Mysterious 380 tonne gold swap = secret bailout?!

reply to post by silent thunder


I've seen estimates of 8-15 billion ounces of Gold in the World.

Sounds like a lot, and it certainly would be worth a lot, but it would be less than 100-100feet cubed

All the gold in the World could fit inside me backyard.

I think after taking into account the total amount of Gold held by Central Banks, there's not much to spare. Especially when some countries have very large Gold Reserves. I'd say that this alone makes it painfully obvious the "amount of Gold" and the "amount of Gold Claims" are way out of proportion. But then again, this is very speculative. No one actually knows how much Gold there is, only that 40-60 million ounces are mined a year throughout the world.

reply to post by GreenBicMan


Bloomberg anymore is about as honest as CNN, CNBC, Fox, etc.. in otherwords.... not very credible. Which is a shame, before the depression, I liked Bloomberg. I'd still give my left arm and a few toes just to play with a Bloomberg Terminal for a day.

reply to post by Rockpuck


No one knows, and more importantly, will never know. It would be impossible for 99.1% of gold traders to take delivery on one contract.

So as long as you have those odds on your side I am pretty sure whatever scheme (if any) is being perpetrated will be guaranteed to continue.

Remember 1 contract = 100 Troy oz.

Good luck forking that over at expiration.

reply to post by Rockpuck


Yeah, anything msm is definitely suspect at best, no doubt. But the redemptions on his fund can be quantified, so probably not totally bunk.

Originally posted by Rockpuck
Also, you should know, that while Gold is more or less effected by Supply and Demand, it's ultimate pricing is based on an agreement of the Worlds largest producers and buyers.. Gold can and is regulated and fixed, just like any other currency.

Hola RP!

The only Gold "fix" occurs twice daily [10.30am/3.00 p.m] at the London Bullion Market Assoc. The "London Fix" as a spot pricing mechanism is a product of supply/demand, i.e., the average bid/ask between physical buyers and sellers...and it's only significant for trades made at the precise moment the "Fix" comes in...all contracts trading between the fixes (99.999%) trade independently [freely]. Nor does the "Fix" apply to all market participants...only to those entities that have pre-agreed to trade at the "fixed" price.

On any given day, world markets like the NY spot market and/or Globex, can trade at a significant discount or premium to the am/pm London fix.

As they say: "Just saying"

reply to post by OBE1


True, but it still shows that Gold, as a metal, a substance, a physical "thing" can still be "fixed".

reply to post by Rockpuck

The two are relative. While "Fiat" (Which simply means ordered, and or, commanded currencies. If Gold were the Standard Currency, it would thus be a Fiat, though I believe you are referencing "Money Pegged to Nothing" in which would be false, the Dollar is pegged for the most part to GDP, as well as number in circulation to dilute the whole)

Gold is considered the safest investment simply because of it being relative to the currency, if Inflation spirals out of control, the price of Gold will in theory always be worth the relative same amount as per buying power. 200ounces of Gold can buy a house. Inflation sets in and the 200k dollar house is now 350k dollars, Gold should be priced as such that the same amount of Gold would still buy a house.

Also, you should know, that while Gold is more or less effected by Supply and Demand, it's ultimate pricing is based on an agreement of the Worlds largest producers and buyers.. Gold can and is regulated and fixed, just like any other currency.

And it's as you say "Much more Worth" ... Worth in what? Worth in Dollars? If you claim a Dollar has no worth, then relating it to Gold is ignorant. And besides, worth is determined by how much one can get in exchange for said object. If you don't think Dollars have value, by all means, I can u2u you my address to mail me your Dollars.

My relating to Citigroup is that Gold has not kept up with the relative inflation of the currency. Now there are many reasons why this could be, but they are all speculative, I'll share my preferred theory:

That no matter how much money we are dumping into the banks, the actual increase in Dollars is insubstantial, which would imo tell us that there is something seriously wrong with the Financial system as a whole. If Gold is relative to the Currency, and the Currency is being produced at extraordinary levels, we must assume that all this money is being used to "plug a hole" so to speak.. that the banks are not gaining anything from the money, that it's replenishing or stopping a massive, out of balance, completely discombobulated reserve ratio.. This would also imo explain to us why banks have not been loaning out the money, and why the Stock Market as a whole has not gone past pre-depression levels .. I think Gold can tell us a lot about the problems in the financial sector just by observing how little Gold has been effected.

Naturally, you are correct.

Although, I think the dollar is tied more-so to Wall Street, which is large corporations and Oil interests in large part.

So, the dollar is directly affected by things like our presences abroad protecting our 'natural resource interests'.

If the price of gold in dollars is kept artificially low, then gold would indeed be worth more than dollars in realized capital.

This is one of the reasons, besides the crashing dollar, that the 'Cash for Gold!!!' business is a scam, for all intents and purposes.

If the price of gold was not being suppressed, perhaps it would be 2K an ounce... thus 200 ounces would buy you 2 houses.

All your figures are honest figures... which the precious metals market figures are not honest figures because of the suppression.

I refer you to my thread over here:

Gold Rush 21 (Documentary)

Since you seem well educated in these matters of finance, I implore you to investigate the information in that thread and offer your input.

reply to post by Rockpuck

it's ultimate pricing is based on an agreement of the Worlds largest producers and buyers

Hi RP.

Please re-read my post, or, refer to LBMA Gold Fixing to see the fallacy in the above remark.

GL

the ability to manufacture gold would be my guess.

;p wouldnt life get so much more interesting?

Originally posted by Rockpuck
reply to post by pause4thought

 

Tonne was used over Ton because Ton is the Imperial Ton, 2,000 lbs, while Tonne is the Metric Tonne, and is about 2,205 lbs.

Tonne being larger, which makes the transfer even larger if we use the American Imperial method.

1lb = 16oz.
10z = $1196
2,205 = 35,208 oz
35,208oz = $42,194,880
X 383tonnes = $16,160,639,040

Good guess but "Tonne" is also used over Ton when you are measuring in troy weight.

Troy ounce
Troy pound
Troy tonne

Gold is always weighed in troy weight.

en.wikipedia.org...

I spent enough time in the gold mining industry to know this.