Some Observations On Bob Pisani's Visit To GLD's Vault

Tyler Durden's picture

Earlier today, we were delighted to see that after years of ridicule and provocations, the SPDR GLD ETF finally cracked and decided to do a wholesale PR campaign to comfort the investing public it actually does own its gold, by inviting none other than Bob Pisani in its secret warehouse which allegedly contains 40 million ounces of gold, of which HSBC is custodian and the Bank of England (the same Bank of England which will soon be about 99 tons lighter in gold content once it satisfies Hugo Chavez' physical delivery request) and London Bullion Market Association (“LBMA”) are subcustodians. While the 4 minute PR campaign is enjoyable and we invite readers to watch it, what is amusing is that it is sure to set off another set of conspiracy theories. Here's the reason: amusingly the very gold bar that Pisani demonstrates so eagerly for the camera, Rand Refineries ZJ6752, is somehow, at last check, missing from the full barlist as posted daily by the GLD.Whose is it? Where did it go? When was this clip shot? Inquiring minds want to know...

As the table below shows, the full list of ZJ serial numbers goes from 6700 to 6734 (go ahead, do your own search - link here). 

ZJ6700 RAND REFINERY 404.775 402.994 9956
ZJ6701 RAND REFINERY 407 405.209 9956
ZJ6702 RAND REFINERY 405.325 403.541 9956
ZJ6703 RAND REFINERY 404.6 402.86 9957
ZJ6704 RAND REFINERY 404.825 403.084 9957
ZJ6705 RAND REFINERY 401.775 400.047 9957
ZJ6706 RAND REFINERY 406.5 404.752 9957
ZJ6707 RAND REFINERY 402.2 400.47 9957
ZJ6712 RAND REFINERY 403.55 401.814 9957
ZJ6713 RAND REFINERY 405.65 403.905 9957
ZJ6714 RAND REFINERY 403.35 401.615 9957
ZJ6715 RAND REFINERY 403.525 401.789 9957
ZJ6716 RAND REFINERY 403.4 401.665 9957
ZJ6717 RAND REFINERY 405.625 403.88 9957
ZJ6721 RAND REFINERY 405.225 404.779 9989
ZJ6723 RAND REFINERY 407 406.552 9989
ZJ6726 RAND REFINERY 407.7 407.251 9989
ZJ6727 RAND REFINERY 404.075 403.63 9989
ZJ6732 RAND REFINERY 407.45 407.001 9989
ZJ6734 RAND REFINERY 404.275 403.83 9989

... and ends there.

but this is where the conspiracy starts. Today is September 1. We assume Pisani shot the segment some time in the past week: between August 23 and August 30. Over this period the actual GLD tonnage as disclosed by GLD remained flat (fluctuated by +/- 1.51 tonnes from 1232.31 to 1230.8), so it is unlikely that any gold bars, and especially the one demonstrated by Pisani actually left the warehouse.  

Of course, Pisani may have well shot the documentary some three weeks ago, when gold peaked at 1310 tons, although we assume he would have then said 1300 tons held by the warehouse, not 1200 as he did. If that is the case, there is a small chance based purely on statistics that ZJ6752 was promptly moved out of the warehouse upon a redemption event. The chance is about 1 in 10k or so, but still...

So, as a follow up, we would kindly ask Mr Pisani to answer: when did he shoot the documentary? Does he know the fate of the bar he was holding? Did he take it with him? Is the bar currently on its way to Chavez? Or worse yet, did GLD actually lease it to someone?

And so on... And so on...

Unfortunately, Bob, as you will soon learn first hand, when it comes to such things as secret bank vaults containing the world's only remaining hard currency, which can only be seen by reporters with clearance after being driven with a blindfold through the streets of London, who have to relinquish their cell phones and "GPS devices" to confirm their existence, it, unfortunately, does not build much credibility, and it is inevitable that conspiracy theories will and do start. And unfortunately, any PR campaign always tends to backfire.

Our advice: please tell your client HSBC to open up its vault to general observation and assay: at that point, we are confident all conspiracies will end.

Until then, be prepared to be retained by HSBC on a frequent basis as more and more ask themselves: what is really in that vault?

h/t Ponzi Finance

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scratch_and_sniff's picture

shhhhh, that sounds too normal, we cant have any innocent and benign explanations here... some other place, some other time.

optionsoptions's picture

LOL. That would be what a rational person would think. "this bar is about to go out which is why its the most accessible and I can pick it up without taking pallets off the top of it".

Don't expect too much of that line of thinking here though

The Grifter's picture

This is why I read ZH.   Surely someone has a cache history of those daily reports to check for that number?

Kind of funny to see gold stacked on pallets, would be fun to be a fork lift driver in that place. 

