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Orex Exploration Inc. V.OX

"Orex Exploration Inc is engaged in the exploration of gold mining sites located in Nova Scotia, Canada. The Company owns goldboro project in Guysborough County, Nova Scotia."


TSXV:OX - Post by User

Bullboard Posts
Post by thegoldenchildon Apr 08, 2010 10:52am
528 Views
Post# 16969516

Canada's Only Bullion Bank Gold Vault Is Practical

Canada's Only Bullion Bank Gold Vault Is PracticalFor all Investors holding Gold ETF's, sell or take immediate position of your Gold as one of the greatest Financial Scandals of the 20th century is about to unveil. Gold has been manipultated from time immemorial. Personally i think you're better off owning gold resource stocks such as Orex but if you insist on owning Gold itself, you better take possession immediately. If you insist on owning paper ETF's, you will lose everything. This will make financial scandals of the past look miniscule compared to what's about to unfold.

Protect yourself and make a fortune while the culprits try to cover their shorts. Spread the news and watch gold rise north of $3000/Oz. Rest assured that if this happens, Orex will be trading in double digits. Good luck, protect yourselves and watch out!


https://www.zerohedge.com/article/latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-practically-empty


The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty

Tyler Durden's picture




Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty. This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion. It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."

Also note the interesting detour into what Stephan Spicer of the Central Fund Of Canada, said regarding his friend at a major bank, who wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong.

It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history.

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