Maybe without calling for quantity we could ask HC members how many of them have actually seen the PMs when they have purchased paper and what proof do they have that it exists
Quote “The Bundesbank never doubted the integrity of the foreign gold-storage sites,” Carl-Ludwig Thiele, the bank’s council member for payments and settlements, said in an interview on May 23. “We were able to see everything we wanted to see in New York. As far as we’re concerned, there are no more open issues.”
The above does not state that the Gold is there or was physically counted. This is a political statement nothing more or less
whoever sold all this silver would now be broke as the price is 4-5 times the price it was only 12 years ago
They would only be broke if people asked for the silver, that's the problem, it's all on paper and as long as there is no run it will not be a problem it is a Maldolf situation, a Ponzi scheme and unless the government did an audit nothing would show up
While there is a suggestion that this sort of thing could happen why doesn't the relevant authorities step in and audit. Try and find the value of paper gold IOUs against the solid stuff, it's impossible.
In Australia the ASX should investigate, fat chance of that happening
Finally do I have proof no, I have bought and sold and in the early days used paper until I became very concerned as to it's authenticity.
There are any number of stories written on the subject but if they are 100% accurate I do not know
As there is no oversight I find it inconceivable that it does not happen and it also gives an explanation as to why PMs should be going up when they are not
Their usage in industry is increasing, the mining in general is decreasing, the Asian countries are buying huge amounts, yet the price is stable!
We know that industry and the Chinese are not buying paper.
The people buying the paper are the traders so like any other bubble the paper is all up in the air and on computer screens and it's only when the music stops that they will all be undone and broke
