a criminal with tasteSiegfried Wolf is one of two indicted “entrepreneurs”, according to several people familiar with the situation.
The case involves allegations of “hidden assets” amounting to about €6.8mn and funds exchanged into gold and kept in Switzerland, Austria’s state economic crime and corruption prosecutor said in a statement.
Assorted Gold-related News
Moderator: Global Moderator
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Assorted Gold-related News
Financial Times on a Porsche SE scandal:
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
Non hidden assets = state loaned assetsdualstow wrote: ↑Thu Jun 08, 2023 4:39 pm Financial Times on a Porsche SE scandal:
a criminal with tasteSiegfried Wolf is one of two indicted “entrepreneurs”, according to several people familiar with the situation.
The case involves allegations of “hidden assets” amounting to about €6.8mn and funds exchanged into gold and kept in Switzerland, Austria’s state economic crime and corruption prosecutor said in a statement.
Hidden assets = own assets
Nowadays if you hide physical cash or gold, its assumed you're a money launder or up to other illegal activities and if the state finds it or is made aware of its whereabouts, then the state might confiscate it as being the suspect proceeds of illegal activities.
Many states monitor all of the activities, movements and actions of their citizens.
Unfree world, a.k.a Open Prison.
Personally I'd rather not raise offspring under such captivity.
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
American likely used diplomatic passport to try to smuggle gold into Japan — NHK
https://www3.nhk.or.jp/nhkworld/en/news/20230711_21/
https://www3.nhk.or.jp/nhkworld/en/news/20230711_21/
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
9 arrests made in $14.8 million gold heist at Toronto airport, only fraction recovered
Police believe the suspects melted and sold the gold.
https://abcnews.go.com/International/9- ... =109349767
Police believe the suspects melted and sold the gold.
https://abcnews.go.com/International/9- ... =109349767
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
Maybe they were assembling a $59.2 million PP?dualstow wrote: ↑Thu Apr 18, 2024 9:19 am 9 arrests made in $14.8 million gold heist at Toronto airport, only fraction recovered
Police believe the suspects melted and sold the gold.
https://abcnews.go.com/International/9- ... =109349767
“If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”
- Satoshi Nakamoto
- Satoshi Nakamoto
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
They probably still won’t catch up with Budd
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
Gold pocket watch found on body of Titanic's richest passenger is up for auction
https://www.cbsnews.com/news/titanic-au ... -astor-iv/
https://www.cbsnews.com/news/titanic-au ... -astor-iv/
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
https://www.etf.com/sections/news/gld-b ... ead%20More
GLD: Burry Magnifies Physical Gold ETF Interest
The famous hedge fund manager bought shares of a gold fund in Q1.
Kent Thune
|
Research Lead
|
May 16, 2024
GLD: Burry Magnifies Physical Gold ETF Interest
The famous hedge fund manager bought shares of a gold fund in Q1.
Kent Thune
|
Research Lead
|
May 16, 2024
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
Interesting indeed!yankees60 wrote: ↑Sat May 18, 2024 9:02 am https://www.etf.com/sections/news/gld-b ... f-interest
{ link truncated /DS }
GLD: Burry Magnifies Physical Gold ETF Interest
The famous hedge fund manager bought shares of a gold fund in Q1.
…
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
https://m.economictimes.com/news/econom ... 581597.cmsIndia's central bank has moved around a 100 tonnes, or 1 lakh kilograms of gold from the United Kingdom back to its vaults in India, and intends to move more in coming months, a TOI report claimed on Friday.
...
The RBI held 822.1 tonnes of gold, with 413.8 tonnes stored overseas as of March end, data shows. The RBI is among the central banks that have purchased gold in recent years, having added 27.5 tonnes in the last financial year.
...
Given the security and logistical concerns, moving such a heavy quantity of the precious metal required months of planning and precise execution. For context, 100 tonnes of gold is nearly 1/4th of India’s stock as of March-end.
It required close coordination between the finance ministry, the RBI, and various other government departments, including local authorities.
...
Transporting the large quantities of gold required a special aircraft and comprehensive security arrangements. This move will also enable the RBI to save on some storage costs paid to the Bank of England, although these savings are not substantial.
...
This could be indicative of many things and most of them are not good for geopolitical stability.
~~~
More:The London Bullion Market Association (LBMA) said it is reviewing allegations involving Indonesian state miner Aneka Tambang (Antam) (ANTM.JK), over the purity of its gold products.
Indonesia's Attorney General Office has named six former general managers at Antam's Precious Metal Processing and Refining Business Unit as suspects for alleged misuse of Antam's stamping service.
Investigators said over the period of 2010-2021, the suspects oversaw production of around 109 tons of gold through the alleged illegal practice.
