Text messages from LIBOR banksters, hyperinflation in Iran, introducing The Bitcoin Foundation, CFTC’s position limits rule thrown out, Bill Gate’s thoughts on digital currency and more.
Eric Sprott & David Baker of Sprott Global recently published an article titled “Do Western Central Banks Have Any Gold Left???” In the article they take a look at the supply and demand of gold and reach the conclusion that central banks are likely “leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, … The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back.”
The piece is not long and well worth reading in its entirety, but below are the highlights.
Vietnam’s gold ban, ‘ghost inventories’ in China’s steel industry, more community currencies, possibilities for exotic new transaction types with Bitcoin and more.
As reported recently in several major newspapers and on Zero Hedge, the NY Fed is undergoing an audit of the gold stored in the vault of its Wall Street office. Reportedly about 23% of the world’s official gold reserves, including gold owned by foreign countries and the IMF, are stored in the central bank’s vault. One could assume from the Fed’s timing that this might be an effort to put to rest ‘conspiracy theories’ about the Fed’s missing gold. Although those concerned about the Fed’s ‘transactions’ in gold, see this as the Fed’s attempt to quiet concerns while avoiding the real issue.
The Financial Times has just released an article claiming that several people familiar with the CFTC’ silver investigation are saying that the regulator has not found enough evidence to pursue a legal case and will soon drop the investigation.
Well…possibly, “hopefully”, “in the not-too-distant future”, maybe even “in September or October”. This according to a Bloomberg.com article quoting a member of the U.S. Commodity Futures Trading Commission here.
Perhaps thanks to the LIBOR scandal, gold market manipulation is beginning to look less like a crazy conspiracy theory and more like reality.