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The biggest gold coin in the world

 

Worth its weight in gold: World's largest coin goes on display 

By Daily Mail Reporter
Last updated at 4:16 PM on 28th May 2008

 

The world’s largest coin was put on display for the first time today at Vienna's art history museum to the delight of visitors.

Members of the public gasped at the sight of the Canadian Maple Leaf which is made of 99.999% pure gold. It weighs 100 kg and is worth over a £1 million.

 

 

Jim Willie: The Battle

"In an open manner, no longer hidden from view, the COMEX is settling gold long futures contracts with Street Tracks GLD shares."

news.goldseek.com/GoldenJackass/1259826300.php 

Jesse's Cafe Americain: Comex delivery issues

Jesse's Café Américain writes:

 
"Some months ago a chap described changes in the comex rules for futures contract deliveries. Therein it was described that the EFP, exchange for physical, rules were amended to allow for delivery of GLD shares in lieu of bullion.

Well take a look at something new, at least for me, in Monday’s comex preliminary volume and open interest report. On page 3 of the attachment, notice that in addition to futures contracts listed under the EFP category, a new category is listed: “Delivery Cash Settled” = 2866 december gold contracts. Just so happens 2866 was exactly the number of delivery notices issued on FND as reported in the Nov 27 vol and op int report."
 
 

Remember last two months?

Just to put the last two months into context, it's a good time to have a peek at the monthly and weekly charts what actually took place. Apparently his is the beginning of phase 2 in the biggest bull market since the Nephelim arrived..

 

Perth Mint reports record profits due to paradigm shift in gold

 On November 05, 2009, Numismaster writes:

Perth Mint Reports Record Profit

Gold Corporation, which trades as The Perth Mint, has achieved a record profit before tax of $38 million for the financial year ended June 30, 2009, it reported on Sept. 23.

The 2009 figure compares to a profit of $3.7 million in 2008, and the corporation says it was achieved on the back of a major increase in market demand for precious metal bullion and coins. It delivered a dividend of $16 million and an income tax equivalent of $13.1 million to its sole shareholder, the Government of Western Australia.

Gold Corporation experienced a sharp increase in global demand for its minted products, with unit sales of coins, bars and medallions increasing by 50 percent to 2.7 million. World market share in gold bullion coins was maintained at about 9 percent.

“The strong result was testament to Gold Corporation’s investment in additional and improved factory equipment, ensuring we could streamline production and take advantage of the favorable market conditions,” said Ed Harbuz, chief executive officer.
 
 

From their 2008-09 Annual Report: (emphasis mine)

 

  • 50% INCREASE IN SALES OF COINS, BARS AND MEDALLIONS ON 2007 / 2008.
  • PRODUCT SALES ADDED VALUE TO 13.5 TONNES OF GOLD, 229 TONNES OF SILVER AND 32 KG OF PLATINUM.
  • DIVIDEND OF $16 MILLION AND INCOME TAX EQUIVALENT OF $13.1 MILLION PAYABLE TO THE WESTERN AUSTRALIAN GOVERNMENT.
  • 7% WORLD MARKET SHARE IN GOLD BULLION COINS ACHIEVED.
  • THE VALUE OF CLIENT PRECIOUS METALS ON DEPOSIT UP 33% TO $2 BILLION (FY08 $1.5b).
  • TURNOVER UP 108% TO $2.5 BILLION (FY08 $1.2b). 
  • RECORD PRE-TAX PROFIT OF $38 MILLION.

 

Source: www.perthmint.com.au//documents/Gold_Corporation_AR_2009.pdf

Mike "Dish" Shedlock gets an earful from GATA Tsy/Sec Powell

Finally someone tries to knock some sense into this fool:

Chris Powell writes:

"Dear Friend of GATA and Gold:

People like Mike Shedlock of Sitka Pacific Capital Management in Edmonds, Washington, who writes Mish's Global Economic Trend Analysis letter, will never debate a GATA representative about manipulation of the gold market even as they aggressively misrepresent GATA's work, as Shedlock did again this week in his essay, "Conspiracy Theory Psychology": http://globaleconomicanalysis.blogspot.com/2008/08/conspiracy-theory-psy..."

and later in the article he deals the final deathblow:
 
...
Shedlock does acknowledge government's propensity for market manipulation. He writes:
"Of course there are conspiracies and manipulations. I have listed many of them. "Blatant manipulations:
"-- Term Auction Facility.
"-- Primary Dealer Credit Facility.
"-- Term Securities Lending Facility.
"-- SEC rule changes options expiration week.
"-- Selective enforcement of naked shorting rules.
"-- Discount window changes in options expiration week.
"-- Shotgun marriages arranged by the Fed.
"-- The bailout of JPMorgan/Bear Stearns."
 
