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Title: Gld ETF Warning, Tungsten Filled Fake Gold Bars
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URL Source: http://www.marketoracle.co.uk/Article14996.html
Published: Nov 12, 2009
Author: By: Rob_Kirby
Post Date: 2009-11-13 00:43:19 by DeaconBenjamin
Ping List: *unUsual Suspects* Subscribe to *unUsual Suspects*
Keywords: None
Views: 262
Comments: 24
I’ve already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank – who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences: 1] - irregularities in the publication of the gold ETF - GLD’s bar list from Sept. 25 – Oct.14 where the length of the bar list went from 1,381 pages to under 200 pages and then back up to 800 or so pages. 2] - reports of 400 oz. “good delivery” bricks of gold found gutted and filled with tungsten within the confines of LBMA approved vaults in Hong Kong. Why Tungsten? If anyone were contemplating creating “fake” gold bars, tungsten [at roughly $10 per pound] would be the metal of choice since it has the exact same density as gold making a fake bar salted with tungsten indistinguishable from a solid gold bar by simply weighing it. Unfortunately, there are now more sordid details to report. When the news of tungsten “salted” gold bars in Hong Kong first surfaced, many people who I am acquainted with automatically assumed that these bars were manufactured in China – because China is generally viewed as “the knock-off capital of the world”. Here’s what I now understand really happened: The amount of “salted tungsten” gold bars in question was allegedly between 5,600 and 5,700 – 400 oz – good delivery bars [roughly 60 metric tonnes]. This was apparently all highly orchestrated by an extremely well financed criminal operation. Within mere hours of this scam being identified – Chinese officials had many of the perpetrators in custody. And here’s what the Chinese allegedly uncovered: Roughly 15 years ago – during the Clinton Administration [think Robert Rubin, Sir Alan Greenspan and Lawrence Summers] – between 1.3 and 1.5 million 400 oz tungsten blanks were allegedly manufactured by a very high-end, sophisticated refiner in the USA [more than 16 Thousand metric tonnes]. Subsequently, 640,000 of these tungsten blanks received their gold plating and WERE shipped to Ft. Knox and remain there to this day. I know folks who have copies of the original shipping docs with dates and exact weights of “tungsten” bars shipped to Ft. Knox. The balance of this 1.3 million – 1.5 million 400 oz tungsten cache was also plated and then allegedly “sold” into the international market. Apparently, the global market is literally “stuffed full of 400 oz salted bars”. Makes one wonder if the Indians were smart enough to assay their 200 tonne haul from the IMF? A Slow Motion Train Wreck, Years in the Making An obscure news item originally published in the N.Y. Post [written by Jennifer Anderson] in late Jan. 04 has always ‘stuck in my craw’: DA investigating NYMEX executive - Manhattan, New York, district attorney's office, Stuart Smith - Melting Pot - Brief Article – Feb. 2, 2004 A top executive at the New York Mercantile Exchange is being investigated by the Manhattan district attorney. Sources close to the exchange said that Stuart Smith, senior vice president of operations at the exchange, was served with a search warrant by the district attorney's office last week. Details of the investigation have not been disclosed, but a NYMEX spokeswoman said it was unrelated to any of the exchange's markets. She declined to comment further other than to say that charges had not been brought. A spokeswoman for the Manhattan district attorney's office also declined comment. The offices of the Senior Vice President of Operations - NYMEX – is exactly where you would go to find the records [serial number and smelter of origin] for EVERY GOLD BAR ever PHYSICALLY settled on the exchange. They are required to keep these records. These precise records would show the lineage of all the physical gold settled on the exchange and hence "prove" that the amount of gold in question could not have possibly come from the U.S. mining operations – because the amounts in question coming from