Own Physical Gold, but Audit Paper Gold
Much has been written here and elsewhere about the merits of holding physical gold as opposed to paper representations of gold, otherwise known as gold derivatives or paper gold. However, when it comes to auditing gold stored in vaults, counting the physical gold bars and drilling holes into them are not necessarily the way to go. Ironically, when it comes to auditing, it’s the “paper” that’s more importing than the physical.
In this recent interview at Capital Account, Chris Powell, co-founder and treasurer of Gold Anti Trust Action Committee (GATA) explains why he’s not excited about news that the US Treasury is auditing its gold stored at the NY Federal Reserve.
The dramatic news of drilling into the bars to ascertain their purity is of little relevance to him. He’s more interested in an audit of the paper claims to the gold. He doesn’t doubt that the gold is physically there, nor that they are pure. Rather, he wants to know who actually owns the gold? How many parties are claiming ownership to each bar of gold? Have they been leased or swapped?
Watch this very informative interview, which also covers other topics of interest:
- Recent news on the CFTC’s silver manipulation investigation,
- JP Morgan and the US government’s role in the silver manipulation,
- The history of gold manipulation; The London Gold Pool & the role of the BIS.
For further reading:
- Resources on Gold Manipulation
- Resources on Silver Manipulation
- Commodities Futures Trading Commission (CFTC)
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The Race to Debase
Monitoring the Currency Wars
08 Feb Venezuala devalues Bolívars by 46%.
03 May China Brings Bitcoin to Its Populace. A new front in currency war?
04 Apr The BOJ unleashed the world’s most intense burst of monetary stimulus
01 Apr Currency auction puts Venezuela through new devaluation
02 Mar China is “fully prepared” for a currency war should one happen
20 Feb NZ$ falls on intervention comments
03 Feb Falling yen set to spark renewed currency wars
Currency Wars Simulation
21Mar: Societe Generale
Gold below $1,400 by end 2013
18Mar: Larry Edelson (Money&Markets)
Gold below $1,500, Silver below $20 "soon"
27Feb: Jim Sinclair (JSMineSet)
Current price correction ends by 27March
27Feb: Jim Sinclair (JSMineSet)
Gold will climb to $3500 & beyond
16Oct: Jeff Clark (Casey Research)
$2,300 gold by January 2014
05Sep: Bill Murphy (GATA)
$50 silver by year end
13Aug: James Turk (GoldMoney)
We won’t see $1580 gold & $27 silver again
12Aug: Bill Murphy's source
We could see a 100% increase in 90 days.
03Aug: HSBC Analysts
Gold to rally above $1,900 by end 2012
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