The Grifter's picture

The ZJ6734 shows up in GLD inventory going back to 2009, but no numbers beyond it:

So what's up with ZJ6752?   Hershey bar wrapped in gold foil?   Maybe all those bars in the video are chocolate bars.    I think it's really a ZH6752 bar but they changed the video to avoid publicity for Zero Hedge.

This story will grow some legs IMO

Thomas Gresham b. 1519's picture

Pisani: Do you lend it out?


Guy: No, that would be illegal



Construct's picture

There is only one way to know if gold is fake or not and that is ultrasound scanning over the entire bar to see inside it.

Contra_Man's picture

Not a nice feeling having your net worth "protected" by "units" of a "promise" of non-encumbered physical gold:

thunderchief's picture

I'm sure all the bars are real.  But he says all this gold is owned by the GLD trust, or it sure sounded that way.  But what about countries like Venezuela who have gold there?   He also stated the gold could not be lended out to other parties.  Does that mean Venezuela's gold cannot be lended out to GLD or GLD's bars cannot be lended out to Venezuela,? Or is he just saying someone off the street can't have a bar off the shelf for an IOU.  I'm sure in a courtroom he would start off with "what I really meant was....." 

Showing a huge vault full of gold does not mean much.  How many countries around the world store their gold there?  He made it sound like it all belongs to GLD.  How much do the Chinese Keep in London?

So that whole vault is owned by GLD, and no other nation has a claim to it?

Hmm.  OK. 

AnAnonymous's picture

Mostly power games. Gold bugs want to be the ones dictating what the common perception must be.

In the end of this story, it will be revealed that banks, central banks etc have more gold than their inventory let suppose.

akak's picture

You know, before reading your many diatribe-like posts, I never realized that cholera could manifest itself in excessive mental diarrhea as well as in the usual rectal sort.

indio007's picture

"That would be illegal" LOLOLOL

Yes because crime doesn't happen.

scratch_and_sniff's picture

Yes, and because crime has happened somewhere, it means it happens everywhere all of the time.

Hobbleknee's picture

I started the month with a ten-dollar bill in my wallet and ended the month with a ten-dollar bill in my wallet, but wait a minute WTF... this bill does not have the same serial number as the one at the beginning of the month! Conspiracy!!!!

tmosley's picture

So you are saying that they are spending the gold and replacing it at the last minute, and not noting the transactions on their bar lists?

No,no, that would be ILLEGAL.

Terminus C's picture

The joke is on you because the bill at the beginning of the month bought more than the bill at the end of the month.

FeralSerf's picture

But the bar at the begining of the month bought less than the  bar at the end of the month.  How can that be?

janus's picture

for 24 hours, janus is banning himself from ZH for being an obnoxious cock.

i am on medication with some wicked flu.  but this is no excuse.  i went WAY too far with mysery; and would do anything if i could take it back.

i am penitent.

see y'all friday.

Temporalist's picture

Nobody gives a shit just learn your lesson and move on. 

Mamzer Ben Zonah's picture

With regard to "blood gold" from South Africa, the Swiss have a saying"

"Das blut,

is wäscht,



"The blood washes off."

Central Wanker's picture

There are major criminal activities going on in all areas of the financial world. Why should gold be excluded from all the fun?

Zaphod B.'s picture

Oh, Ragnar, wherefor art thou Ragnar.....

Somewhere he is drooling.....

(Ragnar Danneskjöld, to clarify)

chirobliss's picture

There should be a banner flashed across the top of this site:

"Warning, do not feed the conspiracists"

I'm surprised y'all got time to check off all the bar numbers between reloading yer pump actions, toppin' up your jerky stocks n checkin' to see that yer gold fillings haven't fallen out.

There's the answer to CD's dilemma– Meercans are now so fucking dumb they'll believe in any shit that pops into their vacuous skulls. What a pathetic, sad, moronic lot!!

scratch_and_sniff's picture

Yeah, to many comic books and strong spliffs.

Temporalist's picture

While I don't care about the conspiracy angle it seems quite convenient that GLD, the paper gold pet of the MSM, is being pumped endlessly as the "vehicle" for owning gold.

Of course in order to maintain/gain confidence doing a puff piece is appropriate and specifically by the douchebag that has NO CLUE about gold for years as a poster above noted said it would not break out above $300.

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Try a red pill with your next Koolaid, Chirobliss.  Good day to you!

ToddGak's picture

By lumping all "Meercans" into the same category, you are no better than the conspiracy theorists who think everyone is out to get them.

There is a broad mix of opinions and ideas here.  Take what you can from the good ones and skip over the imbeciles.

