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finding that amount of gold bars is incredibly hard. People usually respond "comex & london" has gold bars? I dare say 30% are fake, numerous occasions where g

finding that amount of gold bars is incredibly hard. People usually respond "comex & london" has gold bars? I dare say 30% are fake, numerous occasions where gold bars stored in the vault are fake.

ineedasername 4y ago
In light of this week’s banking collapse precipitated by (among other things) lost confidence, I’ll ask: To what extent does it matter that some of the bars in the vault are fake if everyone has confidence they’re real? Also it seems like anyone who might inadvertently acquired some in lieu of the real thing & suspect the fraud down the line, they really have little incentive to cut the bar in half to find out. Best not to know.
- deleted 4y ago
  [deleted]
- ASalazarMX 4y ago
  It doesn't matter, as long as no one notices. You could say the same about counterfeit anything.
- killingtime74 4y ago
  It doesn't matter as long as you're not the one holding the bag when it gets discovered and something negative happens
- lazide 4y ago
  At some point someone will need to melt it down to use for industry, or for another purpose, or form. Say a comex bar, or smaller bars, or for alloying, whatever. Anyone who thinks they might be that person, or thinks they might sell to that person, certainly cares! They’re the ones who will suffer the consequences of the fraud.
  - Fatnino 4y ago
    One example of a use that requires real gold is the manufacture of gold plated tungsten.
saalweachter 4y ago
If he made 300k, those were probably 100g bars or smaller, not giant movie vault gold bars.
- rationalist 4y ago
  > giant movie vault gold bars. Also called "Good Delivery Bars", typically 400oz. https://en.wikipedia.org/wiki/Good_Delivery https://en.wikipedia.org/wiki/Good_Delivery
le-mark 4y ago
Fort Knox is audited regularly, and in 1974 cogress sent a delegation to verify it. One can easily imagine nefarious actors siphoning some off; how many tungsten bars are in there? They’d have to test every bar to know for sure. Has this been done? https://www.usmint.gov/learn/history/historical-documents/inspection-of-gold-at-fort-knox https://www.usmint.gov/learn/history/historical-documents/in...
- spiralx 4y ago
  There are some great historical nuggets in that archive, I liked this appeal to people to stop hoarding pennies and get them back into circulation. > Creating a shortage where it does not exist can adversely affect every public spirited citizen, taxpayer and conservator of the earth’s resources. It is inflationary should merchants start to round off sales to the next nickel due to lack of pennies to make change. > Again, I’d like to emphasize. There are plenty of pennies. But they are in the wrong places. > It is estimated that over 30 billion pennies are in circulation—doing the job for which they were intended. Somewhere in this vast country of ours, however, in excess of 30 billion pennies are in hiding. These are the pennies I’m looking for. They are in dresser drawers, shoe boxes, pickle jars; most anyplace you can think of that will get them out of pocket and out of sight. They are unwanted, unused and unappreciated. https://www.usmint.gov/learn/history/historical-documents/mint-appeals-for-return-of-the-penny https://www.usmint.gov/learn/history/historical-documents/mi...
- lazide 4y ago
  I have to laugh though - it would be trivial for someone in the executive hierarchy there to walk off with them and cover it up. The whole thing is intentionally opaque. And even better - that gold was mostly gold seized by the gov’t from private citizens when private ownership of gold was banned and all circulating coinage and other gold was seized! It truly is an attractive nuisance for the corrupt.
- throwbigdata 4y ago
  No, it is not audited regularly.
- saalweachter 3y ago

finding that amount of gold bars is incredibly hard. People usually respond "comex & london" has gold bars? I dare say 30% are fake, numerous occasions where gold bars stored in the vault are fake.

ineedasername 4y ago

In light of this week’s banking collapse precipitated by (among other things) lost confidence, I’ll ask: To what extent does it matter that some of the bars in the vault are fake if everyone has confidence they’re real? Also it seems like anyone who might inadvertently acquired some in lieu of the real thing & suspect the fraud down the line, they really have little incentive to cut the bar in half to find out. Best not to know.

deleted 4y ago
[deleted]
ASalazarMX 4y ago
It doesn't matter, as long as no one notices. You could say the same about counterfeit anything.
killingtime74 4y ago
It doesn't matter as long as you're not the one holding the bag when it gets discovered and something negative happens
lazide 4y ago
At some point someone will need to melt it down to use for industry, or for another purpose, or form. Say a comex bar, or smaller bars, or for alloying, whatever. Anyone who thinks they might be that person, or thinks they might sell to that person, certainly cares! They’re the ones who will suffer the consequences of the fraud.
- Fatnino 4y ago
  One example of a use that requires real gold is the manufacture of gold plated tungsten.

saalweachter 4y ago

If he made 300k, those were probably 100g bars or smaller, not giant movie vault gold bars.

rationalist 4y ago
> giant movie vault gold bars. Also called "Good Delivery Bars", typically 400oz. https://en.wikipedia.org/wiki/Good_Delivery https://en.wikipedia.org/wiki/Good_Delivery

le-mark 4y ago

Fort Knox is audited regularly, and in 1974 cogress sent a delegation to verify it. One can easily imagine nefarious actors siphoning some off; how many tungsten bars are in there? They’d have to test every bar to know for sure. Has this been done? https://www.usmint.gov/learn/history/historical-documents/inspection-of-gold-at-fort-knox https://www.usmint.gov/learn/history/historical-documents/in...

spiralx 4y ago
There are some great historical nuggets in that archive, I liked this appeal to people to stop hoarding pennies and get them back into circulation. > Creating a shortage where it does not exist can adversely affect every public spirited citizen, taxpayer and conservator of the earth’s resources. It is inflationary should merchants start to round off sales to the next nickel due to lack of pennies to make change. > Again, I’d like to emphasize. There are plenty of pennies. But they are in the wrong places. > It is estimated that over 30 billion pennies are in circulation—doing the job for which they were intended. Somewhere in this vast country of ours, however, in excess of 30 billion pennies are in hiding. These are the pennies I’m looking for. They are in dresser drawers, shoe boxes, pickle jars; most anyplace you can think of that will get them out of pocket and out of sight. They are unwanted, unused and unappreciated. https://www.usmint.gov/learn/history/historical-documents/mint-appeals-for-return-of-the-penny https://www.usmint.gov/learn/history/historical-documents/mi...
lazide 4y ago
I have to laugh though - it would be trivial for someone in the executive hierarchy there to walk off with them and cover it up. The whole thing is intentionally opaque. And even better - that gold was mostly gold seized by the gov’t from private citizens when private ownership of gold was banned and all circulating coinage and other gold was seized! It truly is an attractive nuisance for the corrupt.
throwbigdata 4y ago
No, it is not audited regularly.
saalweachter 3y ago