Do aliens Reside on Earth in the Guise of Human Beings?
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Loading ...I don’t think Elon Musk or Mark Zuckerberg are too happy about it.
Xetra-Gold’s Responds To Deutsche Bank’s Failure To Deliver Physical Gold
In the latest stunning development involving a documented failure of a bank to deliver physical gold when demanded, yesterday we reported that according to German website godmode-trader.de, a client of the Xetra-Gold Exchange-Traded Commodity was told the fund’s designated sponsor, Deutsche Bank, would be unable to deliver the requested gold. This was contrary to the explict reps and warrantiesmade explicitly in the Xetra-Gold’s prospectus, which said that investors are entitled to the delivery of the certified amount of physical gold at any time, and proudly added that “since the introduction of Xetra-Gold in 2007, investors have exercised this right 900 times, with a total of 4.5 tons of gold delivered.”
As the German article concluded: anyone who wants to easily convert their Xetra-Gold holdings into physical gold – at least for clients of Deutsche Bank – can do so only by selling their shares, and then buying gold coins or bars directly elsewhere. Which leads the author to the logical question: what is the worth of the Xetra-Gold service, which certifies the right to redeem physical gold, if said delivery is no longer possible? In other words, what was supposedly an ETC which promised physical delivery upon demand, is nothing more than yet another “paper only” play.
We asked another, more nuanced question: is the inability to deliver physical gold an issue with Xetra-Gold, or with the company’s “designated sponsor”, Deutsche Bank, and if the latter is suddenly unable to satisfy even the smallest of delivery requests by retail clients, just how pervasive is the global physical gold shortage?
Our report has stirred a significant response, both at Deutsche Bank, and at Xetra-Gold, which today filed an official response, one which can be read in German on the following page.
What is notable is that instead of immediately refuting the story – as it should have done if there is no breach of prospectus covenants – and declaring that any and all physical gold demands have and will be satisfied, Xetra took a very circular approach to responding, one which in effect confirmed our concerns, that the issue was not so much with Xetra, but with the sponsor bank, in this case Deutsche Bank.
Furthermore, the author of the original godmode article, Oliver Baron, penned his own reaction, in an article titled “Deutsche Borse takes a stand.” He writes that “yesterday’s article “Xetra-Gold: Nothing but a scrap of paper?” has struck nerves: Not only that GodmodeTrader was cited among others, at “Zero Hedge” a financial website influential on Wall Street, but also at Deutsche Bank and at Deutsche Borse, where the article has caused quite an internal stir, as Godmode traders was informed.”
He further writes that Deutsche Borse Commodities has released a fairly spongy formulated observation on the physical delivery of Xetra-Gold. The key phrases are:
“The Deutsche Borse Commodities GmbH points out that holders of Xetra-Gold shares can at any time exercise the right to delivery of securitized gold. Deliveries are made via a branch of a bank indicated by the investor. The requirement is that the branch offers this service because the delivery can take place only through the depository bank of the investor.”
As we reported yesterday, what made this particular “failure to deliver” notable is that the original client had asked for delivery via a Deutsche Bank branch, the same bank as the ETC’s sponsor, which is why, as we noted before, this appears to have been a problem involving not Xetra-Gold, as much as Deutsche Bank itself.
Baron agrees. As he writes, “in other words, it depends, according to Deutsche Borse Commodities, on the particular bank branch whether the physical delivery can be carried out.”
And, as we learned last night, it does appear that if the delivery is requested at a Deutsche Bank branch, the answer is no.
But this is where it gets even worse. As Baron adds, in a telephone conversation with the author, the Deutsche Borse Commodities exchange was unwilling to supply further information to Godmode traders whether physical delivery is generally feasible at most bank branches or not. And worst of all, “the exchange was unable to name any bank which is in a position to deliver physical gold without problems.”
Baron’s conclusion: “the “right” for actual delivery at Xetra-Gold is theoretical: physical delivery is only possible if the respective bank branch also cooperates. Suspicious gold investors should consider Xetra-Gold as another form of paper gold and not as a physical gold investment.”
Our take is slightly different: while we already know that physical delivery at Deutsche Bank appears to have been compromised, according to the Deutsche Borse Commodities response, the ability of any and every other bank in Germany to deliver gold is now likewise questionable. Which begs the question: where is all the physical gold?
It took me 5 authentication tries to post it; then I quit trying for 10 minutes and when I tried again it posted okay. The 26th may be called off due to whatever may happen on the 23rd and 24th. Anyway the video is thought provoking!!
Probably a dud and well insured like the Twin Towers and building 7 so they decided to “pull it”.
It’s not lightening like you have been told, and you may find the answers very disturbing as they relate to this month of September. Please humor me and watch it. Thanks
Maddog, you are correct, this is not a ‘debate’ but a first ever ‘forum’ whatever the heck that is. Something apparently NBC/MSNBC has set up and will be televising. Sounds like a trap of some sorts, will have to wait and see.
My bad for misreading the article. Egg on my face for that error, but a sigh of relief to discover the debates will go on as scheduled, where it wont be so easy for Hillary to hide from the public and her answers.
