Jim Willie: 60,000 Metric Tons of ALLOCATED Gold Likely Leased Out by Cartel!

The Doc sat down with the Golden Jackass himself Monday for an exclusive and SHOCKING MUST LISTEN interview!

The Golden Jackass makes the SHOCKING claim that perhaps 60,000 tons of allocated, segregated gold have been improperly used by the cartel to settle Asian margin calls!
He states that we will see $5,000/oz gold not from quantitative easing or the public entering the bull market, but from the cartel banks replacing what they improperly used in their leveraged games from allocated gold accounts!

Willie also informed The Doc that it appears that Morgan Stanley was used by the cartel to prevent a collapse in treasury bonds in 2010, and believes that Morgan Stanley was set up at the time by cartel banks as the next major financial firm to fail.  He states that there are no buyers for treasury bonds, and that the only demand for treasuries are interest rate swaps creating false, artificial demand, and that these IR swaps were what caused the 10 year rally & ‘flight to safety’ in 2010.

Doc’s exclusive interview with Jim Willie is a full half-hour of The Golden Jackass in perhaps his most shocking and explosive interview ever!

FULL MUST LISTEN INTERVIEW BELOW!!

 

Part 2:

Jim Willie began the interview by discussing market rumors regarding troubles at Morgan Stanley:

One of my source’s father is a fund manager at Morgan Stanley.  The word that I have heard is that ‘everything is going to hell.’
Morgan Stanley has big problems with their liquidity and insolvency.  They are having problems with antiquated software from Smith-Barney era.  He said that there are many long-standing veterans at Morgan Stanley who are SELLING ALL OF THEIR STOCK BECAUSE THE VETERANS EXPECT MORGAN STANLEY TO BE THE NEXT LEHMAN BROTHERS AND TO FAIL SOON!

Morgan Stanley is one of the largest brokerage houses in the US.   Several years ago they merged with Dean Witter.  They also merged with Smith-Barney. If you take their 7,500 brokers, and 200 accounts per broker, that’s 3.5 million accounts.

We’ve had MFGlobal erupt last Oct 31st.  PFGBest collapsed earlier this summer.  We’ve had a court ruling from the Sentinel management fun- a case from 2007- the court actually ruled that since they couldn’t prove malicious intent and motive to deceive and to steal, all those segregated private accounts have indeed been lost, and there’s nothing illegal about the action.

We’ve got all these cases where the courts are basically saying Doc that private accounts, even if they’re segregated, in brokerage firms can vanish.  The billboard is very clear.  Private accounts, even though segregated, CAN BE STOLEN!

The courts are saying these accounts aren’t segregated and should not be first in line, even though they are segregated!

 

The Doc asked whether the rehypothecation issues could escalate from futures accounts to brokerage accounts and deposit accounts:

That’s where I think we are going.  There is a chain of priority- it’s like an upside down pyramid. The most risky brokerage accounts are futures accounts.  We’ve seen futures accounts lost with MF Global and PFG.  They have stolen segregated accounts.  Next in the chain is private segregated stock accounts.
Unless and until the public sees private segregated stock accounts vanish at a giant conglomerate firm like Morgan Stanley, they will not wake up!

No one is protesting against these big banks for stealing from these segregated futures accounts.  It’s because they’re futures accounts!  The point is they’re segregated private accounts, and in bankruptcy law they are 1st in line during bankruptcies!!

This is very big, and I expect we’re going to see a jump into private brokerage accounts. It doesn’t look like it’s going to be Merrill Lynch, it looks like it could be Morgan Stanley.  If a brokerage firm like Morgan Stanley goes to dust and customers have no access to their accounts, I’m expecting some of the private segregated accounts are going to go missing.
That’s how the public wakes up.

 

The Golden Jackass states that the cartel used Morgan Stanley to control the 10 year rate in 2010 using $8 Trillion in interest rate swaps and that MS is being set up as the next firm to fail by Goldman and JPM:

 

If you look at the office of the comptroller of the currency, you will see reports issued quarterly.  In late 2010, these OCC reports on the derivatives showed that the big 4 banks were loaded with derivatives, but one stuck out- Morgan Stanley.

