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分享 How to write a cover letter people will actually read
alloon 2016-10-26 08:08
You're probably not the only one applying for that job. That might seem obvious, but too many cover letters are written in a robotic style that leave little impression on hiring managers who are sifting through vast piles of applications, according to career counselors. The cover letter is your chance — most likely your only one — to stand out from many other candidates who have similar résumés. Don't botch it. Despite the high stakes, a lot of job-seekers treat the cover letter like a formality, putting little thought and few personal flourishes into it. More from The New York Times: Why it's fine to job-hop for a few years after college The incalculable value of finding a job you love Looking for a new job? These free apps can help "A cover letter can make the difference between two equally qualified candidates," said John O'Neill, the assistant dean of career education for Stanford University. While every industry and hiring manager is different, here are some tricks to increase your chances of scoring an interview. Don't stick to a template You could easily Google "cover letter template" to get some ideas on how to write it. Don't. "You need to think about your audience," said Kristen Fitzpatrick, the managing director of career and professional development at Harvard Business School. "Who's reading it? How do you capture their attention enough so they move you from one pile to another?" This is your time to show your communication skills and your personality. You must make the case that the other 99 percent of applicants don't have what you have. Following a template, or otherwise putting little effort into making your letter stand out, suggests you're just another applicant. Don't rehash your résumé Focus on the organization you're writing to and the job description of the open position. If you nail your cover letter, the hiring manager will end up reading your résumé anyway, so don't waste precious space duplicating it by going down the list of where you've worked. "It's to complement your résumé, not repeat it," Mr. O'Neill said. "Cover letters where you're just rewriting the content of your résumé aren't effective." Instead, you could list some specific examples of projects you've worked on, and explain what you learned from them and how that knowledge would apply to the open position. Or you could offer some new ideas, showing from the start that you understand the company's goals and would bring creativity. Don't state the obvious Read your letter again, and zap any clichés or platitudes that don't say something meaningful about you, the position or the company. As an example: Don't say you're a "hard worker." Everyone says that, and it would be easy to lie about if you weren't, making it a meaningless sentiment to include. It merely takes up space that could be better spent on something that actually sets you apart from the other candidates. "It's not even worth saying," Ms. Fitzpatrick said. "You'll show you're a hard worker by going above and beyond in writing a letter." Do your research This requires going past the first page of Google results. You could go to a library to sift through professional databases that might have more information, or get coffee with someone who works at the company you're applying to. Show a familiarity with recent projects, acquisitions and public statements. It doesn't have to be a lot, but a few sentences to show you've put time into it could go a long way. If you're not preparing for something as crucial as a cover letter, why would they trust you would prepare for an important meeting? Focus on what you can offer them A lot of applicants spend too much time talking about why they love the company, Ms. Fitzpatrick said. "How many letters does Apple read that say, 'I couldn't live without my iPhone'? Probably a lot," she said. "So you want to show you are unique and you've done your research." Marcus Lemonis: 'I still have anxiety' and here's how I deal with it You do want to make it clear that you respect the company and explain why you're interested, but the focus should be on what you can do for them. "You want to avoid too many 'I' statements — 'I know this,' 'I did this,' 'I can do X, Y or Z' — because that's too much about what you're going to get out of this opportunity," Mr. O'Neill said. The company isn't posting a job for charity, or to improve your life; they're trying to fill a position they consider essential. Convince them that you're the one who would most help them, not that you'd benefit most from it.
20 次阅读|0 个评论
分享 Goldman And JPMorgan Probed Over Metals Warehouse Manipulations
insight 2013-7-26 16:53
Goldman And JPMorgan Probed Over Metals Warehouse Manipulations Submitted by Tyler Durden on 07/25/2013 17:43 -0400 Commodity Futures Trading Commission Department of Justice Federal Reserve Reality Following our initial uncovering of the manipulation and monopolization of the metals warehousing business two years ago , the last few days have seen the public's attention grabbed by the reality of what the banks are actually doing. Following this week's hearing, as the Fed reconsiders banks roles in non-banking businesses (and the 'societal benefit' ), it seems the CFTC has woken up. As the WSJ reports , the Department of Justice has opened an initial probe into the metals warehousing industry and the Commodity Futures Trading Commission has also sent letters to some firms telling them to preserve documents, in what is likely the beginning stages of an investigation. Via WSJ , ... The probe comes amid growing concern in Washington over banks' ownership of metals warehouses and other commodity assets. ... Banks that trade physical commodities have come under attack by government officials, companies and consumer groups, who worry about the ability of the financial sector to exert influence over markets for raw materials. ... Mr. Brown held a hearing on the subject this week at which some company officials alleged banks are deliberately creating shortages of aluminum and other raw materials for financial gain. The Federal Reserve has said it is reconsidering the permission it granted to banks over the past decade to participate in physical commodity markets . The permission expires later this year. Average: 5 Your rating: None Average: 5 ( 10 votes) !-- -- Tweet !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- - advertisements - Login or register to post comments 10589 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: GLD And SLV: Disclosure In The Precious Metals Puzzle Palace First Official Complaint Filed To DOJ-Anti Trust Over JPM's Role In Silver Manipulation Case 2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends GATA Claims To Have Evidence Of "Massive Physical Short Gold And Silver Positions That Can Not Be Covered" Civil And Criminal Probes Launched Against JP Morgan For Silver Market Manipulation
个人分类: trade|17 次阅读|0 个评论
分享 Are We On The Verge Of Witnessing The Death Of The Paper Gold Scam?