U.S. smelters would undoubtedly be vastly bigger than domestic mine production. We never have found out what happened to poor ole Stuart Smith – after his offices were "raided" – he took administrative leave from the NYMEX and he has never been heard from since. Amazingly [or perhaps not], there never was any follow up on in the media on the original story as well as ZERO developments ever stemming from D.A. Morgenthau’s office who executed the search warrant. Are we to believe that NYMEX offices were raided, the Sr. V.P. of operations then takes leave - all for nothing? These revelations should provide a “new filter” through which Rothschild exiting the gold market back in 2004 begins to make a little more sense: “LONDON, April 14, 2004 (Reuters) - NM Rothschild & Sons Ltd., the London-based unit of investment bank Rothschild [ROT.UL], will withdraw from trading commodities, including gold, in London as it reviews its operations, it said on Wednesday.” Interestingly, GATA’s Bill Murphy speculated about this back in 2004; “Why is Rothschild leaving the gold business at this time my colleagues and I conjectured today? Just a guess on my part, but suspect:” *SOMETHING IS AMISS. THEY KNOW A BIG GOLD SCANDAL IS COMING AND THEY WANT NO PART OF IT. …” “ROTHSCHILD WANTS OUT BEFORE THE PROVERBIAL "S" HITS THE FAN.” BILL MURPHY, LEMETROPOLE, 4-18-2004 Coincidentally [or perhaps, not?], GLD Began Trading 11/12/2004 In light of what has occurred – regarding the Gold ETF, GLD – after reviewing their prospectus yet again, it becomes pretty clear that GLD was established to purposefully deflect investment dollars away from legitimate gold pursuits and to create a stealth, cesspool / catch-all, slush-fund and a likely destination for many of these “salted tungsten bars” where they would never see the light of day – hidden behind the following legalese “shield” from the law: Excerpt from the GLD prospectus on page 11: www.spdrgoldshares.com/me...DRGoldTrustProspectus.pdf Gold bars allocated to the Trust in connection with the creation of a Basket may not meet the London Good Delivery Standards and, if a Basket is issued against such gold, the Trust may suffer a loss. Neither the Trustee nor the Custodian independently confirms the fineness of the gold bars allocated to the Trust in connection with the creation of a Basket. The gold bars allocated to the Trust by the Custodian may be different from the reported fineness or weight required by the LBMA’s standards for gold bars delivered in settlement of a gold trade, or the London Good Delivery Standards, the standards required by the Trust. If the Trustee nevertheless issues a Basket against such gold, and if the Custodian fails to satisfy its obligation to credit the Trust the amount of any deficiency, the Trust may suffer a loss. The Fed Has Already Been Caught Lying Liberty Coin’s Patrick Heller recently wrote, Earlier this year, the Gold Anti-Trust Action Committee (GATA), filed a second Freedom of Information Act (FOIA) request with the Federal Reserve System for documents from 1990 to date having to do with gold swaps, gold swapped, or proposed gold swaps. On Aug. 5, The Federal Reserve responded to this FOIA request by adding two more documents to those disclosed to GATA in April 2008 from the earlier FOIA request. These documents totaled 173 pages, many parts of which were redacted (covered up to omit sections of text). The Fed's response also noted that there were 137 pages of documents not disclosed that were alleged to be exempt from disclosure. GATA appealed this determination on Aug. 20. The appeal asked for more information to substantiate the legitimacy of the claimed exemptions from disclosure and an explanation on why some documents, such as one posted on the Federal Reserve Web site that discusses gold swaps, were not included in the Aug. 5 document release. In a Sept. 17, 2009, letter on Federal Reserve System letterhead, Federal Reserve governor Kevin M. Warsh completely denied GATA's appeal. The entire text of this letter can be examined at www.gata.org/files/GATAFedResponse-09-17-2009.pdf. The first paragraph on the third page is the most revealing. Warsh wrote, "In connection with your appeal, I have confirmed that the information