Venezuela demands delivery of its gold deposits from Bank of England

[crankthskunk]

There is a big problem coming up. Venezuela has demanded delivery of their 99 tons of gold deposit. According to Bloomberg Venezuelas deposit is held by JP Morgan.

The biggest problem is according to the record, the physical quantity hold by JP Morgan is only 10.6 tons, so who is going to supply the remaining quantity?

Do we expect Tungsten bars delivered to China in the past? The things are rolling slowly the time is approaching. Are we to expect another war, this time against Venezuela?
The problem is even worst, most of the banks are holding far less gold physically then what the deposits should be.

As Chavez Pulls Venezuela's Gold From JP Morgan, Is The Great Scramble For Physical Starting?

In addition to the nationalization of his gold insutry, Chavez earlier also announced that he would recover virtually all gold that Venezuela hold abroad, starting with 99 tons of gold at the Bank of England. As the WSJ reported earlier, "The Bank of England recently received a request from the Venezuelan government about transferring the 99 tons of gold Venezuela holds in the bank back to Venezuela, said a person familiar with the matter. A spokesman from the Bank of England declined to comment whether Venezuela had any gold on deposit at the bank." That's great, but not really a gamechanger. After all the BOE should have said gold. What could well be a gamechanger is that according to an update from Bloomberg, Venezuela has gold with, you guessed it, JP Morgan, Barclays, and Bank Of Nova Scotia. As most know, JPM is one of the 5 vault banks. The fun begins if Chavez demands physical delivery of more than 10.6 tons of physical because as today's CME update of metal depository statistics, JPM only has 338,303 ounces of registered gold in storage. Or roughly 10.6 tons. A modest deposit of this size would cause some serious white hair at JPM as the bank scrambles to find the replacement gold, which has already been pledged about 100 times across the various paper markets. Keep an eye on gold in the illiquid after hour market. The overdue scramble for delivery may be about to begin.

http://www.zerohedge.com/news/chave...ld-jp-morgan-great-scramble-physical-starting

 

[pak4rule]

Good. (clap)
Why not arab leaders also demand the same ?
what will happen then ?

 

[biomat]

 

[sarbakaf]

Good. (clap)
Why not arab leaders also demand the same ?
what will happen then ?

if arabs demand gold ...they well get women and wine and they will shut up for next 40 years.
If pakistani demand gold ...THEY SHOULD NOT GET IT .....OR IT WILL BE RE-DEPOSITED IN BANKS WITH TITLE OF MR ZARDARIS GOLD OR ..SHAHEED BENAZIR BHUTTO GOLD...FOR BILAWAL

 

[ealtaf]

So the game starts now....

 

[ealtaf]

My prediction that gold will cross $2500 per ounce till the end of this year...