"So Shedlock's position seems to be that government is trying to rig almost every market except the one government used to rig openly. What strange and sublime faith he must have! Despite the misrepresentation of GATA's work by Shedlock and others, we're actually in fairly respectable company in maintaining that the gold market is manipulated. Some big investment houses have said the same thing.
...
There's a lot of admission and documentation above, which, it seems, is why Shedlock, Kitco's Jon Nadler, the World Gold Council, and others who disparage complaints of manipulation of the gold market refuse to debate the issue, where they might be compelled to address the evidence specifically. But GATA remains ready, any time these folks or others on their side work up the honesty and courage."
... 
 
 
BTW: where have i seen that grin on Shedlocks face before..?  hmm.. Oh Yeah:
 
 

 

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RussiaToday on Climategate

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Johann Hari: Dubai after dark

 A god damn excellent piece on the real Dubai World. Johann Hari writes:

 

 

I. An Adult Disneyland 


Karen Andrews can't speak. Every time she starts to tell her story, she puts her head down and crumples. She is slim and angular and has the faded radiance of the once-rich, even though her clothes are as creased as her forehead. I find her in the car park of one of Dubai's finest international hotels, where she is living, in her Range Rover. She has been sleeping here for months, thanks to the kindness of the Bangladeshi car park attendants who don't have the heart to move her on. This is not where she thought her Dubai dream would end. 

Her story comes out in stutters, over four hours. At times, her old voice – witty and warm – breaks through. Karen came here from Canada when her husband was offered a job in the senior division of a famous multinational. "When he said Dubai, I said – if you want me to wear black and quit booze, baby, you've got the wrong girl. But he asked me to give it a chance. And I loved him." 

All her worries melted when she touched down in Dubai in 2005. "It was an adult Disneyland, where Sheikh Mohammed is the mouse," she says. "Life was fantastic. You had these amazing big apartments, you had a whole army of your own staff, you pay no taxes at all. It seemed like everyone was a CEO. We were partying the whole time." 

Her husband, Daniel, bought two properties. "We were drunk on Dubai," she says. But for the first time in his life, he was beginning to mismanage their finances. "We're not talking huge sums, but he was getting confused. It was so unlike Daniel, I was surprised. We got into a little bit of debt." After a year, she found out why: Daniel was diagnosed with a brain tumour. 

One doctor told him he had a year to live; another said it was benign and he'd be okay. But the debts were growing. "Before I came here, I didn't know anything about Dubai law. I assumed if all these big companies come here, it must be pretty like Canada's or any other liberal democracy's," she says. Nobody told her there is no concept of bankruptcy. If you get into debt and you can't pay, you go to prison. 

"When we realised that, I sat Daniel down and told him: listen, we need to get out of here. He knew he was guaranteed a pay-off when he resigned, so we said – right, let's take the pay-off, clear the debt, and go." So Daniel resigned – but he was given a lower pay-off than his contract suggested. The debt remained. As soon as you quit your job in Dubai, your employer has to inform your bank. If you have any outstanding debts that aren't covered by your savings, then all your accounts are frozen, and you are forbidden to leave the country. 

"Suddenly our cards stopped working. We had nothing. We were thrown out of our apartment." Karen can't speak about what happened next for a long time; she is shaking. 

Daniel was arrested and taken away on the day of their eviction. It was six days before she could talk to him. "He told me he was put in a cell with another debtor, a Sri Lankan guy who was only 27, who said he couldn't face the shame to his family. Daniel woke up and the boy had swallowed razor-blades. He banged for help, but nobody came, and the boy died in front of him." 

Karen managed to beg from her friends for a few weeks, "but it was so humiliating. I've never lived like this. I worked in the fashion industry. I had my own shops. I've never..." She peters out. 

Daniel was sentenced to six months' imprisonment at a trial he couldn't understand. It was in Arabic, and there was no translation. "Now I'm here illegally, too," Karen says I've got no money, nothing. I have to last nine months until he's out, somehow." Looking away, almost paralysed with embarrassment, she asks if I could buy her a meal.
 

 

 

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