In 2011, after researching the State’s options for investing in gold and silver, The Office of the Treasurer of the State of South Carolina quietly released a ground-breaking “Gold and Silver Investments” report. This incredible report is a must-read for any one interested in gold and silver metals ownership or in understanding the criminality now inherent throughout the fractional-reserve banking and fractional-reserve bullion banking systems.
The part in the report that is most interesting states:
“Similar to other commodities, the value of gold and silver is determined by supply and demand, as well as speculation. The Federal Reserve, The London Bullion Market Association, JP Morgan Chase, and HSBC Holdings have practiced fractional-reserve banking and engaged in naked short selling causing artificial price suppression.”
“Certificates for allocated gold present an accountability problem. Allocated gold certificates are supposed to be correlated with specific numbered bars; however, it is difficult to verify whether a bank is improperly allocating a single bar to more than one investor. Also, unallocated gold certificates are a form of fractional reserve banking and do not guarantee an equal exchange for metal in the event of a bank run on the bank’s gold on deposit. This is in conflict with S.C. Code of Laws 1976 SECTION 11-9-660.”
The report goes on to conclude that exposure to gold and silver via Derivatives is equally foolhardy:
“Over the past three years, gold futures traded on the New York Commodities Exchange (COMEX) have encountered significant accountability problems. Holders of COMEX gold futures have frequently experienced delivery delays of their metals. Once delivered, there have been many reports of inaccurate weight and serial numbers on bars that do not match the holder’s contract.”
Sources:
http://www.treasurer.sc.gov/Documents/P ... %20145.pdf
http://sgtreport.com/2012/03/gold-silve ... ppression/
Say it ain't so Joe!
So the CFTC can be deaf, dumb and blind but apparently GATA, Bill Murphy, Chris Powell, Adrian Douglas, Ted Butler, Eric Sprott and now the SC State Treasurer Office know the truth...
And the beat goes on......Ugh!
