A Forensic Investigation from SSJ

169
Wed, Jul 31, 2013 - 11:45am

Yesterday, longtime Turdite "StrongSideJedi" went off on a project. Inspired by the ongoing discussion of negative GOFO and a video which he had posted earlier in the day, SSJ began sniffing out the origins of the gold in the GLD. Rather than see all of his effort lost among the pages of comments, I decided to create this "guest post" out of the material he uncovered.

So this post is divided into three parts. First, after reading through all of SSJ's material, I posted my own summary and conclusions for SSJ to consider. (Frankly, his work is so extensive, I wanted to check to see if I was reading it right.) Next, there is SSJ's response to my conclusions and, finally, a full c&p that I've cobbled together from the string of information that SSJ posted through the day and evening yesterday. Please read this material and draw your own conclusions. Please also add any other information that you may think relevant. I'm sure that SSJ will be monitoring this thread and adding his further comments, too.

Before we begin, I just want to salute SSJ for his diligence in attacking this subject. As you all know, if we collectively wait for "mainstream" outlets to pursue the facts regarding gold rehypothecation and fractional reserve banking, the truth will remain hidden. It is only through the efforts of concerned individuals like SSJ that we will be able to prepare for and anticipate the next acts of the wicked central banks and their sinister bullion bank accomplices.

Alright...so let's begin at the end. Here are the conclusions I posted and asked SSJ to review:

  • GLD was "funded" with gold leased out (sold) by the BoE and SNB.
  • With everything going on, not only are those entities no longer willing to provide supply, they're actually taking their gold back before it's too late.
  • Holders like Paulson and Soros are the "fly in the ointment" as they have a GLD claim on the same gold that the BoE and SNB claim as their own "leased" assets.
  • We are witnessing a managed, slow-burn "run" on the London vaults, where supposed "allocated" gold rests for entities worldwide but this gold has instead been leased out, not only to the GLD, but sold into the market and currently dangling around the necks and wrists of Asians as well as being recast into 1Kg Chinese bars.
  • SSJ then reviewed my conclusions and posted this in reply:

    The set of conclusions you've posted above are reasonable.
    One of the key issues is that the SNB and BoE sales rates need to be cross correlated to the source of GLD ingots.
    I'm guessing and speculating that the bars sold by SNB were in London and not in Switzerland. If so, the SNB may have had 1200-1300 metric tons of gold allocated in BoE vaults. Presumably those bars were sold through LBMA anyway. Since BoE and LBMA mix their books (see BoE statement that they are "custodian" on their statements), the lack of transparency at LBMA is reaching a point that there is global economic ramification due to their gamesmanship. This is unacceptable from a geopolitical sense. Therefore, it is logical that the Chinese and others have lost confidence in the system. It is also logical that those players are removing their bars from the LBMA/BoE system. Even so, the British Empire and the LBMA clearly were the dominant player for several centuries, amassing and vaulting huge sums of gold.
    We need to do some more forensic analysis based upon reports from the other up and coming players. Dubai is one such player. The other two are Hong Kong and Singapore. So, the place I would like to go now is to look at the reports of gold shipments from London to those three places. One of the videos yesterday that I posted (Mike Maloney) attributed the market action to Chavez and Venezuela. It might be that Chavez was more of a symptom and response. Libya and Quaddafi is an interesting player due to the fact that he was killed and Libya had gold reserves in London. I've wondered if the Libya situation was due to the market needing to locate 100+ mt of gold to fulfill demands by players for their allocated gold ingots.
    LBMA's lack of transparency in gold audits is highly problematic at this point. LBMA needs to disclose their trading numbers and needs to publish regular reports on their vault. Otherwise, why believe anything coming out of LBMA?
    BoE online reports appear to combine leased and pledged gold with their own reserve in the reported line item. Therefore, you can not evaluate or tease apart the amount of hypothecation or rehypothecation in the fractional gold reserve scheme in London. I'm sure this is on purpose as GATA has so perfectly illustrated.
    When I was studying that BoE spreadsheet, it looks like the spreadsheet has fixed quantities of gold (ounces) but that other financial instruments are moving quite a bit. I've not studied the spreadsheet close enough to correlate the movement of the numbers to physical world events.
    But, the gold reserves counted by the nations should not be screwy. Otherwise, those financial analysts and political bureaucrats will be summarily penalized by their governments. The bottom line is that the disclosures by SNB and GLD are sufficient to pinpoint what is really going on even if BoE is lying. When dealing with 1000 metric tons of gold, you can not easily move that from one inventory to another. Therefore, the BoE could be completely opaque and yet the SNB and GLD disclosures were sufficient to see the dynamics over time.
    I need to extract the data from SNB annual reports. If anyone knows how to locate SNB's statements on gold reserve held in London versus Switzerland, it would be helpful. I've already located total SNB gold ounces per year. It's just that you can not tell how much was in the London versus Geneva/Bern/etc.

