Where's the Gold - odd things happening down at the Comex

[David Guyatt]

On the Chinese fake factory there is a small jpg of fake gold bars:



I can't make out the details of the bar as the image is too small, but I can imagine that there would be a number of buyers of these fake products from the Philippines.

[Helen Reyes]

Steve Quayle is reporting the Chinese want their gold back or something and are pressing a case at one of the International Courts against the US. He often latches on to things to make himself look alarmist, for whatever reason.

http://www.stevequayle.com/index1.html

Heads Up – Chinese Lien on US Treasury?: The Chinese parties were signing papers at the World Court on 11th November 2009, following preparatory activity on 10th November, to execute their LIEN on the US Treasury. As one of the key aggrieved Beneficiary Owners of the loaned 10,000 tonnes of gold and the currency boxes etc., the World Court powers will enable them to seize US assets around the world within their jurisdictions and probably even on the high seas and at airports, to the value of the stolen/diverted assets...

(continuation):

Chinese Lien on US Treasury?

STEVE Q. NOTE: Confirmed through Asian sources this morning – the largest gold trader in the world, but understand I can not confirm all items in this story. The ramifications are overwhelming. Keep your eyes open.

November 13, 2009

Steve,
submitted by RD

I found news on link of Chinese parties were signing papers, to execute their LIEN on the US Treasury. As one of the key aggrieved Beneficiary Owners of the loaned 10,000 tonnes of gold *500,000 mt of au not 10,000 mt when gold was USD$45.00 an oz.*

*now USD$1,200 an oz. + interest at 7 and7/8% per year compounding *
* WOW now you see, right?*yes ,...big yes..

MY SOURCE---Our comments between he and I was that this war was set to break eventually...i mean you see that someone is owed something when it was cheap and now they are owed something when it's a kings' ransome, so what would you do? go to court? most likely...

we need someone in the washington pool..on this..

it's quite covert and very touchy


So yes. yes yes

it's the only fire stick the good guys with the white hats have left.


(1): The Chinese parties were signing papers at the World Court on 11th November 2009, following preparatory activity on 10th November, to execute their LIEN on the US Treasury. As one of the key aggrieved Beneficiary Owners of the loaned 10,000 tonnes of gold and the currency boxes etc., the World Court powers will enable them to seize US assets around the world within their jurisdictions and probably even on the high seas and at airports, to the value of the stolen/diverted assets.

They have no choice now, given that they acted in good faith; whereas, as usual, the US 'Shadow Government' consisting of Fraudulent Finance cadres functioning as though they are bona fide US officials, appointees and legislators, have gone too far, as previously explained.

(2): We understand that a total of 163 prominent individuals, many from Congress, plus George Bush 41, William Clinton 42 and George Bush 43, plus THREE current and former US Supreme Court Justices, will be arrested on the basis of arrest warrants in the light of the continued sabotage and the deadline for the Chinese to implement their LIEN on the US Treasury.

Our sources initially indicated that 'exposure and lockup orders going all the way to Bush 41' were extant on 10th November. Separate sources stated to us that these arrests were associated with World Court instructions and warrants which were put into process with effect from the sabotage operation on Tuesday 10th November becoming known.

It STANDS TO REASON that this state of affairs represents a massive threat to US national security which has been brought about exclusively by the feckless refusal of the US authorities to do what should have been done in 2007, but was aborted because the Bush dynasty was still in power - and by the lust of various components of the structures for 'the money', representing corruption on a gargantuan scale arising from George Bush Sr.'s insidious technique of enticing collaboration through the mirage or promise of great riches. That has been the technique used throughout, and its absolute decadence and foul origination is now unveiled for even the most blind observers to see (unless they belong to the 'mainstream' media which, like King Zechariah, have had their eyes put out by Nebuchadnezzar and have been transported to Babylon).

We further understand that about 1,600 people around the world will be at the receiving end of arrest warrants and seizure on sight following the generation of these warrants by the World Court in the foregoing context. The aggrieved parties remain unchanged, and are headed by the Chinese authorities and Elders, and the British Monarchical Power.

[David Guyatt]

This sounds, to be perfectly honest, outright bollocks - and not the first time that Clinton, Bush et al are about to be arrested but never are. And never will be either.

