Commodity Trade Mantra

Posts Tagged ‘Gold Storage’

Austria Considers Repatriating Its Gold

The Austrian state audit court says central bank should address high concentration risk of storing 80% of its gold reserves with the Bank of England, Standard reports, citing draft audit report. Court advises central bank for rapid evaluation of all possibilities to diversify storage locations, contract partners.

The Secret Reason the SNB Opposes the Swiss Gold Referendum

One of the 3 objectives of the gold initiative is to have all Swiss gold stored in Switzerland. Swiss central bankers maintain it’s imperative to maintain foreign gold storage at major gold trading centers that can be quickly traded in event of a financial crisis. The ‘yes’ campaign counters that its safer to have it’s gold stored in Switzerland.

Could $80 Billion In False Chinese Gold Loans Have Suppressed Gold Price?

China is suffering from a massive credibility hit today as a scam to extract credit from Chinese banks by repeatedly pledging the same collateral of gold, and other commodities, over and over and over again unwinds. China’s Chief Auditor has identified $15.2 billion in loans backed by falsified gold.

Business Man Found With 12 Gold Bars In Stomach In India

When a team of Indian surgeons opened up the stomach of a patient complaining of abdominal pain, they had no idea they’d extract a fortune of 12 gold bars of 33 grams each from his belly. He apparently smuggled them into India to evade import duty, the police and doctors said.

New York Federal Reserve Lying About Gold Storage

Although I’m not sure every gold lease requires a movement of physical gold, the statement from the NY Fed they grant to return the exact same bars deposited by the account holder upon withdrawal, is untenable. As we have clearly seen by the repatriation of some German gold from the NY Fed.

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