    And here is the complete, unedited string of posts from SSJ. This is a simple c&p of everything SSJ posted, in the order he presented it. Please read through it yourself and then post your own conclusions into the comments section of this thread.

    TF

    Swiss National Bank - SNB - Gold reserve number
    Submitted by Strongsidejedi on July 30, 2013 - 4:00pm.

    Several URL's on Swiss banking gold
    From SNB's 2012 report:
    "Gold sales have not taken place since September 2008."
    On page 144: 2012 year end gold reserve is 1001 metric tons of gold ingots with 39 metric tons of gold coins. 2011 year end gold reserve was 986 metric tons of gold ingots with 39 metric tons of gold coins. So, SNB acquired 15 metric tons of gold ingots in 2012. (So 1001 + 39 = 1040 metric tons at end of 2012)

    From https://www.usagold.com/swissgoldwgc.html (a 1999 report on Swiss gold)

    2,590 tonnes of gold in its official reserves (1) Switzerland is the world's fourth biggest individual official holder of bullion, after the Eurosystem (2) , the US and the IMF. As of April 1999, gold forms 38.3 per cent of the reserves of the Swiss National Bank (SNB). For many people, both inside and outside Switzerland, there has long been an assumption that the strength of the country's currency and its economy owes much to its considerable reserves of gold. The link between gold and the Swiss currency has been enshrined in the country's constitution for more than a century.
    The media outside Switzerland were therefore taken aback when, on 24 October 1997, a joint group of the Swiss Finance Ministry and the SNB produced a report on reform of the country's currency laws which, among other matters, recommended that some 1,400 tonnes of the gold reserves should be sold.

    Let's do some math.
    If the 2590 mt number from 1999 is correct, then indeed the SNB sold off 1400+ metric tons.
    The 1999 gold reserve appears to be 2590mt.
    The 2012 gold reserve appears to be 1040mt.
    The balance is 1550 metric tons.
    Isn't that an interesting number?
    1550 again.

    Swiss Nat'l Bank report from 2000
    Submitted by Strongsidejedi on July 30, 2013 - 4:14pm.

    SNB report from 2000 shows the gold transactions and leasing numbers.
    https://www.snb.ch/en/mmr/reference/annrep_2000_komplett/source
    "The agreement on gold sales concluded in September 1999 between 15 European central banks (cf. 92nd Annual Report, page 45), also requires the National Bank to limit its gold lending to the previous level of 328 tonnes. It therefore kept its lending volume constant on that level; at the end of 2000, the amount of gold lent was 323.8 tonnes." - page 50

    "The National Bank sells gold no longer required for monetary policy purposes totaling 1,300 tonnes successively over a period of time on the market. The proceeds are invested in various financial assets which are managed separately from the other assets. The investment process is structured similar to the foreign exchange reserves. Within the framework of the investment strategy fixed by the Governing Board, an internal steering committee determines the detailed investment guidelines and management measures. The yardstick for success is the yield achieved on benchmark portfolios.

    The sale of the gold no longer needed began at the beginning of May. By the end of December, the National Bank had sold 170.8 tonnes of gold on the market at an average price of US dollars 275.58 per ounce. The proceeds from these sales amounted to Sfr 2.6 billion. The Bank for International Settlements (BIS) was entrusted with the sale. The sales were concluded at regular intervals and in quantities that protected the market as much as possible. They are effected within the framework of the agreement on gold sales concluded between 15 European central banks in September 1999. The agreement fixes annual sales quotas.

