Venezuela has another hundred tons of gold stored in the U.S. vault at West Point. Chavez has also asked for its return. For some reason, the business MSM has been completely silent with respect to this story.
Posted on 08/18/2011 1:54:49 PM PDT by dennisw
In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold.
What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.
Ding, ding, ding....
We have a winner at post number 19....
What prize do we have for this poster Mister Pardue?
I say that the guy is seizing a lot more than his gold miing industry in the next 90 days. He is going to try and fund his family before the big C kills him.
Some former SEALs should think about organizing a heist, distribute an ingot to the families of fallen soldiers...
Paging Scott Coleman!
But he should look very carefully at whatever he gets from JP Morgan.
What a mess!! What happens if a carrying ship or airplane sinks and is never seen again. Boy what great movie plots.
“Would he announce that Venezuela had been defrauded?”
He’ll say that anyway. Calling Kelly’s Heros!
I was thinking the same thing, when he gets it back in country, that gold is going to be less safe, not more safe.
If Chavez doesn’t steal it, one of his Generals will.
I remember the rumor that the Klinton’s exchanged our gold supply to gold colored tungsten.
Venezuela has another hundred tons of gold stored in the U.S. vault at West Point. Chavez has also asked for its return. For some reason, the business MSM has been completely silent with respect to this story.
We are shortly to see things happen that didn't even happen in the Great Depression. Buckle up.
Just when you think Hugo couldn’t get any uglier. Smell the sulfur, Hugo!
10 Troy Ounces to the Pound.
A Canadian bank last year found it had a good stock of gold clad tungsten. I bet we don’t own any of the gold we store any more so I suppose it doesn’t matter so much to us if it is all tungsten.
That's because their Keynesian masters have assured them that gold is nothing but a barbarous relic. Nothing worth talking about, then.
Interesting.
Yup, just outta my reach.
Bingo. You win.
It’s hard to wrap yer mind around this.
How much is a TON of gold worth?
1,000,000 grams per metric ton/19.3 grams/cc=51800cc
Cube root of 51k =37.3 cm on a side.
A Canadian bank last year found it had a good stock of gold clad tungsten.
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