The investigators did not disclose from where the gold originated from or where it was distributed to after stamping.
...
https://www.reuters.com/markets/commodi ... 024-06-06/
It sounds like the LBMA does not do a sufficient job of quality control (assay) on the gold they are vaulting. If their gold is out of spec, just how reliable are their inventory numbers?
The journey of a thousand miles begins with a single step. -Lao Tzu
Re: Assorted Gold-related News
Interesting Morningstar/Firstlinks article
https://www.firstlinks.com.au/how-gold- ... -portfolio
In particular, this chart.
https://www.firstlinks.com.au/how-gold- ... -portfolio
In particular, this chart.
- Attachments
-
- Screen Shot 2024-06-23 at 6.27.35 pm.png (132.31 KiB) Viewed 11355 times
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
Not exactly news, but a brief chat I had with ChatGPT today:
D:
The reason multiple gold coins, such as the French 20-franc and the Swiss 20-franc coins, contain precisely 0.1867 troy ounces of gold is due to the adoption of a standardized gold content during the 19th century, particularly influenced by the Latin Monetary Union (LMU).
### Latin Monetary Union (LMU)
The LMU was an agreement established in 1865 between several European countries to standardize their coinage. The primary members were France, Belgium, Italy, and Switzerland, with several other countries joining later. The union aimed to facilitate trade and economic stability by ensuring that coins from member countries had the same specifications in terms of weight, diameter, and gold or silver content.
### Gold Content Standard
The standard for the gold coins under the LMU was set to:
- **Weight**: 6.45161 grams
- **Fineness**: 90% gold (or 0.900 fine)
Given the weight and fineness, the actual pure gold content can be calculated as follows:
\[ \text{Gold Content} = 6.45161 \text{ grams} \times 0.900 = 5.806449 \text{ grams of pure gold} \]
To convert grams to troy ounces:
\[ 1 \text{ troy ounce} = 31.1035 \text{ grams} \]
\[ \text{Gold Content in troy ounces} = \frac{5.806449 \text{ grams}}{31.1035 \text{ grams per troy ounce}} \approx 0.1867 \text{ troy ounces} \]
### Historical Context
This standardization allowed for easier exchange and recognition of coins between the member countries. The LMU influenced many other countries' coinage systems, which is why several gold coins from this era have the same gold content.
### Summary
The French 20-franc and Swiss 20-franc gold coins, along with others from the LMU, share a common gold content of 0.1867 troy ounces due to the standardized specifications set by the Latin Monetary Union, which aimed to harmonize the economic activities among its member countries through uniform coinage.
D:
Chat:more than one gold coin from around the world contains .1867 oz gold. for example, the French 20-franc gold coin and the swiss 20-franc gold coin. Why is that? What measurement system were they using when those were minted?
The reason multiple gold coins, such as the French 20-franc and the Swiss 20-franc coins, contain precisely 0.1867 troy ounces of gold is due to the adoption of a standardized gold content during the 19th century, particularly influenced by the Latin Monetary Union (LMU).
### Latin Monetary Union (LMU)
The LMU was an agreement established in 1865 between several European countries to standardize their coinage. The primary members were France, Belgium, Italy, and Switzerland, with several other countries joining later. The union aimed to facilitate trade and economic stability by ensuring that coins from member countries had the same specifications in terms of weight, diameter, and gold or silver content.
### Gold Content Standard
The standard for the gold coins under the LMU was set to:
- **Weight**: 6.45161 grams
- **Fineness**: 90% gold (or 0.900 fine)
Given the weight and fineness, the actual pure gold content can be calculated as follows:
\[ \text{Gold Content} = 6.45161 \text{ grams} \times 0.900 = 5.806449 \text{ grams of pure gold} \]
To convert grams to troy ounces:
\[ 1 \text{ troy ounce} = 31.1035 \text{ grams} \]
\[ \text{Gold Content in troy ounces} = \frac{5.806449 \text{ grams}}{31.1035 \text{ grams per troy ounce}} \approx 0.1867 \text{ troy ounces} \]
### Historical Context
This standardization allowed for easier exchange and recognition of coins between the member countries. The LMU influenced many other countries' coinage systems, which is why several gold coins from this era have the same gold content.
### Summary
The French 20-franc and Swiss 20-franc gold coins, along with others from the LMU, share a common gold content of 0.1867 troy ounces due to the standardized specifications set by the Latin Monetary Union, which aimed to harmonize the economic activities among its member countries through uniform coinage.