    The possibilities of hedging additional gold holdings earmarked for sale against an unfavourable development of the gold price in Swiss francs are considerably limited by the agreement on gold sales of September 1999. The National Bank may therefore not hedge against the gold price risk with derivative instruments. It can, however, manage the currency risk of future US dollar-denominated proceeds from gold sales. For this reason, the National Bank has concluded dollar forward sales against Swiss francs and euros to the extent of roughly one-third of the future proceeds in dollars. A complete hedge of the currency risk is not necessary because, as a rule, any weakening of the dollar against the Swiss franc regularly coincided with a rise in the dollar price of gold. Moreover, broad-based hedging could lead to disturbances in the Swiss franc forward market. In 2000, hedging transactions resulted in a profit of Sfr 82.8 million."

    from page 90:
    "Physical gold holdings, which are stored at a variety of locations in Switzerland and abroad, declined by 180.7 tonnes compared with 1999. Of this figure, 170.8 tonnes were sold and 9.9 tonnes are accounted for by lending transactions and higher balances on metals accounts.

    Claims from gold transactions
    This item relates principally to secured and unsecured claims from gold lending transactions. Transactions are effected with first-class Swiss and foreign financial institutions. At the end of 2000, there were outstanding claims of over 323.8 tonnes, corresponding to a market value of Sfr 4,685.4 million (including accrued interest) on gold lending transactions."

    1999 holdings are listed as 2099.3 mt gold ingots, 175.2 mt gold coins
    2000 holdings are listed as 1918.5 mt gold ingots, 175.2 mt gold coins

    Bank of England gold sales
    Submitted by Strongsidejedi on July 30, 2013 - 4:23pm.

    SNB gold reserve is reported to be at 2100 mt in 1999, 1918.5 mt in 2000.
    Now, it's reported to be around 1040 mt.
    Therefore, about 1050 mt were sold between 1999 and 2008.
    In that same time period, Gordon Brown started the famous gold sales in London.
    How much gold did England sell?
    see the Brit's Treasury Dept. report here:
    https://www.docstoc.com/docs/28912647/Review-of-the-sale-of-part-of-the-...
    Annex A on page 28 states that 12.7 million ounces were sold.
    Convert 12.7 million ounces of gold to metric tons...
    It's 360 metric tons.
    The sales were over by 2002.

    GLD inventory as of 2009
    Submitted by Strongsidejedi on July 30, 2013 - 4:41pm.

    GLD inspectorate certificate as of 2009 list is published by GLD's trust at:
    https://www.spdrgoldshares.com/media/GLD/file/Inspectorate_Certificate_O...
    The report is interesting because the inspector clearly itemized every bar. He lists a variety of reporting errors when reconciling the inventory lists.
    Regardless, he counted 36,015,108.723 fine troy ounces of gold in 89,797 London Good Delivery bars.
    These bars were listed as being at "London Vaults of HSBC Bank USA National Association"
    I've previously published the quote from GLD that the HSBC custodian vaults are actually the Bank of England and LBMA vaults in London.
    So, how many metric tons of gold are 36,015,108.723 fine troy ounces?
    It's 1120 metric tons. The numbers are getting interesting, aren't they?
    Let's look at April 2011 near the peak.

    GLD publishes its inspectorate certificate here:https://www.spdrgoldshares.com/media/GLD/file/Inspectorate_Certificate_A...

    They note 39,167,616.813 fine troy ounces of gold held in 97,677 London Good Delivery bars.
    How many metric tons of gold in 39,167,616.813 troy ounces?
    It's 1218.25 metric tons.
    For more: https://www.spdrgoldshares.com/media/GLD/file/
    For the Internet literate, crawl it and download while you can.

    GLD inventory and SNB + BOE sales
    Submitted by Strongsidejedi on July 30, 2013 - 4:51pm.

