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Thread: Banks Default on Gold Delivery

  1. #1

    Default Banks Default on Gold Delivery

    Central Banking: A Blight On Humanity
    By Rob Kirby, kirbyanalytics.com
    October 9, 2009




    Impeccably reliable sources have informed me that as recently as Sept. 30, 2009 – the last possible day of trade in the Sept. 09 gold futures – a number of well-heeled market participants “bought” substantial tonnage worth of gold futures on the London Bullion Market [LBMA] and immediately told their counterparties they wanted to take instantaneous delivery of the underlying physical bullion.

    The unexpected immediate demand for substantial tonnage of gold bullion created utter panic in at least two banks who were counterparties to this trade – J.P. Morgan Chase and Deutsche Bank – because they simply did not posses the gold bullion which they had sold short [an illegal act which in trading parlance is referred to as a “naked short”].

    Because these banks did not have the bullion to honor their contracted commitments, one or both of them approached the counterparties and asked if there was any way they could settle this embarrassing matter quietly on a “cash basis” to absolve the banks from fulfilling their physical bullion delivery obligations. The purchasers were not interested in a ‘cash settlement’ and demanded delivery of physical bullion giving these banks 5 business days to resolve the situation. A premium of as much as spot plus 25 % [that would be 1,250 – 1,300 per ounce of gold] was offered to settle this matter in fiat money instead of the embarrassment of a very public “failure to deliver” on the part of the London Bullion Market Association.

    Earlier this week, no less than two Central Banks became involved in effecting the physical settlement of this situation. One of these Central Banks was British [that would be the Bank of England] – and reportedly, even they were only capable of providing less than pure, non-compliant gold bars that did not meet good delivery standards stipulated by the LBMA. Like it or not, this is a testament to lack of physical gold available, folks.

    MORE - http://www.kingworldnews.com/kingwor...Rob_Kirby.html

  2. #2

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    LV Tribune in 2005 >>

    Where's the Gold?

    A Conspiracy of Gold
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  3. #3

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    Quote Originally Posted by zengrifter View Post
    From the first article:

    the "lunatic fringe " has long argued that the price of gold is being
    manipulated by a "gold cartel" involving J.P . Morgan Chase, Citigroup,
    Deutsche Bank, Goldman Sachs , the Bank for International Settlements
    (BIS), the U.S. Treasury and the Federal Reserve


    What a coincidence!

  4. #4

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    From the second article >>

    "... a golden global shellgame being perpetrated at the highest levels of the world's central banks, and why this means that the price of gold is going skyward, perhaps well beyond $1000 an ounce in soon coming years, largely because the gold is gone - the central banks no longer holding nearly as much as they claim."
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  5. #5

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    EXCERPT FROM -
    THE GOLD BASIS IS DEAD - LONG LIVE THE GOLD BASIS!
    Antal E. Fekete
    Professor of Money and Banking
    San Francisco School of Economics
    aefekete@hotmail.com

    Rob Kirby, the best sleuth we have to uncover government hanky-panky in the gold market, has castigated the cover-up of what he considers a severe backwardation in no uncertain terms. He calls central banks for their complicity in the cover-up a blight on humanity. In his opinion, the central banks are aiding and abetting the plunder of the sovereign assets of their countries to bail out their agents or friends in an attempt to “sweep the whole bloody mess under the carpet”. This assessment is apt. It is no exaggeration to say that the regime of irredeemable currency is a blight on humanity. The Uncle Sam will never be able to live down his shameful role in plunging the whole world into the monetary abyss.

    Central banks are also guilty of corrupting the young — a crime that was punishable by death in Athens at the time of Socrates. They have hijacked monetary economics lock, stock, and barrel. They have commissioned scribes for hire to rewrite it as a eulogy of their sordid trade, the creation of fiat money. Graduates of our universities are no longer taught that this regime has a 100 percent mortality rate through the sudden death syndrome, pauperizing the population in the process. The role of gold in history is falsified and distorted. People are told that harking back to gold money is a sign of backwardness and reactionary thinking. Modern money is managed money — as long as they themselves are entrusted with its management. In this view the U.S. Constitution is a backward document not worth bothering with, so they don’t bother with proposing a constitutional amendment changing its monetary clauses to conform it to present practice.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  6. #6

    Default

    How to Detect Fake Gold!

    Silver Stock Report
    by Jason Hommel, October 21st, 2009


    Paper silver is fake silver at the COMEX, as the sellers of paper silver don't have the silver they are selling, and are leveraged by a factor of 12, or more, assuming sellers own 100% of the silver available for delivery against paper contracts. (Silver on deposit may also be owned by longs who have not sold futures, and who therefore have no delivery obligations). Less than the 55 million oz. of silver on deposit, supposedly backs 659 million oz. in futures contracts.

