Jeśli nie trzymaj go, hyou nie masz go.

In case you’re wondering, that’s Polish for ‘If you don’t hold it, you don’t own it.’
More than 1 would be Polish phyzz owner is wishing they took that SD phrase to heart tonight, as Amber’s 28 year old founder Marcin Plichta admitted Monday that supposedly allocated client’s gold held by Amber Gold is gone.
Every last ounce of it
The WSJ reports:

 This week’s collapse of a gold-derivatives business that Polish regulators say was a Ponzi scheme has hit tens of thousands of customers, shaken confidence in the effectiveness of the nation’s financial regulation, and is roiling national politics in the European Union’s largest emerging economy.


On Monday, the company, Amber Gold, Sp. z o.o., which sold a gold-indexed investment of its own design and offered higher interest rates than banks, said it was halting operations. It pledged eventually to repay about $24 million it said it owed to roughly 50,000 clients in Poland.


Amber Gold’s 28-year-old founder, Marcin Plichta, who has publicly acknowledged past convictions for misappropriating funds, couldn’t be reached to comment. Amber Gold representatives were also unreachable.


Despite three years of warnings by Poland’s financial authorities that the company was operating without a license, it continued expanding and spent heavily on marketing. Among its businesses, the company launched a budget airline this year to compete with state-owned LOT Polish Airlines SA on domestic and European routes.


The airline, OLT Express, ceased flights last month and the gold fund unraveled this month after renewed government warnings prompted commercial banks to close Amber Gold’s accounts. The company said “the liquidation process will be spread over time,” without specifying when people might get their money back.


On Tuesday, Prime Minister Donald Tusk referred to Amber Gold as “a scheme” and said he ordered his finance minister to convene top financial authorities—including the central bank and consumer protection office—to discuss the company’s demise and the effect on customers. “All signs on heaven and earth suggest that people who put their trust in that company have been cheated,” Mr. Tusk said. He said it is the duty of the state “to move fast enough to protect people from those schemes.”


“I’m shocked at this point and I don’t know what to do,” said a woman in her 40s, who didn’t give her name but said she was an Amber Gold client. “The boss of this company is a very wealthy man and I don’t know who will have the authority to block his wealth so he doesn’t escape.”


Amber Gold has said it has $45 million in assets, including 100 kilograms of gold. For years it hasn’t issued required financial statements, a lapse that draws a small penalty.

Vaporization. The new ‘IT’ word for fraudulent theft…aka rehypothecation.  This is exactly the type of Ponzi rehypothecation scenario described by Harvey Organ as currently occurring with the GLD’s supposed physical gold inventory.

Those who have not already taken personal possession of their physical gold and silver should do so immediately and can start by calling SD Bullion at 614.300.1094.

Remember, if you don’t hold it, you don’t own it!

  1. The vast majority of people still have faith in their governments to solve this financial crisis. They are sadly mistaken. This whole farce will end when people en masse attempt to retrieve their allocated gold and realise that the gold is actually gone.
    Perhaps the trigger for this event will be a US/Israeli war with Iran, European collapse, the fiscal cliff in the US.
    Who knows but it’s coming soon.
    Got physical?

  2. This applies to all ETF and Allocated.
    The fine print at Perth Mint on allocated is: 
    “If we cant supply you the gold from the allocated fund when requested, then the Western Australian Government guarantees to pay you in cash”
    At this moment, Cash in AU Dollars is an investment in diminishing value. 
    Buyer beware.  As Reach says above, buy the physical metal and hold it

  3. They Steal your wealth and give you back currency!! This thing is coming like an uncontrollable freight train. They know good and well to steal everything that they can. Those of us who choose to stack and get out of the paper markets? Your to be commended. There Billions of people that are asleep and for them, I will be truly praying for them. They are going to get left behind. 

    A strong suggestion start making a contingency plan for yourselves and family. 

  4. Same probabaly goes to a large extent to the much larger funds of this type. What I wonder: is someone actually counting on the claimed gold tonnage to be in existence, or just considered as a piece of a pie whose total size no-one cares about?
    Gold should rise on such scandals, yet doesn’t. One drop of missing oil, and we feel it a the gas station the very next hour.

  5. Are people gullible or what?  You have a convicted crook selling you a dream.  Maybe there is much truth in the Lucy/Charlie Brown football meme.  We all want to believe and are willing to follow. 
    I think I finally reached the point where it does not matter any more.  I realized long ago that no one gives a shit about anyone else.  They will fake it, but when push comes to shove, you are alone.  Only the good die young. 

  6. Silver will be king. 

    There is a LOT more gold in government and private hands than is officially reported in the media.  Maybe as much as 10x more.  So, not only is there a gigantic paper gold scandal, there is just as large a scandal in the total amount of gold reported.  Like diamonds, it is artificially made scarce to drive up the price.

    No such dynamics in the silver sphere.  In the new paradigm, watch silver become the money of kings and gold the money of common men.

  7. Pat   your point is well made.  I always considered buying my gold in a hole in the ground as positively Medieval.  But the fact is that for thousands of years the military paymaster, the priest, the kings and emperors and even the common man sought protection of their phyzz under a few feet of earth. 
    Just recently 2,000 year old stacks of silver and gold have been found in English fields.  I guess they must have been listening to Doc.  If you don’t hold it, you don’t own it.  I wonder how that sounded in Olde English or Latin?

  8. In Poland, who was interested in gold knew that this pyramid scheme, they offered a 14.1% profit based on the gold which hadn’t  own.
    sry my english.
    And you doc. should change first sentence
    Jeśli nie trzymasz go, to nie jesteś jego właścicielem.

  9. “…a hole in the ground is cheaper than a vault!”

    Indeed it is.  But if you are seen going into a local bank or credit union, thieves still cannot access your physical metals.  Not so if they see you burying something.  :-(

  10. You’ve got it all wrong. 
    1. I’m from Poland and nobody speaks like that here. The correct Polish sentence is “Jeśli go nie trzymasz, to nie masz”. BTW “hyou” sounds like a swear-word in Polish. Your translator is worth nothing. 
    2. Marcin Plichta never admitted that client’s gold held by Amber Gold is gone. He admits nothing. 
    3. It’s not true that every last ounce of client’s gold evaporated. The police found 57 kg of gold in his apartment. It’s still not enough to cover all clients loses, but there is huge difference between 0 onces and 57 kg. 
    It seems like only the text you quote is true. That is very unprofessional and misguiding.

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