    BoE sales were about 360 metric tons.
    SNB sales were about 1050 metric tons.
    BoE + SNB = 1410 metric tons.
    GLD at peak in April 2011 reportedly had 1218.25 metric tons.
    SNB was selling at a rate of about 1800 metric tons per year from 1999 to 2008.
    1410 - 1218 = 190 metric tons.
    The numbers are pretty obvious here. There is wayyy to close of a match between these numbers and the GLD inventory numbers.
    GLD piled together the title rights to the bars in London vaults from other central banks. Those were probably lease rights. The GLD title rights were allowed to run up to the level of nearly the entire gold sales from both Switzerland and England combined.
    The SNB report from 2000 itself says it all:

    "National Bank has concluded dollar forward sales against Swiss francs and euros to the extent of roughly one-third of the future proceeds in dollars. A complete hedge of the currency risk is not necessary because, as a rule, any weakening of the dollar against the Swiss franc regularly coincided with a rise in the dollar price of gold. "

    Sounds like GOFO right?

    @TF
    Submitted by Strongsidejedi on July 30, 2013 - 5:01pm.

    Maguire and McLeod and the rest of the gang have been right.
    Plus, you set up that analysis with your pointing me to the GLD decline in inventory.
    My guess is that the GLD inventory went back to Switzerland.
    You have to wonder if Soros was being shielded by the Swiss.
    I'm guessing the phone call is something like... "Bonjour Mr. Soros, I am calling from the SNB. We'd like to discuss your investment accounts here. Can we make an arrangement with you to keep your accounts quiet and your fund solvent? By the way, we want our gold back in London. Can you sell your gold to us at once? After all, if you don't, we'll have to work your accounts with UBS, and we really wouldn't want to do that ... right? n'est pas?"
    "oh oui oui msr."
    "Danke, Merci, and Thank you Mr. Soros, you are such the team player"
    "oh oui oui..."
    hangs up and calls London desk
    Maguire then sees what he sees....am I right?

    More on GLD gold holdings
    Submitted by Strongsidejedi on July 30, 2013 - 5:59pm.

    https://www.spdrgoldshares.com/media/GLD/file/SPDR_Gold_Trust_10-Q_(quarter-ended_03_31_13).pdf
    page 13 of the report:
    "As at September 30, 2012, the Custodian held 42,803,608 ounces in its vault 100% of which is allocated gold in the form of London Good Delivery gold bars excluding gold payable, with a market value of $76,019,208,058 (cost — $50,726,261,488). Subcustodians held nil ounces of gold in their vaults on behalf of the Trust and 339,296 ounces of gold were payable by the Trust in connection with the creation and redemption of Baskets."
    42,803,608 ounces = 1213 metric tons (in line with the estimate above).
    Also they report "In the six months ended March 31, 2013, an additional 31,800,000 Shares (318 Baskets) were created in exchange for 3,080,127 ounces of gold, 64,000,000 Shares (640 Baskets) were redeemed in exchange for 6,195,243 ounces of gold, and 84,474 ounces of gold were sold to pay expenses.
    As at March 31, 2013, the Custodian held 39,264,721 ounces of gold on behalf of the Trust in its vault, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $62,754,840,067 (cost — $47,757,325,849) based on the London PM fix on March 31, 2013. Subcustodians held nil ounces of gold in their vaults on behalf of the Trust."
    6,195,243 - 3,080,127 = 3,115,116 ounces net lost
    3,115,116 ounces = 88.3 metric tons lost from GLD between 9/12 and 3/13.

    And here are the Bank of England ledgers:

    https://www.bankofengland.co.uk/statistics/Documents/reserves/2012/Dec/T...

    any conclusions?
    Submitted by Strongsidejedi on July 30, 2013 - 7:03pm.