Morgan Stanley put on $8 TRILLION in interest rate swaps in the first half of 2010.  I call them the designated hitter for Wall St.   Why wasn’t it JP Morgan, BOA, or Goldman Sachs?  My theory is simple: THEY EXPECTED LATER TO KILL MORGAN STANLEY!  Lehman Brothers was killed because they had huge mortgage bonds and other things that weren’t exactly desirable.  Bear Stearns was killed because they were pro gold and short the dollar.

Morgan Stanley created the false impression of a flight to safety in US treasury bonds.  Take a look at the 10 year yield early in 2010.  It was moving up to the 3.5% range! Alarm bells were going off!  They were talking about QE and bond monetization by the Fed! China was backing out of buying treasury bonds!  We had more supply, and less demand, and a rising 10 year yield.  Suddenly we had a tremendous ‘flight to safety’.  What a bunch of propaganda!

The OCC report’s report which reveals Morgan Stanley’s activity of $8 trillion in interest rate swaps, during the exact 6 month period that the 10 year yield went from 3.5% to 2%!
This made history!  They called it a flight to safety!  This during a period of growing debt and shrinking buyers!
I believe Morgan Stanley was set up as the next Wall Street firm to fail!

When this all happens, it’s going to get ugly, and it’s going to get uncontrollable!  Like the Tower of Babel, the interest rate swaps tower is destabilizing, and it becomes more unstable whenever the 10 year makes a sharp move.  The 10 year recently dropped below 1.4%, and has now spiked back to 1.7%.  The 10 year’s move from 1.7% to 2.4% early in 2012 was the real cause of JP Morgan’s ICD9 losses which JPM blamed on bad European derivatives bets.

The bank’s entire system is to support the treasury bonds using the artificial demand of interest rate swaps!  There is no actual buyer at all!  It’s not the Chinese, it’s not the Japanese, it’s not the Russians, it’s not the Koreans, there are no buyers!
The only demand for treasuries are interest rate swaps creating false, artificial demand, and the IR swaps are what have caused the 10 year rallies and the ‘flight to safety’!

My sources tell me an entity from the East has sabotaged JP Morgan’s IR swap machinery.  It will break and will not stop in it’s deterioration until it’s completely broken.  It’s not stoppable!  It’s coming apart at the seams!
The European government bonds are showing that they’re broken by going to 7%.
The US bonds are showing they’re broken by going to 1.5%!

 

Jim Willie also made the astonishing claim that the cartel has used 60,000 metric tons of allocated investors’ gold to satisfy margin calls from eastern interests:

I call it the Great Paper Solution Delusion.  I was asked recently if the large banks are naked short gold, why don’t they just print some money and make the margin call go away?  I stated it’s not that simple, their margin calls aren’t fixable by cash.
My friend asked, why not, all margin calls are fixable by cash!  I replied then why are they off market?
These cases involve banks that must come up with gold to get out of margin calls in off-market transactions!

The banks have off-market transactions.  Why are they off-market?  If they’re just standard French gov’t bonds or Spanish bonds or short gold futures, why are they off-market?
My best gold source told me that since Feb 29th, 5,000 metric tons of gold have left NY and London banks and have been shipped East.  This was in early July.  5,000 metric tons of gold were lost from the cartel banks: I’m talking Royal Bank of Scotland, JP Morgan, Barclays, Citi, BOA, Goldman Sachs.  They’re losing their gold!
I kept asking my source, why do they need physical gold to settle their contracts!  He said, it’s the nature of the contracts.
These are not standard contracts.  When I asked who the counter-parties were, he responded the same entities in the East that have had the gold shipped to them.

What on earth is going on?  Why can cash not settle margin calls?  What is the nature of these off-market transactions?  Why can only gold be used to satisfy the margin call?
My conclusion is that these cartel banks have improperly used ALLOCATED gold, and the Eastern entity is pissed off!  The Eastern entity has the opportunity with their margin calls for the replacement of their improperly accessed gold from allocated segregated accounts.
It cannot be satisfied with cash because the original margin was placed with allocated gold improperly!

