HSBC, custodian of GLD's gold, closing all its London gold vaults [Archive]

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ThePythonicCow

6th March 2015, 22:05

The largest physically backed gold exchange traded fund (ETF) in the world is the SPDR® Gold Shares (GLD) Exchange Traded Gold Security (http://www.spdrgoldshares.com/).

It's primary custodian is HSBC (http://www.hsbc.com/), which holds the gold (supposedly) owned by GLD in its London gold vaults.

As just posted by Andrew Maguire at King World News (http://kingworldnews.com/andrew-maguire-smashed-gold-today-hsbc-shocks-clients-closing-london-gold-vaults/), HSBC has just given 2 months’ notice to its clients that they are closing down all 7 of their London gold vaults.

HSBC, custodian of GLD's gold, no longer needs any vaults to hold GLD's gold ... that can only make sense if GLD's gold has been "magically compressed into a much smaller volume" <grin>.

Elsewhere in same article, Andrew Maquire writes:

==========

The next exciting step is the announcement of a full-fledged institutional global exchange to compete with the existing archaic LBMA/London Precious Metals Clearing Limited unallocated market. All the institutional trading, clearing, settlement and technological facilities to do so have effectively now been built. There has been a slight delay with the launch but I will have a hard date for you as well as the name of the exchange by next week.

Within a few weeks this will change the way gold is traded as we witness large migrations of unallocated LBMA position holders unwind from high counterparty risk unallocated positions and then allocate into secure vaulted kilobar accounts outside of the LBMA bullion banking system.
==========

I'm guessing that the new exchange, holding real allocated kilobars, will be located in Shanghai.

This shutting down of HSBC's gold vaults (GLD custodian) sure seems to anticipate the arrival of the Shanghai Gold Exchange as the new, dominant, price setting, gold exchange.

If I held any GLD shares, I'd be selling them, without regard to the price I could obtain.

ThePythonicCow

6th March 2015, 22:47

HSBC is one of the world's largest banks. From Top Banks in the World 2014 (RelBanks.com) (http://www.relbanks.com/worlds-top-banks/assets), the largest banks in the world, by assets, are:

Industrial & Commercial Bank of China (China)
HSBC Holdings (UK)
China Construction Bank Corporation (China )
BNP Paribas (France)
Mitsubishi UFJ Financial Group (Japan)
JPMorgan Chase & Co (US)
Agricultural Bank of China (China)
Bank of China (China)
Credit Agricole Group (France)
Barclays PLC (UK)
Deutsche Bank (Germany)
Bank of America (US)
Japan Post Bank (Japan)
Citigroup Inc (US)
Societe Generale (France)
Mizuho Financial Group (Japan)
Royal Bank of Scotland Group (UK)
Banco Santander (Spain)
Sumitomo Mitsui Financial Group (Japan )
Groupe BPCE (France)
Wells Fargo (US)
Lloyds Banking Group (UK)
China Development Bank (China)

By this list, HSBC is the second largest bank in the world. Chinese banks dominate the list however, including holding number one spot.

lucidity

6th March 2015, 23:06

We've had Gold market manipulation for at least the last 12 months.
It's been brazenly manipulated... with gold going the wrong way (downwards)
even when ISIS emerged, when America attacked yet another country in the
middle east....

So i wonder... will the emergence of Shanghai Gold Exchange mean the end
of the gold market manipulation ? Should i rush out and buy lots of it ?

Any thoughts .. gratefully received :-)

be happy

lucidity :-)

ThePythonicCow

6th March 2015, 23:24

We've hard Gold market manipulation for at least the last 12 months.
I suspect that we've had gold manipulation for thousands of years, and may well have it for thousands more.

... also ... I would not recommend taking investment advice from someone who has to live in a Texas trailer park on his Social Security check :).

lucidity

6th March 2015, 23:43

But presumably, Paul, you've got the time to sit around
and study the market and study the articles on Kitco.com

I see from some of your other threads that your studies
of finance and economics are coming along nicely ;-)
Maybe your views on the subject might be worthy of
attention (irrespective of my eventual investment
decisions).

be happy

lucidity :-)

ThePythonicCow

7th March 2015, 00:04

ThePythonicCow

7th March 2015, 00:56

Gold is the metal of the king makers - it marks the dominant power center.

Debt has become the source of money for all the rest of us, whether poor or nouveau riche individuals, small shop or multi-national businesses, or local or supranational governments.

