Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Accounting Trick Averts Gold-Shortage Crisis

Saturday, August 8, 2015 16:11
% of readers think this story is Fact. Add your two cents.

(Before It's News)

A few days ago, a Comex (Commodity Exchange) gold-warehouse report showed that the availability of registered gold was down to a mere 10 tons, the lowest it has been in modern times. That means there is one ounce of real gold for every 124 ounces that speculators think they own because they have paper contracts for it. To prevent panic among investors, a few days later, Comex reported that, miraculously, it’s eligible gold reserves jumped by a whopping 78% overnight, from 362K ounces to 643K. Worried investors went back to sleep thinking that the problem had been solved. However, the new “available” gold did not come from an influx of the real thing, but from an accounting trick performed by JPMorgan. The bank simply took 276,000 ounces of its “eligible” gold (meaning registered to specific parties and not to be used for fulfillment of futures contracts) and reclassified it as “eligible” gold (meaning it can be delivered for fulfillment of contracts. Presto! Crisis solved – at the expense of those naive souls who think that banks can be trusted to honor their contracts. ZeroHedge 2015 Aug 6 (Story) NESARA- Restore America – Galactic News



Source: http://nesaranews.blogspot.com/2015/08/accounting-trick-averts-gold-shortage.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.