This contact of mine has updated this figure now that we’re into September, it’s up to 6,000 metric tons!  6,000 metric tons of gold have moved East, and I’m deducing that it’s largely allocated gold because cash could not be used to settle the margin call!  The fact that it’s off-market, and only gold can satisfy it means that gold was used in the setting of the margin!
If they want their gold back, I’m suspecting that it’s allocated accounts!

My same source says that the LIBOR situation opens the door for lawyers and investigators to go in and examine the banks’ books during the discovery period, and as that happens, they’re getting access to other information.

The biggest scandal coming is not LIBOR, but the improper usage of allocated gold accounts.  If 6,000 tons from allocated accounts have been sent East to satisfy margin calls, it’s JUST THE BEGINNING!

The same source informed me in 2010 that over 20,000 tons of allocated gold have been improperly used!  In 2011 he informed me that the total had risen to 40,000 tons of allocated gold that have been improperly used from allocated, segregated accounts!   Now he’s telling me that perhaps 60,000 tons of allocated, segregated gold have been improperly used!

 

The Doc replied that if the cartel is using allocated gold to settle margin calls they are likely using silver as well:

Jim Willie: Absolutely, there’s a tremendous amount of allocated silver gone.  What makes silver more acutely a problem is that the above ground supplies have been depleted for 3-4 years.  The major 6 billion ounce silver stockpile that Teddy Roosevelt ordered back in 1910 that was used by both the military and the US Mint was depleted in 2006 or 2007.

If you look at the annual output you’ll see that silver production is in decline.  I see big problems with steady ongoing output declines going forward.

Jim Sinclair has been predicting $10,000/oz gold based on money printing.  Based on the fact that you can’t expand the money supply without seeing the price of gold go up hand and hand!  It’s a function of how much new money they’re pumping into the system.

If it’s 40,000 tons of allocated gold have been used improperly by the cartel banks.  If the event comes that the cartel has to replace that under pressure of prosecution or worse, if some of the banksters disappear thanks to the Eastern enforcer, the Eastern coalition may force the cartel banks to replace their gold.
I believe we will see $5,000/oz gold not from the public entering the market, but I believe we will see $5,000/oz gold from the cartel banks replacing what they improperly used in their leveraged games from allocated gold accounts.  We will get to high prices in gold from bankers replacing the gold that they improperly took from allocated accounts so that they avoid jail time.  I’m talking about 40,000 tones- that is an order of magnitude larger than the coming public purchases.

 

SilverDoctors.com specializes in precious metals news, analysis, and commentary, and it’s bullion division SD Bullion is one of the lowest cost bullion dealers in the country.

Comments

  1. And those serial numbered bars have been remelted and cast to China’s specs and will never be recoverable. As China moves to a gold backed currency to place them as the next reserve currency.

  2. That 60,000 tons of gold is roughly 3.18 TRILLION dollars, give or take a few hundred billion. And that was just to cover a margin call?! What I don’t understand is how this much ALLOCATED gold can go missing without the true owners standing up and pitching a royal bitch about it. I mean really, you have to be a pretty powerful entity to have that much gold in the first place and your just not gonna bend over and take it when they say aaaaand its gone.

  3. My worry isn’t just central banks using private allocated accounts but have they also used sovereign gold as well, such as Fort Knox gold! We know that the federal reserve is fudging the numbers of OUR gold in their fiscal statements. When they list the amount of gold they have and have leased out on the same line in their reports! That would be illegal for anyone but a banker.

    • In my view, the Cartel began raiding private gold accounts when they realized they (inadvertently) leased too much of their sovereign’s gold.  I think this was the case because it is much easier to lease/sell gold you have 100% control over than to convince/cajole banks to relinquish control of their clients gold because the banks has to maintain some semblance of transparency (in theory) with regards to their business transactions.

