A reader alerted me to the fact that Bron Suchecki, one of the proprietors of the Perth Mint - the notoriously untrustworthy and fractional bullion account seller - made the claim that there's plenty of 400 oz. gold bullion bars to be had on the world market. This is contrary to every news report and first-hand accounting of shortages that have been presented over the last week.
So I have this question for Bron: If there's plenty of 400 oz. gold bullion LBMA-standard bars available, how come it's taking the United States Government SEVEN YEARS to send just 300 tonnes of the said 400 oz. gold bars that it owes back to the German Government and its citizens? Tell me Bron, if you can find an ample supply of bars, how come the Federal Reserve and the U.S. Treasury can not? How come the Chinese Gold and Silver Exchange Society is now forced to back-order bars from Switzerland? LINK
I rest my case.
Friday, May 3, 2013
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Main Stream Media bringing as many gold bashers including Goldman today out. Desperate to bury the hatchet in gold for good. Cannot have another "money currency" against the backdrop of funny money flooding.
ReplyDeleteThanks Dave
Sure there's plenty, and about to get plentier.
ReplyDeleteAfter all Armstrong has said in print many times it has no intrinsic value, so that must mean his bankster buddies will just print up some more to make up any deficit.
This mine produces copper, silver & some gold:
http://m.sltrib.com/sltrib/mobile3/56254837-219/mine-kennecott-company-april.html.csp
Bron is to bullion what Bart Chilton is to Commodities Futures and his hair is obviously equally as much a priority...
ReplyDeleteInteresting that Peter Schiff holds gold for his "gold debit card" in an UNallocated bullion account with Perth Mint also.
It's all just so much paper...
Peter Schiff is lightweight when it comes to gold. He didn't really start promoting it until about 5 or 6 years ago. He's somewhat of a dope.
DeleteThat's a great/hilarious analogy.
Dave,
ReplyDeleteI hope you did not fall for the lie by the Federal Reserve and the US Treasury, that they could not find an ample supply of bars. For my own part, I don't believe their lies for a minute.
Sounds like the Fed and the US Treasury have you as a firm believer in the absolute truth of everything they say, esp. when it comes to gold.
The Fed has admitted in front of cameras that they hold zero gold and haven't for many years.
DeleteI did not know this. The fact that it has also been admitted on TV, means obviously that it must be true. This appears to be what you are saying. The Fed knows full well, that if they repeat a lie often enough, folks will start to believe it.
DeleteDave,
ReplyDeleteBron is perfectly correct, there are PLENTY of 400 oz. bars "to be had" and in fact they are "being had" by multiple owners as we speak.
Does your fund assay the gold bars that you take delivery of? You know there are reports of many tungsten bars in the market.
ReplyDeleteMaybe there's plenty in Australia, the only thing that is low here is 1oz coins. I don't think Bron is trying to be deceptive. He has stated the the bull market is not over and the curent dip is a bear trap but that he does also think that there is too much hype.
ReplyDeleteDave, if you were the Perth Mint and you practiced fractional bullion account selling then you would need the hairdo to make the claim that there's plenty of 400 oz. gold bullion bars to be had on the world market. Otherwise your customers might think about only accepting delivery of physical...
ReplyDeleteAlso, do Bart & Bron ( both 4 letter names beginning with the letter "B" ) use the same hair stylist? i think we should be told
Finally, 80% of the world's physical Gold is in private hands and yet we appear to pay a lot of attention to the Comex, which hold less than 1%. i wonder why?
Good points!
DeleteBefore you shout your mouth off Dave you should get your facts straight. Bron in not a "proprietors of the Perth Mint".
ReplyDeleteIt's owned by the Western Australian government.
Yes I know exactly who and what he is, you dingus. I was using the term "proprietor" euphemistically. I guess they haven't gotten to that part of your lesson on Sesame Street.
DeleteThat is a perfect reply Dave.
