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To summarize: Bank of England discovers discrepancies with US Assay Office gold bars, notifies the NY Fed that its gold bars have major "bad delivery" issues, but, and this is the punchline, on this occasion, we'll keep it quiet, because the Bundesbank got these bars. This is merely one documented assay occasion: one can imagine that of the hundreds of thousands of gold bars in official circulation, the "good delivery" quality of bars outside of the US, and perhaps BOE, official holdings has progressively declined over the decades of Bretton Woods. One can also only imagine what has happened to all those "good delivery" bars currently held by the Fed as custodian at the NY Fed. Literally: imagine. Because there is no way to check what the real gold consistency of these gold bars is, and whether the refiners found ongoing future inconsistencies with "good delivery" standards of bars handed off to other "non-core" central banks.
Can you help answer these questions from other members on NexusFi?
Better give Peter Munk a call, see who's got the GOLD!!!! Whatever, all shit, metal, carbon, gmo food stuffs, it's all just smoke and mirrors, accounting figures, or so the monetarists say, and sadly, they may be right...
It was over a year ago that we reported on leaked US State Department internal cable from the Embassy in Beiging released by Wikileaks describing China’s plan to undermine the US Dollar hegemony by increasing China’s gold reserves. From 2003 to 2009 China increased their gold reserves from 600 tonnes to 1054 tonnes by converting roughly $11 billion of USD reserves to gold. That’s the last time any official numbers have come out of China, but between discrepancies in reported imports, domestic production, and the fact that China does not allow gold exports, it’s estimated they could increase its reserves to 5000 tonnes by 2013.
...While The Central Banks Are Playing An Extraordinarily Dangerous Game, The World Should Consider Switching From The Dollar To Gold
With gold and silver moving higher this week as stocks were trounced, today, Egon von Greyerz lets King World News readers know what to expect for the rest of this year as well as for 2013. Here is what Greyerz had this to say: “We are entering one of the most worrying times in history, maybe even for centuries or even for a millennia. I think we are going to see a turn in the world economic situation that is going to be long and extremely difficult.”