  4. Love it when Jim goes on one of his “shouts”!  Thanks Doc for putting this interview out for all of us.  An ounce here, an ounce there…it all adds up.  Stack on…

  5. As a daily SD reader, this would have to be the best Interview I have heard on SD for 6 months.
    Thank you DOC!

  6. Hi Doc,
    Avery informative discussion with Jim Willie.   Great stuff.

    One thing you said was “If you don’t hold your metal in your hand you don’t own it”

    Does this mean that you can’t trust people like James Turk or Eric Sprott because when the SHTF they will be just like the rest and steal your Gold and Silver?

    • GBS.

      You ask a very good question.  The individuals you mention are very notable, distinguished figures in the industry.  They are trustworthy from what I know and have good intentions.  At the end of the day, the big banks still run the world.  Their allocated metal programs and PSLV may be allocated right now, but very few if any operate big vaults that are on their property on their terms.  Most are housed in vaults operated by third parties, big banks, or Brinks, etc.  This information you may ask about, but you may never know the entire picture until its too late.  In my personal opinion, their still is risk involved with confiscation and counter party risk that we and even they may never know. 

      With all that being said and considering we all think the dollar is going to plummet with QE to infinity.  The PSLV may not necessarily be a bad place to park your play money in certain circumstances (if your willing to lose it if it really gets bad).  Maybe 3 months of cash on hand, some PSLV (with the understanding it may not be readily accessible in a economic crash), followed by a heavy portfolio of hard metals (to use in the crash). 

      Great point your bring up.  I’ll stick with physical myself and not worry about counter party risk, “allocated accounts”, and confiscation!

       

    • My read on Turk and Sprott is they are both honorable men and if it is within their power your PM’s are safe with them.  But, what if a dirty bomb goes of in London?  No one is getting their vaulted gold for 20,000 years.  What if draconian laws are inacted preventing the shipment of PM’s to private parties?  My point is any number of things could happen and you would be out of luck. 

      Of course it all depends on how much gold and silver we are talking about.  Very high net worth individuals may want to spread things around.  Products offered by Sprott and Turk make sense then especially for silver because millions of dollars of silver gets awkward to have at home.

    • I have been looking at Turk’s Goldmoney service as a SIPP pension (this is the UK equivalent of an IRA) to the occupational stocks and shares pension I am on at the moment. I am in two minds about it. The pension provider that underwrites the GM scheme charges very high fees: £260 transfer fee, £340 initial admin fee, £450 annual admin fee. Tellingly, the fees are lower if your fund value is over £50,000 and the minimum contributions reduce once the value reaches £100,000. It would take 7 years of contributions for its value to reach £50,000, assuming that the price of gold stays flat throughout that time. I spoke to the underwriter about joining and explained to them that I had used the GM service before but they made the comment that the scheme is only for “experienced investors”. Are they really saying that they only want wealthy clients on this scheme?
      I can afford the fees anyway but I think on the one hand that the cartel may manage to suppress gold more successfully than silver so this SIPP pension might only be equal to my contributions and I will feel the fees more acutely. But, on the other, may live to kick myself if I do not go for this and the cartel has to redeem the allocated gold accounts and/or a gold standard of sorts is forced on Western govts which then makes the gold price soar.
      Taking uglydog’s caveat about GM’s vulnerability to a lockdown on all bullion vaults, I think I am living under a similar financial risk by keeping my pension savings linked to the stock market. Any advice on what the best step would be here?

  7. AWESOME!!! 
    Let the screaming matches BEGIN!

    At least the Chinese actions are hurting the bank$ter$ the most, but I hope they (bank$ter$)
    are forced to replace the Stolen Gold, but you can bet the little guy will get compensated LAST.
    That part sucks eggs 

  8. Informational note to Jim Willie….I am a loyal subsciber to the HatTrick newsletter.  I know you read Doc’s site here.  What’s really going on in the bankruptcy court is that even though these firms, MF Global and PFG, are basically brokerage firms they are not exclusively brokerage fims. They are a combination financial services firm and brokerage firm.  The lawyers are using the financial services division of each firm to litigate the bankruptcy.  The bankruptcy laws are different for financal services firms.  It’s not right.  But, that is how they get away with “tapping” segregated accounts and not go to jail.