    Any conclusions by anyone else?
    Here's a few of mine
    1. It looks like the governments in the IMF certainly do align gold with SDR's and with other currencies.
    2. Gold can not be a barbaric relic when SNB and BoE ledger gold as part of their reserve.
    3. When Gold is included in the SDR "basket" at IMF, is that by "tradition" also?
    4. FRB-NY had huge outstanding debts purchased from big players in the 2009-2010 timeframe. Where's the $1.2 trillion in assets to balance that sheet? Or, are we still calling MBStuff "asset" instead of "liability"?
    5. When US Fed Reserve injects 85 billion per month on various contracts, is that supposed to provide insulation from moral hazard? Who's hazard are we really talking about here?
    6. Which rules supreme? The privacy of the FRB or are we talking about the moral hazard of the currency in the United States of America? Congress anyone?
    7. Geez, if I can put this together on TFMR, where the hell has Bart Chilton been? He gets paid by US taxpayers for this crap and he's not done squat!
    8. Soros is no idiot. That guy got something in return for relinquishing authority and title over the BoE and SNB ingots in London. Or, is it possible that Soros' analysts in London were out having tea at Piccadilly while TMFR readers were triangulating on the prospective buyers? If Au goes to 3000, then Soros' liquidation of GLD shares is a foolish mistake. On the other hand, if Au goes back to 750, then Soros' liquidation of GLD shares will look incredible. Didn't Soros scope out the numbers before he sold millions of shares?
    9. Where the hell is Bill Gross in this mix? Was PIMCO completely asleep during the GLD action? Or, is the Bill and Mo show just getting started? Too much surf and turf at Balboa Island?
    10. Where is TimG? He was at FRB-NY and had to have inside info on the Maiden Lane and the TARP/TALF/barf me with a spoon. When our national government was coughing up 400 metric tons of GLD shares, did US Treasury department consider the impact on our national trade balance? Or are the exchange of GLD allocated gold ingots in London "off ledger"?

    Notes on LBMA gold bars
    Submitted by Strongsidejedi on July 30, 2013 - 7:21pm.

    LBMA gold in vaults...mentioned in this paper.

    The Role of the Bank of England in the Gold Market

    Michael Cross

    Head of Foreign Exchange, Bank of England

    The LBMA Annual Conference 2009, Edinburgh

    https://www.lbma.org.uk/assets/cross.pdf

    Bank of England has one of the largest gold vaults in the world; to give you a broad idea of the magnitudes, there are around 400,000 gold bars in our vaults, with a market value at current prices therefore of around £100 billion. The gold in our vaults is held on behalf of our customers and they include other central banks, international financial institutions, Members of the LBMA as well of course as the UK Treasury. The Bank is not unique in its role as custodian, and other central banks do offer similar facilities, most notably the Federal Reserve, and other commercial firms in London and around the world provide custodial services, although these are most commonly provided on an unallocated basis. As you know, the Bank provides an account management service on an allocated basis. That means that our customers holding gold at the Bank have title to specific bars.

    As I’m sure you also know, owners of gold are able to mobilize those holdings conveniently by making or receiving book entry transfers between the accounts of our customers at the Bank. Transfers affected in this way are advantageous because there is [no?] requirement for the gold to be physically removed from the Bank’s vaults. Instead, the title to the bars is transferred in the Bank’s back office system. The Bank is probably unique in providing this kind of account management service on the scale that we do. The service provides an important element of the gold market infrastructure in London, which helps participants to trade in a secure and efficient way.

    The system has grown up organically over a long period of time rather than by specific design – and very much in response to representations from participants in the London market. We certainly value the dialogue on this and on every other aspect of the gold market in London. As a parallel with the government’s gold lease facility on the Bank of England’s side, which grew out of our role as custodian, is that we used to accept gold unsecured deposits from other central banks and then on place them in the market in our own name at a price that took into account the operational and credit risk involved. However, like the government’s gold reserve, given historically low lease rates, the Bank is no longer able to on place gold deposits at a margin that justifies the credit or the operational risks involved. As such, we don’t currently accept gold deposits from other central banks for on placement.


    For all those Turd beaters
    Submitted by Strongsidejedi on July 30, 2013 - 7:32pm.

