Well, ladies and gentlemen of ECU, to say that this particular group of longs has been patient is truly understated. Here we are at 87 cents...yes 87 cents and possibly a billion ounces of silver equivalent! It makes Silver Wheaton look like wannabe's. And to think that Silver Wheaton is supposed to be the forthcoming gorilla. Huh? Sorry ESL, nothing is adding up.

When you realize that the Fed et al have stuck thier finger up at the US citizen/investor/taxpayer and publically admitted that they have buggered the gold markets and said "so what", we know we have been given notice that they are going to the wall and it is going to be them or "the madding crowds". ..and they are warning all that it is going to be them. Do not stand in their way. When Ron Paul's Fed audit has been stuffed ... even though the US Senate and Congress in majority approved such an audit ... all americans have all been given notice that it is "they" who run the show, control the US Governement and suffocate "we the people" (referring to the people of the US who pay for it all).

Now, when you see that Rob Kirby has peeled back the first layer of the biggest criminal fraud in the history of mankind and nothing can be done about it, one gets the message. Those originally responsible (Summers, Rubin, Clinton, Greenspan and many more) are Teflon coated and laughing all the way to the bank , arrogantly clothed in immunity. There just has to be an awareness and groundswell of anger growing in the American people who will suffer unimaginably from all this. That is undeniably the only way things will change for them. The American citizen/taxpayer has to take back their inalienable rights under the Constitution that granted them those very rights...rights that have been surrepticiously stolen from them by financial greed and political powers. That is not democracy. That is not free enterprise. That is not Liberty. That is not freedom of choice. That is what the founding fathers of America, the Jeffersons and Jacksons wanted to protect the people from... and look what has happened and is happening...it is sickening and maddening. Here is the latest on the biggest scandal of all. It makes Bernie Madoff look like a transvestite pimp all by himself on a deserted island.

From Midas tonight:

"There are a number of Central Banks around the world that are known for "storing" appreciable amounts of other country’s sovereign gold bullion. Many of these store-houses have gladly accepted bullion over the past half dozen to 10 years or so as "certifiable and legit pure bullion". The Countries offering these ‘secure’ storage facilities have apparently been charging "an arm and a leg" – as much as 30 – 40 dollars per bar / yr. for storage. It was expressed to me today – by someone who shall remain nameless – what happens when the beneficial owners of "salted bullion" show up with a team of assayers and want to survey their metal that has been held in custody for them?

Think this through very carefully. Many sovereigns are doing this very thing RIGHT NOW.
Best,
Rob Kirby….

If Kirby's numbers are correct, the market alone has about $308 billion in phony gold bars floating around. That is incredible. The crime of total history.

I wonder what people who have the phony bars are going to do? Wars can be easily started over things like this. Kirby's piece comes just a day or so before Obama meets with the Chinese. I'll bet the issue of floating the Yuan is lost over the issue of US produced fake gold bars. Maybe the Russians would like to stop by and express their thoughts on the subject.

Is anyone else coming up with the fakes, or willing to admit to it?

You would think the officials at the treasury would like to check this out.

Maybe I missed something and it's not a real issue after all.

Go GATA,
As usual

***

Eric -
Note that 640,000 tungsten bars were shipped to Ft. Knox.

A few days ago, I watched on TV the only film ever released of a tour inside Ft. Knox vaults, and a comprehensive explanation of the super-security involved.

At the date of filming, the gold price was $42.xx per oz. I think it was 1966, but not sure.

What I AM sure about, is the mention that there are 640,000 gold bars there, each weighing on a household scale about 40 pounds (plain old avoirdupois weight like on store bought scales)….

That is SCARY, when the 640,000 bars is exactly the number of tungsten bars referred to in the GATA letter attached. Is our Ft. Knox gold the old real gold, or was it switched to tungsten? Our paper money is crap, and maybe our gold is too!

I have liquidated most of my GLD because they may be stuck with tungsten too. The rest of my GLD I will dump probably tomorrow. I'm changing gears to mining stox, and believe silver may be the bigger mover soon. We're not very likely to see counterfeit silver, so it's probably a much safer place to be. Also it will become the "affordable" buy when the gold buyer's panic gets going.

Mining stox have been moving up about 5 times more than bullion or GLD or HUI.