  9. 60,000 metric tons is over 2 billion oz of gold.  Is that figure correct?

  10. And that’s why we stack an ounce here and an ounce there.  Pretty soon you are your own central bank.  Sit tight and let the big guys go ballistic on each other.  We don’t have to do a thing but hold position.  They will destroy themselves.  With a few breaks and some Divine help we get a break.
     
    Was peeking at ebay and prices are going up pretty fast with lots of newbies buying whatever they can get their hands on.  Maybe living in a smaller town that isn’t on the radar is a good thing right now.  Can you imagine what New York or London will be like when all of this comes out???

  11. To me it seems like Jim Willie is just connecting some pretty logical dots here. I think one of the most eye-opening takeaways for me from this interview was the fact that big banks do transactions like this off-market.  That’s crazy!  And yet now that I know I’m 1000% not surprised – definitely par for the course.
    Thanks again, Jim. I’ve certainly learned a lot from you, the Doc, and this site’s community!

  12. Great listen Doc.  Unbelieveable stuff Willie..keep it coming. 

  13. PSLV silver is allocated and numbered bars held at the Royal Canadian Mint.  So the counterparty is the government of Canada.    Possible bigger problem is if your PSLV shares are held in street name at DTCC.  Still it is one way to diversify.  Goldmoney gives you the choice of allocated storage in London, Zurich, or Hong Kong.  The best one is supposed to be Hong Kong.  Sooooo . . . I am gonna trust my gold or silver to the Chinese??  Aren’t they still commies?

  14. I love this… Crap squared!

    That’s what I think of when I think of our two party political system … Crap squared!

    Just my 2 cents
    Phil AZ
     

  15. When you have a moment, ask yourself 
    How many bankers have I really known?  I mean really gotten to know.   One?  Maybe. Less than one? Probably.
    In the SECRET BANKERS HAND SHAKE CLUB–The first and only requirement to be a member of this secret organization is to be a sociopath.    Brains, intelligence, honesty, ethics and morals is baggage to be discarded or, at best, never part of the package.
     His or her superiors judge the banker’s ability to say the following
    Their money is safe
    They are getting a good return
    That loan you signed is a really good decision
    Your savings are going to work for YOU—I’m ROTFLMAO writing that line.
    I’m here to take care of your every need.

    These are good phrases to know and required in the owner’s manual.
      Smiling and nodding is a physical requirement which means even inebriates and moral lepers can assume the job if they can move without showing some rictus that frightens small children or animals.

    Now back to Willie’s post He understands these problems and nails them.

    The reason I write this bit of self confession, being a former banker, is to just reiterate my prior warnings and suggestions that if you trust a banker you would also trust a scorpion.  Ask the frog.It ends badly.
    I’ll be a little bitty sorcerer’s apprentice in adding a sheckels of opinion to his essay.
     There is a reason the FDIC exists.  It protects the trusting and unaware bank customer from the foolish, greedy actions of bankers betting on unwise and imprudent loans that have not been subject to even minimal underwriting while using your money to do so. 
     Much has been said  recently about bankers having the potential for going into customer accounts to use those segregated funds to place bets on bank  investments and loans. Count on that happening.   Those are your funds until they are not.  If  the bank makes a series of really bad loans without the income and additional deposits to replace their depleted capital base, the customer’s funds are gone; disappeared and vaporized.  Watch the movie with Jimmy Stewart–It’s a Wonderful Life. Great banker propaganda. Then watch the truly hilarious South Park episode;   ‘Aaaaand, it’s gone”

