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U.S. gold reserve is leased but undeliverable, Jim Rickards tells Peter Schiff
12:02a ET Thursday, August 14, 2014
Dear Friend of GATA and Gold:
Interviewed by fund manager Peter Schiff, geo-political strategist, author, and fund manager James G. Rickards asserts, among other things, that:
-- The U.S. gold reserve has been leased out but has not left its vaults.
-- The leased gold consists only of certificates of title that have been rehypothecated many times, creating a vast supply of imaginary gold that is undeliverable.
-- If called for delivery, those certificates will be nullified by a bullion bank's claim of "force majeure" and settled with yesterday's now-much-discounted cash price.
-- The gold exchange-traded fund GLD was essentially looted of 500 tonnes last year to smash the gold price down but this cannot be done again because that gold is gone too.
-- And gold and the gold market are moving to Asia.
It's a great interview, only 12 minutes long, and has been posted at GoldSeek here:
http://news.goldseek.com/GoldSeek/1407947161.php
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Silver mining stock report comes with 1-ounce silver round
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Casey Research 2014 Summit
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Jim Sinclair Plans Market Seminar in Nashville on September 20
Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:
http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/
