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Maguire says HSBC will close London vaults; Celente asks where GLD metal goes

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Chris Powell
GATA
Published : March 07th, 2015
90 words - Reading time : less than a minute
( 1 vote, 5/5 ) , 2 commentaries
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Category : GoldWire

In his interview today with King World News, London metals trader Andrew Maguire adds that bullion banker HSBC is closing all seven of its gold vaults in London:

http://kingworldnews.com/andrew-maguire-smash...sbc-shocks-c...

Since HSBC is custodian for the gold purportedly held by the major gold exchange-traded fund GLD, trends forecaster Gerald Celente wonders in a KWN interview what's going to happen to the metal:

http://kingworldnews.com/celente-closing-l...will-shake-w...

Of course a bunch of gold vaults have opened lately in China and Singapore. Maybe they would have room -- if they don't already have the gold too.

 

Data and Statistics for these countries : China | Singapore | All
Gold and Silver Prices for these countries : China | Singapore | All
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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Esimon   3/15/2015 at 6:08 PM GMT
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Follows 0 member    Followed by 0 member     Average note : 100 / 100 -?-
I think people need to do some math, before making alarmist or incorrect comments:

The reason HSBC is closing their London Vaults is because they
only have enough gold left in the GLD to fit a room 20 ft x 10 ft x 8 ft.

Here is the math:

Gold in GLD =$30 Billion Dollars=25,000,000 ounces=62,500 x400 ounce
bars

One (1) 400 ounce bar is approx 44 cu inches
62,500 x 400 ounce bars =2,750,000 cu inches or 2750000/1728=1591
cubic feet

A room 20x10x8 is 1600 cubic feet.

That is not much Gold for supposedly a large gold ETF? and certainly,
you don't need 7 vaults to store their gold:)


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S W.   3/22/2015 at 7:06 PM GMT
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Follows 0 member    Followed by 5 members     Average note : 58 / 100 -?-
Excellent work. Haven't checked your maths but presume them correct.
As for Maguire, I don't believe a word that comes out of his mouth.
Latest comment posted for this article
Excellent work. Haven't checked your maths but presume them correct. As for Maguire, I don't believe a word that comes out of his mouth. Read more
S W. - 3/22/2015 at 7:06 PM GMT
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