    Until the advent of the FDIC, bank runs and failures meant the client lost everything.  That why they call them “bank runs”  You run to bank as fast as you can and withdraw your money.  The first one out gets the best deal.  FDIC is a hollow shell that will not protect a multi trillion dollar failure.
    Anyone with a safe deposit box should not put anything of value in it.  Mea Culpa when I suggested to use that resource to store your phyzz. I was wrong.
    The ‘safe’ portion of that wording no longer exists.  Leave nothing of value in that box.  Better yet, save yourself the $100-200 cost.
    Allocated and unallocated storage facilities are likely to be stripped of all precious metals and valuables.  When governments go broke the rule of law is the first thing sacrificed on the altar of saving the people and their way of life.  When the government starting trying to fix things they broke, it costs a lot of money–sometimes 300-500% as much as the cost of breaking things. The contribution to the cause of fixing is your life time of savings. Pension plans, SDBs, checking and savings accounts, and brokerage deposits are all taken for the great good. This is happening in several countries such as Greece, Italy, Ireland, Hungary, and Portugal.  Things are so bad in Spain a flash mob just invaded a food bank and took 3 tons of food.
    My concern about allocated accounts is not the honesty of people managing the bullion banks. When times are good most people in the finance business can afford to be reasonable honest. Which means they only steal on a small scale.
    My question is  simple when it comes to allocated accounts.  How many divisions of troops do the trustees have?    Hint:  It’s more than the Pope but less than the military.  Troops have been used on US soil in the Depression to control riotous account holders.  Citizen’s gold was confiscated. The Rule of Law was not even a speed bump when the powers that be had to move fast.
    Other countries with less rule of law did not even need to dispense with the niceties. The government considered everything you owned as theirs. If you owned it you did so only if you held it and hid it.
    It is becoming more and more difficult to US citizens to own bullion or accounts outside the US.  The FACTA and FBAR forms* are forcing international bankers to refuse any US accounts.  Bullion banks may be more reluctant to have US depositors in their institutions as events unfold in the never ending story of gold

    It will get very interesting when these 60 1,000 ton golden chairs are surrounded by scores of bankers all trying to get a seat when the music stops.  Got gold?
    * I spend thousands in additional CPA fees dealing with these government forms.

  16. The Swiss have ‘crap squared’ … LMAO! To say Mr. Willie is is unique is a gross understatement. Fantastic interview, Doc! It ought to be picked up by EVERYone in the blog-o-ring for at LEAST a half dozen particulars raised. Really … fabulous!.

  17. If you “rehypothecate” (that is lend out multiple times) the same collateral, of course someone in front of the chain is going to demand the collateral, that is the gold. That means collapse. Insolvent middle men. Liquidity doesn’t help unless it’s in gold as well which it won’t be.
     
    That nasty sulphuric-rotten egg whiff you smell, that’s the whole fake derivatives egg basket rotting. They postponed it for almost 5 years but now ze Scheiss is starting to hit ze fan.
     
    About time I’d say. Bet it will take 3+ years and many lives and hardship before they finally fall altogether…

  18. 60000 metric tons is way too much! Where could the cartel get that much gold? Unless they took it from the Fort Knox.

  19. Supposedly there has been about 180,000 tons of gold mined in the history of gold mining.  About one third is left in our hands.  That’s 60,000 tons.  There is also the supposition that many hundreds of thousands of tons extracted and in the hands of the Chinese, Vatican, Russians, Yamashita’s gold and US gold hidden somewhere in the desert. 
    This is rumor only but Willie asserts that some of this is Old Empire gold, laid down centuries ago, occasionally shifted as empires and their financial issues rose and fell.  It explains why the Chinese want gold.
    As the story goes, the Japanese captured some of the Chinese gold. Some of The old families and dynastic gold holdings were shipped to the US for safe keeping.  Treasury bonds were issued in the billions and trillions as good faith remuneration by FDR and the UST in 1934, partly to help finance the depression era spending, backing of US currency and the cost of what was clearly seen as the inevitable US entry into WWII, a foregone conclusion by 1934.  That’s my basic recollection of the Divine Cosmos story that was published on SD about a year ago.

  20. Sorry all. I love Jim Willie, but this 60,000 figure is out of the ballpark. Being an egineer, I did my math. According to Wikipedia and the World Gold Council numbers, there’s been 160,000 metric tonnes mined in the history of man as of June 2009. We don’t have figures for the additional 3 years, but let’s use the 2009 number provided by the gold council of 2572 metric tonnes of global gold production. gold production is theoretically going down. so, my number should be on the high side. that brings us up to a modern day estimate of 167,716 metric tonnes of gold mined in the entirity of human history. So Jim’s number is roughly 35% of all of the gold ever mined!

