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You gotta know when to hold 'em.... OZ firm missing metals?

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  • You gotta know when to hold 'em.... OZ firm missing metals?

    If this ends up being true, and a LOT of metal is "missing", I expect some sililar businesses to experience some blowback -- and safe manufacturers to do a better biz!

    http://www.couriermail.com.au/news/q...-1226348198203

    "The Reserve Vault in Brisbane, used by wealthy to store gold and valuables, at centre of allegations of misappropriation and dodgy business practices. "

  • #2
    Re: You gotta know when to hold 'em.... OZ firm missing metals?

    Originally posted by doom&gloom View Post
    If this ends up being true, and a LOT of metal is "missing", I expect some sililar businesses to experience some blowback -- and safe manufacturers to do a better biz!

    http://www.couriermail.com.au/news/q...-1226348198203

    "The Reserve Vault in Brisbane, used by wealthy to store gold and valuables, at centre of allegations of misappropriation and dodgy business practices. "
    Great by-line and I couldn't agree more. As economies start to deteriorate and business models start to fail, the temptation will be great to "help yourself" to privately stored pm's. Just like at MF Global, the execs will blame the "missing stuff" on bad internal controls that led to the "unfortunate" bankruptcy of the company and swear they have no idea where it all went. I doubt there will be much sympathy from government investigative agencies who will fain outrage, but secretly figure that these ignorant, misguided goldbugs got what they deserved by hording the barbaric relics in the first place.

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    • #3
      Re: You gotta know when to hold 'em.... OZ firm missing metals?

      Iguess this now applies even to base metals like steel -- in China...

      http://www.reuters.com/article/2012/...88F0EJ20120916

      Exclusive: Ghost warehouse stocks haunt China's steel sector



      By Ruby Lian and Fayen Wong
      SHANGHAI | Sun Sep 16, 2012 3:07pm EDT


      SHANGHAI (Reuters) - Chinese banks and companies looking to seize steel pledged as collateral by firms that have defaulted on loans are making an uncomfortable discovery: the metal was never in the warehouses in the first place.

      *snip*

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      • #4
        Re: You gotta know when to hold 'em.... OZ firm missing metals?

        I guess this now applies even to base metals like steel -- in China...
        Take this as a lesson in commodity investments in general, as FIRE sets the world on . . . .

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        • #5
          Re: You gotta know when to hold 'em.... OZ firm missing metals?

          http://www.reuters.com/article/2012/...88F0EJ20120916
          SHANGHAI (Reuters) - Chinese banks and companies looking to seize steel pledged as collateral by firms that have defaulted on loans are making an uncomfortable discovery: the metal was never in the warehouses in the first place.
          wonder if theres implications for ole doc copper on this one....

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          • #6
            Re: You gotta know when to hold 'em.... OZ firm missing metals?

            I recall awhile back, a Michael Pettis article about how the Chinese companies' been using the same batch of copper to back multiple loans. I guess the companies have decided to sell the copper and run off with proceed from sale as well as loan money... how come I'm not surprised...

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            • #7
              Re: You gotta know when to hold 'em.... OZ firm missing metals?

              I hear Job Corzine is a hero in China for his business acumen at making money disappear.

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