    We all know who the guys are that show up here and talk their negativity in this forum.
    https://www.lbma.org.uk/pages/?page_id=152&title=forecast_2013
    Well, maybe the Turd mashers can go read the official forecasts posted at LBMA for 2013?
    Somehow, despite this being a PM blog, and despite the blogosphere being so small, NOBODY went to LBMA and posted the actual forecasts from EVERY major player in the LBMA!
    NONE of the analysts predicted the correct low. All were off by 20% and NONE forecasted the gold sales from Jan to June 2013.
    Want to conjecture why?
    Because NONE of those analysts on the LBMA and looking at physical really understood the relationship between GLD and the title to the bars in the LBMA and BoE vaults.
    And, NONE of those analysts work for Goldman Sachs or JPMChase (the "cartel" as TF puts it). One analyst works for HSBC, but he was way off in his estimates.
    If the world at LBMA is going to sit at St. Andrews enjoying the 3 PM hole 19 tea, maybe they can get into their offices and actually post a LBMA inventory report that is able to match to GLD's postings.
    After all, it's the same vaults!
    And, if you really have 400,000 GD bars there, GLD already counted some 80,000 of them...right? Right?

    @Kcap- may the force be with you!
    Submitted by Strongsidejedi on July 30, 2013 - 10:30pm.

    @Kcap
    Look what I just found:
    https://www.gwb.com.au/gwb/news/banking/rothchild.html
    "To this day, N.M. Rothschild & Sons of London still lists as its primary business the selling and buying of treasuries and gold bullion. N.M. Rothschild helps fix the price of gold in London each day through the LBMA. A recent London Times articles explained that the gold price fix ceremony where five men (including a Rothschild) talk on their phones for 10 minutes, then lower tiny Union Jacks sitting on their desks, thereby fixing London's gold price each day. This ceremony takes place at 10:30 a.m. and 3 p.m., like clockwork, the same way, in the same place, and with mostly the same firms participating since the first gold fixing was enacted at Rothschild in St. Swithin's Lane on Friday Sept. 12, 1919. The company's name is also associated with many gold mining companies (e.g. Trillion Resources Ltd. and other Canadian mining companies)."
    There is a reasonable rationale to argue that the arbitrary nature of setting international gold price at LBMA is posing a national security threat to the United States.
    The video I posted earlier discussed fractional gold reserve banking. The video caused me to dive into the SNB annual reports and to identify that Swiss gold reserves were sold for ten years. The fact that those same quantities of gold (plus the gold sold by the UK in the exact same time frame) appear to have ended up in GLD is rather intriguing.
    JPMC is wise to get out of that business. If JPMC remained in that business, you would have US government interests running in opposition to the interests of the Rothschild's and the LBMA. Is there really any question why Jes Staley ended up in London? There really shouldn't be at this point.
    More significantly, these observations regarding gold reserve movement between sov's also explains the departure and schism between Germany and the UK pre-WW2.
    Let's rewind the clock by 150 years and take a closer look at the end of the reign of the Hanover clan. The House of Hanover included King George II, King George III, and ended with Queen Victoria. Sorry to the Brits who may be reading, but I'm decidedly American and will not be following any royal honorifics at this point. It is rather disappointing that the Queen and the House of Windsor would choose these paths. But, as an American and a patriot, my loyalty is to these United States and not to her financial encumberance on world gold supply.
    Queen Victoria's father may have been Prince Edward, but her mother was princess of Coburg. Victoria's mother was Prince Albert of Saxe-Coburg in northern Bavaria. The house of Windsor was formerly the House of Coburg in Germany's Bavaria. In many ways, the German defeat in WW-1 was to the house of Saxe-Coburg/Bavaria. By then, the family renamed themselves the House of Windsor. But, one can already see the impact of Victoria and Albert by going to the city square in Coburg, Germany (still standing despite both world wars).
    Perhaps I "doth protesteth too much" but my allegiance and birth are decidely American. I take great offense to the stealing of my fellow countrymen's wealth by Mr. Soros' schemes, Mr. Rothschild's quiet orchestration, or Her Majesty's feigned ignorance.
    When citizens globally and more specifically investors in the United States (because GLD is uniquely available on NYSE) are taken for an ride by the BoE, you would think that large holders of GLD would be irate.
    I wonder if we can find who the biggest holders of GLD are?
    Who will we find among those still holding bigger investments in GLD?

    JPMC politics
    Submitted by Strongsidejedi on July 30, 2013 - 10:51pm.

    https://www.prnewswire.com/news-releases/james-e-staley-to-join-bluemoun...
    https://blogs.wsj.com/deals/2012/05/11/ina-drew-the-london-whales-boss-l...
    https://www.bloomberg.com/news/2013-01-08/jpmorgan-s-staley-quits-to-joi...