We have passed "peak debt". Would be borrowers are too broke, and would be lenders insolvent (fancy word for "broke".)

Hence we are in a period of massive deflation. Reduced lending means reduced influx of new money. But the old debts are not yet defaulted, so still drain existing cash flows as tax, debt and mortgage payments (the taxes are paying government debt.)

The grand money lenders maintain control, behind the scenes, over the police, courts, legislatures, military’s, intelligence services, laws, and collection agencies of the world. So we suffer from an increasing shortfall of money to purchase goods and services, as more and more of the remaining money goes (1) to debt service, to avoid bankruptcy, forfeiture, foreclosure and IMF imposed austerity, and (2) to the most essential goods, such as food, whose price goes up as other markets collapse.

Unlike the 1970's, the last time we had any such grand squeeze as this, when the US Dollar was reinvigorated as the Petro-Dollar, this time it appears that the dominant currency of the world, the currency in terms of which the most senior debt is issued, is being transferred to a supranational construct, in two phases. The first phase will bring the Chinese on board as full partners, in a senior role, and the second phase, likely motivated by a massive global depression, will give rise to a global currency, in terms of which the most senior debt of regional, supra national, governments will be issued.

No longer will the US Dollar be the monetary unit used to denominate the debt of nations, supranational governments, multi-national corporations, and major trade agreements. Indeed, that dominant role of the US Dollar is already being phased out, in a thousand little ways ... ten billion here, a hundred billion there, and pretty soon you're talking real money.

Rather major debt and contracts will be denominated either directly in terms of a single, world-wide, monetary unit, or in terms of major national and regional currencies, whose exchange rates relative to the world monetary unit, are established by the same financial masters as control the world monetary unit.

"Paper" gold (any gold held in someone else's vault, on which you hold a paper claim) will rapidly become worth the paper it's printed out ... essentially worthless. The real gold behind that paper is moving East, especially to China, Russia and India, as a mark of their elevation to "Senior Partnership" in this global enterprise. Then that gold will take a second move, to the vaults backing the world monetary unit.

Federal Reserve notes, known as US Dollars for the last century, will become increasingly scarce in the short term - increasingly more valuable - as they are still needed to service debt, but are less frequently being lent into existence.

At some point, somehow, in the coming (guessing here) six months to six years, there must be a grand economic spasm, some sort of world wide war or depression, sufficient to motivate what amounts to a default or jubilee on US Dollar denominated debt. Some of that debt, including my Social Security check and the modest number of US Dollars I have deposited in banks, will, must, lose substantial portions of their value, their real purchasing power in goods and services.

The massive excess in global debt means that far more has been promised than can be delivered. That which can not be paid in promised value ... won't. At that point, US Federal Reserve notes, as markers for such "promised value", must lose value, and as monetary units for the most senior debt in the world, must be retired, to be replaced by yet another national or regional currency, such as perhaps US Treasury issued dollars.

For the time being, as we cross this raging river of financial, monetary, political and economic tumult, promises outside of one's immediate grasp or awareness will collapse in value. Good health, a paid for roof over one's head, the tools and skills of one's trade, one's friends, family and neighbors, one's land and animals, one's reputation, insight, and knowledge, will survive. Like a boat used to cross a river, gold and silver, within one's physical grasp, will be one of the many ways of "getting to the other side". But, also like a boat, once we reach the other side, gold and silver will once again become more like boat anchors, useless in climbing the next mountain peak.

These changes in the gold markets are indicators of the early phases of this transition, as Western paper gold markets are eviscerated, their underlying physical gold moving to the East, as markers for the promotion to "Senior Partner" status of China and the other BRICS nations.

I can't say, I don't know, when will be the "best time" to buy gold, or to sell it again on the "other side". Like getting a seat on a life boat, just be sure to get your seat while you can, before the ship you were sailing on sinks.

ThePythonicCow

8th March 2015, 11:42

Perhaps not Shanghai after all, or at least, not exclusively. I missed the following announcement made two weeks ago.

On 19 Feb 2015, the London Bullion Market Association (LBMA) (http://www.lbma.org.uk/) announced: The New LBMA Gold Price to be launched on 20th March 2015 (http://www.lbma.org.uk/_blog/lbma_media_centre/post/the-new-lbma-gold-price-to-be-launched-on-20th-march-2015/).

Alasdair Macleod, a member of the London Stock Exchange and one of the long standing, articulate and reliable spokesman for "English Banking", has an article on this change, entitled The new London gold fix and China (http://www.goldmoney.com/research/analysis/the-new-london-gold-fix-and-china).

