and Brazil and tons of gold from European banks to its central bank vaults". Specifically, press articles state that the country plans to repatriate 211 tonnes of its gold held internationally, with some of this reportedly coming from reserves held at the Bank of England and the BIS. The remainder of its external reserves are housed at various US, Canadian, and UK banks. World Gold Council data shows that Venezuela held 365.8 tonnes as of July. They bought 5 tonnes in 2010, and 4.4 tonnes the previous year. No purchases have been reported this year.
Press articles yesterday alluded to a lack of faith in the US dollar, and the keen desire to diversify currency exposure given sovereign debt concerns in the US and Europe. They also indicated yesterday's announcement was a counter-move ahead of an arbitration case that could potentially freeze its international assets. The central bank action to bring gold home suggests a lack of comfort with holding gold abroad. This is not necessarily a new trend among central banks. Last month, upon the release of the BIS annual report which showed that central bank deposits had declined by a massive 635 tonnes, we suggested that one reason for the decline could be down to a central bank now preferring to house its gold at home, rather than with another central bank. Following Venezuela's move yesterday, this reasoning has more weight. This preference to hold gold in Venezuela, where ironically the political risk factor cannot be ignored, is perhaps best understood as reflecting a general desire for control in uncertain times.
Additionally, President Chavez announced that he's preparing a decree to nationalise the country's gold mines in the coming days and plans to add this gold to its international reserves as 'gold continues to increase in value'. The country's gold output last year was 23.8 tonnes, which is hardly significant in the grand scheme of global production. Up to now, the state bought 50% of local production. In simple terms this is another central bank that wants gold to play a greater role in its international reserves and solidifies the trend of central banks since Q4 2009. But the move to nationalisation will send a shiver down the spines of resource producers around the globe, particularly those in countries where the nationalisation drum appears to be beating louder, such as South Africa."
Morning looks ....Red on the paper,at least for a minute or two.
Cheers
A deal will be struck. No gold will go anywhere.
Chavez ...line 4
Put him on hold.......(elevator music starts).......oops he got cut off.
Hurry Unplug the phone.lol
Yes the "Axis of Evil" or "Cult of Criminality" will not like this as they ride around in the short bus listening to the leaders chant
Thank you satan, thank you satan, thank you satan.
My friend had a rottie named satan imagine him looking for his runaway dog in the middle of the night and he`s outside yelling come here satan ,satan get over here !
Makes me laugh, hope you do too.Life really is too short hope most of you can enjoy good things in spite of all parasitic scum that is on the everday world stage of theatrical/political mayhem spewing forth their endless,mindless,TOTAL SHIT
Kitco has got the news that Sprott is selling gold ... to buy silver. WOOHOO.
http://www.allvoices.com//contributed-news/10019713-they-are-selling-gol...
Let's see how long it takes Sprott to be given all of his silver.
SHORT SQUEEZE, SHORT SQUEEZE, SHORT SQUEEZE.
In other news....multiple attacks on buses and now an explosion in Israel. The ME finnaly loosing what little control it had left? WW3 certainly would turn the world economy around (the ones not vaporized). Could be an exciting Thursday.
Was that Venezualan gold in an allocated or unallocated account??