    Somebody needs to fill us in on the London Whale.
    What was the trade and where was the guy situated?
    Don't tell me that the Whale was at LBMA, was he?

    Big holders of GLD
    Submitted by Strongsidejedi on July 30, 2013 - 11:48pm.

    https://www.nasdaq.com/symbol/gld/ownership-summary
    You have to love United States corporations and markets.
    The Bank of England and LBMA apparently feel that opaque gold reserves are a part of business.

    Owner Name Date Shared Held Change (Shares) Change(%) Value(in 1,000s)
    PAULSON & CO INC 03/31/2013 21,837,552 0 0.00 2,805,470
    JPMORGAN CHASE & CO 03/31/2013 10,155,833 36,559 .36 1,304,720
    BANK OF AMERICA CORP /DE/ 03/31/2013 10,021,350 10,979 .11 1,287,443
    NORTHERN TRUST CORP 03/31/2013 6,903,210 (9,104,784) (56.88) 886,855
    MORGAN STANLEY 03/31/2013 6,651,476 315,646 4.98 854,515
    CREDIT SUISSE AG/ 03/31/2013 6,247,052 153,100 2.51 802,559
    UBS AG 03/31/2013 5,717,581 1,806,219 46.18 734,538
    BLACKROCK ADVISORS LLC 03/31/2013 3,117,748 (3,451,284) (52.54) 400,537
    ALLIANZ ASSET MANAGEMENT AG 03/31/2013 2,887,943 (1,028,817) (26.27) 371,014
    FIRST EAGLE INVESTMENT MANAGEMENT, LLC 03/31/2013 2,622,208 30,698 1.19 336,875
    WELLS FARGO & COMPANY/MN 03/31/2013 2,139,671 (90,880) (4.07) 274,884
    SCHRODER INVESTMENT MANAGEMENT GROUP 03/31/2013 2,085,283 2,084,023 165,398.65 267,896
    LAZARD ASSET MANAGEMENT LLC 03/31/2013 1,972,699 (148,735) (7.01) 253,433
    SCS CAPITAL MANAGEMENT LLC 03/31/2013 1,859,787 193,611 11.62 238,927
    SUNTRUST BANKS INC 03/31/2013 1,827,282 (100,504) (5.21)
    234,751






    INSTITUTIONAL HOLDERS



    Owner Name Date Shared Held Change (Shares) Change(%) Value(in 1,000s)
    JPMORGAN CHASE & CO 03/31/2013 10,155,833 36,559 .36 1,304,720
    BANK OF AMERICA CORP /DE/ 03/31/2013 10,021,350 10,979 .11 1,287,443
    NORTHERN TRUST CORP 03/31/2013 6,903,210 (9,104,784) (56.88) 886,855
    MORGAN STANLEY 03/31/2013 6,651,476 315,646 4.98 854,515
    CREDIT SUISSE AG/ 03/31/2013 6,247,052 153,100 2.51 802,559
    UBS AG 03/31/2013 5,717,581 1,806,219 46.18 734,538
    BLACKROCK ADVISORS LLC 03/31/2013 3,117,748 (3,451,284) (52.54) 400,537
    ALLIANZ ASSET MANAGEMENT AG 03/31/2013 2,887,943 (1,028,817) (26.27) 371,014
    FIRST EAGLE INVESTMENT MANAGEMENT, LLC 03/31/2013 2,622,208 30,698 1.19 336,875
    WELLS FARGO & COMPANY/MN 03/31/2013 2,139,671 (90,880) (4.07) 274,884
    SCHRODER INVESTMENT MANAGEMENT GROUP 03/31/2013 2,085,283 2,084,023 165,398.65 267,896
    LAZARD ASSET MANAGEMENT LLC 03/31/2013 1,972,699 (148,735) (7.01) 253,433
    SCS CAPITAL MANAGEMENT LLC 03/31/2013 1,859,787 193,611 11.62 238,927
    SUNTRUST BANKS INC 03/31/2013 1,827,282 (100,504) (5.21) 234,751
    CTC LLC 03/31/2013 1,786,676 (2,034,331) (53.24) 229,534

    Elementary my dear RationalMind...elementary!
    Submitted by Strongsidejedi on July 31, 2013 - 12:08am.