Alasdair Macleod's article begins:
==========

This month the physical gold market will undergo radical change when the four London fixing banks hand over the twice-daily fix to the International Commodity Exchange's trading platform on 20th March.

From 1st April the Financial Conduct Authority will extend its powers from regulating the participants to regulating the fix as well. This will transfer price control away from the bullion banks allowing direct access to the fixing process for all direct participants and sponsored clients.

From this flow two important consequences. Firstly, the London market is changing from an unregulated to a partially regulated market, reducing room for price manipulation. And secondly, the major Chinese state-owned banks, assuming they register as direct participants, have the opportunity to dominate the London physical market without having to deal through one of the current fixing banks. No announcement has been made yet as to who the direct participants will be, but it is a racing certainty China will be represented.

Implications of becoming a regulated market

Under the current regime a buyer or seller on the fix has to deal through one of the four fixing bullion banks. The information gained by them from seeing this business is crucial, giving them a quasi-monopolistic trading advantage over all the other dealers. Instead, buyers and sellers will be anonymous during the auction process.

The new platform should, therefore, ensure equal opportunity, eliminating the advantage enjoyed by the fixing banks. Crucially, it will change market domination from the privileged fixing members in favour of the deepest pockets. These are almost certain to be China's through the state-owned banks which already control the largest physical market in Asia, the Shanghai Gold Exchange (SGE).
==========

Alasdair Macleod's article ends:
==========

At some stage China with her SCO partner, Russia, will force the price of gold higher as part of their currency strategy. You can argue this from an economic point of view on the basis that possession of properly priced gold will give her a financial dominance over global trade at a time when we are trashing our fiat currencies, or more simply that there's no point in owning an asset and suppressing its value for ever. From 2002 there evolved a geopolitical argument: both China and Russia having initially wanted to embrace American and Western European capitalism no longer sought to do so, seeing us as soft enemies instead. The Chinese public were then encouraged even by public service advertising to buy gold, helping to denude the west of her remaining bullion stocks and to provide market liquidity in China.

What is truly amazing is the western economic and political establishment have dismissed the importance of gold and ignored all the warning signals. They do not seem to realise the power they have given China and Russia to create financial chaos by simply hiking the gold price. If they do, which seems to be only a matter of time, then London's fractional reserve system of unallocated gold accounts would simply collapse, leaving Shanghai as the only major physical market.

Therefore the failure of the London bullion market to see strategically beyond its short-term interests has opened the door to China's powerful state-owned banking monopoly to control the gold bullion market. This is probably the final link in China's long-standing gold strategy, and through it a planned domination of the global economy in partnership with Russia and the other SCO nations.
==========

Rather clearly, it seems, the powers that be (such as I presume the Rothschilds) who have been behind the rise of Western financial power (and who have thus funded, and controlled, most of the rest of Western power) are now working hand-in-glove with the apparent power shift eastward, to China and Russia.

I am presently reading Eustace Mullins The Secrets of the Federal Reserve (http://amzn.com/0979917654), the best book by far on the role that the Rothschilds played in controlling US banking, money and much else. We are almost assuredly watching a replay of that, with Chinese styling.

From Famous Quotations on Banking (http://www.themoneymasters.com/the-money-masters/famous-quotations-on-banking/)

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered” – Thomas Jefferson, third President of the US.
“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.” – James Madison, fourth President of the US.
“Let me issue and control a nation’s money and I care not who writes the laws.” – Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.

However, if Mayer Amschel Rothschild and his five sons had not founded their financial and monetary empire, beginning with a meeting in 1773 in his goldsmith shop in Frankfurt, Germany, then I dare say that we (humanity) would have had to invent an equivalent. With the advances of various global means of transportation and communication, I suspect that it has been inevitable that a "World Order" would arise, dominated by the covert control and knowledge of concepts, technology and money, which held scarce regard for the liberty or morality of the individual.

The struggle between those two immense forces, world order and human freedom, continues.

ThePythonicCow

8th March 2015, 11:46

I am presently Eustace Mullins The Secrets of the Federal Reserve (http://amzn.com/0979917654), the best book by far on the role that the Rothschilds played in controlling US banking, money and much else. We are almost assuredly watching a replay of that, with Chinese styling.
For those who enjoy Youtube videos, here's a good speech of Eustace Mullins. It's an easy listen - decent audio and Eustace is a good story teller.
Ul3Iyq1i_30
Fantastic presentation by the late great Eustace Mullins about the Secrets of the Federal Reserve. Eustace Mullins is arguable the best researcher of esoteric topics. Presentation took place in BC, Canada on August 2000

ThePythonicCow

8th March 2015, 13:38

Gold is the metal of the king makers - it marks the dominant power center.