There's more chance that I could levitate myself to the Moon in a silver foil suit, survive the stellar radiation, step on the Moon, photograph myself with two conflicting light sources and return to Blighty a towering hero.:bird:

Steve Quayle should be regarded as a comedy act imo, and certainly should not be regarded seriously.

"Confirmed through Asian sources this morning" my arse.

No disrespect Helen, I know you posted this in good faith - but I've seen nonsense like this irrupt at regular intervals (some years ago it was reported that 700,000 Chinese troops were massing on the Mexican side of the US border).

[Helen Reyes]

Ross Perot had Viet Cong commandos on his estate, sent to assassinate him, too. Steve Quayle also thinks giants from space are coming to eat us, so ... I just thought it was timely considering the tungsten bars story. It's indicative of something, but probably isn't true. Is there a trend here, some sort of disinformation aimed at gold investors?

[Jan Klimkowski]

De Beers rights issue to raise $1bn

By Sarah Arnott


De Beers, the world's largest diamond miner, is set to launch a rights issue to raise up to $1bn (£601m).


After a difficult year that saw diamond prices collapse and De Beers profits fall by 99 per cent, the group faces a $1.5bn debt refinancing in March, out of total net debt of $4bn.

The new money will be used to pay down the debt and also help De Beers take advantage of a recovery in the global economy, the company said yesterday. "By reducing De Beers' level of external debt and improving its capital structure, this investment would better enable the company to take advantage of new opportunities... as the recession gives way to recovery," the company said.

Mining giant Anglo American owns 45 per cent of the diamond producers' shares. A further 40 per cent is held by South Africa's Oppenheimer family, and the remaining 15 per cent is owned by the government of Botswana.

De Beers said yesterday that all three shareholders have agreed in principle to support the issuing of new equity. It has already borrowed nearly $750m in shareholder loans.

In July the company blamed the "extraordinarily difficult" trading environment for half-year profits of just $3m, compared with $316m the year before. It was forced to cut production in South Africa, Botswana and Canada as the global economy slipped into recession and spending on diamonds plummeted.

Stephen Lussier, a De Beers' director, said last month that a deal with the creditor banks was expected around Christmas, although the full refinancing was not likely before early 2010.

http://www.independent.co.uk/news/busine...32189.html

Nice to see some multi-generational scumbags are getting theirs.



However, it is revealing that in these, ahem, difficult economic times the price of gold is shooting the moon and the price of diamonds is all but collapsing.

Of course, the diamond market has long been rigged because the supply of diamonds is controlled by a cartel which rigorously limits availability to maximize their profits. Fundamentally, diamonds are shiny bits of glass with minimal inherent value, and abundantly available.

On the other hand, there may well be a physical problem with the availability of physical gold.

[Jan Klimkowski]

Did Gordon Brown Sell UK's Gold To Keep AIG And Rothschild Solvent?

More Disclosures On How The NY Fed Manipulates Gold Prices


In the neverending saga of new disclosure of gold price manipulation, here is the most recent pearl, courtesy of Jesse's Cafe Americain:

"In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George said "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."

Makes one wonder just how much the gold price was pushed down today alone to make Gordon Brown's most recent budget reception a little more palatable. It also confirms yet again, that there is no such thing as an unmanipulated gold market. Lastly, it demands the question: on how many other occasions has the UK's massively unpopular prime minister sacrificed his people's interest merely to make criminal organizations such as AIG whole?

Jesse also speculates that Gordon Brown sold UK's gold at the lowest price in the past 20 years, a thorny topic touched upon earlier by the Telegraph, simply to bail out mega banking empire Rothschild and, surprise, AIG, as well as who knows how many other members of the LBMA:

There is also a credible speculation that the sale was designed to benefit a few of the London based bullion banks which were heavily short the precious metals, and were looking for a push down in price and a boost in supply to cover their positions and avoid a default. The unlikely names mentioned were AIG, which was trading heavily in precious metals, and the House of Rothschild. The terms of the bailout was that once their positions were covered, they were to leave the LBMA, the largest physical bullion market in the world.

"LONDON, June 1, 2004 (Reuters) -- AIG International Ltd., part of American International Group Inc., will no longer be a London Bullion Market Association (LBMA) market maker in gold and silver, the LBMA said on Tuesday."

LONDON, April 14, 2004 (Reuters) — NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild, will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday.

The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London's financiers a bit uneasy.

