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That, of course, explains why it took so long (17 months) for the London banks to deliver the physical gold that Hugo Chavez's Venezuela demanded. They either didn't have it and had to purchase it in the open market, or they had to unwind trades where the gold was loaned or pledged as collateral, or both. Fed to deliver Germany its gold, the only conclusion can be that the web of hypothecation must be long and complex.

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of gold is set in a speculative market where traders and hedge fund managers make bets and little or no attention is paid to gold's traditional role.

But today, the price Converse All Star Chuck Taylor Ox

If it turns out that it is discovered that some of the underlying gold has disappeared from the vaults, or in a panic the competing hypothecations for the underlying gold ounces tie up the assets in Converse Womens Shoes Au a long term court battle, some holders of paper gold could be out of luck. It might be very painful one day to wake up to find that the paper gold investment you thought you had turns out not to have been collateralized.

If you want to keep the gold in your brokerage account, there are some funds or ETFs that say that they hold bullion in a vault and there is no hypothecation of it. You need to do careful research to make sure this is the case and know if the paper you hold is convertible into the underlying asset. Gold mining stocks are another way, since the gold is there in the ground. Unfortunately, the Converse Black Leather White Sole

Apparently, the illegal activity had been going on for years. There are five London banks that control the two daily London gold price fixes. Given the known shenanigans of the London banks regarding LIBOR and other commodities and the infinite rehypothecation allowed, how much confidence should we have that the daily gold price fixing is impartial, that in a crisis or panic the hypothecations can be unwound with every paper claim on gold made whole, or, in fact, that some of the underlying gold even exists in the vaults?

In what form should you hold your precious metal assets? What about the ETFs traded on the exchanges?

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Eric Sprott on Zerohedge commented on how strange it is that the gold ETFs suffered large physical redemptions in 2013, but the silver ETFs did not.

If each investor in a paper gold ounce believes it is backed by an ounce of physical gold, then each physical gold ounce must have been loaned or hypothecated, on average, 92 times. If everyone decided that they wanted physical possession, which of the 92 paper ounce owners really owns the physical metal?

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As Hathaway said, "It would be Converse All Star 2v

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Today's gold investors must also understand that the price of gold currently is a 100 percent function of hedge fund speculation. Barone is a former director of the Federal Home Loan Bank of San Francisco and currently is a director for the AAA Northern California, Nevada, Utah Auto Club and the associated AAA Insurance Co., where he chairs the finance and investment committee. Barone is available to discuss client investment needs. Call him at 775 284 7778.

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typical gold mining company continuously dilutes shareholders with new rounds of equity offerings as they continue their search for the "mother lode." So, research here is also essential.

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hard to imagine that the culture of (London) did not extend to gold."

First, understand the difference between hedging and speculating. If it is your intent to hedge against an inflation that you believe will inevitably come due to current worldwide monetary and fiscal policy excesses, then the systematic purchase of gold, like mutual fund dollar cost averaging, is a good practice.

Let's now consider the characteristics of the London financial markets where gold's price is fixed twice each day. Nearly every well known financial calamity during the past 20 years has originated from London offices of major financial corporations.

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There has been a great deal of political angst by Ben Bernanke and Co. over the demand by some members of Congress for a Fed audit, and great political maneuvering to avoid it. Hence, Williams believes that heavy selling in 2013 was orchestrated government intervention. trading. For someone looking to move out of gold, orderly sales would make the most sense in terms of getting the best prices. Instead, these actions were designed to pummel the gold markets, and they did."

So, what should gold investors do?

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Just think about JPMorgan's $6 billion plus 2012 loss from its London trading office. We learned from the MF Global fiasco that client assets can be hypothecated and rehypothecated an infinite number of times, and that there are no customer protection rules. If you have been wondering what happened to Jon Corzine's (MF Global) client's funds, you now have a pretty good idea. financial institutions pay hefty fines for manipulating certain commodity prices and for fixing the price of LIBOR, a short term rate that plays a key role in the world's financial markets.

Ten gram gold bars lie on display in Dubai, United Arab Emirates on Oct. 9, 2012. Gold, considered a safe haven investment, was hit hard in 2013, while stocks soared. The price gained steadily for more than a decade, driven by concerns about the health of the economy. economy was maintaining its recovery.(Photo: AP File)Historically, the price of gold protected the purchasing power of the currency invested in it, as the price rose in some reasonable correlation with existing or expected inflation of that currency.

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´╗┐From safe haven to wild speculation

"If redemptions are a symptom of investors' disenchantment with precious metals as an investment, shouldn't silver have suffered the same fate as gold?" he asked. He concluded that the "raiding" of the gold ETFs is bullish for gold because it reflects an imbalance in the physical market, a notion I discussed in my Jan. 12 column.

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Posted on Friday, July 13, 2007 at 06:40PM by Registered CommenterJhidekim in | CommentsPost a Comment | EmailEmail
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