Debt has become the source of money for all the rest of us, whether poor or nouveau riche individuals, small shop or multi-national businesses, or local or supranational governments.

We have passed "peak debt". Would be borrowers are too broke, and would be lenders insolvent (fancy word for "broke".)

An excellent article from FOFOA describes how the world's debt has been increasing in the last few years, since the financial crisis of 2008.

Who's FOFOA:

An anonymous, but apparently well informed, insider posted at length back in 1997 and 1998 under the pseudonym of "Another": The Inside Story on the Gold-for-Oil Deal that could Rock the World's Financial Centers (http://www.usagold.com/goldtrail/archives/another1.html).

Later in 1998 another anonymous poster continued the commentary, under the pseudonum of "Friend of Another (FOA)".

A decade later, beginning in 2008, a third blogger picked up the banner, in "Tribute to the Thoughts of Another and his Friend", at FOFOA (http://fofoa.blogspot.com/) (for Friend of Friend of Another).

The current situation and increasing debt since 2008:

FOFOA's latest post, The Big Picture (http://fofoa.blogspot.com/2015/03/the-big-picture.html), spells out how debt has been increasing, even since the financial crisis of 2008.

The overwhelming debt load of almost all nations and most other institutions and individuals was not resolved in 2008. Borrowing money to improve the infrastructure of a nation, the capital equipment of a business or the education and earning capacity of an individual is increasingly a fool's game. Rather, existing money is seeking safety. Economies are slowing, shipping (such as the Baltic Dry Index - BDI) is slowing, energy use is decreasing, and tax revenues are falling. Last month the BDI fell to its lowest reading ever (http://www.tradewindsnews.com/drycargo/354193/bdi-hits-lowest-mark-ever), below its previous low in 1986.

"Real companies, mostly in emerging market countries like Bulgaria, Brazil, Chile, China, Colombia, Czech Republic, Estonia, Hong Kong SAR, Hungary, Indonesia, India, Iceland, Korea, Lithuania, Latvia, Mexico, Malaysia, Peru, Philippines, Poland, Romania, Russia, Singapore, Slovenia, Thailand, Turkey, Venezuela and South Africa, that borrowed in dollars over the past five years because it was cheaper than borrowing in their local currencies, and they did so by issuing bonds." (Quoting FOFOA's latest blog post linked above.)

Nations, such as Russia and China, are selling down their foreign exchange reserves, in order to cover for losses in trading income.

Profitable companies in the west are buying back their stock at record levels, which lowers their value (spends their spare money and borrows more), which props up the price of their stock, and enables their insider management to cash out their stock options while the getting is good. About half of these stock buybacks are done with borrowed money, by selling corporate bonds to foreign investors trying to find a safe place for their investments, in US corporate bonds. FOFOA goes into the nature and structure of these buybacks at length in the above blog post.

Commodity producers, such as oil and mining, are faced with decreasing income, both due to the slowing world economy and due to the strengthening US Dollar. Such producers are deeply in debt, and having difficulty continuing to meet debt payments, so they must ramp up production, further depressing prices, in a desperate move to avoid failing entirely in bankruptcy. This further depresses the price of oil, copper, and further increases the burden of debt.

When a business can no longer operate at a profit, but must continue to sell, even if at a loss, in order to continue to generate the cash flow to meet debt payments, then the only fundamental solution is for that business to go bankrupt. If the business is still worth pursuing, it might be bought for pennies on the dollar, and once again be profitable, under new owners, and with a much reduced debt burden.

FOFOA's Conclusion begins:

=========

Conclusion

What is happening is a massive inflow of private capital into the US and the dollar. This is not new surplus revenue being invested in the US right after it is earned, nor is it (any longer) the result of structural support or the systematic weakening of foreign currencies, also known as neomercantilism. This is, as far as I can tell, a massive shifting of existing private investment funds from other places into the US and its dollar. The simplest way I can put it is that it seems to me like the world is running into our bomb shelter that's rigged to blow up once everyone is "safely" inside. I suppose from another angle, still using my own past imagery, we could call it the head-fake.

