I'm no expert, but I wonder if they are diluting gold in order to keep the game from ending?
On Saturday, July 11, 2009, GATA board member Adrian Douglas published a paper titled, The Alchemists. Disturbingly, what this paper chronicles is how the New York and Tokyo commodity exchanges have been permitting their gold futures contracts to be settled not in real metal but in shares of gold exchange-traded funds (ETFs) in a transaction known as an Exchange of Futures for Physicals (EFP).
Douglas points out that,
“this means is that contracts can essentially be settled without going through the COMEX warehouse. Futures contracts and a physical commodity equivalent can be exchanged outside of the exchange and an EFP form can be filed to the clearing department at the COMEX. What's more, the physical commodity doesn't have to meet the specification of the COMEX Gold Contract of being a 100 troy ounce bar or three 1Kg bars of .995 fineness.”
It used to be that the COMEX standard for good delivery gold was .995 fineness ONLY.
So, why was this standard altered?
I've been thinking along these lines for the past 9 months or so. It just popped in my head one day at a gun show when I was looking at a couple of gold coins and thinking "are these real?" and "how can I trust this guy?", then it popped into my head of "why would I trust my gov't over this guy?".....head spinning!
Because I buy large quantities of PM's I decided to invest in a Karat Meter. I found one used from a Pawn Shop that was going out of business. I tested it on 3 pieces that I had tested at a local metal shop (they have a BIG machine to test purity of all metals).
Anyway, I test 3-4 of every 10 pack of coins that I receive. I also tested my Comex Bars and they've been right on with purity. Not saying it's not happening but I don't have any that I have found. I did find a counterfeit 10th oz Eagle that I had bought from a dealer in S. Cal. but none of his other items showed up badly so....anomaly.
I'll let the forum know if I find a new Eagle or Maple that's purity is bad.....or my next CONex purchase.
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