Paper gold market defaults loom ?

[Shakespear]

Re: Paper gold market defaults loom ?

Does anyone know anything about this company?

PECUNIX

http://pecunix.com/money.refined...welcome

[Chris]

Re: Paper gold market defaults loom ?

RUMOUR To Consider:

Originally posted on the www.lemetropolecafe.com:

Dear Mr. Murphy!

As operator of the gold website www.hartgeld.com today I received several messages that the European Union now wants to go after gold. They fear that a massive run into gold cannot be controlled in any other way.

There are several rumors in banker circles:

Rumor 1 (from a high-ranking banker in Germany)

If the current last ditch system rescue fails and there is a massive stock market crash happens tomorrow Friday, severe limitations will be implemented EU-wide over the weekend:

* the sale and ownership of gold will be prohibited
* withdrawals from accounts will be limited, companies will need to prove the purpose of transfers
* even if this doesn't happen now, planning is underway

Rumor 2 (a former banker with excellent contacts):

http://www.mmnews.de/index.php/20081009125...sverkauft.html) - There is a directive to banks to not any longer sell gold to the public
- Also there are efforts to reduce the amount of gold and silver which goes into the retail market to lessen the strain on the 400oz bullion bar market in London - this one determines the price. In this way they decouple demand from the price finding mechanism.

The system is now on its last legs on both sides of the Atlantic. More desperate measures are on the way as it looks. But according to Richard Russell: inflate or die. If rumor 1 becomes reality next week, it will be definitely "die" for the elites, because there will be a general uprising.

There is almost no gold available here in Europe. In Germany now banks decline sales (because they have no supply or because of this directive, I don't know). But here in Austria, gold is still available from some banks, although the quantities are limited. There is also a massive run on banks for cash everywhere, even central bankers admit it.

Probably this is of interest to your readers of Midas.

Best Regards from Vienna, Austria
Walter K. Eichelburg

[dbarberic]

Re: Paper gold market defaults loom ?

Re: US Gold Confiscation

The one item that sticks out in my mind is that during the 1930’s gold confiscation, gold was widely distributed throughout the general public as both gold and silver were contained in the general coinage. This provided a large pool of gold and silver for the government to go after to re-capitalize the system. Now, very few people in the general public hold gold and silver, those that do are usually gold bugs or sophisticated investors, and are very unlikely to let it go if there was a general call for the gold and silver to be turned in. Consequently, I suspect that there will be coordinated effort of restricting supply and excessive taxation this time around.

My 2 cents.

[due_indigence]

Re: Paper gold market defaults loom ?

Gold is collasing today. An indication of deflation's short-term victory against the inflation argument?

[thomaspaine]

Re: Paper gold market defaults loom ?

Gold is collasing today. An indication of deflation's short-term victory against the inflation argument?

I think firms are riasing cash by selling anything they can.
Lehman priced below expectations, hence on the hook for more money.

The paper/physical markets are becoming even more disconnected....

[Andreuccio]

Re: Paper gold market defaults loom ?

BTW, ironically enough, I qualify and failure analyze semiconductor devices for a living and who knows, maybe some of your designs! I'll message you to compare notes.

That's not irony. It's coincidence. :rolleyes:

Pet peeve. I'll shut up now.

[ASH]

Re: Paper gold market defaults loom ?

That's not irony. It's coincidence. :rolleyes:

Pet peeve. I'll shut up now.

It could be irony, because the blind are following the blind?

Engineer #1 goes to a financial web site hoping to learn something about finance from a financial expert. Instead, he gets information from Engineer #2, who has no more background in finance than himself, but possibly a louder mouth.

;)

[serge_oc]

Re: Paper gold market defaults loom ?

Hi I'm a real newbie! I've got some cash from selling a property. I'm in australia and land prices haven't started to fall enough here (yet) - when they come down enough so I can afford it I plan to buy some productive farming land - where it still rains occassionally (most of Oz is in drought).

What I'm concerned about is possibly hyper inflation so am looking at buying bullion through Perth Mint leaving it with them. What I'm wondering is, at what price is it too expensive to buy?

I realise this might be a naive question but until recently I didn't have any money to buy any gold and now there is a long waiting list to process my paperwork before I can buy the gold. So I'm starting to think it might not be worth it. any thoughts?

Perth is ok with me.

I guess future will show, but I really don't understand people bashing PerthMint. IMO it's the best place to store gold offshore.

PerthMint actually has the option of delivering metal. I think BullionVault generally doesn't, unless it's a special circumstance, the way I understand their web site (http://www.bullionvault.com/help/?FA..._vaulting.html, see Can I get physical custody...).

I think none other than Perth has that option loud and clear, which is a big sign of openness and a reason for people to abuse what I see well documented procedures they use. IMO, Perth has government guarantee which in case of fraud pretty much covers you. All other places, you need to haggle with insurance companies. I don't know, again, future will show. Hopefully they are all good and no problem comes out whatsoever.

For you, being in Australia, it probably doesn't make much difference, since Australia is probably the only country in the world (aside from Swiss) that's gold friendly.

Also, any place (BV, Perth whatever) has long list of paperwork to insure your safety. Unless you walk into a coin shop and just hand over cash, any place will ask for ton of paperwork.