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The 'GOLD BUG' label really pi$$es me off for some reason.

 

This is more like it -

 

The price of gold has gained 32 per cent this year – and hit $1164.30 an ounce on Monday. With thousands more 'very wise investors who don't like getting shafted by corrupt governments/banksters' piling in...

 

Bloody $heeple... :angry:

 

Rant over.

Id rather be a gold bug than a paper bug anyday.

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I've been looking for an excuse to post this tune for months. From possibly one of the best albums ever...

 

"In the street, life come cheap, when legal tender is way out of reach"

 

"Spend, spend, spend where's it gonna end, down the tubes, going round the bend..."

 

From:

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Please read and be warned.

 

http://beforeitsnews.com/story/0000000000000582

 

Gold Hoard Flees New York City Banks

Contributed by Concerned Citizen on Tuesday, November 24, 2009

More stories from this contributor

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First Post has a good story on one of the unforeseen consequences of people moving their wealth into gold -- the vaults are overflowing.

 

So many investors have turned to gold during the recession that the HSBC bank on New York’s Fifth Avenue cannot cope with the amount of bullion being kept in its vaults, according to a report in the Wall Street Journal today. As a result, fleets of armoured security trucks have been leaving Manhattan, loaded with gold bars and coins for safe-keeping elsewhere.

 

According to the article, one customer, Goldstar Trust, which has stored its client's gold with HSBC has been forced by HSBC to move starting last July. The Trust is moving it's gold to one of the Delaware depositories.

 

Storing gold with banks is problematic for two reasons; we have a perfect example here of what happens when the bank decides not to store the gold anymore, you have to scramble to find a new storage solution which is very difficult because of the security issues of moving something this valuable between states. The Federal government had the same problem when they set up Fort Knox and moved all of the gold they had confiscated from New York to Kentucky -- it was a full on military operation.

 

The second and most important reason is that if the government decides to confiscate gold again, the first place they are going to go will be the GLD ETF, followed by depositories and bank vaults. The last time this happened, the government "bought" all the gold at $20.68 per ounce and the next day, after they had taken everyone's gold, it was worth $35.

 

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Please read and be warned.

 

http://beforeitsnews.com/story/0000000000000582

 

Gold Hoard Flees New York City Banks

Contributed by Concerned Citizen on Tuesday, November 24, 2009

More stories from this contributor

Bookmark and Share | Not yet rated | UpDown

 

First Post has a good story on one of the unforeseen consequences of people moving their wealth into gold -- the vaults are overflowing.

 

So many investors have turned to gold during the recession that the HSBC bank on New York’s Fifth Avenue cannot cope with the amount of bullion being kept in its vaults, according to a report in the Wall Street Journal today. As a result, fleets of armoured security trucks have been leaving Manhattan, loaded with gold bars and coins for safe-keeping elsewhere.

 

According to the article, one customer, Goldstar Trust, which has stored its client's gold with HSBC has been forced by HSBC to move starting last July. The Trust is moving it's gold to one of the Delaware depositories.

 

Storing gold with banks is problematic for two reasons; we have a perfect example here of what happens when the bank decides not to store the gold anymore, you have to scramble to find a new storage solution which is very difficult because of the security issues of moving something this valuable between states. The Federal government had the same problem when they set up Fort Knox and moved all of the gold they had confiscated from New York to Kentucky -- it was a full on military operation.

 

The second and most important reason is that if the government decides to confiscate gold again, the first place they are going to go will be the GLD ETF, followed by depositories and bank vaults. The last time this happened, the government "bought" all the gold at $20.68 per ounce and the next day, after they had taken everyone's gold, it was worth $35.

 

I saw this article - and wondered what effect it would have on those who are partly aware of what is happening. My impression is that a good few readers of that article are going to think that if the 'rich' are loading up with bullion then perhaps they should get a few ounces as well!

 

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I saw this article - and wondered what effect it would have on those who are partly aware of what is happening. My impression is that a good few readers of that article are going to think that if the 'rich' are loading up with bullion then perhaps they should get a few ounces as well!