While this had been reported previously on many times, most notably by Ron Paul back in 2002, it does beg the question under what circumstances will the Federal Reserve finally acknowledge that it is constantly manipulating gold prices lower to benefit JPM and other members of the LBMA whose short positions will likely blow them if the fair price of gold is attained, but also when will "gold bugs" finally stop being ridiculed for their assertions that the gold market is manipulated in light of glaring evidence on a day to day basis. Lastly, when will the people of the UK demand some justice from their Prime Minister, whose borderline act of treason merely to bailout a few financial institutions, set the precedent which Paulson and Geithner, not to mention the Fed, but they have always been there, have so well immitated.

As for Brown, the Telegraph says it all:

The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury's worst financial mistakes and has cost taxpayers almost £7 billion.

Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.

Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days – by the end of April.

The sale is expected to be become a major election issue, casting light on Mr Brown's decisions while at the Treasury.

Hopefully once Brown has been dethroned, the American people follow suit and get rid of all those in charge of the Fed, the Treasury, the Congress, the Senate, and White House, and the one who runs it all - our very own Wall Street.

And just because it bears bringing back to the fore, now that it is without a trace of doubt, that the NY Fed will manipulate any and every market it can get its hands on, here is Ron Paul's seminal 2002 Valentine's Day speech:

Congressman Ron Paul
U.S. House of Representatives
February 14, 2002


Mr. Speaker, I rise to introduce the Monetary Freedom and Accountability Act. This simple bill takes a step toward restoring Congress' constitutional authority over U.S. monetary policy by requiring congressional approval before the President or the Treasury secretary buys or sells gold.

Federal dealings in the gold market have the potential to seriously disrupt the free market by either artificially inflating or deflating the price of gold. Given gold's importance to America's (and the world's) monetary system, any federal interference in the gold market will have ripple effects through the entire economy. For example, if the government were to intervene to artificially lower the price of gold, the result would be to hide the true effects of an inflationary policy until the damage was too severe to remain out of the public eye.

By artificially deflating the price of gold, federal intervention in the gold market can reduce the values of private gold holdings, adversely affecting millions of investors. These investors rely on their gold holdings to protect them from the effects of our misguided fiat currency system. Federal dealings in gold can also adversely affect those countries with large gold mines, many of which are currently ravished by extreme poverty. Mr. Speaker, restoring a vibrant gold market could do more than any foreign aid program to restore economic growth to those areas.

While the Treasury denies it is dealing in gold, the Gold Anti-Trust Action Committee (GATA) has uncovered evidence suggesting that the Federal Reserve and the Treasury, operating through the Exchange-Stabilization Fund and in cooperation with major banks and the International Monetary Fund, have been interfering in the gold market with the goal of lowering the price of gold. The purpose of this policy has been to disguise the true effects of the monetary bubble responsible for the artificial prosperity of the 1990s, and to protect the politically-powerful banks that are heavy invested in gold derivatives. GATA believes federal actions to drive down the price of gold help protect the profits of these banks at the expense of investors, consumers, and taxpayers around the world.

GATA has also produced evidence that American officials are involved in gold transactions. Alan Greenspan himself referred to the federal government's power to manipulate the price of gold at hearings before the House Banking Committee and the Senate Agricultural Committee in July, 1998: "Nor can private counterparts restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise." [Emphasis added].

Mr. Speaker, in order to allow my colleagues to learn more about this issue, I am enclosing "All that Glitters is Not Gold" by Kelly Patricia O'Meara, an investigative reporter from Insight magazine. This article explains in detail GATA's allegations of federal involvement in the gold market.

Mr. Speaker, while I certainly share GATA's concerns over the effects of federal dealings in the gold market, my bill in no way interferes with the ability of the federal government to buy or sell gold. It simply requires that before the executive branch engages in such transactions, Congress has the chance to review it, debate it, and approve it.

Given the tremendous effects on the American economy from federal dealings in the gold market, it certainly is reasonable that the people's representatives have a role in approving these transactions, especially since Congress has a neglected but vital constitutional role in overseeing monetary policy. Therefore, I urge all my colleagues to stand up for sound economics, open government, and Congress' constitutional role in monetary policy by cosponsoring the Monetary Freedom and Accountability Act.


All That Glitters Is Not Gold
By Kelly Patricia O'Meara
Insight Magazine
March 4, 2002, edition

Even though Enron employees and the company's accounting firm, Arthur Andersen, have destroyed mountains of documents, enough information remains in the ruins of the nation's largest corporate bankruptcy to provide a clear picture of what happened to wreck what once was the seventh-largest U.S. corporation.

