The rats are the first ones off the ship
HSBC announced today that they are closing all seven of their bullion vaults in the City of London. Two months notice is what they are giving their bullion owners.
Some owners are very large holders like the GLD. GLD is the stock ticker tag for the largest gold bullion ETF in the world. ETF means Exchange Traded Fund. People buy shares in this fund and they are then entitled to their fair share of the value of the stated amount of ounces held in the fund.
HSBC has been the “guardian” of the fund. Ever heard of the fox guarding the chicken coop? lol. So, with very little notice to find alternative shelter it is supposed that many owners will simply accept an HSBC buy-out of the bullion. Let’s see now, the banks/government drives/manipulates the price of gold down, then the HSBC bullion bank buys it at bargain basement prices with money that’s been created out of thin air.
Whew, HSBC, that was close. For a second there I thought you were going to have to reveal the fact that the gold got loaned out long ago and there’s nothing in the vaults but dust.