DeleteCheers
almost $100 premium on a 1oz bar from PM
ReplyDeleteThe shortage is a manufacturing shortage. It takes time to ramp up production of small gold bars and coins. The raw material, 400 ounce LBMA bars and 100 ounce COMEX bars may be in plentiful supply at just a little over the spot price. Currently, the cheapest place to get it is by raiding the GLD inventory.
ReplyDeleteThere's a shortage because the price is too low. Theoretically there's never a shortage because nearly oz of gold ever mined - except the gold in people's teeth who are dead and buried - is sitting somewhere in vaults, etc. But the "seller's supply" of gold at this price is scarce. Just the facts please.
DeleteI think that you will find legally it is considered impossible to have a shortage of a monetary metal with a marginal utility of zero in the absence of an illegal manipulation of the market by definition. There have been English Law cases on this stretching back to Edward 11's expulsion of the Jews in the 12 century.
DeleteAt some point all this is going to go to Court. Now I don't believe that the law or any other function of any state in the world is able to stand up to the central bank cartel, but it will make interesting reading when the judge explains how this has happened. However the judge probably won't even publish his findings the argument is so ridiculous. The end result will be we can burn our economics books because truth will have become lies and the management of our perspective will be all that is left.
One problem with Bron Suchencki is that he believes spot London gold is physical. But we know that trading in London, mostly spot, is through unallocated accounts. Unallocated accounts a fractional banking system. Virtual gold supply (paper gold) can be created easily through unallocated accounts. Therefore, the spot price can easily be manipulated.
ReplyDeleteThere's a lot of problems with Bron, the biggest of which is that he's in varying degrees a fraud
DeleteBernie Madoff’s secretary’s crusade to put things right
ReplyDeleteReviews have been favorable. Variety said: “Eleanor Squillari describes her devastation and shock upon learning that the biggest financial scam in U.S. history was perpetrated right under her very nose, embarking on a private crusade to aid the FBI investigation.”
Eleanor lost her house and became unemployable. Madoff’s two sons were impoverished and one, Andy, hung himself on the second anniversary of his father’s arrest. The other, Mark, is seriously ill.
But a handful of staff members made fortunes by spending their days on another floor of the office tower where they fabricated trading records and made massive payouts to certain persons.
The producers were drawn to the project after reading Eleanor’s informative and apologetic piece in Vanity Fair. Her story is the narrative thread that unravels the complex scheme. Her cooperation with police was invaluable because she knew all the players and filed away certain documents, calendars, contact names and numbers even though Madoff had told her to destroy all information.
It’s obvious now why he issued such an unusual order, but the conscientious and unsuspecting Eleanor kept the info just in case her beloved boss would need it some day.
My role was to explain money laundering, global frauds and the personality of such masterminds. In one exchange with her, she told me that the 9/11 terrorist attacks, just blocks away from their offices in New York, left everyone reeling in the office that morning except Madoff. He ignored the television coverage and concerns of others and continued his meetings.
“But Madoff is more than just a sociopath,” I wrote in 2009. “Too much of this story doesn’t hang together and he was too functional in other aspects of his existence. That’s why I think this may be more about money laundering and tax evasion than about fraud. Most don’t realize that he pleaded guilty to money laundering too. If so, then some Madoff `victims’ may be perpetrators.”
http://opinion.financialpost.com/2013/05/03/bernie-madoffs-secretarys-crusade-to-put-things-right/
interesting....
“The price of gold is headed for extinction.”
ReplyDeleteGold hoarding is not an aberration: it is one of the main excellence of the gold standard. It is an essential part of the system of checks and balances. It constrains the banks and the government preventing them from expanding credit or running open-ended budget deficits and going into debt without seeing how the debt will be retired. It gives teeth to time preference which would otherwise be just a pious wish. Take gold out of the hand of the people, and you give free rein to the banks for unlimited credit expansion, and to the government for constructing a Babelian Tower of Debt.
