Canada's Only Bullion Bank Gold Vault Is Practically Empty

7 April 2010, by Tyler Durden (Zero Hedge)

Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta*, located at 40 King Street West in Toronto, and find the vault is practically empty.

This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients* it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion.

It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form.

Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had."

Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces.

As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold.

As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."


Also note the interesting detour into what Stephan Spicer of the Central Fund Of Canada*, said regarding his friend at a major bank, who wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong.

It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage.

They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.

Link to full Eric King interview: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4...


*ScotiaMocatta: http://www.scotiamocatta.com/global/solutions.htm

*it was alleged that Morgan Stanley told clients: http://www.reuters.com/article/idUSN1228014520070612

*Central Fund Of Canada: http://www.centralfund.com/


The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty 7 April 2010 (Zero Hedge) http://tinyurl.com/yamwwmw

Views: 65

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a blog post
9 hours ago
Doc Vega favorited Burbia's video
10 hours ago
Doc Vega commented on Burbia's video
Thumbnail

InfoWars reporter Jamie White ‘brutally murdered’ near Austin residential area, outlet says

"Gosh do you think the Deep State was sending Alex a message? These bastards!"
10 hours ago
Doc Vega commented on tjdavis's video
Thumbnail

Route 91: Uncovering the Cover Up

"The lying bastards never covered one aspect of the shooter who was in bad health and couldn't…"
10 hours ago
Doc Vega favorited tjdavis's video
10 hours ago
cheeki kea commented on cheeki kea's photo
Thumbnail

furniture fail.

"Yip most folks here believe Trudeau the clown attempted to undertake a Whakapohane and failed…"
16 hours ago
Doc Vega posted blog posts
19 hours ago
tjdavis posted a video

Route 91: Uncovering the Cover Up

On October 1, 2017 58 people were killed at the Route 91 country music concert in Las Vegas....and by 2 weeks the media dropped the entire story due to all t...
yesterday
Doc Vega posted a blog post

Do Not Sleep in a Wilderness Cabin Alone There’s something out there!

It’s been well described by a number of encounters, and in some of those encounters the subject…See More
yesterday
rlionhearted_3 posted photos
Friday
cheeki kea commented on Doc Vega's blog post Why Do They Want to Kill Elon Musk?
"Musk is the face of the intelligent geek nerd army who is exposing almost everything that concerns…"
Friday
cheeki kea posted a photo
Friday
Doc Vega posted blog posts
Thursday
Sandy posted a video

DARK WATERS | Official Trailer | In Theaters November 22

Mark Ruffalo stars in #Darkwaters.Get tickets: https://www.darkwaterstickets.com/From Participant (Spotlight), DARK WATERS tells the shocking and heroic stor...
Thursday
tjdavis favorited Doc Vega's blog post Why Has it taken so Long for Alejandro Mayorkas to be Impeached? Well that's Finally Happening
Thursday
tjdavis posted a video

Deception Has Evolved Into MASS BRAINWASHING

Deception has taken a dark turn, and it's no longer just about manipulating individuals. Today, mass brainwashing has become a powerful tool used to control ...
Thursday
cheeki kea commented on tjdavis's photo
Thumbnail

Rainbow Rousing

"I wonder how much longer the USA and Russia is going to put up with UK/NATO/& the West war…"
Wednesday
Doc Vega posted a blog post

A Promise I Cannot Keep

A mystical passage in a dream far away Perhaps deeply embedded in the Milky Way Rather than leave…See More
Tuesday
Burbia commented on TommyD's group The Chuckle Hut
Tuesday
Burbia posted a video

InfoWars reporter Jamie White ‘brutally murdered’ near Austin residential area, outlet says

InfoWars reporter Jamie White was “brutally murdered” near his Austin, Texas, home on Sunday night, according to the outlet.Alex Jones, the founder of InfoWa...
Tuesday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted