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World Stock Markets Trading Discussions - Wondrous waxing


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Whatever....

 

 

HSBC's vault – which he claims is "about the size of a football field" – holds both the gold of many of HSBC's clients and GLD:

"HSBC stores both allocated and unallocated gold. When the trust (GLD) issues new shares, the metal to back them comes from clients of HSBC, who have unallocated pool gold stored with the bank and are willing to sell at the price offered. Once the authorized participant completes the transaction, the gold is moved from the unallocated section of the vault to the area assigned specifically to us (GLD). Occasionally, gold will have to come from outside of HSBC, but there's always been sufficient bullion available from other London vaults. So transport isn't a problem, and the market maintains a very careful chain of custody."

For those skeptical that GLD actually has the gold it claims to have in its vaults, he says to check the serial numbers, refiner name, fineness, and weight of every bar, which is updated and posted every Friday on the company's website. He also points to independent audits conducted by Deloitte & Touche, but confesses that the firm does not count each individual bar. Rather, they certify the "adequacy of accounting procedures."

 

http://lewrockwell.com/orig13/ross-r2.1.1.html

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Whatever....

 

 

HSBC's vault – which he claims is "about the size of a football field" – holds both the gold of many of HSBC's clients and GLD:

 

For those skeptical that GLD actually has the gold it claims to have in its vaults, he says to check the serial numbers, refiner name, fineness, and weight of every bar, which is updated and posted every Friday on the company's website. He also points to independent audits conducted by Deloitte & Touche, but confesses that the firm does not count each individual bar. Rather, they certify the "adequacy of accounting procedures."

 

http://lewrockwell.com/orig13/ross-r2.1.1.html

:lol: :lol: :lol:

That's freaking some hysterical stuff.

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That allocation system - of moving gold from one side of a vault to the other to establish transaction and ownership - is how the sovereign gold accounts at the NY Fed are supposed to work.

 

Except each country's hoard has a little flag sitting atop it.

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