IF YOU DON'T HOLD IT...... shhhh... the vault is empty

[Spectrism]

If anyone is storing PMs in a vault somewhere.... you might want to rethink your trust in the storage facility. A paper document saying you "own" something is worthless when the defaults hit.

I expect there will be a physical PM run soon. Listen to Adrian Douglas interview-

Harvey & Lenny Organ & Adrian Douglas: Drop Another Bombshell In What Could End Up Being The Largest Fraud In History - I was contacted again by Adrian Douglas, Board of Director for Gata with another stunning new bombshell involving the man he testified with at the CFTC meeting Harvey Organ. Harvey, who was invited by the CFTC to testify and his son Lenny describe an eyewitness account with another piece of the puzzle in what could turn out to be the largest fraud in history. This time a large international bank with almost 15 million customers in 50 countries around the world becomes part of this unfolding saga. It is so hard to believe and unimaginable so let’s continue our trip down the rabbit hole with another King World News exclusive interview.

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_Andrew_Maguire_%26_Adrian_Douglas.html

[Ponce]

Like I said before, WTSHTF no one will be able to recover what they are holding for you..........you may as well kiss it good by.

[Spectrism]

I see zero hedge is on this too....

http://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-practically-empty



The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty, Is The Central Fund Of Canada Insolvent?
Submitted by Tyler Durden on 04/07/2010 10:30 -0500

Bank RunCommodity Futures Trading CommissionHong KongMorgan StanleyPrecious Metals


Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty. This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion. It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."

Also note the interesting detour into what Stephan Spicer, a VP of a major bank and a friend of the proprietor of the Central Fund Of Canada, has said in regard to these observations: he wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong. What this may imply for the CFC itself is rather critical - the CFC notes on its website it is in possession of 1.3 million and 67.3 million ounces of gold and silver, respectively. One wonders just how much actual gold is really backing these claims.


It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.


Link to full Eric King interview.

[Rebel Yarr]

Yeah - this could really be it - however - lots of folks are buying the full blown recovery right now..too bad for them - and I don't think we even need them at this point.

Someone said something like - if you can't access it you can't get it or own it or something like that - forget who said it though.

[Ponce]

If you can buy but not hold, you then don't deserve to have it.

[Saul Mine]

Yeah - this could really be it - however - lots of folks are buying the full blown recovery right now..too bad for them - and I don't think we even need them at this point.

Someone said something like - if you can't access it you can't get it or own it or something like that - forget who said it though.


If you need anybody's permission to get your stash it's not yours.

Cash and carry, insurance by Smith and Wesson. Then you own it.

[Ponce]

Mr. Yarr..........look at my signature.......... ;D