Saturday 16 May 2015
Gold Musical Chairs..............................from Rico
I have been watching the HUGE recent drop in the COMEX Gold "registered" inventory [for Keynesians read: "deliverable"] and noted that the number of contracts on it (claims) has NOT dropped.
The number of claims for each deliverable ounce of Gold held by the CRIMEX is now 107.7 to one [again, for Keynesians: over 107 claimed ounces of Gold for every existing physical ounce of Gold].
- Many who today 'think' they own Gold do not, they hold worthless paper claim checks against nonexistent Gold.
When the music stops, there will be 107 people trying to sit in one chair.
- The rest will be holding their claim checks and weeing bitter tears, calling their lawyers, and trying to squeeze nonexistent Gold out of the COMEX rock....litigation will go on for years, and in the end they will spend a lot of money and get nothing but aggravation for their efforts.
If you do not hold it, you do not own it.
- And the old saw about "he who sold what isn't his'n, must pay it back or go to prison" no longer applies after MF Global (Jon Corzine).
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1 comment:
Easy solution (which the government will no doubt elect to enact soon): nationalise all gold, disowning those holding gold certificates, and make it illegal to own gold physically (basically the same old thing that was done decades ago to prevent a run on the gold reserves).
Anyone owning certificates gets them traded in for equally worthless government bonds, anyone owning gold bullion, jewelry, etc. etc. has to hand it over to the government for those same worthless government bonds.
Government pays nothing, increases the national gold supply, which they then use to pay off part of the foreign debt...
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