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A Gold (And Physical Platinum) Bug At The Fed?

Tyler Durden's picture




 

While we first presented Bill Dudley's financial disclosure two days ago, we did so to present the New York Fed's president, and former Goldman managing director's, implicit need to perpetuate the status quo from even purely personal wealth reasons (AIG and GE waiver issues aside). Yet that a Fed member, especially a Goldman alum, is deeply enmeshed within the fabric of the existing, and failing, monetary system is not all that surprising. What is far more surprising, is that the Fed's FOMC may well have a gold bug within its midst, because we were rather surprised to find that none other than the Dallas Fed's Dick Fisher, who however is no longer a voting Fed president in the 2012 year, is a proud owner of at least $1 million worth of Gold in the form of the GLD ETF....and another up to $250K in physical (not paper) platinum. Which begs the question: is Fisher the only Fed president to have seen the light and to put a substantial portion of his wealth in the only asset class that benefits in real terms, from the perpetuation of the Fed's dollar, and fiat broadly, debasement strategy?

Full Richard W. Fisher financial disclosure

 

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Thu, 02/02/2012 - 12:35 | 2120212 Cognitive Dissonance
Cognitive Dissonance's picture

Enquiring minds want to know. And some platinum and uranium to boot.

Richard Fisher, president of the Dallas Fed, is one of the richest of the 12. He accrued a portfolio of at least $21 million after working 22 years in the financial industry as a banker, stock broker and hedge fund manager.

Fisher owns more than 7,000 acres in Texas, Georgia, Iowa and Missouri, in addition to more than $1 million in SPDR's Gold Trust, and at least $50,000 in platinum and uranium each.

http://money.cnn.com/2012/02/02/news/economy/federal_reserve_stocks/index.htm?iid=HP_LN

Thu, 02/02/2012 - 12:37 | 2120234 GeneMarchbanks
GeneMarchbanks's picture

I'll assume he wants to retire and replace himself with something that he does, only better: just sits there.

Thu, 02/02/2012 - 12:43 | 2120262 spiral_eyes
spiral_eyes's picture

But... but... but...

BARBAROUS RELIC!

The Chinese go one better still:

“No asset is safe now,” said the PBOC’s Zhang Jianhua at the end of last month.  “The only choice to hedge risks is to hold hard currency — gold.”

http://azizonomics.com/2012/01/31/the-new-goldbuggery/ 

Thu, 02/02/2012 - 12:45 | 2120270 BaBaBouy
BaBaBouy's picture

The "Financial Elites" know exactly what they are doing to the Fiats System, A-La-Greek Style...

 

Im sure many of the other INSIDERS are way long GOLD and PM's.

They see the writing on the wall.

 

Print, Bitchez....

Thu, 02/02/2012 - 12:48 | 2120284 Pladizow
Pladizow's picture

Gold's best January in 32 years!    11%!

Thu, 02/02/2012 - 13:05 | 2120366 12ToothAssassin
12ToothAssassin's picture

Isnt a Fed goldbug even more a conflict of interest than one bailing out their own stocks??

Thu, 02/02/2012 - 13:09 | 2120381 Buckaroo Banzai
Buckaroo Banzai's picture

Your attention please.

Now batting for Pedro Borbon... Number 79...

GOLD, BITCHEZ!!!

Thu, 02/02/2012 - 13:12 | 2120399 camaro68ss
camaro68ss's picture

.22 .223 .308 BITCHEZZZ!

Thu, 02/02/2012 - 13:29 | 2120477 AGuy
AGuy's picture

Thats small stuff. You want to go with the bigger stuff:

M2 Browning 50 Cal Machine Gun
155mm artillery
82mm mortar rounds

Thu, 02/02/2012 - 19:23 | 2121584 WmMcK
WmMcK's picture

Long Manny Mota.

Sat, 08/11/2012 - 07:59 | 2696701 andrewp111
andrewp111's picture

The fraction of his assets in gold, platinum, and uranium is small enough that I wouldn't call him a gold bug. Most of his money is in Texas munis. He is just hedging his bets with metals. Probably a good idea. That old adage about not putting all your eggs in one basket is sound.

Thu, 02/02/2012 - 13:02 | 2120350 Arthor Bearing
Arthor Bearing's picture

Central Banks are the largest holders of gold. But they can pump and dump basically at will, and are squeezing whatever profits they can out of this economy. Who lost money when silver fell to $29? You did. But you can only get so much blood from a stone, and when this game is up there won't be another one left to play.