All accountants and bank examiners in the world, aided and abetted by governments, overlook the impairment of capital due to the falling interest rate structure.
http://maxkeiser.com/2013/05/05/the-price-of-gold-is-headed-for-extinction/
Dave, have you read Bron Suchencki's response? I don't think his response is convincing. For example, he said the IBtimes report didn't mention 400 oz bars at all. Therefore the shortage must mean small-sized bars.
ReplyDeleteBut we know that Heraeus Ltd Hong Kong and Metalor Technologies (Hong Kong) Ltd are on the London Good Delivery List. If they still have plenty of 400oz bars, why does Hong Kong's Chinese Gold & Silver Society have to order from London and Switzerland?
"Germany does not want to incur expensive shipment costs (and risk) moving such a large amount of metal in a short period of time." is ridiculous. The shipping costs of that amount of gold is tiny to a country with a 3.6 trilliion USD GDP and willing to loan billions to the PIIGS.
Any thoughts?
Bron uses Goldmoney and Bullionvault to rebut the case. However, Goldmoney only has about 20 tonnes of gold and Bullionvault has 33 tonnes of gold. They were founded almost 10 years ago. They don't seem to be large players in the wholesale market.
ReplyDeleteNot much of a case here Dave although Bron does haphazardly swing his sword at you behind the cover of Turk trying to lure you in.
ReplyDeletehttp://goldchat.blogspot.com/2013/05/not-much-of-case.html
There probably is an ample supply @ $1,800 per troy ounce.
ReplyDeleteOkay. I'm cutting off all new comments about and related to Bron Sucheski. He's nothing but an obsequious little fruit fly in the grand scheme of things. This is what I have to say, and it's time to move on - this is a big waste of time:
ReplyDeleteYes, I know Bron Sucheski is not a "proprietor" of the Perth Mint. However he does work there and his title is "Manager" and he clearly spends an ample part of his time marketing the services of the Perth Mint. As such, I have euphemistically and sarcastically referenced him as one of the Perth Mint's "proprietors." In fact, let's call my use of the term "proprietor" an adumbrated reference to the fact that Bron works there and is part of the operations to sell gold, silver and certificates.
The funniest part about Bron's defense of his comment about the "plentiful" supply of 400 oz. bullion bars is that he used and referenced James Turks bullion service. In 2009, Turk explained why the Perth Mint Certificate program was nothing more than a paper bullion scheme: "Evidence shows that the Perth Mint is selling paper gold. After all, a certificate, by nature, is nothing more than a promise to the bearer. Owning a gold certificate is someone's promise to pay gold to you. According to James Turk, doing business with Perth Mint means you are a general creditor of Gold Corporation." http://www.marketskeptics.com/2009/02/warning-about-perth-mint-gold.html
Kind of ironic, if not poignantly pathetic, for Bron to use a "James Turk" defense when Turk himself calls the Perth Mint untrustworthy. What I find most hilarious is that there are people actually defending Bron and the Perth Mint. It's analogous to the chickens in the coop rooting for Colonel Sanders.
Time to move on to more productive endeavors.
It should be noted that Western Australia, home of the Perth Mint, is primarily a farming community. The mines are a later addition. Today in Western Australia 1/3 of all farms are facing bankruptcy this year. The drought has been prolonged and severe and finally the banks are biting the bullet and are calling the weather change permanent. The receivership's and in these family communities are devastating. I can assure you there is no will amongst the voters to take on the debts of a minor coin company if it fails. Bankrupt farmers who now have had to start work in the mines to pay off debts from the land will not pay taxes to international speculators. The Perth Mint is as simple as that.