The reason for this massive capital inflow is, I think, quite simply that the rest of the world has become unprofitable under this dying $IMFS, so you want to move toward the focal point where presumably everyone will be moving in order to capitalize on being early to the bubbles that will ensue. And in this case, the dollar and the US markets are the perceived focal point.
=========

In short, the slow motion collapse of US Dollar denominated world debt is causing even more debt, a Dollar shortage, and collapsing economic activity.

From the frying pan to the fire ...

ThePythonicCow

8th March 2015, 16:34

In short, the slow motion collapse of US Dollar denominated world debt is causing even more debt, a Dollar shortage, and collapsing economic activity.
A Dollar shortage quickly spreads to other currencies. As reported at "Ignore This Measure Of Global Liquidity At Your Own Peril", Albert Edwards Warns (http://www.zerohedge.com/news/2015-03-08/ignore-measure-global-liquidity-your-own-peril-albert-edwards-warns), Societe Generale's Albert Edwards observes that when US Dollars were in excess supply, other nations that were exporting into the US Market would be forced to issue their own currencies in ample supply as well, to soak up the excess US Dollars floating around. But that works both ways -- with US Dollars now in shorter supply, that inflationary pressure on other currencies is reduced, putting those currencies in short supply.

The deflation spreads - once again, as has happened over and over in recent centuries, an over abundance of money supply, that prompts excess accumulation of debt, is followed by a tightening of the money supply, leaving an abundance of failed businesses, resources and even nations to be bought at "fire sale" prices by the wealthiest insiders.

From Societe Generale, as quoted by ZeroHedge:

============

Clearly when the dollar is declining sharply, global FX intervention accelerates as the Chinese central bank, for example, needs to debauch its own currency at the same rate. Conversely, when the dollar rallies strongly, as is the case now, FX intervention rapidly dries up and can even reverse, exerting a massive monetary tightening on emerging economies and ultimately the entire over-inflated global financial complex...

The swing in global foreign exchange reserves is one key measure of the global liquidity tap being turned on and off ? with the most direct and immediate effect being felt in emerging economies.
============

From the same article, global central bank foreign exchange reserves are falling like they did in 2008:
http://www.zerohedge.com/sites/default/files/images/user92183/imageroot/2015/03/AE1_0.jpg
This way lies world wide economic depression.

It appears that the bastards in power averted a world wide depression in 2008 not for our own good, but in order to pile on the flammable tinder of debt even higher ... they wanted a bigger fire sale!

gripreaper

8th March 2015, 17:32

The simplest way I can put it is that it seems to me like the world is running into our bomb shelter that's rigged to blow up once everyone is "safely" inside. I suppose from another angle, still using my own past imagery, we could call it the head-fake.

http://www.youtube.com/watch?v=7Zz7wgCqmxI

waves

8th March 2015, 17:45

ThePythonicCow

9th March 2015, 05:44

Can someone please explain this question I have about supposed debt and money printing in any country, but especially the US...

If the dollar has not been backed by gold for 50? years, what is what 'debt' to who on the additional money the US 'creates out of thin air' and 'says it has' - and how is it possible for other countries to hold the US accountable. It sure appears, especially for example during the billions of dollars given to the banks for their 'bailout' under Bush, that the government just prints itself as much money as it wants, but really what happens is that a new 'number' is entered into a bank's ledger saying 'poof' the money is there. It's not really either printed or really 'owed' back to any entity, or even charged against any income held or coming in.

Same goes for money owed back and forth between countries. What stops any country from just 'saying' here's the 2 billion we owe you - making it out of thin air in whatever way they give to each other and saying here, change this number. It seems so impossible that any country is really telling the truth about any real income and real spending and what they really have in the coffers to supposedly spend.

Is there really an accountable checks and balances either within the US or between countries?

Thanks in advance.

Debt issued by a nation, in its own currency, which it can print at will, is, as you observe, only as good as one of (1) that nation's word to not print money without limit, or (2) the lender's ability, by means of whatever legal, police, military, intelligence, ... ability they control to collect whatever they damn well decide to collect.

However almost all debt is not issued by nations that print their own money, as debt that can be repaid in that money, and for the last half century, the US could collect whatever it damn well pleased to collect, fairly or not, thanks to its dominant power.

Even the US national debt is not issued in currency that the US Treasury can print. Rather it is issued in terms of Federal Reserve Notes. The bankers, not the US Treasury, control the supply of Federal Reserve currency. The bankers, not the US federal government, control how easy it will be to repay that debt, and at what interest rates it can be further extended or rolled over.

