While we still don’t have the answer, what we do know is that as of an hour ago when the Comex released its daily vault depository statistics, JPM has said goodbye to another 28.4% of all of its vaulted gold – the largest one day withdrawal since April 25, the result of the departure of 61.5% of its Eligible gold, or 218k troy oz, as hundreds of thousands of registered ounces in the bast few weeks have seen warrant detachment.
h/t Adrian
Alleged vaulted gold….
Remember a short while back Germany demanded the gold the US was holding for it……and the delivery had to be scheduled over several years….because it just ain’t there.
Was it dispersed illegally or as was found in Europe that a whack of it was just gold plated tungsten.
There’s a lotta scuttlebutt as tto whether there is any bullion at Fort Knox….whether that is now a legistlatede hoax….
Well at least stock market is holdin…
Oh. Aw crap.
Sold to who?
Meanwhile back in Canada, The Liberal Party of Canada under the two self proclaimed economic genius’s Jean Chretien and Paul Martin sold off all of Canada’s over 700 Metric Tonnes of Gold Reserves beginning at the end of Mulroneys era and ending when Harper took the reins. Almost all of it sold off for $250/oz. I can’t believe how leftwingers still have the balls to say Martin and Chretien were economic wizards. These are the same guys who stole 54B from the E/I Fund to pay down debt. Heck Canadians are still paying Trudeau’s special 10 cents a litre tax on fuel to pay for the creation of PetroCan, PetroTrash has been sold off for how long, and still the crooks in Ottawa are collecting that 10 cents per litre.
Once levied, a tax never goes away.
These:
http://www.combibar.com/
Have been all the rage in Europe ever since Cyprus closed its banks.
It’s the first gold product that I have ever considered owning…
Just in case…
RFB;
It was $0.10 per gallon not litre. Hugh figure at the time. P-Can was paid for long ago and the feds sold their shares when it was privatized. When I left the wholesale end of the oil industry the Feds were collecting roughly $0.17 in excise and sales tax combined. The province of BC was collecting a road tax of roughly the same amount. Gordon Campbell through on another 12 to 14 cents per litre of eco taxes. Isn’t life grand!
Anyone who has dealt with the gold investment industry knows gold is worthless unless you hold it in your hand.
Gold prices are skewed because so much of gold “holdings” are paper based rather than in the actual metal. Paper holdings are a sucker’s game…you want to buy the bullion and hold it in your own strage facility. I now own a fair amount of the metal and at these prices am buying more….not because I am a “gold-bug” fanatic, but because I wish to have tangible, real assets when the inevitable crunch comes. Given current US economic policies, I don’t see how the US can possiblbly shore up their economy through QE and other phoney economic “fixes” for more than a few more years. Good luck to all of us if and when the steep downturn happens.