Texas taps private vendor to manage first state-run gold depository in U.S.

I didn't predict this, but I highly suggested this back in 2011 <click here> and 2013 <click here>.  That's probably understating it:  I pounded the table.  Texas is finally creating their own gold depository in Austin.

https://www.texastribune.org/2017/06/14/texas-taps-private-vendor-first-gold-bullion-depository/

Here is an excerpt from my January 8, 2013 blog entry:

While I agree with him in principle, I don't believe UTIMCO went far enough.  Their gold bars do exist, but they are stored in HSBC's vaults, the custodian for the GLD ETF.  There have been some grumblings of HSBC manipulating GLD shares and physical inventory, as well as accusations of JPMorgan manipulating the SLV ETF for silver.  It's the ol' fox guarding the hen house syndrome.  If I were UTIMCO, I would go even further, and send a team of Texas Rangers to HSBC's vaults in New York, repatriate and transport those gold bars back to Austin, Texas.  After all, if/when the $hit does hit the fan, possession is 100% ownership--irrespective of legal paper claims.

CME Declares Force Majeure at Manhattan Gold Depository

Where there is smoke, there is fire.  Paper certificates may be irreparably damaged by flooding, but gold bars are indestructible by water--or even fire (i.e., it is merely melted down).  Hurricane Sandy is providing a convenient scapegoat for those whose vaults are empty, and a declaration of force majeure is the ultimate cover, SOMETHING WE HAVE PREDICTED MANY TIMES.

This is the language centered around a force majeure to provide cover for the CME:

In a notice to customers on Monday, CME declared force majeure, a contract clause that frees parties from liability due to an event outside of their control, for the facility.

In a notice to customers on Monday, CME declared force majeure, a contract clause that frees parties from liability due to an event outside of their control, for the facility.

Read more: h

Folks, the time has cometh.  The shortage in physical gold (and silver) is now forcing depositories to short-deliver physical inventory, as it just doesn't exist.  People who believe they have legal claim to physical inventory only own a paper certificate, with physical delivery another proposition.  The CME's vaults are half empty, so they have had to resort to blaming Mother Nature, covering up the fact that the emperor has no clothes (gold).  The masses have been hoodwinked--again.

YOU HAVE BEEN WARNED--many times.

CME Declares Force Majeure at Manhattan Gold Depository

Read more: http://www.foxbusiness.com/news/2012/11/26/cme-declares-force-majeure-at-manhattan-gold-depository/#ixzz2DSbXUFLB

http://www.foxbusiness.com/news/2012/11/26/cme-declares-force-majeure-at-manhattan-gold-depository/