Another financial collapse lurking in the shadows

[mistermack]

This story is eerily reminiscent of the American property racket, that pushed the world into recession.
The world's gold stocks are not where they are supposed to be. People have been ''leasing'' it out from the safe havens of Fort Knox and the Bank of England and the French equivalent, and just holding bits of paper. I'm sure that huge bonuses have been involved in these deals.
And now, the countries that have been paying for their gold to be held safely and securely, are wondering if their gold is safe. And the answer to their enquiries has been ''fuck off''.

Not joking. That's what Germany was told by Fort Knox. They said you can have a bit now, and a bit next month, etc. etc. And you might get the lot back in EIGHT YEARS time !!
And that arrangement is being immediatly broken.

It's looking like the gold has been sold for a PROMISE from some rather shady people. It's not going to end well.
Remember you read it here first, and pull your cash out now, and buy gold.
You can't go wrong !!

http://moneyweek.com/right-side-somethi ... paign=gold

[JimC]

It'll be golden showers all round...

[JacksSmirkingRevenge]

[pErvinalia]

It'll be golden showers all round...

[klr]

Do not play golf with this man.

Anyway, gold is overrated. MEh.

http://en.wikipedia.org/wiki/Gold_reserve

[JimC]

It's the world's Gin reserves I'm worried about...

[Hermit]

It's the world's Gin reserves I'm worried about...

Here's the good news: Gin is not listed among the world's finite resources.

[JimC]

It's the world's Gin reserves I'm worried about...

Here's the good news: Gin is not listed among the world's finite resources.

[rainbow]

It's the world's Gin reserves I'm worried about...

I support the idea of going onto the Gin Standard as a basis for currency.

[Calilasseia]

This story is eerily reminiscent of the American property racket, that pushed the world into recession.
The world's gold stocks are not where they are supposed to be. People have been ''leasing'' it out from the safe havens of Fort Knox and the Bank of England and the French equivalent, and just holding bits of paper. I'm sure that huge bonuses have been involved in these deals.
And now, the countries that have been paying for their gold to be held safely and securely, are wondering if their gold is safe. And the answer to their enquiries has been ''fuck off''.

Not joking. That's what Germany was told by Fort Knox. They said you can have a bit now, and a bit next month, etc. etc. And you might get the lot back in EIGHT YEARS time !!
And that arrangement is being immediatly broken.

It's looking like the gold has been sold for a PROMISE from some rather shady people. It's not going to end well.
Remember you read it here first, and pull your cash out now, and buy gold.
You can't go wrong !!

http://moneyweek.com/right-side-somethi ... paign=gold

Surely the last thing to do with your money, is buy a commodity whose trading is subject to flagrant breaches of trust? Start looking for one that's unaffected?

[rainbow]

That is the really nice thing about being a financial institution. You can sell something you don't have, and promise the trusting investor that you'll keep it safe for them. Saves the investors the security hassle of actually keeping the gold they "own".

Rush out and buy Promethium futures. You can't go wrong, as the world's supply halves every 17 years.

[mistermack]

Surely the last thing to do with your money, is buy a commodity whose trading is subject to flagrant breaches of trust? Start looking for one that's unaffected?

Depends.
With something like diamonds, where the price is being held artificially high by giant monopolies, it would be unwise to stock up.
But the point with gold seems to be that the price is being held down artificially LOW, by billions of virtual gold being dumped on the market.
If all of the gold depositors decide that they want their gold back, and the stockists haven't got it, the price has to go up.

[laklak]

Pieces of eight futures are way up. Not unusual in a bear market.