withheld under exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you." This paragraph will likely be one of the most important news stories of the year. Though not stated in plain English, this paragraph is an admission that the Fed has in the past and may now be engaged in trading gold swaps. Warsh's letter contradicts previous Fed statements to GATA denying that it ever engaged in gold swaps during the time period between Jan. 1, 1990 and the present. [Perhaps most importantly], this was GATA's second FOIA request to the Federal Reserve on the issue of gold swaps. The 173 pages of documents received for the 2009 FOIA request all pre-dated the 2007 FOIA request, which means they should have been released in the response to the earlier FOIA request. This establishes a likelihood that the Federal Reserve has failed to adequately search or disclose relevant documents. Further, the Fed response admitted that it had copies of relevant records that originally appeared on the Treasury Department Web site, but failed to include them in its response. Now that Federal Reserve governor Warsh has admitted that the Fed has lied in the past about the Fed’s involvement with gold. It should now be very clear to everyone why the Fed is lying and the true nature of what they are hiding / withholding. On Doing God’s Work An important footnote to consider is the inter-twined-ness of the U.S. Federal Reserve and the U.S. Treasury [can anyone really tell them apart?] as well as this duopoly’s two principal agents – J.P. Morgan-Chase and Goldman Sachs. When one truly grasps the nature of these highly conflicted relationships it gives a fuller meaning to words recently uttered by Goldman head, Lloyd Blankfein, who claimed, “I’m doing god’s work” Does this really mean that Mr. Blankfein believes that the Federal Reserve is god? You can judge for yourself. While the Fed prints money like no one else could - except god almighty himself [or Gideon Gono, perhaps?] – I really doubt that was the intent back in 1864, when the U.S. adopted “In God We Trust” as their official motto. And that’s my two cents worth for today. Got [real] physical gold yet?
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#1. To: DeaconBenjamin (#0)
As I stated before, Gold is going to tank, because pretty soon, nobody is going to want it. Not because it's got no value, but because nobody is sure if they're getting real gold, or some tungsten filled crapola. I'm really enjoying the gold paradox unravel. Lots of people are going to be disappointed when they find out that they don't have REAL physical gold to go with those gold certificates.
Better to be hated for what you are, than loved for what you are not.
Gold is a very soft metal. Someone is literally going to have to cut the gold bars open to see if they are really gold.
No, they won't be disappointed, they will be as mad as hell!
God is always good!
No, cutting them open is not required. There are electrical tests they can perform to measure the speed of an electrical current through the bar. If it takes longer than it would for it to go the shortest distance, which would be straight through the bar, then they know without a doubt that the bar is not 100% gold.
God is always good!
.
God is always good!
If this is true. Then they may start cutting them open to see if the bars are solid gold with their own eyes.
Actually, they can check them for electrical resistance. Definitely the way to go, because Tungsten isn't a very good conductor.
Better to be hated for what you are, than loved for what you are not.
If true ... the ramifications will be nuclear.
Doing what's right isn't always easy but it's always right.
This should not be a difficult problem for central banks or any refiner. Gold melts at 2000F, tungsten melts at 6000F. Or they can just bite the bar and see if they leave teeth marks.
Money problems do not come from a lack of money, but from living an excessive, unrealistic lifestyle
The density is close but not the exact same between gold and tungsten. You know, such a scandal could be the excuse the gov would use to seize gold again.
A pretty smart observation, one I hadn't thought of.
Better to be hated for what you are, than loved for what you are not.