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
https://www.capitalspectator.com/gold-i ... inflation/
Gold Is Enjoying A Banner Year Despite Softer Inflation
Everyone’s favorite precious metal is red hot this year, rising nearly 27% through Friday’s close (Sep. 23). Gold’s rally beats the strong runup in US stocks as well as rallies in the major asset classes, based on a set of ETFs.
Gold Is Enjoying A Banner Year Despite Softer Inflation
Everyone’s favorite precious metal is red hot this year, rising nearly 27% through Friday’s close (Sep. 23). Gold’s rally beats the strong runup in US stocks as well as rallies in the major asset classes, based on a set of ETFs.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Assorted Gold-related News
https://www.etf.com/sections/news/gold- ... ead%20More
Gold ETF GLD Glitters as Fed Rate Cut Nears
Gold nears an all-time high as the dollar weakens ahead of Fed actions.
Gold ETF GLD Glitters as Fed Rate Cut Nears
Gold nears an all-time high as the dollar weakens ahead of Fed actions.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Assorted Gold-related News
From British Empire days the British Pound was pegged at close to GBP 4.25/ounce, good for international trade (stability). Hence the British Sovereign one Pound coin contains 0.2354 troy oz of gold (1 / 0.2354 = 4.248). Held at that official rate from 1717 right through to 1945. Inflation over all of those years broadly averaged 0% (at times periodic spikes up, and then back down again - that tended to cluster). The original Pound dates back to the mid 700's, when it was a Saxon pound weight of silver. The state (King/Queen) had to pay real rates of return (interest = more gold) in order to borrow. People didn't pay income taxes as savings/wages were considered to be private, no one elses business, so taxes had to be raised in other ways.dualstow wrote: ↑Fri Jun 28, 2024 2:21 pm Not exactly news, but a brief chat I had with ChatGPT today:
D:Chat:more than one gold coin from around the world contains .1867 oz gold. for example, the French 20-franc gold coin and the swiss 20-franc gold coin. Why is that? What measurement system were they using when those were minted?
The reason multiple gold coins, such as the French 20-franc and the Swiss 20-franc coins, contain precisely 0.1867 troy ounces of gold is due to the adoption of a standardized gold content during the 19th century, particularly influenced by the Latin Monetary Union (LMU).
### Latin Monetary Union (LMU)
The LMU was an agreement established in 1865 between several European countries to standardize their coinage. The primary members were France, Belgium, Italy, and Switzerland, with several other countries joining later. The union aimed to facilitate trade and economic stability by ensuring that coins from member countries had the same specifications in terms of weight, diameter, and gold or silver content.
### Gold Content Standard
The standard for the gold coins under the LMU was set to:
- **Weight**: 6.45161 grams
- **Fineness**: 90% gold (or 0.900 fine)
Given the weight and fineness, the actual pure gold content can be calculated as follows:
\[ \text{Gold Content} = 6.45161 \text{ grams} \times 0.900 = 5.806449 \text{ grams of pure gold} \]
To convert grams to troy ounces:
\[ 1 \text{ troy ounce} = 31.1035 \text{ grams} \]
\[ \text{Gold Content in troy ounces} = \frac{5.806449 \text{ grams}}{31.1035 \text{ grams per troy ounce}} \approx 0.1867 \text{ troy ounces} \]
### Historical Context
This standardization allowed for easier exchange and recognition of coins between the member countries. The LMU influenced many other countries' coinage systems, which is why several gold coins from this era have the same gold content.
### Summary
The French 20-franc and Swiss 20-franc gold coins, along with others from the LMU, share a common gold content of 0.1867 troy ounces due to the standardized specifications set by the Latin Monetary Union, which aimed to harmonize the economic activities among its member countries through uniform coinage.
Since the US took over as being the primary currency for international trade settlements there's been predominately inflation and taxation. The original promise to peg the dollar to gold ... broken. Slight of hand, where gold is now also fiat, 130 times more paper gold than physical gold, where the Fed loosely direct the price of gold towards aligning with the dollar. That placed trust now lost (since the US opted to sanction Russia) such that much of the world is now dumping dollars for alternatives such a gold. Trump has suggested that he'll impose tariffs on countries that opt to drop the dollar - but that will just be reciprocated - inducing a ever faster rate of dollar isolation.
The crunch will be when there's a high demand for physical gold delivery against all of the paper gold that's out there. That's already on the rise but with a long way to go yet. I'd guess that with that rise so also will new laws be instated, maybe banning private held gold or extreme taxation. During such times silver can be the next best choice, at recent 85 ounces of silver per ounce of gold the gold/silver ratio is relatively high by historic standards. Could drop back to 40 ounces of silver to buy a ounce of gold (but could also perhaps rise to a 100+ gold/silver ratio factor).