 

That will be the final phase of this bull run. We are still a long way off. The anglo casinos are trying to herd all the sheep into equities and ETFs.

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Folk are wising up, about time.

 

http://www.telegraph.co.uk/finance/newsbys...its-vaults.html

 

The decision comes as the price of gold continues to touch new highs – reaching $1,174 an ounce on Monday – and in spite of the fact that an increasing number of private investors want to buy and store physical gold rather than buying contracts linked to the precious metal's meteoric rise.

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On a historical basis, the ratio is below 40:1 at over 50% of the time. A swap at 55:1 seems therefore too early, especially if one takes the Peak Silver situation for real.

 

Gold-Silver-Ratio_Q.png

Nice chart that. Would it be fair to say that in times of crisis the ratio rockets up [like it did last year]?

 

If we are still in crisis mode then what's to stop the ratio rocketing up again at some point?

 

When/if it did rocket up, I'd be swapping a hefty protion of gold to silver.

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Nice chart that. Would it be fair to say that in times of crisis the ratio rockets up [like it did last year]?

No, I think it's unfair to say that. The sell-off in gold last year was entirely unjustified and possibly just a result of manipulation/speculation. It could not harm gold's long term dynamics. In that crisis, gold should have gone up, and at some future day, it WILL go up, because the bullion banks will have lost control. The same applies to silver IMHO.

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I hope you see that we are STILL at a permanently LOW plateau, and it's time to accumulate. (Why oh why is this so difficult to understand? Why oh why do people only look at nominal prices?)

 

http://gold.approximity.com/since1970/Gold...rium_Price.html

Gold_Price_to_External_Debt_Equilibrium_Price.png

 

Pardon my ignorance, but could someone run through exactly what this chart is showing and what 'External Debt Equilibrium' is. I've seen this on Approximity a few times but can't for the life of me get my head around it. Layman's terms?

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No, I think it's unfair to say that. The sell-off in gold last year was entirely unjustified and possibly just a result of manipulation/speculation. It could not harm gold's long term dynamics. In that crisis, gold should have gone up, and at some future day, it WILL go up, because the bullion banks will have lost control. The same applies to silver IMHO.

I agree with the "It could not harm gold's long term dynamics" part.

 

But not sure about the other part. When [for obviously "fundamental" reasons] you say "gold should have gone up" and "the sell-off was unjustified" I am left mystified. Markets do what they do [factoring in all the elements], and the moral/ rational imperative hardly comes into it... especially in the short term.... in so far as we are concerned with the momentary price.

 

Taking other [market] forces into account, besides the "fundamentals", suggests a repeat performance at some point. Of course, this shouldn't be too alarming for the long termers where the fundamentals will finally play out.

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Pardon my ignorance, but could someone run through exactly what this chart is showing and what 'External Debt Equilibrium' is. I've seen this on Approximity a few times but can't for the life of me get my head around it. Layman's terms?

http://gold.approximity.com/gold_price_models_sinclair.html

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No theft at Mint: RCMP

 

OTTAWA — The RCMP has finished its investigation into the missing gold from the Royal Canadian Mint and has concluded there was no theft, Tory minister Rob Merrifield announced in the House of Commons on Tuesday.

 

Officials at the Mint, when contacted by the Citizen, refused to speculate on what happened to the missing $15.3 million worth of gold or whether it has been recovered.

 

However, the Mint is understandably relieved.

 

It validates what the mint already knew, that we have extremely rigorous measures in place, which makes us one of the most secure facilities in Canada,” said Christine Aquino, mint spokeswoman.

 

The file has been passed on to the auditor general, the Commons was told.

 

If the gold was not stolen, however, where did the more than half a ton of riches in one of Ottawa's most heavily guarded buildings go?

 

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Bullion Vault is a system where you can buy or sell to or from other users via an auction process, where as goldmoney has a system where they buy back from you at the spot price whenever you like for no cost. I have seen in the past there has been times when the price obtainable on BV has been less than spot, I can see that it could increase in the future at times. I also prefer the GM system, in that it doesn't encourage you to trade the way BV does.