Obfuscation, secrecy, and accounting tricks appear to have catapulted the Houston-based trader of oil and gas to the top of the Fortune 100, only to be brought down by the same corporate chicanery. Meanwhile, Wall Street analysts and the federal government's top bean counters struggle to convince the nation that the Enron crash is an isolated case, not in the least reflective of how business is done in corporate America.

But there are many in the world of high finance who aren't buying the official line and warn that Enron is just the first to fall from a shaky house of cards.

Many analysts believe that this problem is nowhere more evident than at the nation's bullion banks, and particularly at the House of Morgan (J.P. Morgan Chase). One of the world's leading banking institutions and a major international bullion bank, Morgan Chase has received heavy media attention in recent weeks both for its financial relationships with bankrupts Enron and Global Crossing Ltd. as well as the financial collapse of Argentina.

It is no secret that Morgan Chase was one of Enron's biggest lenders, reportedly losing at least $600 million and, perhaps, billions. The banking giant's stock has gone south, and management has been called before its shareholders to explain substantial investments in highly speculative derivatives C hidden speculation of the sort that overheated and blew up on Enron.

In recent years Morgan Chase has invested much of its capital in derivatives, including gold and interest-rate derivatives, about which very little information is provided to shareholders. Among the information that has been made available, however, is that as of June 2000, J.P. Morgan reported nearly $30 billion of gold derivatives and Chase Manhattan Corp., although merged with J.P. Morgan, still reported separately in 2000 that it had $35 billion in gold derivatives. Analysts agree that the derivatives have exploded at this bank and that both positions are enormous relative to the capital of the bank and the size of the gold market.

It gets worse. J.P. Morgan's total derivatives position reportedly now stands at nearly $29 trillion, or three times the U.S. annual gross domestic product. Wall Street insiders speculate that if the gold market were to rise, Morgan Chase could be in serious financial difficulty because of its "short positions" in gold. In other words, if the price of

gold were to increase substantially, Morgan Chase and other bullion banks that are highly leveraged in gold would have trouble covering their liabilities. One financial analyst, who asked not to be identified, explained the situation this way: "Gold is borrowed by Morgan Chase from the Bank of England at 1 percent interest and then Morgan Chase sells the gold on the open market, then reinvests the proceeds into interest-bearing vehicles at maybe 6 percent.

At some point, though, Morgan Chase must return the borrowed gold to the Bank of England, and if the price of gold were significantly to increase during any point in this process, it would make it prohibitive and potentially ruinous to repay the gold."

Bill Murphy, chairman of the Gold Anti-Trust Action Committee, a nonprofit organization that researches and studies what he calls the "gold cartel" (J.P. Morgan Chase, Deutsche Bank, Citigroup, Goldman Sachs, Bank for International Settlements (BIS), the U.S. Treasury, and the Federal Reserve), and owner of http://www.LeMetropoleCafe.com, tells Insight that "Morgan Chase and other bullion banks are another Enron waiting to happen." Murphy says, "Enron occurred because the nature of their business was obscured, there was no oversight and someone was cooking the books. Enron was deceiving everyone about their business operations C and the same thing is happening with the gold and bullion banks."

According to Murphy, "The price of gold always has been a barometer used by many to determine the financial health of the United States. A steady gold price usually is associated by the public and economic analysts as an indication or a reflection of the stability of the financial system. Steady gold; steady dollar. Enron structured a financial system that put the company at risk and eventually took it down. The same structure now exists at Morgan Chase with their own interest-rate/gold-derivatives position. There is very little information available about its position in the gold market and, as with the case of Enron, it could easily bring them down."

In December 2000, attorney Reginald H. Howe, a private investor and proprietor of the Website http://www.goldensextant.com, which reports on gold, filed a lawsuit in the U.S. District Court in Boston. Named as defendants were J.P. Morgan & Co., Chase Manhattan Corp., Citigroup Inc., Goldman Sachs Group Inc., Deutsche Bank, Lawrence Summers (former secretary of the Treasury), William McDonough (president of the Federal Reserve Bank of New York), Alan Greenspan (chairman of the Board of Governors of the Federal Reserve System), and the BIS.

