JUst when gold got back on its feet the evil IMF stepped in

companies dont get bankrupt my friend the people who bought the gold lost out. and since the ordinary people dont have a voice they are hushed up. arrested you got to be joking? which world are you living in? if people got punished for their crimes would there be crimes? it was news with scientific facts then it was hushed up no one wants the indian market for gold dead. all the newspapers here and all the major periodicals carried the story but only for 3 or 4 days or 1 issue in case of a magazine. you might still find it if you do a search on times of india , mid-day, indian express etc.

in this case it was what happened you can choose to say it did not but a lot of ordianry people lost a lot of money for all we know more mixing might be happening.

 

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I live in the real world. No multi-billion dollar scam is going to go unreported. Nobody with enough money to purchase mult-billions worth of metal is going to be silenced. No group of people who lost multi-billions of dollars will be hushed in an age of legal activism. Normally, multi-billion dollar purchases involve institutional buyers and banks to finance them who would be bankrupted by such a scam. If what you say is true, can you post a single link to verify it? I can't find it in a search.

Besides, I don't even know how your rumor is relevant to this thread.

 

first its not a rumor those are facts second you are the one who said it was relevant not me when i first commented on the thread thirdly it is very clear to me that your view of the world begins and ends with USA nothing wrong with that but there are other places out there.

india is the largest consumer of gold and if you dont agree with this then let me know and i will stop talking becoz it will be of no use no offense but if your mind is closed i am the last person who can open it

the consumers in india are ordinary people a majority of them who cannot even read and write forget reading and writing in english. they buy gold for religious purposes

you couldnt find a single link i found one on google in less than a second you can use this to dig enough material for a weeks worth of reading

http://www.indiatvnews.com/news/India/Jewellers_Mixing_Iridium_In_Gold_Ornaments-2487.html

again its your choice to make what you believe or you dont believe. all the points you have raised might be true for USA but they dont work here. all the Best

 

just in case you feel that i am still making irrelevant posts

 

I don't follow the jewelry industry closely, but catching jewelers selling gold that has a purity lower than marked probably won't impact the IMF gold sales or world gold price.

 

Dear Cloud the takeaway here is that millions of tons of gold were imported and mixed with iridium and there is no way to distinguis them. if the fact was well known that you couldnt tell whether your gold was real or not the prices would crash. jewelry is made later its the gold thats tampered with first.

and even if you are right and the jewelry market crashes it will hit gold big time if the biggest player stops buying gold. for those reasons the entire scam was buried by vested interests.

 

It can be detected through assay. Since this has apparently been going on for years, if it is stopped, the quantity of gold used will actually increase, not decrease. I don't see people discontinuing the purchase of gold jewelry in a significant way.

 

you are right they wont becaus ethe scam was buried if it was not people would realize they have iridium and not gold most would lose a lifetimes fo savings. people invest more in gold then in banks here and public confidence would be shattered much like a panic in wall street

and no it can be detected now but till last year it couldnt. and i could bet my dollar they are mixing a different metal now which cant be traced there is too much money not to cheat

 

There will always be fraud in every business. It's part of human nature.

 

Hold on a second here. You are writing that millions of tonnes of gold were mixed with iridium (Ir) because of the India TV News article? That seems to be quite a bit more than a stretch of logic based upon a 15kg shipment of the metal that was intercepted. The last information I have at hand for worldwide usage of Ir is from 2006 where there were approximately 95,000 ounces used by the chemical, electrochemical and electronics industries and 35,000 ounces used elsewhere. Worldwide production is also approximately the same as usage for Ir.

Therefore, if one were to go to the extreme and claim all of the yearly production of Ir that is not taken by the chemical, electrochemical and electronics industries was somehow quietly and ilicity used to alter jewelry finess for gold then 35,000 ounces per year of Ir could go to that venture. This represents about 1 tonne of Ir available per year. Your claim is that millions of tonnes of gold were mixed with Ir. If so, then to even reduce the purity of "only" one million tonnes of gold by one-tenth of one percent (0.1% or one part per thousand) would require that this ilicit operation consume 1,000 tonnes of Ir. At the current production and usage of Ir it would require 1,000 years to produce the Ir. Regardless, the dilution of the gold would be from an assay of 0.999 to 0.998 fine if this were to occur.

 

All that IMF stuff doesn't phase me in the least b/c I love gold coins and I don't mind a little risk. Besides gold is at one of the highest price levels ever in the whole history of keeping track and if you ask me it's been undervalued for way too long and the new bottom will be higher than anyone expects. In other words for the time being, I will keep buying cautiously. Actually I'm in the middle of going in a new direction with my collection. I'm moving up to quarter ounces. My new saying is, (buy a little sell a little, until you can make it big)!! Silly I know, but I can live with it!

 

Spock1k --thank you very much for posting the link to the article, because I tried googling and I didn't have much luck.Most Westerners do not understand the Indian jewelry market, and how potentially significant this might be. People have their life savings tied up in this as you point out, you can even take bank loans on your gold in India, and purity is very important. It is much more of a financial instrument than it is for the ordinary investor in the West. It is comparable to finding out that the money you think you have in your bank account might not be there. Indian gold sales are cited as a factor in the price of gold every year, and because they are importers of gold rather than producers, their buying has an effect on prices worldwide. (The Chinese on the other hand are now the major producer of gold in the world.)I don't know what to make of the story, but it is something to be aware of in my opinion. It is easier to tamper with the metal used for jewelry than coins, since a coin buyer needs only to weigh and measure to detect fraud, whereas a necklace is not made to any specific measurements or weight.

 

If 1 person or country, owned all of the gold in the world, would it really be worth anything? I'd pay $20-$30 for a pretty piece of jewelry, but I certainly wouldn't work 2 weeks at hard labor for a single ounce...why would anyone? I'll take food, cable TV and transportation instead. What thinks ye?

 

http://numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=10120

 

i am glad to see that i wa snot banging my head against a wall.

 

You would work for paper currency. Why? Because it has value. So does gold. People work for shares of stock and stock options, so why not gold? Gold isn't really any different from other financial assets. Nobody is going to make you work for gold, so it is really irrelevant to the question of gold's value. But many people may choose to convert some of their paper currency to gold, or stocks, or real estate, or bonds, or artwork, etc. to preserve the purchasing power and hopefully grow the value over time.

 

As I said Tom i am not here to argue any point. you are free to believe what you want to. Making you understand how the gold market works is out of scope for any forum. Nadler took years to learn it and he is already an expert on gold.

Cheers

 

On a different note: My brother in law will work all day in the hot hot sun to prospect for gold in the high desert region of Southern Calif. He even has some very serious medical limitations, but he loves it. He is very slow, but considers it therapy. He has collected some nice little rocks and flake type specimens over the years. His eyes are better than mine fortunately.

Your post made me think of this. Prospecting can be a wonderful hobby for some. A former relative owns her own claim, and prospects for a living.

 

look at my new avatar anytime someone rubs me the wrong way the fingers fold to become a punch

 

Or, one could be left extended.....