Loading ...By Pam Martens and Russ Martens: April 1, 2020 ~
https://www.youtube.com/watch?v=WwMLMXV6mcU&feature=emb_title
979 Tons Of Gold Sounds Like It Would Take Up A Lot Of Space, But For Perspective would fit in 4 Chevy Vans.
By far, the Chevrolet Express‘ strongest selling point is its cargo space. Base cargo vans have a total capacity of 239.7 cubic feet, while opting for the extended-wheelbase cargo van nets a whopping 284.4 cubic feet.
979 Cubic Feet of Gold, divide By the smaller 240 cu ft van is about 4 van loads.
979 Cubic Feet Of Gold divide by the bigger van 284 cu ft van is 3.5 Van Loads.
Each of 4 Vans would have about 244 tons inside. One ton is max load. The floor, suspension tires and rims would squash down.
So A 1 ton cap cargo van would only be able to haul one, 14″ cubic square block, and you’d need a fork lift for the block. And it would probably cave in the floor a little with 2,000 lbs on a 14 inch surface.
The Entire GLD Hoard, stored in a four car garage with the vans parked inside.
A 747 cargo 300,000 lbs max or about 150 tones, or only 150, 14″ Square Blocks Of Gold. And you can NEVER stack it in one spot. It would cave in the floor. They would have to spread it out on the entire floor.
@CaptainHook, Lets Think About Who Can Dip Into The GLD Hoard.
Can an investor take physical possession of the gold backing his/her shares of SPDR® Gold Trust (the “Trust” or “GLD”)?
The Trustee of the Trust, The Bank of New York Mellon, does not deal directly with the public. The Trustee handles creation and redemption of the Trust orders for the Trust’s shares with Authorized Participants, who deal in blocks of 100,000 SPDR® Gold Shares. An individual investor wishing to exchange the Trust’s shares for physical gold would have to come to the appropriate arrangements with his or her broker and an Authorized Participant.
Total gold in trust Today
- Tonnes
- 978.99
- Ounces
- 31,475,579.87
- Value US$
- 50,755,315,843.95
Comment:
Now, who or what “participants” would be needing or wanting to take possession? JP Morgan? Chase? GLD had stored In 6/30/06, 372 Tons, 979 today. Allegedly. Sounds like its in London 400 oz bars.
A 14″ X 14″ X 14″ Square Block Of Gold Is One Ton or 2000 lbs. So todays 979 Tons sounds like a lot but its a little over 979 Cubic Feet. A typical 14 cu ft in a refrigerator? So its the size of 70 refrigerators. ? Double check the numbers I did this fast.
Buygold @ 15:21
You said, “I’ve never seen the Crimex raise margin requirements when the price of the metals is falling – never.”
Actually that’s how they killed the rally in 2011. The difference this time is OI is at the lows now.
Go ahead, raise the margins more — they are sold out with the risk to the upside because of this.
Thing is, if they raise margins more from here buyers would be stupid to speculate in futures with little leverage.
Might as well buy physical silver and go for the ten bagger with little risk.
Cheers
Ipso, Captain
Ipso – Pretty damn funny and so true. People can buy gold all day long for the paper price and never receive an ounce, worse, more than likely lose their asses because of their manipulation! When the rules don’t work in their advantage, i.e. margin requirements, they just raise them to scare the regular folks, almost always long, out.
I’ve never seen the Crimex raise margin requirements when the price of the metals is falling – never.
Captain – I hope I’m right too, but I think your statement here pretty much says it all:
“This is until these idiots are parted from enough of their money they stop…PMs will continue to be held back.”
Unfortunately, I have no clue where we go from here…
Buygold @ 9:34
That brings to mind the old Soviet joke.
A guy walks into a bakery and says to the baker: “Hey how come your bread is 70 kopecks, the baker down the street is selling his bread for 50 kopecks?”
The baker says to him: “Well why don’t buy your bread there?”
The guys says: “He doesn’t have any bread to sell.”
The baker says: “Well when I don’t have any bread to sell I sell it for 50 kopecks too.”
Federal regulators are relying on Goldman Sachs Bank USA to have hedged $42.2 trillion in derivatives
Wall Street Had Cut 68,000 Jobs and Received Trillions in Emergency Loans Prior to COVID-19 Anywhere in the World
Goldman Sachs Bank USA is the poster child for the insanity inherent in the U.S. banking system (with JPMorgan Chase and Citigroup’s Citibank not far behind). It has $228.8 billion in assets, $34.5 billion in risk-based capital, and $42.2 trillion in notional derivatives (face amount). Federal regulators are relying on Goldman Sachs Bank USA to have hedged $42.2 trillion in derivatives so that its netted out total credit exposure from all of its derivative contracts is just $118.4 billion rather than $42.2 trillion — which is still 344 percent of its risk-based capital.
That’s a big leap of faith given that JPMorgan Chase in 2012 had no idea its derivative traders in London were hiding massive losses on their derivative trades until a media leak brought on an investigation. JPMorgan CEO Jamie Dimon told the media at the time that it was all just “a tempest in a teapot.” But once the Senate’s Permanent Subcommittee on Investigations looked into the matter, it turned out to be a $6.2 billion loss on derivatives. The London traders had used the insured deposits of the bank as if they were chips in a gambling casino.
