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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 09:06 AM
Original message
Secret 1.55bn gold pile backs new trading funds
Times
By Patrick Hosking, Investment Editor



ONE of the largest hoards of gold ever gathered outside a central bank has been accumulated at a secret address in London over the past few months.

Gold bars with a value of 1.55 billion are understood to have been collected in a single vault in an anonymous building owned by HSBC. If melted into a single block, the 212 tonnes of solid gold would take up 11 cubic metres roughly the size of a Transit Van.

But the gold is so dense that it would require 104 Transit Vans to cart it away. The quantity of metal is 21 times the amount stolen in the Brinks-Mat robbery in 1983.

Ironically, the reason for the accumulation of this hoard is the popularity of a new gold investment product that does away with the expense, risk and hassle of taking delivery of the metal.

http://www.timesonline.co.uk/newspaper/0,,175-1460595,0...
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 09:10 AM
Response to Original message
1. Sting operation to lure those pesky bank robbin' Provos in Belfast?
Edited on Sat Jan-29-05 09:10 AM by emad
Snip:

The gold stockpile in London is said to be secure. But it is not clear what would happen in the unlikely event that the hoard was stolen.

GBS does not insure the gold and said it is HSBCs responsibility to keep it safe. Investors might have to rely on a claim against the bank in the unlikely event of a robbery, GBS said.

HSBC is under no obligation to insure the gold. But the bank said it would be responsible for any gold lost through its negligence, fraud or wilful deceit.

http://www.timesonline.co.uk/newspaper/0,,175-1460595,0...


SIR JOHN BOND, CEO, HSBC
COMMANDER HUGH ORDE, CHIEF CONSTABLE, POLICE SERVICE OF NORTHERN IRELAND





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jhain Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 09:13 AM
Response to Original message
2. Gringott's n/t
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 09:16 AM
Response to Original message
3. Here's a link that does require registration
http://business.timesonline.co.uk/article/0,,8209-14605...

Interesting, the article points out that most of the demand for the gold backed ETFs are coming from institutional investors.
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emad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 09:18 AM
Response to Reply #3
4. Thanks. You can access it for free by putting it up on Google.
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snippy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 05:58 PM
Response to Reply #3
6. I have heard that some precious metals mutual funds have been
selling some portion of their gold mining company holdings and replacing them with shares of the bullion ETF. I don't know whether that is true but if it is, it could account for some of the institutional demand.
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 10:31 PM
Response to Reply #6
8. Thanks, I didn't hear about that. It would make sense. I tend to go
CT whenever I see institutional demand in the markets these days. I've been reaching for the tinfoil much too often.
Think I need a break?
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Monkie Donating Member (675 posts) Send PM | Profile | Ignore Sat Jan-29-05 04:28 PM
Response to Original message
5. its been suggested this is a fraud at gold sites,you buy paper "gold"
and there is no real guarantee it actually exists
thats why they are making such a big splash about this,
its to sucker in the victims

http://safehaven.com/showarticle.cfm?id=2243

explains it allot better than i can
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Steven_S Donating Member (810 posts) Send PM | Profile | Ignore Sat Jan-29-05 07:07 PM
Response to Reply #5
7. thanks for the link...
I would prefer, and I am, heavy and long. And wouldn't have it any other way. :)
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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-29-05 10:33 PM
Response to Reply #7
9. Heh-heh! Snarf! I thought that sort of talk belonged in the lounge.
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