Howe's claim contends that the price of gold has been manipulated since 1994 "by conspiracy of public officials and major bullion banks, with three objectives: 1) to prevent rising gold prices from sounding a warning on U.S. inflation; 2) to prevent rising gold prices from signaling weakness in the international value of the dollar; and 3) to prevent banks and others who have funded themselves through borrowing gold at low interest rates and are thus short physical gold from suffering huge losses as a consequence of rising gold prices."

While all the defendants flatly deny participation in such a scheme, Howe's case is being heard. Howe tells Insight he has provided the court with very compelling evidence to support his claim, including sworn testimony by Greenspan before the House Banking Committee in July 1998. Greenspan assured the committee, "Nor can private counterparties restrict supply of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise." Howe and other "gold bugs" cite this as a virtual public announcement "that the price of gold had been and would continue to be controlled if necessary."

According to Howe, "There is a great deal of evidence, but this is a very complicated issue. The key, though, is the short position of the banks and their gold derivatives. The central banks have 'leased' gold for low returns to the bullion banks for the purpose of keeping the price of gold low. Greenspan's remarks in 1998 explain how the price of gold has been suppressed at times when it looked like the price of gold was increasing."

Furthermore, Howe's complaint also cites remarks made privately by Edward George, governor of the Bank of England and a director of the BIS, to Nicholas J. Morrell, chief executive of Lonmin Plc: "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore, at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control, but we have now succeeded. The U.S. Fed was very active in getting the gold price down. So was the U.K. [United Kingdom]."

Whether the Fed and others in the alleged "gold cartel" have conspired to suppress the price of gold may, in the end, be secondary to the growing need for financial transparency. Wall Street insiders agree that as long as regulators, analysts, accountants, and politicians can be lobbied and "corrupted" to permit special privileges, there will be more Enron-size failures.

Securities and Exchange Commission Chairman Harvey L. Pitt, well aware of the seriousness of these problems, recently testified before the House Financial Services Committee that "it is my hope there are not other Enrons out there, but I'm not willing to rely on hope."

Robert Maltbie, chief executive officer of http://www.stockjock.com and an independent analyst, long has followed Morgan Chase. He tells Insight that "there are a lot of things going on in these companies, but we don't know for sure because much of what they're doing is off the balance sheet. The market is scared and crying out to see what's under the hood. Like Enron, much of what the banks are doing is off the balance sheet, and it's a time bomb ticking as we speak."

Just what would happen if a bank the size of Morgan Chase were unable to meet its financial obligations? "It's tough to go there," Maltbie says, "because it could shake the financial markets to the core."

http://www.zerohedge.com/article/did-gor...w-ny-fed-m

[Peter Presland]

Since ending my trading activities late last year I have not followed the markets as closely. I'm still a keen student of Gold and its role in economic and monetary affairs though. I haven't posted on it recently but have digested a number of credibly sourced articles which, in summary, suggest that the amount of paper claims against ALLOCATED gold, allegedly held by the Banksters, is in the ball-park of 50 times the bullion stored in their vaults.

That is to say: everyone who THINKS they own some gold and that it is stored on their behalf in this or that vault - makes no difference where in the Western World - actually only has a claim against the institution that issued them with the paperwork - forget serial numbers, they mean diddly-squat

It is very similar to the standard fractional reserve fiat system except that, in the case of ALLOCATED gold, it is illegal (but who among the banksters cares a toss for legal niceties unless they can be used to their advantage?). To symplify, suppose that all allocated gold were stored in the same vault and all those to whom it is 'allocated' were to want to go and view it on the same day, each viewing could take no more than about 30 minutes in a round the clock operation (10 minutes for an eight hour day) because each viewer would be shown the same physical stuff - serious problems with keeping them apart eh? - and that of course is the nub of the matter.

The situation is magnified and complicated by 'non-allocated' gold accounts where it is admitted that the account holder merely has a paper claim and the assets backing it are indeed used in a 'fractional reserve' fashion. The shenanigans here probably dwarf the 50:1 allocated ratio because it involves the Comex and other futures and paper trading operations. And when you factor in David G's estimates of 'Black Gold' - well, the mind boggles. So long as the 'owners' do not demand personal physical delivery the fraud will continue but it sure does appear to be creaking at the seams right now.

