Gold disappearing from the LBMA system?

[pmbug]

Turd says it's so:

...
What I have learned and have since been able to confirm via a second source is this: London Good Delivery bars are being delivered to Eastern buyers. Instead of being vaulted inside the LBMA system, these bars are being sent directly to refiners. The bars are then being melted and recast in 1 kilogram sizes. The new bars are then being stamped with official, government insignia and sent on to vaults outside of the LBMA system and points east, never to return again.
...

http://www.tfmetalsreport.com/blog/3924/gonefor-good

 

[benjamen]

Turd says it's so:

http://www.tfmetalsreport.com/blog/3924/gonefor-good

I have heard rumors from several sources that the Asian markets are taking physical reciept of PM from the London/Comex pools. It should be interesting!

 

[69mach351]

hmmmmmmmmmmmm Not sure if I like what I read, but it makes you think.

 

[swissaustrian]

Mh, assuming this is true, the next question is: On what scale is this happening? Is it a small country or a giant like China?

 

[rblong2us]

not so much Gold disappearing from the LBMA ......

from Bix -

600+ resignations of senior bankers was NOTHING in comparison to the latest resignation announcement from the Bad Guys!

Goldfinger bows out of precious metals

By Jack Farchy

The gold market has just lost one of its most senior figures.

Jeremy Charles, the veteran head of precious metals at HSBC, retires on Friday after a career of nearly four decades at the heart of the bullion industry. In that time, he helped to revolutionize the market.

Under Mr Charles, HSBC's precious metals division has become one of the largest and most profitable franchises in the industry. With just 27 front office staff, competitors estimate that the bank's precious metals division makes annual revenues of $200m-$300m a year, rivalled only by ScotiaMocatta, UBS, and JPMorgan. Along with JPMorgan, HSBC trades more gold in the London market than any other bank, traders say.

Mr Charles, who started his career in 1975 as a 19-year-old "tea boy" at NM Rothschild and went on to become chairman of the London Bullion Market Association, has witnessed the transformation of the gold market from a backwater into one of the most profitable areas of many banks.

The industry in no small part has Mr Charles to thank for that.
more...

http://www.ft.com/intl/cms/s/0/d8cc0798-bc48-11e1-a836-00144feabdc0.html#axzz1yoR9IT

Those who have been around for a while know that Jeremy Charles was the HSBC front man for the gold cartel, fought against CFTC position limits rule and even tried to argue against Bill Murphy at the CFTC hearing on gold and silver manipulation. You can still watch the that infamous hearing on the CFTC website (March 25, 2010)...

http://capitolconnection.net/capcon/cftc/webcastarchive.htm#

Just another nail in the coffin for the Bad Guys but this is a VERY BIG NAIL at the perfect time. The TIMELINE article is "spot on" at the moment.

 

[pmbug]

Is Mr. Charles still the chairman of the LBMA? If so, the potential implications would be interesting.