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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:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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