Switzerland used to be more pegged to gold, but no more, is no longer the good-choice it once was.
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
Very interesting indeed.
I wonder if in the future people will relate tales of Ye Olde Bitcoin and how “anyone could mine the stuff with big and warm contraptions in their basements!”
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
A Drug Gang Stole 3 Tons of Gold in a Scam So Perfect It’s Still Going
— WSJ
The subheadline reads: Miners are plundering one of the biggest mother lodes of gold in Latin America, led by gunmen who seized tunnels from a Chinese mining giant
posting.php?mode=reply&t=13031
— WSJ
The subheadline reads: Miners are plundering one of the biggest mother lodes of gold in Latin America, led by gunmen who seized tunnels from a Chinese mining giant
posting.php?mode=reply&t=13031
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
A Drug Gang Stole 3 Tons of Gold in a Scam So Perfect It’s Still Going
— WSJ
The subheadline reads: Miners are plundering one of the biggest mother lodes of gold in Latin America, led by gunmen who seized tunnels from a Chinese mining giant
https://www.wsj.com/world/americas/colo ... a-0f556f2a
— WSJ
The subheadline reads: Miners are plundering one of the biggest mother lodes of gold in Latin America, led by gunmen who seized tunnels from a Chinese mining giant
https://www.wsj.com/world/americas/colo ... a-0f556f2a
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
Paywall - so which mining company is involved?
Re: Assorted Gold-related News
OMG what a nightmare. In gold mining, jurisdiction and above-ground conditions really matter
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
I guess Xan’s link took care of it but, basically: Zijin Mining of China paid 1 billion dollars (pronounce “Billion” like Dr Evil) to purchase this massive gold mine in Columbia from the Canadian owners.
Illegal local miners in league with a cocaine and people smuggling gang use explosives both to tunnel into these mines and to fight with the newish Chinese owners. They are also at least as heavily armed as the mining company’s security team, and willing to risk getting shot or buried under rock on a daily basis.
They stole 3 tons of gold last year and this year it’s going to be far worse. The government of Columbia isn’t doing much, partly because the new people in power are not interested in siding with foreign owners, and partly because they wouldn’t have the power to help much if they were. Well, it depends on who whom you ask.
Looks like the Canadians sold at the right time.
Illegal local miners in league with a cocaine and people smuggling gang use explosives both to tunnel into these mines and to fight with the newish Chinese owners. They are also at least as heavily armed as the mining company’s security team, and willing to risk getting shot or buried under rock on a daily basis.
They stole 3 tons of gold last year and this year it’s going to be far worse. The government of Columbia isn’t doing much, partly because the new people in power are not interested in siding with foreign owners, and partly because they wouldn’t have the power to help much if they were. Well, it depends on who whom you ask.
Looks like the Canadians sold at the right time.
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
- dualstow
- Executive Member
- Posts: 14769
- Joined: Wed Oct 27, 2010 10:18 am
- Location: searching for the lost Xanadu
- Contact:
Re: Assorted Gold-related News
China finds nearly $83bn worth of gold reserves in Hunan, report says
(paywalled)
https://asia.nikkei.com/Business/Market ... eport-says
(paywalled)
https://asia.nikkei.com/Business/Market ... eport-says
Not that I own one, but what happened to Jaguar
In 2010, 1 bitcoin was equal to US 30 cents
In 2010, 1 bitcoin was equal to US 30 cents
Re: Assorted Gold-related News
Quite the story!dualstow wrote: ↑Wed Nov 13, 2024 10:56 am I guess Xan’s link took care of it but, basically: Zijin Mining of China paid 1 billion dollars (pronounce “Billion” like Dr Evil) to purchase this massive gold mine in Columbia from the Canadian owners.
Illegal local miners in league with a cocaine and people smuggling gang use explosives both to tunnel into these mines and to fight with the newish Chinese owners. They are also at least as heavily armed as the mining company’s security team, and willing to risk getting shot or buried under rock on a daily basis.
They stole 3 tons of gold last year and this year it’s going to be far worse. The government of Columbia isn’t doing much, partly because the new people in power are not interested in siding with foreign owners, and partly because they wouldn’t have the power to help much if they were. Well, it depends on who whom you ask.
Looks like the Canadians sold at the right time.
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Assorted Gold-related News
https://money.com/banks-expect-gold-bul ... aily_money
Most Banks Expect Gold’s Bull Run to Carry into 2025
By: Marc Guberti
Editor: Jordan Chussler
Published: Dec 04, 20246 min read
Most Banks Expect Gold’s Bull Run to Carry into 2025
By: Marc Guberti
Editor: Jordan Chussler
Published: Dec 04, 20246 min read
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."