[Zakeet]

There has already been a physical inspection with the counterparty that has the gold under its custody in recent weeks. The question is not whether something is really down there, but rather how many times that the something has been sold, leased, hypothecated and rehypothecated ... and to whom ... or in other words, who actually owns the stuff ... and nobody will ever know the answer to that question until the barbarous relic is actually repatriated. Until then, I kind of enjoy watching the idiots squirm as they try to reassure the ignorant peasants that all is well.

[The Working Man]

There has already been a physical inspection with the counterparty that has the gold under its custody in recent weeks. The question is not whether something is really down there, but rather how many times that the something has been sold, leased, hypothecated and rehypothecated ... and to whom ... or in other words, who actually owns the stuff ... and nobody will ever know the answer to that question until the barbarous relic is actually repatriated. Until then, I kind of enjoy watching the idiots squirm as they try to reassure the ignorant peasants that all is well.

---

I see... Much like the CDO’s using Mortgage backed securities? The end result I suppose is whoever has physical possession is the owner?

[RegulatorCountry]

Now, just why would the Bank Of England want to trot out the Old Gal and Himself for a photo op pertaining to this particular issue, lol? Their role is ceremonial.

The word “hypothecated” is interesting, too. Hypothetical. No real heft, largely ... ceremonial. Still pretty expensive though. Just like the royals.

Somebody has a mean sense of humor.

[dennisw]

That’s Queenie checking out her stash.

[dennisw]

That’s Queenie checking out the Royal Stash.