That's why.
Posted on 04/08/2010 3:25:22 AM PDT by Daisyjane69
Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty.
(Excerpt) Read more at zerohedge.com ...
That's why.
You’re welcome.
If I may be so bold, perhaps I can offer a bit of advice, here:
(you can ignore me from here on out. lol)
I always thought “gold/silver bugs” were certified nuts. I couldn’t think of one single reason to have anything other than good old fashioned US dollars. But I was struck by the story that I read (only a couple years ago) about the value of gold, and it shocked me. Evidently, the gold standard is, in fact, fairly stable!
“Under the rule of the Roman Empire at the time of Christ (1st Century AD), one ounce of gold would have purchased a Roman citizen his toga (suit), a leather belt, and a pair of sandals. Today two millennia later in the west, one ounce of gold will still buy a man a suit, a leather belt, and a pair of shoes. Nothing has changed.” http://www.danel.ch/gold.html
But always get both sides. Visit pro-gold and anti-gold websites. Knowledge is your friend and your comfort. Ask questions and don’t worry about sounding stupid (Lord knows that never stopped me. LOL) Keep in mind that Wall Street hates gold and silver because it generates no profit for them. To them, every dollar you spend buying a Gold Eagle at your family owned, local coin shop is a thousand dollars they couldn’t earn a commission on.
If gold isn’t in your price range or your comfort zone, consider silver. Most people think it’s better positioned for profit, anyway. I never bought a single precious metal coin until autumn of 2008 (long story). But I was struck by the stunning beauty of the Silver Eagle. It was the most beautiful coin I’d ever seen. That is how I came to buy it...it was beautiful. Only later did I realize it might be a smart move.
I hope someone has the link to the sound silver makes when coins clank together. It’s unusual.
good luck!
You mean PAPER Gold isn’t REAL?
Hence the resistance to the “Audit the Fed” bill in DC.
You better hope you do not find out the hard way why people buy gold.
The Swiss are wise, they have an old adage that says “Always have some gold in your possession and hope you never have to use it.”.
Fraud. They are just doing what Central Bankers tell them to do all the time, practice fractional reserve banking. In progressive banking, this is SOP.
“You better hope you do not find out the hard way why people buy gold.”
I do know enough to know what you are saying.
Add Canada to that mix.
goldbug ping
Mail me to get on or off the Free Republic Goldbug Ping list.
FWIW, here are a few gold related links from yesterday:
Byron Wien, April 7 before market open (video)
http://www.cnbc.com/id/15840232?video=1462434032&play=1
Fast Money: Gold to $1163? / or $70 more (than $1140)?
http://www.cnbc.com/id/36221326
Bob Hoyee: Initial resistance at $1182 (lots of charts)
http://www.321gold.com/editorials/hoye/hoye040710.pdf
Citigroup Report Sees Imminent Gold Price Spike (to $1135-$1145, April 2, they were spot-on this time, let’s keep an eye open for their reports)
http://www.gold-speculator.com/daily-wealth/25982-citigroup-report-sees-imminent-gold-price-spike.html
Gold looks like it’s holding $1145 pretty well but silver is struggling at $18 as usual for every even-dollar milestone.
I read about the collapse of a currency a few weeks ago.
Not a fancy government account, but an on the ground citizen account of what was life like for a year after.
The tip I took away from it:
1. Have jeweler’s gold/gold jewelery. All gold was exchanged at the lower jeweler’s gold prices, even if it was “gold coins.”
2. Don’t discount the value of precious stones like diamonds, etc. either.
3. If you are trading at the exchanges, remove the precious stones from you pieces before taking the gold to the exchange. You’ll fetch a better price for the stones later. If you are taking great grandma’s ring to exchange it...you won’t be getting it back later.
A rebuttal to the Scotia Mocatta empty-vault story — “Hour 1” of April 10, it’s an audio file, FF to about 1:01:00 for an interview with Nick Barisheff, President & CEO, Bullion Management Group.
Re empty vaults at SM: “I find that totally incredible... I’ve been in the vaults more than a dozen times... we have about $300M in bullion in the vault... at the least annually, we go in with our auditors... they check all the serial numbers and all the bars...” You get the idea.
http://www.financialsense.com/fsn/main.php contents
http://www.netcastdaily.com/broadcast/fsn2010-0410-1.asx audio
FWIW at 10:30-16:00, Steven Hochberg, Chief Market Analyst, Elliott Wave International, also talks about gold:
- they “love gold longer term”
- gold is forming a “rolling top” now
- but EW predicts gold drops to $680 or less (which IMO is right out) before new highs
hey I beat zerohedge on this one, what do you think of that.
save
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