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View Full Version : Show Me The Gold! Is Canada's Gold Bullion Bank Empty?

leistb
04-07-2010, 01:04 PM
Vaults are surprisingly empty. The fraud (http://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-practically-empty)continues in the commodity markets and pose some very real threats if the jitters set in.
Ought Six
04-07-2010, 04:32 PM
The thread title is wrong, and nearly gave me a mild heart attack. "Canada's Central Fund" is a company called Central Fund of Canada, aka Central Exchange Fund, which I am invested in. The bullion bank vault that is empty is Scotia Mocatta. This fraud has nothing to do with Central Fund of Canada.
rb.
04-07-2010, 05:43 PM
Link just hangs for me.
leistb
04-07-2010, 05:48 PM
The thread title is wrong, and nearly gave me a mild heart attack. "Canada's Central Fund" is a company called Central Fund of Canada, aka Central Exchange Fund, which I am invested in. The bullion bank vault that is empty is Scotia Mocatta. This fraud has nothing to do with Central Fund of Canada.

Interesting. At the time of posting the title to the original article had Canada's Central Fund.

Sorry about the 'ol ticker... :D
Ought Six
04-07-2010, 05:48 PM
The link works every time for me. Are you behind a company firewall?
rb.
04-07-2010, 07:50 PM
Nope. I click on the link and it keeps trying to load the page...and trying and trying... I cut it back to zerohedge.com, same. Googled it, found their old hangout at zerohedge.blogspot.com, and even used the link there to the new place, no go.

I did find an article...I'm assuming the same as the titles are identical...at infowars.

How do I get to go into gold vaults in banks? I'm a little skeptical about what the article said and assumes, but will be checking into it further. This is MY bank, and DH has a very small RRSP with them, although I don't recall anything about PMs in that investment.

Now I'm just getting a server not responding message.
Potemkin
04-07-2010, 08:54 PM
If I was Canadian I would want to know a little more before panicing.

I remember one of those educational shows I watched which was about the Federal Reserve (I think) in NYC.

They were showing the US gold reserves but the gold they held for other countries.

Each was in its own little cage. When some country "paid" the other in gold, the workers just removed bars from one cage, weighed it, moved it to the other country's cage, and both were counted.

I think there were 20-30 countries in there. I would bet a few of them didn't have significant gold reserves in their own country.

IOW they "owned" gold but didn't hold it.

(I think some of the larger gold seller do that for people.)
CanadaSue
04-07-2010, 08:56 PM
Between that & the 'missing' gold at the Mint... which has never satisfactorally been explained... scary.
VT9
04-08-2010, 12:58 PM
There's still plenty of Scotia Bank rounds and bars available at APMEX.

http://www.apmex.com/Category/9/Gold_Bars__Rounds_1_gram___400_oz.aspx

I take that back after looking at the quantities available.
Potemkin
04-08-2010, 02:21 PM
There's still plenty of Scotia Bank rounds and bars available at APMEX.

http://www.apmex.com/Category/9/Gold_Bars__Rounds_1_gram___400_oz.aspx

I take that back after looking at the quantities available.

Hey! Only US$6.95/oz over spot when you buy a 400oz bar! :lol:
Sonny
04-08-2010, 07:10 PM
Here's an article that may help explain whats going on.

Introducing financial oil leasing

Posted by Izabella Kaminska (http://ftalphaville.ft.com/blog/author/izabellakaminskaftcom/) on Dec 16 17:15.

The concept of ‘leasing’ commodities has been well established in the gold market (http://ftalphaville.ft.com/blog/2009/07/15/61861/getting-to-the-bottom-of-negative-gold-leasing-rates/) for a while.

The lease rate for gold is derived from daily gold forward rates (GOFO) published by the London Bullion Market Association. You arrive at the rate by taking the GOFO rate — the rate at which dealers lend gold on swap against US dollars — from the day’s Libor rate.

The biggest lenders of gold have always been central banks, while gold producers have often been those most keen to borrow for the purpose of pre-selling bullion to cover operating and extraction costs.

[read more of this at]

http://ftalphaville.ft.com/blog/2009/12/16/114161/introducing-financial-oil-leasing/


!
Brihard
04-09-2010, 01:40 AM
Between that & the 'missing' gold at the Mint... which has never satisfactorally been explained... scary.

It was determined to be an accounting error, and it haws all been accounted for now.
CanadaSue
04-09-2010, 01:55 AM
Thanx, I'd missed that.

On that note, I've got to be up in 4 hours & scrubbing in 5. Why the hell am I still up? LOL

No day off until Wednesday... best get some sleep while I can. I'd like to plan on napping on my duty weekend here but if I need sleep, it won't happen.