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Scramble for physical gold coverage begins - Chavez pulls Venezuela's from JP Morgan - collapse imminent

 
Anonymous Coward
User ID: 1510625
Thailand
08/19/2011 12:16 AM
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Scramble for physical gold coverage begins - Chavez pulls Venezuela's from JP Morgan - collapse imminent
Chavez announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because JP Morgan only has 10.6 tons of registered gold in storage. A modest withdrawal 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. The overdue scramble for delivery may be about to begin.

This is how it starts, people, and it's real. It won't be a run on banks for cash, because governments can simply print more of that. It will be when the run on gold begins, because most banks can cover only about one percent of registered deposits.

Chavez has begun the run on gold, and if he does pull his from JP Morgan, then JP Morgan will have no physical hold left to cover all the rest of their depositors. Game over....

[link to www.zerohedge.com]
Anonymous Coward
User ID: 1510629
Nigeria
08/19/2011 12:22 AM
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Re: Scramble for physical gold coverage begins - Chavez pulls Venezuela's from JP Morgan - collapse imminent
related? somehow, maybe but not sure how.

[link to www.telegraph.co.uk]
Pangn

User ID: 1379975
United States
08/19/2011 12:29 AM
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Re: Scramble for physical gold coverage begins - Chavez pulls Venezuela's from JP Morgan - collapse imminent
hmmm so does this mean JP morgan will go down in a firey pit of doom and I wont have to pay my mortgage anymore? dead3

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