Thu, 02/02/2012 - 14:19 | 2120669 Nothing To See Here
Nothing To See Here's picture

Once you have bled dry a stone from all it has, you can still have it work for you physically. That's the point of debt slavery and exactly where we are lead.

Thu, 02/02/2012 - 16:26 | 2121104 gina distrusts gov
gina distrusts gov's picture

A stone can be used to bash a bankster's brainpan flat

Mon, 03/12/2012 - 08:21 | 2246797 Delia39
Delia39's picture

yes, you have a great view point. sciatic nerve pain

 

Thu, 02/02/2012 - 15:08 | 2120849 HoofHearted
HoofHearted's picture

And who bought a fuckton of silver at $29. You did. or I did. Or whatever. Too bad it was lost in the boating accident.

Who will buy more if it goes below $29 again? Ahhh, now I can't given an answer there...

Mon, 03/19/2012 - 10:57 | 2269616 l.hauri
l.hauri's picture

it is not a bug... it is a missing feature. trading systems

Thu, 02/02/2012 - 12:45 | 2120267 BaBaBouy
BaBaBouy's picture

GOLD ...

Thu, 02/02/2012 - 13:21 | 2120436 Captain Kink
Captain Kink's picture

He owns paper gold and physical platinum...Hmmmm.  Paper gold can be sold right before the confiscation, the platinum held for the ensuing period?

Thu, 02/02/2012 - 13:32 | 2120491 AGuy
AGuy's picture

Pt is unlikely to be targeted for confiscation, since it was never considered as currency like Gold and Silver. Its also cheaper than Gold at this time, but historically its had a higher value than Gold because Pt is much rarer than Gold, and Pt is a very important industrial metal.

Thu, 02/02/2012 - 13:38 | 2120506 Captain Kink
Captain Kink's picture

Pt is unlikely to be targeted for confiscation, since it was never considered as currency like Gold and Silver.

Precisely.  He knows something, perhaps?

Thu, 02/02/2012 - 13:43 | 2120523 SilverRhino
SilverRhino's picture

Platinum is not that rare (it's actually MORE common than gold, half as common as silver).  It's expensive because it is hard to get to (DEEP). 

Thu, 02/02/2012 - 16:13 | 2121062 AGuy
AGuy's picture

Huh? Using circular Logic? There is less Pt above ground then there is Gold, its that simple.

 

 

Thu, 02/02/2012 - 16:28 | 2121112 tmosley
tmosley's picture

Yup.

From the wiki: 

Even though it has six naturally occurring isotopes, platinum is one of the rarest elements in the Earth's crust and has an average abundance of approximately 5 ug/kg.

Thu, 02/02/2012 - 21:19 | 2121905 DosZap
DosZap's picture

AGuy

Plus, 89% of the worlds Platinum comes from South Africa, and Russia.(followed by the Canucks, the US, and Zimbabwe.

Not really trusted sources 3 of  the 5 can stop the mkt dead.

Thu, 02/02/2012 - 16:18 | 2121076 akak
akak's picture

Don't hold your breath waiting for the widescale mining of the earth's mantle anytime soon (as in, ever).

Thu, 02/02/2012 - 13:06 | 2120370 X. Kurt OSis
X. Kurt OSis's picture

When the policy makers are buying the best possible hedge on policy errors, it is officially time to pack up and head for high ground.  The profoundness of this can not be overstated.  It is evil for Goldman to bet against their clients... This is worse.  This is Fisher shorting himself.

Thu, 02/02/2012 - 16:13 | 2121059 constitutionalist
constitutionalist's picture

it can't be any worse than Fannie Mae shorting the American people in the derivatives market betting we will all default..bastards..

 

Thu, 02/02/2012 - 13:09 | 2120380 Boston
Boston's picture

Good. Then I can buy more, at a discount.  

Thu, 02/02/2012 - 12:45 | 2120271 Stoploss
Stoploss's picture

I think it would be proper to take that as a sign.

Thu, 02/02/2012 - 12:34 | 2120214 BigMike
BigMike's picture

PLATINUM BITCHES

Thu, 02/02/2012 - 16:19 | 2121082 akak
akak's picture

NO MORE "BITCHEZ", BITCHEZ!