As for Gordon Brown, I have no doubt whatsoever that his gold sales were deeply mired in precisely these considerations. The 'official narrative' - as always - is just so simplistically absurd. Which is why that Telegraph article is careful to point out that there is no question of allowing all the paperwork to be made public - weasel-words from the leader of the opposition notwithstanding. If Cameron doesn't know the score by now (highly unlikely in view of his parroting of all the other 'official narratives') it looks like he damn soon will - and anyway, for obvious reasons he can be relied upon to assist in the demolition of Brown who appears to be stumbling into the role of fall-guy.

He's privy to some very dangerous knowledge though. His personality type must be worrying to some very powerful interests and I wonder if elevation to a peerage will really be enough shut him up.

His health isn't looking too good these days either. Hmmm

[David Guyatt]

If you want to buy some gold, then be sure to take delivery of it Peter, right. I think we both agree on that. I can buy a shedload of useless paper for pennies, not hundreds of quid, at my news-agents every morning. The whole thing about paperizing (sic!) metal - and thereby selling the same ounce multiple times over - was a Rothchilds trick as I remember. Some things never change.

I suspect we both remember Brown's gold sales as being the very first time in history that the normally reticent and market savvy (for gold anyway) Bank of England announced in advance that it was selling its gold, thus ensuring that the price would dramatically tumble. Which it did. Nice one Gordo.

"Market forces will regulate themselves" my bottom!

[Peter Presland]

Quite a lot going on in the PM's stakes this past few weeks. The CFTC hearings on COMEX position limits has undoubtedly been the catayst - especially the GATA evidence bolstered by that LBMA trader/whistleblower who was hospitalised in a hit-and-run accident shortly thereafter. The police apparently caught the runner after a chase and it will be interesting to see exactly who he is and what happens next.

Also King News - An internet TV channel that has specialised in coverage of the CTFC hearings - was disabled for 2 hours by a 'sophisticated attack' during the period scheduled for a GATA Chairman interview - something and nothing maybe - but there are clear signs of panic in the hitherto cosy world of 'the Gold Cartel'. I haven't the time to post chapter and verse, and am now something of a layman anyway but a series of posts at the Zerohedge site - all linkable from the latest one - provide a good rundown. I've also had an extended exchange about it all on my own blog this past few days for anyone interested.

However, the following press release from GATA sums up the deeply patronising, obsessively secretive, smoke and mirrors world of the paperchase that characterises what we are assured is a genuine honest free market in gold. It's quite funny too:

The Gold Anti-Trust Action Committee today offered to sell 191.3 tonnes of gold, tonnage equal to that remaining to be sold by the International Monetary Fund, on the same terms offered by the IMF except $100 per ounce below the London PM gold fix price on the day prior to purchase.

GATA Chairman Bill Murphy said his organization could provide a better price for the metal because it recently had received a gift of expensive hundred-year-old certificate paper originally intended for use as Chinese railroad bonds and because, in selling the gold, the organization, unlike the IMF, would not employ a large staff of publicists to tout the sale to news media throughout the world every day for months in advance.

Except for the discounted price, GATA's gold sale terms will match the IMF's:

-- After selling the gold, GATA will present the buyers with certificates of ownership while continuing to store the gold using vaults in the United States, Britain, France, or India whose locations are known only to GATA.

-- The gold will be audited by auditors chosen by GATA whose reports will be available only to GATA.

-- The gold may be resold through GATA as long as it does not leave GATA's vaults.

-- GATA will use some of the gold sale proceeds to assist developing or financially troubled nations but exactly how much is used for that purpose and what's done with the remainder will be nobody's business.

-- GATA's sales will be structured to minimize any effect on the world gold market and to this end they will be announced only this once.

-- For an additional $250 GATA will have a buyer's gold certificate tastefully framed.

-- Buyers of gold in the amount of $100 million or more will be invited to GATA's annual Christmas party.

Purchasers should send certified checks payable to GATA in care of your secretary/treasurer at the address below.

A good example of the kind of satire required (and discussed elsewhere on DPF) I'd say. :thefinger:

[Peter Lemkin]

On the Chinese fake factory there is a small jpg of fake gold bars:



I can't make out the details of the bar as the image is too small, but I can imagine that there would be a number of buyers of these fake products from the Philippines.

What were the composition of most of the fake bars? Lead covered in gold? A gold amalgam? Other? These days there is so much DU around, that might even be cheaper than gold by a long shot. Hey buddy, your gold bars are radioactive!.....