Dave, when you have unallocated accounts, as the Perth mint does… you can always find a way to account for that pesky inventory. You can even fractionally reserve it!
Maybe what I need to do here is reiterate the quote from Alex Stanczyk, recalling his meeting with the managing director of a Swiss refinery;
…At this Swiss refinery there have been several times this year on which they were unable to source gold, this shocked me. They’re bringing in good delivery bars, scrap and dore from the mines, basically all they can get their hands on. This gentleman has been in the business for 37 years, he was there during the last bull market in the late seventies. I asked him when was the last time this has happened, that he was unable to source gold, he said never. And I clarified it, I asked: let me make sure if I understand what you’re saying to me, in the last 37 years you’ve worked in the gold industry this has never happened? He said: this has never happened.
…There was one other comment that was fascinating, he said sometimes when they get gold in, it’s coming from the back corners of the vaults. He knew this because these were good delivery bars marked in the sixties. This is a huge supply squeeze and its worse than anything that has happened in the last four decades. At some point there is going to be a massive squeeze on the price.
Do remember that this story has been separately attested to by Jim Rickards on an RT.com interview?
I continue to believe that the blank shortage story is a smokescreen… you are welcome to believe differently, and you are welcome to back up your point of view with quotes and data, as I do… but please don't accuse me of being somehow mean. If your paycheck depends on the State… then your paycheck depends on the State (legal charter in the case of Bron). We all talk our book, right.. just like all those KWN guys who are pimping mining shares? Was I being mean to those KWN guys by saying that? I happen to agree with much of what they say, but I never lose sight of who butters their bread.