Tag Archives: Precious Metals

Record $150m in gold seized by Indian police in 10 months

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“Officials and industry insiders attribute this spike to a ‘high’ import duty of 10 per cent from 2013, a booming demand pegged by the World Gold Council at around 840 tonnes in 2014 – 191.7 tonnes in the first quarter of fiscal 2015 alone, up 15 per cent from the same period last year — and a low prosecution rate of those caught smuggling gold.  At a time when the NDA government announced a monetisation scheme in this Budget to unlock the value of a part of the 22,000 tonnes of gold (US$1trn) in private hands, a big chunk lies with its own Customs departments – over 2,000 kg seized over the past 10 years.”

http://indianexpress.com/article/india/india-others/why-the-gold-rush-record-150mn-seized-in10-months/

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Why you need offshore gold storage

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“If you choose to store your gold in a private vault facility, you add a layer of privacy to your assets. At least as I write this, precious metals held in non-bank facilities are not subject to government reporting in the United States.  There are gold storage facilities in more privacy-friendly countries from Switzerland and Austria to Singapore and Hong Kong. Austrians love for secrecy gave birth to one of the world’s only anonymous gold storage facilities, located in Vienna.  Asians love gold and the economic centers of the continent are making it easier to buy and store metals. I recently wrote about how to get secure offshore gold storage in two different Singapore vaults with ease.”

http://nomadcapitalist.com/2013/05/06/why-you-need-offshore-gold-storage/

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FBI offers $25,000 reward in $4.9 million fake-police gold heist

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“The $25,000 reward was announced today in Miami where the gold shipment originated.  The tractor trailer with gold, silver and other valuables stopped on Interstate 95 back on March 1st after one of the guards for Transvalue, Inc. became sick.  The guard was approached by at least two armed men who announced themselves as ‘Policia’. The men gave instructions in Spanish, using zip-ties to tie up the guards. They were led into the woods.  The gunman broke into the trailer, making off with approximately $4.9 million in gold bars. Authorities say they left behind another $5 million in silver.”

http://www.witn.com/home/headlines/4-million-in-gold-stolen-in-heist-on-I-95-in-Wilson-County-294668011.html

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Never Hand Over Your Gold To The Bank Of England For “Safekeeping”

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“With London, Paris, and Basel’s compliance, Nazi Germany looted 23.1 metric tons of gold without a shot being fired. More than two-thirds of that gold was traded with the Dutch and Belgian national banks and was eventually transported from Amsterdam and Brussels to the Reichsbank’s vaults in Berlin. Czechoslovakia’s diligent planning to safeguard its national gold reserves, together with its misplaced faith in the integrity of the new international financial system, had come to nothing. [..] Churchill himself demanded to know how the government could urge people to enlist in the military when it was ‘so butter-fingered that six million pounds of gold can be transferred to the Nazi government.'”

http://www.zerohedge.com/news/2015-05-01/what-happens-when-you-hand-over-your-gold-bank-england-safekeeping

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Court returns rare gold coins Treasury seized from jeweler’s family

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“A fortune in 1930s gold coins seized by the federal government from the family of a deceased Philadelphia jeweler must be returned, a federal appeals court said Friday.  For more than a decade, the U.S. Treasury Department insisted, and persuaded a jury, that the rare coins had been stolen and belonged to the government.  But on Friday it lost the argument and the coins – because of paperwork.  The U.S. Court of Appeals for the Third Circuit said the government had failed to file a timely forfeiture action, and therefore had waived its right to keep 10 rare 1933 $20 double eagle gold coins. How valuable were they? One similar coin was auctioned for $7.6 million in 2002.”

http://www.philly.com/philly/news/nation_world/20150418_Court__Rare_coins_belong_to_jeweler_s_family.html

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US Government Moves To Seize 139-Year-Old Family Gold Mines

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“Earlier this month, officials with the Bureau of Land Management sent a letter ordering local miners working at the Sugar Pine Mining Claim in the Galice Mining District near Merlin, OR to vacate the property that locals have mined for the past 139 years.  The dispute centers around the Sugar Pine Mining Claim itself, which Congress set aside for local miners in 1876, allowing them to establish their own rules and regulations.  The stakes are high, as The Blaze notes that the Galice Mining District has already yielded over 10 million ounces of gold, with experts saying that 90 million more ounces are available to be extracted.”

http://benswann.com/oath-keepers-rally-in-oregon-to-prevent-139-year-old-gold-mines-from-being-seized-by-blm/

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‘Civil war’ divides families in row over Greek goldmine

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“The arrival in January of a new leftist government that opposes the investment has sparked a mobilisation among Hellas Gold employees afraid of losing their jobs.  Earlier this month, riot police were sent in when the rival groups came close to clashing in an oak forest between the villages of Stratoni, where Hellas Gold has its base, and Ierissos, whose inhabitants mostly oppose the project.  Hellas Gold plans to invest 1.3 billion euros in the area overall, and extract 9.6 million ounces of gold.  The previous conservative government had supported the investment, arguing that it would create hundreds of jobs in the recession-hit country where the unemployment rate now stands at over 25 percent.”

http://news.yahoo.com/civil-war-brewing-over-disputed-greek-goldmine-064713850.html

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Apple may buy 1/3 of world’s gold production to meet iWatch demand

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“Technology giant Apple (NASDAQ:AAPL) may soon buy up one third of the world’s gold in order to meet the demands of its highly anticipated Apple Watch, according to reports.  Interest in the high-end model, featuring 18-karat gold casing, is picking up and the firm is already taking the necessary steps to have enough of them in stock. According to WSJ.com, Apple plans to start producing more than one million units per month in the second quarter of the year, anticipating high demand from Asian markets, mainly China. Josh Centers, from TidBits, estimates that each gold watch will contain 2 troy ounces (62.2 grams) of gold.”

http://www.mining.com/apple-buying-a-third-of-worlds-gold-to-meet-demand-for-iwatch-14071/

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India central bank lifts ban on import of gold coins, medallions by banks

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“In a move that could increase gold supply, nominated banks have been allowed to import gold on ‘consignment basis’ and lend it to local jewellers. For about 15 years till 2014, this was the customary practice of sourcing gold officially. However, this was stopped last year amid concerns that rising gold import could impact the current account deficit. But, following rampant gold smuggling due to the curbs imposed by the government to deter imports and representations by bodies like the Ficci sub-committee on jewellery, the government has now taken a relook at the policy. Banks have been borrowing gold from the international banks at 0.5% and lending it to Indian exporters at 4-6%.”

http://economictimes.indiatimes.com/news/economy/policy/rbi-lifts-ban-on-import-of-gold-coins-medallions-by-banks/articleshow/46290295.cms

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Doug Casey on ISIS, Gold, Oil, and What to Expect in 2015

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“I have no desire to be in the mainstream stock market for the duration. Even less to be in the bond market—the bubble there has gotten bigger and bigger over the last few years, to the point that it has reached a truly unholy size. Real estate is holding on, but it’s floating on a sea of debt, so when the bond bubble breaks, real estate—certainly in the Anglo-Saxon world—is in for big trouble. (And real estate is the most obvious thing for cash-strapped local governments to tax, as things turn down.)  I really don’t see any way out of this thing, other than through the wringer we’re now caught in. However long they last, I do think we’re in the last moments of calm before the storm breaks.”

http://www.caseyresearch.com/articles/doug-casey-on-isis-gold-oil-and-what-to-expect-in-2015-1

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