    MORE- http://seekingalpha.com/article/1677...ting-strangely
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  7. #7

    Default

    To paraphrase Will Rogers:
    Buy gold now, the central banks are running outta the stuff.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  8. #8

    Default

    Quote Originally Posted by zengrifter View Post
    To paraphrase Will Rogers:
    Buy gold now, the central banks are running outta the stuff.
    I agree wholeheartedly, ZG. On that note - do you want to go halfsies on a 100 oz gold bar from the American Precious Metals Exchange? It comes direct from the Royal Canadian Mint with a guaranteed purity of 99.9999%. And with a dealer's fee of only $7.95 per ounce over spot, it can be ours for the reasonable price of 106,800 US. (Although you have moved to dealing exclusively in Euros now, haven't you?)


  9. #9

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    How much in euros? zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  10. #10

    Default

    The direct conversion is €71.200. But if you prefer to make the purchase from a European dealer to avoid exchanging a large sum of currency, I could forward you the American dollar equivalent to cover my portion of the bar and the transaction itself could be handled entirely in Euros. Surely you could use the excess greenbacks for your play in American casinos, no? Or have you moved your operations entirely to Monaco already?

  11. #11

    Default

    Quote Originally Posted by Pelerus View Post
    The direct conversion is €71.200. But if you prefer to make the purchase from a European dealer to avoid exchanging a large sum of currency, I could forward you the American dollar equivalent to cover my portion of the bar and the transaction itself could be handled entirely in Euros. Surely you could use the excess greenbacks for your play in American casinos, no? Or have you moved your operations entirely to Monaco already?
    I'll accept your terms, provided I can play BJ with the half that you forward until
    it doubles and then you will get 75% of the metal and I will take only 25% of it. zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  12. #12

    Default

    Quote Originally Posted by zengrifter View Post
    I'll accept your terms, provided I can play BJ with the half that you forward until
    it doubles and then you will get 75% of the metal and I will take only 25% of it. zg
    Interesting proposal. Assuming that the $50,000 stake will constitute the entire playing bankroll for this venture, then you will likely have to tie up the money for almost a year to reach that goal with an acceptably small risk of ruin. By that time, the spot price may well be significantly higher than it currently stands - or, as per the above articles, gold may not be available at any price.

  13. #13

    Default

    Quote Originally Posted by Pelerus View Post
    Interesting proposal. Assuming that the $50,000 stake will constitute the entire playing bankroll for this venture, then you will likely have to tie up the money for almost a year to reach that goal with an acceptably small risk of ruin. By that time, the spot price may well be significantly higher than it currently stands - or, as per the above articles, gold may not be available at any price.
    I'll play real fast. zg
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  14. #14

    Default Gold being whacked with tungsten

    By: Rob Kirby
    “Gold Finger - A New Take On Operation Grand Slam With A Tungsten Twist”


    I’ve already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank – who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences:

    1] - irregularities in the publication of the gold ETF - GLD’s bar list from Sept. 25 – Oct.14 where the length of the bar list went from 1,381 pages to under 200 pages and then back up to 800 or so pages.

    2] - reports of 400 oz. “good delivery” bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong.

    Why Tungsten?

    If anyone were contemplating creating “fake” gold bars, tungsten [at roughly $10 per pound] would be the metal of choice since it has the exact same density as gold making a fake bar salted with tungsten indistinguishable from a solid gold bar by simply weighing it.

    Unfortunately, there are now more sordid details to report.

    When the news of tungsten “salted” gold bars in Hong Kong first surfaced, many people who I am acquainted with automatically assumed that these bars were manufactured in China – because China is generally viewed as “the knock-off capital of the world”.

    Here’s what I now understand really happened:

    The amount of “salted tungsten” gold bars in question was allegedly between 5,600 and 5,700 – 400 oz – good delivery bars [roughly 60 metric tonnes].

    This was apparently all highly orchestrated by an extremely well financed criminal operation.

    Within mere hours of this scam being identified – Chinese officials had many of the perpetrators in custody.

    And here’s what the Chinese allegedly uncovered:

    Roughly 15 years ago – during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] – between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of “tungsten” bars shipped to Ft. Knox.

    MORE- http://news.goldseek.com/GoldSeek/1258049769.php
    Last edited by zengrifter; November 14th, 2009 at 02:51 AM.
    "The dogs bark but the caravan moves on."
    .....................The Zengrifter Interview (PDF) |
    The Zengrifter / James Grosjean Reputation Debate
    -----------------------------------------
    “Truth, like gold, is obtained not by growth, but by washing away all that is not gold.” — Leo Tolstoy........
    "Is everything a conspiracy? No, just the important stuff." ZG

  15. #15
    Join Date
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    NYC
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    Default

    On a related note, I sold the last of my $20 gold pieces today. Bought in the late 90s at about $320 a pop, they sold for $1250. I still have a few thousand dollars of rare coins, but no gold, and not much junk silver. There is a half ounce coin missing in my house, but I'm thinking it found legs and ran away.
    Only those who will risk going too far can possibly find out just how far one can go.


    We cannot direct the wind, we can only adjust our sails.

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