Almost all debt, whether to corporations, individuals, European nations (none of which individually control the Euro), central bank controlled nations (such as the US) or less credit worthy nations, is issued in terms of some currency that the borrower cannot freely print.

The fundamental checks and balances are (1) who has the biggest military/intelligence/... agencies, with which to force collection and (2) whatever the damn banksters dictate, since it is they who fund those collection forces and the politics governing them.

ThePythonicCow

9th March 2015, 06:19

In short, the slow motion collapse of US Dollar denominated world debt is causing even more debt, a Dollar shortage, and collapsing economic activity.

From the frying pan to the fire ...
Yet another article, this one from Zerohedge, on the shortage of US Dollars. In the article The Global Dollar Funding Shortage Is Back With A Vengeance And "This Time It's Different" (http://www.zerohedge.com/news/2015-03-08/global-dollar-funding-shortage-back-vengeance-set-surpass-lehman-crisis-levels), Tyler Durden explains that the tighter money policy of the US Federal Reserve, which is refusing to go quite as low in interest rates as some other central banks, is setting up even more problems that will be difficult to reverse.

It's a three phase process that this article explains. Let's say a major corporation needs to borrow US Dollars for something. Instead of borrowing directly with a US Dollar denominated loan, they might instead borrow with a Euro denominated loan, then take those Euros and exchange them on the Foreign Exchange (forex) market for the US Dollars that they need. This is sucking yet more US Dollars out of the forex markets, making the US Dollar even more scarce, and further stressing the US Dollar reserves held by other major central banks.

Thus several more trillions of dollars are entangled in these debt arrangements, beyond the problems that showed up in the 2008 crisis. This is not fixing the problem; it's compounding it in an effort to kick the can down the road a little while longer. The more we do this, the more dramatic will be the collapse when this fails.

ThePythonicCow

9th March 2015, 17:41

"Paper" gold (any gold held in someone else's vault, on which you hold a paper claim) will rapidly become worth the paper it's printed out ... essentially worthless. The real gold behind that paper is moving East, especially to China, Russia and India, as a mark of their elevation to "Senior Partnership" in this global enterprise. Then that gold will take a second move, to the vaults backing the world monetary unit.
Perhaps half right, half wrong :).

If one finds Preston James' The Hidden History of the incredibly Evil Khazarian Mafia (http://www.veteranstoday.com/2015/03/08/the-hidden-history-of-the-incredibly-evil-khazarian-mafia/) credible, then the gold will never be returning to the Bank of International Settlements (BIS) in Basel. The BIS is surely an institution of the Khazarian Mafia, and if the Khazarian Mafia fail, finally, as Preston James writes, then the BIS will join the Federal Reserve, the US Neocons, the Zionists, and other such evil institutions in the dust bin of history.

Good riddance.

ThePythonicCow

27th March 2015, 23:23

A confirming report that HSBC closed its gold vaults, from Andrew Maguire – Letter Exposes HSBC Vault Closures As War In Gold Continues To Rage (KingWorldNews) (http://kingworldnews.com/andrew-maguire-letter-exposes-hsbc-vault-closures-as-war-in-gold-continues-to-rage/):

============

Silence From HSBC

Eric King: "Andrew, King World News has made 5 phone calls to HSBC, but so far HSBC has refused to issue any public statement or press release regarding the closure of their 7 vaults in London. If you look at the letter below, it was made public by an individual at Quilter Cheviot, one of the largest asset management companies in Europe, with roots dating back to 1771 (see below):

http://thepythoniccow.us/KWN-Maguire-I-3272015.jpg
Eric King continues: "That letter was from a sub-custodian storing gold bullion for clients in HSBC vaults. In the letter they state that 'HSBC Bank Plc are closing all their vaults,' and that the vault closures are forcing them to relocate their gold stock. From the letter:

"We wish to inform you that HSBC Bank Plc are closing all their vaults including 31 Holborn, London EC1N 2HR. Therefore we shall be moving all the above-mentioned stock by Secured Delivery to new vaults in April 2015 to the address below."
Maguire: "There was some misinformation released this week by an individual who acted as a mouthpiece for HSBC. We already covered the correct HSBC information in our March 10th KWN interview. Regardless, as you can see from the letter, clearly this has to do with HSBC vault closures, not just 'retail safe deposit boxes.' Also, faced with only two months notice, some clients did in fact choose to sell their gold, rather than face the logistics and expense of moving it."

============