Thursday, November 19, 2009

Gold Rumors Tungsten Filled Fake Gold Bars

Here are a few articles for your consideration today from R. Kirby of Financial Sense University and one from Cryptogen. My blog titled
Got Real Gold has more information. I have also included some juicy tidbits below you should read. By the way I e-mailed Rob Kirby about the Cryptogen piece and this was his response.

10:46 AM (12 hours ago)

Someone else asked me the same question yesterday. This was my response:

It would appear that Adrian Ash has read and taken great stock of the moron - Jon Nadler’s smear job of me. I wrote a number of articles about this as I gathered more information. The first one I wrote cited gold trades [which I mistakenly assumed were done in NY – COMEX – which would have been futures]. I subsequently learned that the trades were actually “put on” in London [making them forwards] and the beneficial owners stood for ALLOCATED delivery instead of POOLED delivery – which is what caused all the problems for the criminals who sold what they did not have.

For Adrian Ash to suggest I have not dealt with and explained this adequately – I really have nothing else to say except I pity him and I’m glad I’m not wearing his shoes. I stand by what I’ve written and this issue is not going away – in fact, it is getting bigger and uglier by the day.

Rob Kirby

There should be more coming on this in the VERY near future. I don’t think Adrian Ash or the folks at Bullion Vault are going to like it.
You can read the full article from Rob Kirby in full the link follows this is a snippet.

To summarize: Banks like J.P. Morgan Chase and Deutsche Bk. - who sold endless amounts of gold futures at prices of 950 – 1025 and then tried to make “side deals” with the folks they sold the futures to – offering them spot + 25 % [let’s say 1,275 per ounce] to settle in fiat – only after their counter parties demanded substantial tonnage of physical gold bullion.
Stunningly, if accurate [and there is absolutely no doubt in my mind that this is not accurate], this means that gold is already in SEVERE backwardation and this fact is being hidden from the public.

Then, to protect the “integrity” of the futures market as a ‘price discovery mechanism’ – Central Banks – aiding and abetting - plunder the sovereign assets of their respective countries to bail out their agents / friends in an attempt to ‘sweep the whole bloody mess under the carpet’.

To think that anyone wonders why our financial system and fiat money will soon to be

This is another related article (snippet) link follows...

- is the correlated timing of these unusual events a coincidence???? Could GLD inventory have been utilized to effect these physical settlements, which in turn, would have required the “sanitization” or doctoring of the GLD bar list to avoid MANY obvious, easily detectable, duplications of bar numbers?

I discussed these irregularities with a very informed source [the same one who informed me of specific [allocated] trades settled last week] and the reply I received was as follows:
“What can I tell you that you don't already know?

They are all scrambling big time since a number of large interests have demanded audits. Independent auditors are NOW descending onto the various vaults to verify, validate and certify.
They can move this as many times in circles as they like to try to fool people.
In an Asian depository they’ve found “Good Delivery” bricks that had been gutted and filled with tungsten.

Soon, there will be xxxx hitting the fan all over place.”

Cryptogen piece....

DISCLOSURE: I am a BullionVault client and affiliate. BullionVault is a member of the London Bullion Market Association.
A rumor is circulating on various web sites about allegedly bogus London Good Delivery gold bars. The source of the rumor, as far as I can tell, is here:
First of all, what follows should not be viewed as a defense of SPDR Gold Shares (Symbol: GLD). In my opinion, GLD is just a blinking number that updates in real time. See: Is the GLD ETF Really Worth Its Metal?
Now, let’s turn to the reckless and unsubstantiated rumor that thousands of London Good Delivery gold bars have been hollowed out and filled with tungsten.
Let’s apply logic: If there were thousands of bogus Good Delivery gold bars out there, assays would reveal the fakes and all Hell would break loose. Everyone who relied upon Good Delivery gold bars would assay their bars. Would the victims of such a fraud keep quiet about it? No way. There would be lawsuits all over the place.
Now, I was content leave this story alone and move on, but I started hearing from Cryptogon readers who also happen to be BullionVault clients.
That was it right there. I emailed Paul Tustain, the director of BullionVault, and asked him if he had any opinion on this matter.
Paul forwarded my inquiry to Adrian Ash, BullionVault’s Head of Research, who responded with the message below: (At site)

I will of course be checking back for Rob Kirby's blockbuster and will post it here stay tuned! Below some related material.
MYSTERY: Why Did GLD's Published List Of Gold Bars Shrink? (GLD)
The "Tungsten-Filled Gold Bar" Conspiracy Gets Discussed On CNBC

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