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The World Is Running Out of Gold

from Gizmodo:

How much gold would you have if you stole every bit that’s ever been mined? Not much—you’d be able to make a cube of solid gold with 60-foot sides. There just isn’t that much gold in the world, and it’s getting harder and harder to find it. In fact, our love of gadgets may be part of the problem.

In a report from the Wall Street Journal this morning, we learn that we’re only two decades away from exhausting the world’s gold supply if mining continues apace. How could we be running out of gold? It’s simple. As gold boomed in the 90s and 00s, the easy-to-access deposits were sapped of their supplies. Now, the gold being discovered is way deeper into the Earth, which means that discovering it takes a lot more work before it can be extracted.

Read More @ Gizmodo.com

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1 comment to The World Is Running Out of Gold

  • rich

    Barclays Fined For Manipulating Price Of Gold For A Decade; Sending “Bursts” Of Sell Orders

    Furthermore, the FCA confirmed that those inexplicable gold raids which come as if out of nowhere, and slam gold with a vicious force so strong sometime they halt the entire market, had a very specific source: Barclays, whose trader “Daniel James Plunkett, sent out a burst of orders aimed at moving the price of the yellow metal.”

    This took place for a decade. As the FT reports:

    The FCA said Barclays had failed to “adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in relation to the gold fixing” between 2004 and 2013.

    Some further details on Plunkett’s preferred means of manipulating the gold price.

    The FCA said Mr Plunkett had manipulated the market by placing, withdrawing and re-placing a large sell order for between 40,000 oz and 60,000 oz of gold bars.

    He did this in an attempt to pull off a “mini puke”, which the FCA took to mean a sharp fall in the price of gold. As a result, the bank was not obliged to make a $3.9m payment to the customer under an option contract.

    So yes: it is now a fact that gold is manipulated by various commercial banks, and that those gold “raids” one sees every morning usually around the time of the London fix aren’t accidental at all but are entirely designed to reprice the market, but how deeper does the rabbit hole go?

    [FCA Director Tracy] McDermott added: “Firms should be in no doubt that the spotlight will remain on wholesale conduct and we will hold them to account if they fail to meet our standards.”

    Alas, this is a lie – by handing Plunkett to the public on a silver platter, it simply means that the far bigger and more important players in the gold manipulation market – stretching all the way to central bank and, of course, bank of central bank level, will simply be allowed to continue business “as usual.”

    So for those who want the real people behind the real manipulation before they all scatter into the dust, we urge you to reread “From Rothschild To Koch Industries: Meet The People Who “Fix” The Price Of Gold.” Because the gold manipulation rabbit hole goes far, far deeper than just one single, solitary trader…

    http://www.zerohedge.com/news/2014-05-23/barclays-fined-manipulating-price-gold-decade-sending-bursts-sell-orders

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