    Also, according to the World Gold Council, ( I know, I feel like i’m fact checking bad numbers with bad numbers, but please bare with me), world gold holdings dedicated to investment demand (2008) is 16%. That works out to 26,835 metric tonnes. Looks to me like the world came up 33,000 tonnes short of available investment demand and that’s saying they took everything available! Not just allocated accounts. This includes china’s holdings! We haven’t taken that out! We can add central bank holdings which WGC is reporting at another 18% or 30,189 metric tonnes which brings us to a grand total of 57,024 mt and we still aren’t quite there! Thats all of investment and all central bank holdings and we aren’t at this 60,000 number! Where’s this gold coming from? It aint industrial and it aint jewelry.

    Again, I love Jim. I will continue to read TGJA, but I think he’s got the figure wrong or his source is feeding him dog shit.

  21. On second thought, maybe we should be shouting from the rooftops ALL OF THE GOLD IS GONE! ALL HAS MOVED EAST. THE WORLD IS BUST! KYAGB!

  22. OK Folks, here is my take on 401K’s, etc. 
    If you have a fair arrangement, GET THE HECK OUT OF DODGE!!!
    I cannot withdraw my 401A (no typo) without “trustee approval” but if I could,
    it would be OUTTA THERE, tax and penalty PAID, and converted to PHYZZZ…
    In a HEARTBEAT! I have to wait until Nov 8 for the trustee meeting, and unless
    I can think of a reason to make them change their minds (no one ever has)
    my personal “fund” will be sacrificed on the altar of the Fed & U$D when it all goes
    UP IN SMOKE.

    Almost $100,000 in there, I’m so pissed at those jagoffs.
    I have to wait until 4/1/2019 (yes 2019) to make an “early withdraw”
    by their written rule. GGGGRRRRrrrrrr…. 

  23. Dear Doc
    You urge us to speak our mind.   I would politely urge you to answer my previous question.

    “Do you think people like Turk, Sprott and also Maloney will steal our Gold and Silver? ”

    You advocate ONLY holding Gold and Silver in your own hand.   If you follow this course then your Gold and Silver could be stolen.
    Silver in your own possession is not easily transportable out of the country but holding Silver with Turk means you can leave the country and not have the bother of transporting your precious metals.

    So come on Doc are they safe to trust or not?

    p.s I see Maloney was nearly killed in a car crash. 

  24. 60,000mt by MY calcs is a solid cube of 14m in each direction. A piramide of 25+m tall. That’s too much gold to steal, surely?
    With about 20mt per truck load, that’s a caravan of bumper-to-bumper of 30km / ~20mi. Seriously… 

  25. GBS 
    Check Viamat for overseas transport of precious metals.  From their data at viamat.com they can ship your metals to a foreigh location.  There is paperwork since you are moving bullion off shore. Viamat will also set up your storage location in various venues from Switzerland, Hong Kong, Singapore amongst other places.  If I had to bug out I think they would offer the best system. You will need to file the FACTA AND FBAR forms reporting your holdings but the storage sites you select can be under your control, whether they are Turk’s storage site, Sprott or others. I read about Maloney’s accident. His very long letter extolled the virtues of his Tesla electric sports car. He did not hint at at attempt on his life. The crash was freaky but it did not have the attributes of a planned attempt on his life. But who knows.

    UndeRGRound
    Go to Ann Barnhardt’s site. About a week ago  She posted a form letter composed by a reader who designed it to force or request of the trustees that their 401K to be put in their hands.  The writer beliefs that the brokerages are criminal enterprises like PFG and MFG and they are not to be trusted. I agree and you know my story about that.
    This letter speaks to these concerns and points out that the funds are yours. This might force the issue and give you the opportunity to remove yourself from your 401K.

  26. He probably meant 60 metric ton.
     
    60,000 metric ton is more than we produce.
     

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