JsMineset website, that Sinclair used to like making time predictions such as ‘Gold will be at $400 by the time that such and such happened in his Connecticut garden’, like by the time there is frost on his pumpkins. That was probably a reasonable time forecast when he put it forward, as gold hit $390 in September 2003 and was in the low $400 target area by early December 2004. Since I never mastered the horoscope or planetary methods of predicting time targets for the precious metals, I found it easier to relate to the garden-based methods of predicting time targets for the fiat values of physical silver and gold.
Along the way, I found my own regional predictors, like the one I have now: Gold and silver, when measured in fiat Canadian dollars, are going to exceed their 2011 highs about the time that local Equisetum spores begin their joyous annual walk and dance.
That event will be after the current hurricane season is over in the western Atlantic, the Gulf of Mexico, and the eastern Pacific. Where I live on the continent, Equisetum spores are released to do their dance in late spring. Watch for them. And enjoy.
Obamanation announced Homeland security will be ” overseeing ” elections.
Published on Aug 30, 2016Paul Bedard at the Washington Examiner is reporting that Jeh Johnson is considering declaring the election a “critical infrastructure”.
the rain is just now beginning. not a lot of wind (yet). from weather underground radar, it appears the storm center will pass to the east of here. that means the right hand quadrant will hit somewhere near cedar key, and treefrog manor will get the trailing edge which is typically less vigorous. it may get a little breezy here, but i don’t expect anything more than 40 mph winds, give or take. the forecast is showing 100% chance of rain for the next three days. nice and wet. it’s good to be a frog.
Batten Down, Treefrog! Your ‘tropical disturbance’ blew up overnight into HERMINE and will be a hurricane at landfall this evening. Be Safe!
Are u sure this is a real debate….isn’t the 1st one 9/26 ?????
Trump should just refuse to participate, IMO. This is simply not a debate. He could hold his own press conference or TV show at the identical time and blast her for perjury and conflict of interest regarding the private server and withholding/deleting of e-mails as well as her role in the middle east disaster and her open border stance.
Re Debate
What a joke…..Trump should walk on with a chair and do the empty chair routine…….or he should demand a proper debate, or he doesn’t turn up and announce Killary is too scared to go one on one….
1 hour limit means that with ad breaks, Killary will be on stage for @ 20/25 mins at best…..which is all she can handle, as apparently she only speaks for less than 20 ,mins at all her campaign stops…..this is gonna fire up the ” what’s wrong with her” talk big time.
Look at the dollar upper left. I know one day is not a trend, but I’m betting they drop the dopy/dollar more from here. They manipulate the dollar on the COMEX, just like they manipulate gold. Imo of course.
http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=d1
All the other currencies will climb from here inverse dollar is my bet. Its always either us, or them, that get a rotating lower currency stimulation for exports. Like a farmer watering different sections of the farm.
But USA needs more water more often than the others. If you know what the central planners are up to, and place bets accordingly, its like trading on “inside information”.
“It will be a one-hour forum where Clinton and Trump will answer questions about national security, military affairs and veterans issues in front of an audience mainly made up of members of the military. The two candidates will not be on the stage at the same time, but will instead go back to back.”
Comment: Huh ?? ( Italic emphasis mine ) what do you mean not on stage at same time ? Is this a debate between two candidates or a Q&A separate interviews ? This certainly reeks of Media Spin and Protecting Hillary. Very strange indeed ! And whats up with the one hour time limit ? Hillary cant hold up any longer than that?
A SpaceX Falcon 9 rocket and its commercial satellite payload were destroyed by an explosion at their launch pad in Florida early Thursday (Sept. 1) during a typically routine test.
The explosion occurred shortly after 9 a.m. EDT (1300 GMT), as SpaceX was preparing to launch the Amos 6 communications satellite for the Israeli company Spacecom on Saturday, Sept. 3. At the time, SpaceX was conducting a static fire engine test on the Falcon 9. Such tests, which typically precede each SpaceX launch, involve firing the Falcon 9 rocket’s first stage engines while the booster remains secured to the launch pad.
“SpaceX can confirm that in preparation for today’s static fire, there was an anomaly on the pad resulting in the loss of the vehicle and its payload,” SpaceX representatives wrote in a statement. “Per standard procedure, the pad was clear and there were no injuries.” [SpaceX’s Falcon 9 Rocket Explained]
So … how’s that gun control working out for ya?
China can and will confiscate gold from SGE, banks and Chinese citizens, when it suits them
China can and will confiscate gold from SGE, banks and Chinese citizens, when it suits them
Clinic Provides Guaranteed, One-And-Done Lice Treatments Using FDA-Cleared Medical Device
HUNTINGTON BEACH, CA–(Marketwired – September 01, 2016) – Head lice infamously cause stress, disgust and embarrassment for millions of parents whose kids get infested each year. But thanks to the opening of a new Lice Clinics of America clinic, parents in Huntington Beach no longer have to worry about treating the icky bugs themselves.
Jewelers can’t lease metal, because the metal walks out of the door, never to return.
Miners can lease, as they have production to replace the sold/leased metal. Many industrial Co’s can lease, as they use the metals as catalysts, so the metal is still there…as I said Jewelers can’t.
