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Gold Scramble starting?


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Gold scramble starting?

The comments below are not mine, but I completely agree with them. THIS IS POTENTIALLY BIG NEWS. (but I bet you wont hear much about it in the news...)

I would only add that the action taken by Venezuela is the equivalent of a howitzer shell going off in the New York/London money changers camp.

Nationalization of the Venezuela gold mining industry is "small news." There is only one small gold mining company operating in Venezuela. The real news is that this is an extreme vote of no confidence in the international monetary system. It is also an act of economic warfare against the money power in London by Hugo Chavez, a Venezuelan nationalist. It will be interesting to see what ensues. Will the banksters refuse to deliver? If they do it could cause a stampede of other countries demanding delivery of their gold. (that will probably happen anyway). That should be fun... Will the banksters FAIL to deliver? Very likely. Odds are they don't have the goods. Geez... Wonder where the gold went? If they make delivery will they deliver real gold bars, or fake tungsten bars coated in gold? After what happened to the Chinese you can bet the Venezuelans will be looking at the inventory very carefully.

The central bank/fractional reserve, usurious, bankster racket could be on the verge of cratering. Whether you have investments or not, this action will affect everyone in the western world.

We live in interesting times.

no way in hell Chavez quietly takes a cash payout instead of bullion)

The game is over in all but name, as of right now....

The controlled demolition of the financial system has begun, started by no other than hugo chavez.....

http://www.zerohedge.com/news/chavez-pulls-venezuelas-gold-jp-morgan-great-scramble-physical-starting

As Chavez Pulls Venezuela's Gold >From JP Morgan, Is The Great Scramble For Physical Starting?

08/17/2011

In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.

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Thanks for the post Don Paul! +1

Sorry for all of the doom and gloom that follows but in my opinion it is best to be educated so you can plan ahead.

All that to say, this is part of a confirmation email I received with my last silver purchase:

Obama’s spending spree will crush your wealth

In short order, the U.S. economy has suffered a real estate collapse…a banking crisis…a stock market crash…a credit crunch…and the worst downturn since the Great Depression.

And the Obama administration has been on a wild spending spree. For starters, there was the $700 billion bailout. Then the $825 billion stimulus package. Then his record-breaking $3.5 trillion federal budget. Not to mention the $1.4 trillion deficit.

Now our national debt is nearing $15 TRILLION…and counting.

Analysts predict that as a result, our economy will be crippled by double-digit inflation—a serious threat that could wipe out the value of your CDs, money market funds, retirement investments and savings accounts.

Hyperinflation: From threat to reality

As a result of the government’s historic spending spree, the money supply has more than doubled in the past few years. And there’s still talk of one new federal program after another.

That can only mean one thing: Runaway inflation that’s likely to reach double digits. Here’s what top analysts are predicting…

  • “Early-stage hyperinflation by year’s end.” —John Embry, precious metals expert and chief investment strategist at Sprott Gold and Precious Minerals Fund

  • “Our economy will now face death by hyperinflation, which will cause a complete loss of confidence in the dollar.” —Peter Schiff, recognized money manager and economic analyst, and president of Euro Pacific Capital

  • “I am 100% sure that the US will go into hyperinflation.” —Marc Faber, Swiss fund manager and editor of Gloom Boom & Doom

Can gold go to $5,000?

With the economy spiraling out of control, the price of gold has soared. As of this writing, gold has increased 300% since 2000.

Investment analyst Eric Hommelberg predicted that gold would spike to $1,250 and it did. Merrill Lynch and Barclays Capital see $1,500 gold in our future.

But gold hasn’t even come close to its peak. According to the World Gold Council, the price of gold would have to soar to $2,200 to match its 1980 high, adjusted for inflation.

And several leading financial experts say it will go even higher.

UBS predicts that gold could hit $2,500…while gold experts James Dines and Peter Schiff say it could soar to a whopping $5,000 an ounce. That would be an increase of nearly 400% over its current price!

That’s why the time to invest is now—before the price skyrockets into the stratosphere…and before hyperinflation makes your paper money worthless to buy it.

I realize part of this is to be interpreted as an advertisement but that doesn't invalidate the information.

I post this to say,"Prepare yourselves DV members, trouble is coming."

Hopefully we make a return on this investment (IQD) soon!

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