Thu, 02/02/2012 - 12:34 | 2120217 carbonmutant
carbonmutant's picture

Since insider trading is permitted within our government...

Thu, 02/02/2012 - 12:35 | 2120222 SheepDog-One
SheepDog-One's picture

Well, a paper goldbug anyway...lets see him trade it for physical. He never will in 1,000 years its just helping his FED bank buds.

Thu, 02/02/2012 - 14:35 | 2120721 Citxmech
Citxmech's picture

The ETF postion is just what he disclosed.  Doesn't mean he's not sitting on a sizable undisclosed stack of physical (or maybe he lost his phys stack during a canoe trip. . .)

Thu, 02/02/2012 - 12:35 | 2120223 Hansel
Hansel's picture

He's gonna get Corzined sitting in GLD.

Thu, 02/02/2012 - 12:51 | 2120295 NotApplicable
NotApplicable's picture

Corzined

tr. & intr.v. To have one's protected assets converted into vapor.

Thu, 02/02/2012 - 12:36 | 2120226 Shizzmoney
Shizzmoney's picture

Wait, you mean the same guy from a privately owned Central Bank who rigged policies at the FOMC towards more imports from China (who bought over $1b in Gold last year..and thats what they REPORTED) to benefit CEOs of major multinational corporations?

Yeah, no conflict of interest there. 

Thu, 02/02/2012 - 12:37 | 2120233 taniquetil
taniquetil's picture

But guys, look at how well Groupon is doing today!

Thu, 02/02/2012 - 12:52 | 2120304 Dr. Engali
Dr. Engali's picture

Lip stick on a pig. They have to make the IPOs look good for Buttbook.

Thu, 02/02/2012 - 12:37 | 2120236 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I can just see myself presenting this to the anti-gold crowd on other message boards and being told, "big deal, its only the *Dallas* Fed."

 

The day of recognition inches closer...

Thu, 02/02/2012 - 12:38 | 2120241 fonzannoon
fonzannoon's picture

I hope for his sake he takes delivery

Thu, 02/02/2012 - 12:42 | 2120254 Hansel
Hansel's picture

I hope he doesn't and gets mutha-fuckin-globaled.

Thu, 02/02/2012 - 12:41 | 2120251 tmosley
tmosley's picture

He should take delivery of that uranium.

Thu, 02/02/2012 - 13:26 | 2120444 Bananamerican
Bananamerican's picture

preferably, in enriched form...

Thu, 02/02/2012 - 13:28 | 2120467 rehypothecator
rehypothecator's picture

... and store it in one place.  Preferably as a sphere. 

Thu, 02/02/2012 - 16:41 | 2121182 tmosley
tmosley's picture

In the safest place possible, the FRB boardroom.

Thu, 02/02/2012 - 12:42 | 2120255 Simulacra10
Simulacra10's picture

Rhodium BITCHEZ!!!!

Thu, 02/02/2012 - 16:20 | 2121085 akak
akak's picture

And buy the crap from fucking Nadler?  No fucking way!

Thu, 02/02/2012 - 12:46 | 2120274 Crispy
Crispy's picture

Timmay, Benji, meanspan..THE WHOLE ENTIRE consortium are gold bugs. They know what they are doing to the money supply. They may be snakes in the grass, but they aint dumb...

 

Just keep stacking....

Thu, 02/02/2012 - 12:46 | 2120276 jmcadg
jmcadg's picture

Wait a minute, am I reading right, both the $1m SPDR and the $250k Physical Platinum ... ETF

THESE ARE BOTH PAPER CLAIMS - TRUE?

Ha ha ha ha ha ha. LOL

Thu, 02/02/2012 - 12:46 | 2120278 The Axe
The Axe's picture

Bad News--Ron Paul is not going to be our next president    good news+ Ron is making a killing on his PM  holdings.....

 

Thu, 02/02/2012 - 13:11 | 2120394 clownfishheaven
clownfishheaven's picture

Actually both are good news. If Ron was elected, then we would've lost the one sure thing!

Thu, 02/02/2012 - 13:17 | 2120421 Hearst
Hearst's picture

Ron Paul for Fed chairman!  Seriously, if that cocksucker Romney wins the nomination, what better way to secure votes from Paul supporters than offer the job to Paul?  Paul gets in and presto - full transparency & sound money circulating along side fiat in the first year.