I really don't understand what-all is going on here. I'm still struggling through the "sovereignty" maze. However, I have on my computer an article on the question of whether or not HJR-192 was repealed, and there was a curious note that may tie into this, and it happened 15 years ago, the same length of time this gold switch was said to occur: ".......On Fri, Jan 30, 2009 at 10:57 AM, Solutions in Commerce wrote: > From: Vinyasi > I've come to the conclusion that HJR 192 has indeed been repealed, > contrary to your answer, Winston, to an attendee at one of your seminars. > Your reasoning against his proposition, although flawless, lacked one > crucial piece of information, namely that... > > HJR 192 was repealed on the 13th of September, 1982 on the same day and > within the same piece of legislation as the repeal of something equally > important: the repeal of the lawful definition of the dollar. Furthermore, > twelve years and ten days later, the lawful definition of money was > repealed. These two adjunct repeals undermined any credibility to our > paying with (constitutionally) lawful money enumerated in dollars. I > conjecture that HJR 192 was merely a temporary crutch to bridge us from > eons of entrenched thinking that gold and silver are equivalent to money, > and thus wean us over to trust bankers' "credits on account" in its stead. > > Thank you, so much, for both of your guidance and support. References to > the above, follow... > > > ---------------------- > 48 Stat. 112 & 113, Public Law 73-10, 5th June 1933, H.J. Res. 192, 31 > Repealed: Chap. 48, 48 Stat. 112 & 113, 5th June 1933, H.J. Res. 192, 31 > ---------------------- > 31 U.S.C.A. § 314 - the standard unit value as "the dollar consisting of > Repealed: 31 U.S.C. § 314 by passage of 96 Stat. 877, Public Law 97-258, > ---------------------- > United States v. Butler, 297 U.S. 1 (1936), found unconstitutional and > Repealed: Chap. 25, 48 Stat. 51, 12th May 1933 by passage of 96 Stat. > ---------------------- > 12 U.S.C. § 152 - "The terms 'lawful money' and 'lawful money of the > Repealed: 12 U.S.C. § 152 by passage of Public Law 103-325, title VI, vinyasi-public-records.info/personal/Fwd_HJR_192.txt definition of "lawful money" repealed...have not had time to check out WHAT if anything replaced it....also been reading an article that says Federal Reserve Notes are NOT "legal tender", and haven't been since 1982, I think the article said...so wth is that green stuff we've been trading with? "Monopoly" money? - later.
"...as long as there..remain active enemies of the Christian church, we may hope to become Master of the World...the future Jewish King will never reign in the world before Christianity is overthrown - B'nai B'rith speech http://www.biblebelievers.org.au/luther.htm / http://bible.cc/psalms/83-4.htm
FWIW, 24.8 grains [0.0516 tr oz] of gold [.9999 fine] will set you back ~$60 today.
How many grains are in an ounce? Thanks.
Thanks.
The PTB want people in paper and will do anything to keep your money in their system.
According to coinflation, the gold content of a 19th century Liberty Gold Dollar is worth $53.99 at the Friday closing gold price for NYMEX.
A trillion here, a trillion there, soon you're not talking real money
480
A trillion here, a trillion there, soon you're not talking real money
Thanks.
Bookmarked - thanks.
If 16,000 tons of these billets got out that's just over one percent of the estimated total of 130,000 tons of gold above ground. Not enough to crash the price, but enough to cause some uncertainty, I would suppose. But hell, these bars would be easy enough to spot. If the bars are merely plated, as it states in the article, I'm sure a tap with a center punch would tell you something was wrong with a bullion bar. Even a rap with a hammer would reveal a clinker, I bet. Tungsten is hard as hell. It took some serious engineering to extrude wire from it thin enough to use in lightbulbs. Hard to believe that such a transparent scam even worked. It's testament to the confidence that people have in believing what they see - or think they see.
As the world augers in to God only knows what, I believe that we'll see more and more of these financial scams and robberies. Satan's having a ball these days.
The price of gold will increase because the amount of physical gold in existence will be found to be less than previously thought -- and the value of the dollar continues to decline. People holding paper (any paper) don't have anything of value.
#2. To: TommyTheMadArtist (#1)
As I stated before, Gold is going to tank, because pretty soon, nobody is going to want it. Not because it's got no value, but because nobody is sure if they're getting real gold, or some tungsten filled crapola.
#3. To: TommyTheMadArtist (#1)
#4. To: PaulCJ (#2)
(Edited)
#5. To: PaulCJ (#2)
(Edited)
#6. To: RickyJ (#4)
No, cutting them open is not required.
#7. To: PaulCJ (#6)
#8. To: DeaconBenjamin (#0)
#9. To: DeaconBenjamin (#0)
#10. To: DeaconBenjamin (#0)
No.
Atomic
WeightName Sym. M.P.
( °C )B.P.