Even a calamity like that, which launched an FBI probe, did not move the Federal Reserve to tame these banking behemoths on Wall Street.
Buygold @ 9:08
Buygold…you said, “Almost appears that the most of the other players left have finally figured out that the Crimex is a sucker’s game.”
I hope you are right, however knowing how stupid these idiots can be (attempting to not over-generalize), it could simply be the margin increases set against increasingly challenged liquidity conditions. Notice PM’s are still trading in the same direction as the larger equity complex.
Of course your next point could account for this, that being, “if we could just get rid of all the ETF’s – GLD, SLV, GDX, etc. maybe pm’s and shares could have a chance to trade freely”.
A truer statement concerning PM’s you will not find. That’s why the ETFs were put into the formula by the bankers. Because they knew it wouldn’t take much to turn many former PM investors into rabid gambling speculators that would be easy to push around using the machines.
This is until these idiots are parted from enough of their money they stop…PMs will continue to be held back.
Cheers
A little more inventory, not much but you have to pay up
https://www.golddealer.com/product-category/products-2/bullion/silver-bullion-coins-bars/
https://www.golddealer.com/product-category/products-2/bullion/gold-bullion-coins-bars/
Can get some Gold Eagles for $1788, only a 10% premium, which given the bullshit the Crimex is subjecting the gold market to, seems rather cheap to me if someone doesn’t own physical yet.
Just sayin’
R640, Captain
From the looks of the COT Report it almost appears it won’t be long before the Commercial Banksters will be betting against themselves on the Crimex.
Almost appears that the most of the other players left have finally figured out that the Crimex is a sucker’s game.
Now, if we could just get rid of all the ETF’s – GLD, SLV, GDX, etc. maybe pm’s and shares could have a chance to trade freely?
Credit Bubble Bulletin=A domino collapse of currencies, Credit and banking systems, and economies has become a frighteningly high probability outcome.
That the coronavirus crisis is a catalyst for piercing history’s greatest Bubble greatly broadens the scope of institutional failure. “The Coronavirus Pandemic Will Forever Alter the World Order,” is the title of Mr. Kissinger’s insightful piece. “While the assault on human health will—hopefully—be temporary, the political and economic upheaval it has unleashed could last for generations.”
Confidence in government will be shattered for years to come. Here in the U.S., we run up national debt past $21 TN – and fail to accumulate a reasonable stockpile of ventilators, masks and PPG. No preparation for a pandemic? After the downfall, it will take generations to restore faith in central banks. If trust in Wall Street has been thin, just wait. And right now Washington is hell-bent on destroying trust in government finances. We continue to witness behavior ensuring a systemic crisis of confidence in the financial markets and policymaking.
It’s a different world now. The chasm that developed between inflated expectations and deflating economic prospects gapped wider than ever. Prospects for a ravaging EM meltdown keep me awake at night. The existing financial structure, dominated by unsound debt, leveraged speculation, derivatives and free-flowing finance – I don’t see how it works going forward.
When EM citizens come to appreciate their boom experience has left them with unmanageable debt loads – and see their nation’s reserve holdings depleted in fruitless currency support operations – there’s going to be hell to pay. The house of cards is being exposed – and a crisis of confidence is at this point unavoidable. A domino collapse of currencies, Credit and banking systems, and economies has become a frighteningly high probability outcome.
In such a scenario, how would a crisis of confidence in Chinese finance be held at bay? Will Beijing turn more insular as it confronts calamitous domestic issues? Or would a more aggressive global stance be considered advantageous in the face of mounting domestic insecurity and dissent? The upside of Bubbles, buoyed by an optimistic view of an expanding “pie,” is conducive to cooperation, assimilation and integration. The downside unleashes a demoralizing slide into antipathy, disintegration and confrontation.
Kissinger: “We went on from the Battle of the Bulge into a world of growing prosperity and enhanced human dignity. Now, we live an epochal period. The historic challenge for leaders is to manage the crisis while building the future. Failure could set the world on fire.”
=http://creditbubblebulletin.blogspot.com/2020/04/weekly-commentary-king-of-sovereign.html
Report from the Islands ‘Petri Dish’
HAWAII HAS 34 NEW CASES, ONE NEW DEATH. Stats from the Hawaii Dept of Health:
Total cases: 319 (34 new)
Hawai’i County: 20 (2)
Honolulu County: 237 (31)
Kaua’i County: 13 (1)
Maui County: 36 (9)
Pending: 11 (-)
Residents diagnosed outside of Hawai‘i: 2 (0)
Required Hospitalization: 18 (3)
Hawaii deaths: 3 (1)
Released from Isolation: 78 (6)
“Stay at Home” orders. Mandatory 14 day quarantine for air travelers, including interisland travel. Travelers arriving without a place to stay are immediately turned away at airport and sent back. Most business closed.
Spent yesterday mowing lawn & beating back jungle greenery. Harvested one bunch of banana. (Welcome to survivor island!) Sore today so sit down job was making face masks out of scrap cloth for personal use to go shopping, etc. There’s a home cottage business there… masks will become social ‘necessities’ and fashion statements. They will be with us for a long time I expect, as social distancing morals change.
treefrog
Good one Woo Hoo!