Thu, 02/02/2012 - 12:46 | 2120279 TooBearish
TooBearish's picture

WOW

Thu, 02/02/2012 - 12:48 | 2120285 Simulacra10
Simulacra10's picture

"Which begs the question: is Fisher the only Fed president to have seen the light and to put a substantial portion of his wealth in the only asset class that benefits in real terms, from the perpetuation of the Fed's dollar, and fiat broadly, debasement strategy?"

Answer: Daily Double!!! No.

Thu, 02/02/2012 - 13:00 | 2120337 PulpCutter
PulpCutter's picture

His only other equity holding that big (1 million plus) is an Asian mutual fund.  ROFL.  These guys can seen the handwriting on the wall (or is that blood..?).

He's also heavy in ranch/farmland, and petro. 

Thu, 02/02/2012 - 13:04 | 2120358 Flakmeister
Flakmeister's picture

I am more intrigued by the Uranium holdings....

Now that is having a hard-on for hard-core hard-assets....

Thu, 02/02/2012 - 13:07 | 2120372 Dr. Engali
Dr. Engali's picture

There is going to be a big premium once WWWIII starts.

Thu, 02/02/2012 - 13:13 | 2120404 lizzy36
lizzy36's picture

The most interesting thing about Dudleys holdings from two days ago were his purchases of the following Vanguard ETF's on Febuary 18, 2009:

1. $50k-$250K of Energy ETF;

2. $50k-$250K of Total Stock Market ETF; and

3. $250-$500k of FTSE All World ETF ex USA.

A mere one month later the FOMC announced QE1. Did Dudley have advance notice of this program?

Thu, 02/02/2012 - 13:14 | 2120407 Flakmeister
Flakmeister's picture

How cunning can he be?? He also owns  SDS on a long term basis....

Thu, 02/02/2012 - 13:23 | 2120449 JohnG
JohnG's picture

Ya Think?  (This was a rhetorical question, yes??)

Thu, 02/02/2012 - 13:59 | 2120593 Tyler Durden
Tyler Durden's picture

QE was technically announced in 2008. It was insufficient in its initial layout. It was its expansion that was announced in March 2009.

Thu, 02/02/2012 - 14:44 | 2120745 lizzy36
lizzy36's picture

I stand corrected.

Thank you.

Thu, 02/02/2012 - 16:02 | 2121020 BTMinnick
BTMinnick's picture

250K in Platinum?   I noticed another big 5 finacial firm steadily vaults platinium for the last few years with excess cash.  Is this partly due to gold be confiscated in the 30's but not platinum?   Any comments?

Thu, 02/02/2012 - 18:19 | 2121460 Black Friday
Black Friday's picture

It's just a tradition.

Thu, 02/02/2012 - 21:08 | 2121876 newengland
newengland's picture

The global central bank cartel hoards gold, and silver; manipulates its price by paper effects like ETFs, whereby its 'chosen people' can accumulate gold and silver at cheaper prices. 

He who owns the gold (and silver) holds the power, said Rothschild, and his heirs inflict and enforce their ruthless feudal dominating ways on an ignorant world, the debt slaves of fractional reserve banking...until they are not.

End the Fed.

Thu, 02/02/2012 - 23:22 | 2122093 Dorky
Dorky's picture

There is great misinformation here.

1st, Bill did NOT buy any physical, be it gold or platinum or else he would not be earning any dividend from it. What he bought were both gold and platinum ETFs.

2nd, just because Bill bought a lot of precious metals' ETFs does not mean he is someone who favors the physical. He may very likely be just trading the EFTs while the good things last.

Fri, 02/03/2012 - 00:59 | 2122251 synsolve
synsolve's picture

Question:  Do our illustrious  well-FED Govenators have rules against (bad,bad) insider trading?

Answer: Who asked that dumb-ass question?

Tue, 03/06/2012 - 02:31 | 2227162 cnhedge
cnhedge's picture

this is a shocking discovery, I thought fisher is hawkish!

http://www.jinrongbaike.com/

http://www.cnhedge.com/

 

Fri, 03/09/2012 - 06:15 | 2238980 Sherhan
Sherhan's picture

Central Banks are the largest holders of gold. But they can pump and dump basically at will, and are squeezing whatever profits they can out of this economy. Who lost money when silver fell to $29? You did. But you can only get so much blood from a stone, and when this legal steroids game is up there won't be another one left to play.

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