( °C )Density*
(g/cm3)Earth
crust (%)*Discovery
(Year)Group* Electron
configurationIonization
energy (eV)74 183.84 Tungsten W 3410 5660 19.35 1783 6 [Xe] 4f14 5d4 6s2 7.864 75 186.207 Rhenium Re 3180 5627 21.04 1925 7 [Xe] 4f14 5d5 6s2 7.8335 76 190.23 Osmium Os 3045 5027 22.6 1803 8 [Xe] 4f14 5d6 6s2 8.4382 77 192.217 Iridium Ir 2410 4527 22.4 1803 9 [Xe] 4f14 5d7 6s2 8.967 78 195.078 Platinum Pt 1772 3827 21.45 1735 10 [Xe] 4f14 5d9 6s1 8.9587 79 196.9665 Gold Au 1064 2807 19.32 ancient 11 [Xe] 4f14 5d10 6s1 9.2255 80 200.59 Mercury Hg -39 357 13.55 ancient 12 [Xe] 4f14 5d10 6s2 10.4375 81 204.3833 Thallium Tl 303 1457 11.85 1861 13 [Xe] 4f14 5d10 6s2 6p1 6.1082 82 207.2 Lead Pb 327 1740 11.35 ancient 14 [Xe] 4f14 5d10 6s2 6p2 7.4167
#11. To: Pinguinite (#10)
#12. To: DeaconBenjamin, noone222 (#0)
[this has been sitting on my computer for days]
> > With all due respect to the two of you for entertaining and enlightening > me during the course of your taped seminars and Sam's internet radio > programs... >
> U.S.C. § 463; also amended a sentence within the Agricultural Adjustment
> Act of 12th May 1933 {Chap. 25, 48 Stat. ante 52}:
> vinyasi-public-records.in...-joint-resolution-192.pdf >
> U.S.C. § 463 by passage of 96 Stat. 1074, Public Law 97-258, 13th
> September 1982: page ten of...
> vinyasi-public-records.info/data/HJR-192_repealed.pdf >
> 24 8/10 grains of gold, nine tenths fine and/or 371.25 grains of .999 fine
> silver as established shall be the standard unit of value, and all forms
> of money issued and coined by the United States shall be maintained at a
> parity of the value with this standard, and it shall be the duty of the
> Secretary of the Treasury to maintain such parity." >
> Sect. 1, 13th September 1982:
http://uscode.house.gov/download/pls/31T.txt >
> void the Agricultural Adjustment Act of 12th May 1933, Chap. 25, 48 Stat.
> 31 {also known as: the National Economic Emergency Act}:
> http://laws.findlaw.com/us/297/1.html >
> 1074, Public Law 97-258, 13th September 1982: page ten of...
> vinyasi-public-records.info/data/HJR-192_repealed.pdf >
> United States' shall be construed to mean gold and silver coin of the
> United States." >
> Sect. 602(e)(22), (23), (f)(7), 23rd September 1994, 108 Stat. 2292, 2293:
> http://uscode.house.gov/download/pls/12C2.txt "
#13. To: AllTheKings'HorsesWontDoIt (#12)
(Edited)
31 U.S.C.A. § 314 - the standard unit value as "the dollar consisting of > 24 8/10 grains of gold, nine tenths fine
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#14. To: Esso, anyone here (#13)
#15. To: Esso (#13)
#16. To: TommyTheMadArtist (#1)
As I stated before, Gold is going to tank
#17. To: Esso (#13)
FWIW, 24.8 grains [0.0516 tr oz] of gold [.9999 fine] will set you back ~$60 today.
#18. To: Lod (#14)
How many grains are in an ounce?
#19. To: DeaconBenjamin (#18)
#20. To: Lod (#14)
Good conversion website.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936)
#21. To: Esso (#20)
#22. To: Lod (#21)
#23. To: randge. all (#22)
Hard to believe that such a transparent scam even worked. It's testament to the confidence that people have in believing what they see - or think they see.
#24. To: TommyTheMadArtist (#1)
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