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发帖数: 1936 | 1 As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For
Physical Starting?
Submitted by Tyler Durden on 08/17/2011 16:27 -0400
In addition to the nationalization of his gold insutry, Chavez earlier also
announced that he would recover virtually all gold that Venezuela hold
abroad, starting with 99 tons of gold at the Bank of England. As the WSJ
reported earlier, "The Bank of England recently received a request from the
Venezuelan government about transferring the 99 tons of gold Venezuela holds
in the bank back to Venezuela, said a person familiar with the matter. A
spokesman from the Bank of England declined to comment whether Venezuela had
any gold on deposit at the bank." That's great, but not really a
gamechanger. After all the BOE should have said gold. What could well be a
gamechanger is that according to an update from Bloomberg, Venezuela has
gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As
most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands
physical delivery of more than 10.6 tons of physical because as today's CME
update of metal depository statistics, JPM only has 338,303 ounces of
registered gold in storage. Or roughly 10.6 tons. A modest deposit of this
size would cause some serious white hair at JPM as the bank scrambles to
find the replacement gold, which has already been pledged about 100 times
across the various paper markets. Keep an eye on gold in the illiquid after
hour market. The overdue scramble for delivery may be about to begin. |
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