The legal claims on physical gold far exceed the amount of physical gold that the banks actually have by a very, very wide MARGIN. And right now the bankers are scared out of their wits because their warehouses are being drained of physical gold at a frightening rate. So what happens when their physical gold is gone but they still have lots and lots of people with legal claims to gold? When that moment arrives, it will represent the end of the paper gold scam.
Many believe that the recent takedown of the price of paper gold was a desperate attempt by the bankers to put off that day of reckoning, but it appears to have greatly backfired on them. Instead of cooling off demand for precious metals, it has unleashed a massive "gold rush" all over the globe. Meanwhile, word has been spreading among wealthy families in both North America and Europe that they had better grab their physical gold out of the banks while they still can.
Thousands of UK mortgage customers who have borrowed from the Bank of Ireland will see their monthly interest payments double from today as the Bank raises its tracker rate.
The lender announced plans to raise rates in February, saying that despite the Bank Rate staying at 0.5pc for four years, the Bank had the right to invoke "special conditions" that allows it to increase the MARGIN by which its tracks this rate.
Jim Cramer gaf tekst en uitleg op CNBC over de crash van de goudprijs. Cramer gaf aan dat MARGIN calls wellicht aan de basis liggen van de versnelde prijsdaling, zoals we HIER ook al schreven.
De scherpe koersval bij het goud kan aan een aantal factoren toegeschreven worden, maar wat zeker een rol heeft gespeeld is het optrekken geweest van de MARGIN calls. Daardoor werden heel wat beleggers gedwongen om de posities te sluiten, willen of niet.
A month ago we pointed out that as a result of Australia's unprecedented reliance on China as a target export market, accounting for nearly 30% of all Australian exports (with the flipside being just as true, as Australia now is the fifth-biggest source of Chinese imports), the two countries may as well be joined at the hip.
Over the weekend, Australia appears to have come to the same conclusion, with the Australian reporting that the land down under is set to say goodbye to the world's "reserve currency" in its trade dealings with the world's biggest MARGINal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan, without US Dollar intermediation, in the process "slashing costs for thousands of business" and also confirming speculation that China is fully intent on, little by little, chipping away at the dollar's reserve currency status until one day it no longer is.
