gold chat, page-356

Doogsie, C.W. John and all,

I was wondering what the numbers were looking like for the ETF’s given the news of some big names entering the gold market .

The following was picked up on Harvey’s site (link below if you would like to visit yourself)

I have long had my suspicions about these ETF funds really having the physical metal they claim, because if they do there must have been a few sore backs down in their vault the last seven days. I have moved a few 15Kg and 30Kg silver bars recently and I can say it’s not easy work, enjoyable but not easy; however, I find healthy work like that allows me to sleep like a baby.

Maybe George Soros has sufficient clout to get his gold out of these ETF’s but as I know I don’t personally have that kind of clout or trust in my fellow man as a gold custodian so I will stick to physical gold and silver.

Just on TV here in the UK and it looks like the London Whale is on his way to a lengthy stay at her Majesty’s pleasure, probably not the bonus he was thinking of earlier this year.

“If you can’t trust your bank manager who can you trust"

Cheers and very best regards: Andy

http://harveyorgan.blogspot.co.uk/


The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.
There is now evidence that the GLD and SLV are paper settling on the comex.


Thus a default at either of the LBMA, or Comex will trigger a catastrophic event.


August 23.2012:

TOTAL GOLD IN TRUST
Tonnes:1,286.50 Ounces:41,362,338.79 Value US$:68,859,227,931.90


The GLD recalled all of their workers again today as 4.52 tonnes of gold entered this facility. In 7 days, a total of 22.92 tonnes of gold has been added to the GLD.

These guys are super human in the efforts to locate gold, and stack them in their vaults. The amounts added in this small time frame is about 3/4 of 1% of annual gold production.