Secret gold swap

[The Beep Goes On]

http://www.telegraph.co.uk/finance/markets/7884272/Secret-gold-swap-has-spooked-the-market.html

Secret gold swap has spooked the market
It takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion...

 

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[Seamuss]

The one thing about this story that sounds a little odd is that nations have been trading gold for foriegn currency for decades. Maybe not on this scale, but the markets have talked about this very thing for ever.

The scary part about this story is the panic in the way the story is told and how the panic can cause a masive sell off/trade off of gold and or stock market.

 

[The Beep Goes On]

What do they say? The market is run on perceptions, not reality, or something to that effect.

 

[Frankn]

The market paper, Gold and Oil are pure cloud speculation. Nothing physically exists there.

​

 

[homefires]

The market paper, Gold and Oil are pure cloud speculation. Nothing physically exists there.

​

Gold has a Historic and Intrinsic Value.

Oil is a Commodity.

They are very different from each other.

When there is no need for Plastic bottles, Gas, Fuel oil, and the like, Gold will buy you food and Guns.

 

[fistfulladirt]

The market paper, Gold and Oil are pure cloud speculation. Nothing physically exists there.

​

Gold has a Historic and Intrinsic Value.

Oil is a Commodity.

They are very different from each other.

When there is no need for Plastic bottles, Gas, Fuel oil, and the like, Gold will buy you food and Guns.

In a time of need, no way am I trading my food and guns for gold, will be worthless to me!

 

[homefires]

LOL!!!!!! Me Too!

 

[Seamuss]

Hang on to your greenbacks. They won't buy you ammo or food but they will make great wall paper. I'm digging up gold and finding silver that can come in handy for purchasing more then a failed $ that is worthless now and will cost you even more to be holding down the road.

 

[The Beep Goes On]

Rust On Bank Of Russia Issued 999 Gold Coins



http://www.zerohedge.com/article/rust-discovered-bank-russia-issued-999-gold-coins

Rust Discovered On Bank Of Russia Issued 999 Gold Coins
Submitted by Tyler Durden on 07/16/2010 20:32 -0500

Here's a head scratcher: as everyone knows from elementary chemistry courses, gold is the most inert metal in the world - it does not rust, nor corrode. Yet this is precisely what Russian commercial precious metal trading company, International Reserve Payment System, discovered on thousands of (allegedly) 999 gold coins "St George" (pictured insert) issued by the Central Russian Bank. The serendipitous discovery occurred after various clients of the company had requested that their gold be stored not in a safe, but in a far more secure place: "buried under an oak tree." As the website of IRPS president German Sterligoff notes: once buried, "the coins began to oxidize under the influence of moisture." And hence the headscratcher: nowhere in history (that we know of) does 999, and even 925 gold, oxidize, rust, stain, spot or form patinas, under any conditions. Furthermore, as IRPS discovered, Sberbank of Russia released an internal memorandum ordering the purchase of the defective coins with the spotted appearance. Sterligoff concludes: "It should be noted that the weight and density of the rusty coins coincide with the characteristics of gold that would be expected after after conventional testing methods would reveal. We think that the experts will be interesting to determine the nature of this phenomenon." So just how "real" is 999 gold after all, either in Russia or anywhere else?

As a consequence of this discovery, IRPS decided to "rid itself of all stocks, bought up earlier from the Central Bank on behalf of investors. Investment coins "St. George The Conqueror", as well as other gold coins of the Bank of Russia, are now excluded from the company's operations until all circumstances in the case are determined." Additional, as disclosed in the interview below for Here and Now show on TVRainRu, the Russian Central Bank would buy back the coins at a price of 9,300 rubles, despite prevailing prices for the bullion at well over 10,000.

As Zero Hedge has pointed out previously, the Central Bank of Russia has been one of the biggest purchasers of gold in 2010, having bought gold every single month. It would be embarrassing if it were discovered that not only is the bank diluting the gold content once received with oxidizable materials, but subsequently passing it off for 999 proof precious metal.

And if this is happening in Russia, one wonder what trickery other Central Banks, with a far lower amount of gold in their vaults, resort to...

 

[The Beep Goes On]

Re: Rust On Bank Of Russia Issued 999 Gold Coins

http://www.zerohedge.com/article/rust-discovered-bank-russia-issued-999-gold-coins

Rust Discovered On Bank Of Russia Issued 999 Gold Coins
Submitted by Tyler Durden on 07/16/2010 20:32 -0500

<snip>

brown or red spots on gold coins and bars is common, actually. ZH appears to be pushing the sky-is-falling button

Thanks SWR

 

[spartacus53]

Re: Rust On Bank Of Russia Issued 999 Gold Coins

Rust Discovered On Bank Of Russia Issued 999 Gold Coins
Submitted by Tyler Durden on 07/16/2010 20:32 -0500

The serendipitous discovery occurred after various clients of the company had requested that their gold be stored not in a safe, but in a far more secure place: "buried under an oak tree." As the website of IRPS president German Sterligoff notes: once buried, "the coins began to oxidize under the influence of moisture."

Interesting idea, bury the gold under an old Oak tree
Ahh, but the location
Got it Chernobyl

I just wonder how long gold will keep a glow to it

 

[fistfulladirt]

Hang on to your greenbacks. They won't buy you ammo or food but they will make great wall paper. I'm digging up gold and finding silver that can come in handy for purchasing more then a failed $ that is worthless now and will cost you even more to be holding down the road.

Ok, so you've been through an economic collapse before. I'm still not giving up my chickens and milking cow for a few pieces of silver and gold. Gold just doesn't taste that good!