Raymond Reason's picture

Get your back cracked man, you'll feel better. 

savagegoose's picture

i saw a video and all the gold bars had the same number on them, and no the number wasnt 99.999

MobBarley's picture

Chocolate covered tungsten.


scratch_and_sniff's picture

"Years of ridicule and provocation", more like "years of slur, disinformation and damaging lies". Maybe ZJ6752 was already set to leave the warehouse, it was not on a sealed pallet and hence was a loose bar and could be handled easily...or maybe its not even gold Tyler, maybe the bars are filled with toilet paper? What’s the statistical chance of that?

Waterfallsparkles's picture

Maybe someone ate it.

Waterfallsparkles's picture

I enjoyed the video but the way it was fillmed in fast motion with the cameria jumping from place to place or panning at ultra fast speed it made you dizzy.

Looks like the camera was made by the same engineers as the High Frequency Traders moving at a nano second speed.

Quinvarius's picture

GLD does not have the gold. Unless they show you 100,000 bars of gold, forget about it.

Just before last Christmas GLD fired their old auditor. Then they hired a new one. The new auditor NEVER claims to count the bars when they do an audit. The say they count 14,000 randomly chosen bars. That doesn't even make sense to me. Why would you do that and not just count them all? Why choose 14,000 out of 100,000 bars and declare that to be an audit? They don't even claim to have ever seen 100,000 bars. They only claim that the records say 100,000 bars are supposed to be there.

GLD dumped most of its physical gold trying to suppress the price last Christmas while gold was trying to go parabolic.

read that joke of an audit.

silvertrain's picture

Gold can be gathered here and there to a degree for horse and pony shows..Show me the FUCKIN SILVER BITCHEZ..That is whats going to take this bitch down, S I L V E R ....

jmcadg's picture

Some of those stacks are 8 pallets high. Looks like 80 bars per pallet, nearly 8 tonnes in weight.

That's decent wood their using, or are they chocolate bars! This is all hilarious. Still more CNBC watchers will send their worthless fiat into this 'fantastic' vehicle and leave the physical shit for us :)

buzzsaw99's picture

Pissani jizzed on it so they had to send it out to be cleaned.

Quinvarius's picture

I did some quick math.  If the pallets are all properly stacked with 6 layers of gold, with each layer holding 80 bars, that is 480 bars per stack.  I can see that most stacks are not proper like that, but that is how they are pictured when perfect on the spdr website.  So there should be about 208 perfect stacks in that room.

bania's picture

everyone is missing the obvious point here.  This video shows GLD has additional, non-accounted for, bars of gold. This is means they have EXTRA gold and therefore their shares should be even worth MORE. This is a very, very, bullish sign.

Hannibal's picture


israhole's picture

Physical, then miners, but no GLD for me, thanks.

Shell Game's picture

Agreed.  What's interesting is that GLD is the big clearinghouse for anonymous buying/selling by the giants.  With paper smoke n' mirrors they're able to take delievery of enormous amounts of physical w/o disrupting price. With 40:1 - 45:1 leverage, it merits watching GLD...

The Wolf's picture

I  thought the dead giveaway that all wasn't what it seemed was when the camera panned around and their was a diary on the table that said O. to a stack of Rodox magazines...

Gold and ObL... both very hard to find, validate and verify...


rsnoble's picture

It's ok to trade GLD.  But those buying it for protection will be in for a surprise if things got really bad.  If you don't have it in your hands anything can happen to it.  Just amazing the things that have came to light that the gov't has done over the years  and then things like gold confiscation and people dismiss it all.  Yes, thanks to the likes of Zerohedge I am one of the biggest nuts out in general population.  At least some people are coming around and realizing things are fucked up.  Too bad things will have to get to the level of 'pure shit' before people will revolt.  By then it's too late.  What are you going to be fighting for? A piece of gov't debt and a carton of dry milk? Yeehaw, it's great to be surrounded by fucking morons.

rsnoble's picture

And on the other hand......if you do have it in your hand and the gov't has a piece of paper stating you have it..........I wouldn't consider it safe either.  I mean really........this gov't will do anything to survive you should know that by now.  I think they would confiscate the gold before complete collapse while they can still coordinate the effort.  Then you'll really be screwed.  I think im going to keep stockpiling liquor, sugar, ammo etc and try and keep it out of sight for the inspectors as long as possible.

NidStyles's picture

That's what shovels and quickrete are for.

rsnoble's picture

Furthermore if they have to do a video that proves what they have because no one believes them.........just my gut filling they're like every other jackazz...........they're lieing.  I don't even watch news on tv anymore for years now.

Hephasteus's picture

They aren't calming markets but they sure are calming the consipiracy theorists. LOL

Seasmoke's picture

thats no way to handle Tradition

Kokulakai's picture

Of all the bars, on all the pallets, in all the warehouse, Pisani walks into "one" not on the list.

What are the odds?