 

Also Bullion Vault is registered in the UK, the thing I like about GoldMoney is the fact it is registered in the Channel Islands. The Channel Islands work under the rule of law, rather than the dictate of politicians. That policy has made the Channel Islands one of he world's leading financial centres. So even if gold ownership is declared illegal in the UK one day, it is highly unlikely to be declared illegal in the Channel Islands.

 

The other reason I like GoldMoney is the ability to swap physical Gold for Silver or vice versa at a very reasonable commission.

 

Hope that helps.

 

 

Thank you very much for this information. I have been investing through Bullionvault, who I think are very good. One of the reasons I have done this is that they are onshore in the UK (and not regulated by the FSA!) so that, if there is a legal or other problem, it is easier to sort out in this jurisdiction than in many others, including the Channel Islands. But, I shall also now open a goldmoney account and give them a try too.

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Remember the missing gold at the Royal Canadian Mint, well.......

 

 

I'm glad that's all cleared up. I love the smell of BS in the morning.

 

Big error behind missing gold at Royal Canadian Mint

Well one of those is wrong, mine above says they haven't worked out where it has gone still.

 

 

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HSBC starts gold rush as it kicks small clients out of its vaults

http://www.telegraph.co.uk/finance/newsbys...its-vaults.html

The British bank, which has sizeable vaults underneath its US headquarters overlooking Manhattan's Bryant Park, has told retail customers – many of whom are middle-men and custodian services which store gold with HSBC on behalf of hundreds of their own clients – that all their gold must be out of its facility by July 2010. The decision has seen fleets of armoured cars laden with gold ferrying the precious metal out of New York.

 

An HSBC spokesman declined to comment, but it is understood that the increased demand for physical storage of gold by corporate clients is behind the move to end the retail service, which HSBC inherited when it took over Republic Bank a decade ago.

 

The decision comes as the price of gold continues to touch new highs – reaching $1,174 an ounce on Monday – and in spite of the fact that an increasing number of private investors want to buy and store physical gold rather than buying contracts linked to the precious metal's meteoric rise.

 

 

 

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Another story spotted on HPC

http://www.mydigitalfc.com/plan/india-plan...re-gold-imf-410

India is open to buying more gold from the International Monetary Fund (IMF). It bought 200 tonnes for $6.7 billion on November 3. The Reserve Bank of India (RBI) may well buy IMF's remaining hoard of 201.3 tonnes on acceptable terms, which are now under negotiation.

 

A government official said that the additional purchase would depend on the "successful pitching by RBI". "RBI is an independent body, and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered," said the official.

 

RBI did not respond to Financial Chronicle questions if it was bidding for the remaining IMF gold. The purchase of the first lot of 200 tonnes, RBI had said at the time, was a part of its foreign exchange reserves management operations.

 

Responding to query from FC, an IMF spokesperson said the gold sale process was still under way and "there is no fixed timetable for completing the sale". Its spokesperson further said that "the fund does not wish to comment on discussions with individual members."

 

RBI has good reasons to further enrich its gold reserves. In just three weeks it has been able to benefit by as much as $800 million on the investment of $6.7 billion it made in buying 200 tonnes from IMF.

 

The article continues, click on the link to see all.

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India plans to buy more gold from IMF

 

India is open to buying more gold from the International Monetary Fund (IMF). It bought 200 tonnes for $6.7 billion on November 3. The Reserve Bank of India (RBI) may well buy IMF’s remaining hoard of 201.3 tonnes on acceptable terms, which are now under negotiation.

 

A government official said that the additional purchase would depend on the “successful pitching by RBI”. “RBI is an independent body, and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered,” said the official.

 

RBI did not respond to Financial Chronicle questions if it was bidding for the remaining IMF gold. The purchase of the first lot of 200 tonnes, RBI had said at the time, was a part of its foreign exchange reserves management operations.

 

Responding to query from FC, an IMF spokesperson said the gold sale process was still under way and “there is no fixed timetable for completing the sale”. Its spokesperson further said that “the fund does not wish to comment on discussions with individual members.”

 

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