ReplyDeleteHi Dave, I found this article by Professor Antal Fekete. Very interesting claim about gold dissapearing. His claim that there will be no amount of Fiat Dollars that will purchase gold. http://www.thedailybell.com/29047/Anthony-Wile-Antal-Fekete-Gold-Backwardation-and-the-Collapse-of-the-Tacoma-Bridge
ReplyDeleteUKIP's Godfrey Bloom Blasts Fractional Reserve Lending as Fraud; Says Central Bankers Should be Tried for Financial Crimes
ReplyDelete"The problem that we have is a flawed banking system, a fractional reserve banking system where bankers can lend money they don't have. If you go back in time in the United States to the 1850s, that was a capital offense. You could hang for that."
http://globaleconomicanalysis.blogspot.com/2013/05/ukips-godfrey-bloom-blasts-fractional.html
Penny Pritzker's Commerce (Part Two)
ReplyDeleteDid you know that in the early 1970s, the Internal Revenue Service investigated the Pritzker family, whose scion Penny Pritzker has just been tapped by President Obama to become Secretary of Commerce, because their Hyatt Corporation was paying no taxes? And that in the course of the inquiry, an IRS statement quoted an informant with access to the records of the offshore bank where they hid their assets that the family, “through their Hyatt Corporation, received their initial backing from organized crime”?
Did you know that this particular financial institution, Castle Bank & Trust of the Bahamas, was founded by a veteran of the wartime spy agency the Office of Strategic Services who specialized in creating front organizations for the CIA, and helped launder funds for attempts to overthrow Fidel Castro? That Castle operated by arranging for a Miami bank controlled by associates of mobster Meyer Lansky to accept the original deposits, which it then passed on to Castle with only code numbers, but not names, attached?
Did you know that the IRS dropped a major investigation of Castle in 1977, according to The Wall Street Journal, at the behest of the Central Intelligence Agency?
http://www.thenation.com/blog/174197/penny-pritzkers-commerce-part-two
The Privilege of the Pritzkers
ReplyDeleteTheir wealth is almost incalculable, because according to Forbes magazine, they are the only family in America to have off shore tax-free trusts because they were grandfathered in. Their off shore trust can ship money back to their family tax-free. It was grandfathered in because their grandfather got it through Congress – he was smart to see the future and got it done. Congress closed the loophole and grandfathered him in. Forbesmagazine wrote about the Pritzker’s off shore trust, they emphasized that there are over 1000 separate trusts. Many families have two or three different savings accounts to keep track of what money belongs to who, but when you have over 1000 different trusts to handle the family estate it’s very hard to comprehend how much wealth there is and how many businesses they control. A few years ago, Penny sold TransUnion, the largest credit reporting agency in America, but there’s a question about whether she sold it to herself by selling it to various hedge funds which her family has a large interest in. Until she sold it, you could say that Penny Pritzker had more files on every citizen in America than the CIA and FBI combined, because everybody has a credit score and credit report. Penny Pritzker had the credit scores and report on every single citizen in America.
Warren Buffett is in awe of the Pritzkers. They gave Warren Buffett their Mermin group to manage for them and then he will buy them out as it performs over the years.
DB: So Warren Buffett is one of Penny’s managers?
TA: The Pritzkers, years ago, sold Buffett 40% of the Mermin group with the other 60% acquired by Buffett over a 10 year period based on how well the Mermin group performed. As Warren made the Mermin group more profitable, the Pritzkers got more money, as he had to keep buying it from them. That’s how they let him manage the asset for them. You cannot appreciate their sheer genius until you study all the stories about them
http://www.counterpunch.org/2013/05/03/the-privilege-of-the-pritzkers/
Dave, what do you think of the data provided by the WGC and GFMS? Do you think they are reliable? The WGC is an organisation of the miners. However, I often have the feeling that the WGC tends to under-report the demand. But why do miners want to report lower demand?
ReplyDeleteShort answer: NO. Not reliable. WGC and GFMS are jewelry industry pimps. They completely ignore the physical demand that is really going on by the eastern hemisphere countries.
DeleteHistorically GATA has shredded both entities with good data. You can probably find articles about it in their archives.
http://www.merkinvestments.com/insights/2013/2013-05-08.php?registered=yes&utm_source=cc_newsletter&utm_medium=email&utm_campaign=2013-05-08-insight
ReplyDelete