    It appears that Mr. Paulson may have rights to more gold than the rest of the planet understands.
    If the gold ingots in BoE vaults are as hypothecated and rehypothecated as Mr. McGuire believes, then I would say that the US government has ever reason to "encourage" our British friends to clearly allocate the ingots owned by GLD.
    That would leave the rest of the world banks to argue over the scraps in London vaults.
    And, it would leave Mr. Paulson's fund and Mr. Fink's fund (Blackrock) able to request delivery.
    They are both gentlemen and would not seek to embarrass the crown in such a fashion.
    But, then again, maybe President Obama's faux-pas when in attendance of her majesty wasn't such a spontaneous err.
    Maybe the President knows what's up and that the crown of England should be eating a few more hot dogs for good times sake.

    Libyan Gold reserve discussed by IMF
    Submitted by Strongsidejedi on July 31, 2013 - 10:22am.

    For some reason the 140-180 mt number keeps coming up. It's like a magic number.
    And, note the dateline... March 2011
    IMF apparently discussed the Libyan gold reserve as being in the ballpark of 140 mt.

    https://www.bbc.co.uk/news/business-12824137

    22 March 2011
    Libya holding huge gold reserves IMF data shows
    By Andrew Walker Economics correspondent, BBC World Service
    "The IMF data show Libya's reserves to be 4.6 million ounces, a figure of nearly 144 tons. At current market prices the value is over $6bn.
    There are twenty countries with larger gold reserves. But, with the exception of Lebanon, they are all much richer or much larger in population.
    Britain for example has twice as much gold, but ten times the population and an economy more than 30 times the size.
    A closer comparison is Algeria, which is, like Libya, a North African oil producer - it has 20% more gold reserves, but more than five times the population."

    THAT'S ALL FOR NOW. THANKS AGAIN, SSJ!

    About the Author

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      169 Comments

    Outfitter
    Jul 31, 2013 - 2:43pm

    Crooks and Crimes

    If one crook steals something from another crook who stole it from another crook.......has a crime been committed?

    If so, how many crimes have been committed?

    I must meditate on this for a deeper understanding, or maybe just start drinking earlier than normal.

    Willy
    Jul 31, 2013 - 2:47pm

    DB

    Still very weak relatively today.

    agNau
    Jul 31, 2013 - 2:49pm
    Spartacus Rex
    Jul 31, 2013 - 2:57pm
    Spartacus Rex
    Jul 31, 2013 - 2:58pm
    dgstage
    Jul 31, 2013 - 2:59pm
    ancientmoney
    Jul 31, 2013 - 3:10pm

    Why Paulson holds worthless paper gold . . .

    Because he wants to trade it for phyzz, which I think he wants to do. Even he likely sees TEOTGKE.

    Urban Roman
    Jul 31, 2013 - 3:10pm

    SSJ,

    Well done! Kudos.

    And FleetFeet, -1, off-topic, and did not need reposting. There are forums for that.

    Motley Fool
    Jul 31, 2013 - 3:12pm

    Interesting speculation

    But almost nothing in terms of proof.

    My conclusion would simply be that those CB sales made it possible for GLD to get their hands on some market stock (not necessarily the same) that they otherwise would not have.

    zman
    Jul 31, 2013 - 3:15pm

    Sinclair bearish?

    Looks like Sinclair is somewhat bearish on gold, or at least reevaluating his original thesis.

    "Summers fundamentals would be more stimulative long term to the price of gold because he would accelerate the creation of money while directing less of it to the purchase of bonds. This is MORE INFLATIONARY than QE as now practiced."

    So what Sinclair basically said, the current QE policy is not really inflationary, and not bullish for PM's.

    "Therefore Summers would be bullish on inflation therefore bullish for gold in a way. Yellen would NOT BE."

    So Sinclair is now changing his tune, the only way gold moves higher is if the velocity of money picks up, how is that going to happen?? It's not from the current QE policy.

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