insight 2013-5-10 17:19
Are We On The Verge Of Witnessing The Death Of The Paper Gold Scam? Submitted by Tyler Durden on 05/09/2013 17:25 -0400 Central Banks China default Eric Sprott Fail Germany Hong Kong John Paulson KIM Physical Settlement Precious Metals Reality recovery Switzerland Too Big To Fail Turkey Volatility Submitted by Michael Snyder of The Economic Collapse blog , The legal claims on physical gold far exceed the amount of physical gold that the banks actually have by a very, very wide margin. And right now the bankers are scared out of their wits because their warehouses are being drained of physical gold at a frightening rate. So what happens when their physical gold is gone but they still have lots and lots of people with legal claims to gold? When that moment arrives, it will represent the end of the paper gold scam. Many believe that the recent takedown of the price of paper gold was a desperate attempt by the bankers to put off that day of reckoning, but it appears to have greatly backfired on them. Instead of cooling off demand for precious metals, it has unleashed a massive " gold rush " all over the globe . Meanwhile, word has been spreading among wealthy families in both North America and Europe that they had better grab their physical gold out of the banks while they still can. This is creating havoc in the financial community , and at least one major international bank has already declared that it will only be settling those accounts in cash from now on. The paper gold scam is starting to unravel, and by the time this is all over it is going to be a complete and total nightmare for global financial markets. For years it has been widely known that the promises that banks have made regarding their gold far exceed their actual ability to deliver , but we have never reached a moment of such crisis before. Posted below are quotes from people that know precious metals far better than I do. What these experts are saying is more than a little bit disturbing... - CME President Terry Duffy : What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product. - Billionaire Eric Sprott : So we see all of these paper (trading) volumes going through that bear absolutely no relationship to what’s going on in the physical markets. As you know I have always been a proponent of the fact that supply in the gold market was way less than demand, and by a very large factor. I think demand exceeds supply by at least 60%. The central banks are surreptitiously supplying that gold, and ultimately they will be running on fumes. When we hear about the LBMA not willing to deliver gold, and JP Morgan’s inventories at the COMEX have gone from 2.4 million (ounces) down to 160,000 ounces, it just makes you realize that all of this paper trading means nothing. It’s the real physical market that you have to rely on. - JS Kim : FACT #1 : COMEX gold vaults were recently drained of 2 million ounces of physical gold in one quarter, the largest withdrawal of physical gold bullion from COMEX vaults in one quarter during this entire 12-year gold and silver bull. There has been speculation about the reasons that spurred these massive withdrawals of gold from COMEX vaults, but the most reasonable speculation is that no one trusts the bankers to hold on to their physical gold anymore, especially in light of Fact #2 . Note below, that both registered AND eligible stocks of gold had heavily declined in recent months. Such an event signals a general distrust of the banking system from everyone holding gold in registered COMEX vaults. FACT #2 : One of the largest European banks, ABN Amro, defaulted on their gold contracts and informed their clients that they would only settle their gold bullion contracts in cash and not in physical. So much for the supposed legality of financial contracts as a "binding" contract. So whether Fact #1 caused Fact #2 or vice versa is irrelevant. What IS apparent is that the level of trust in bankers to safekeep physical gold and physical silver is disappearing, as it should be, and as it should have already been for years now. But truth always takes some time to catch up to banker spread lies and that is what is happening now. I have been warning people never to trust bankers in deals involving gold and silver for years now, as in this article I wrote nearly four years ago informing the public that the SLV and GLD are likely a banker invented scam as well. FACT #3 : Silver fraud whistleblower and London trader Andrew Maguire stated that the LBMA was having trouble settling gold contracts in bullion as well and stated that institutions that asked for physical settlement “were told they would be cash settled instead by a bullion bank.” In plain English, this is a default. So Andrew Maguire reported that the LBMA had already gone into default. In light of Fact #1 and Fact #2 , the dominoes were starting to tumble and the house of cards that the bankers had built in gold and silver paper derivatives to deceive and hide the true fundamentals of the physical gold and physical markets from the entire world was rapidly starting to crumble. A financial earthquake of magnitude 2.5 was quickly threatening to evolve into one of the biggest financial earthquakes of all time in which the world’s confidence in all global fiat currencies would effectively have a well-deserved funeral. - Jim Sinclair : I think the reality is the supply situation is extremely volatile at this point, and even discussing it is like rubbing a raw nerve to the people who are in charge. The amount of discussion on the subject of warehouse supply, supply that is represented by the gold leases, indicated to the central planners that the demand for physical was going to continue to effect the exchanges. Although they did not expect any grandstand delivery, the mere continued draining of physical inventories was threatening the very functioning of the paper exchange. That threatening of the paper exchange and its ability to continue functioning is really taking off the blinders and revealing the truth behind the critical question, ‘Where is the gold?’ The question now is, ‘Where has the gold gone?’ Who has all of this gold? Because of the nature of gold leasing, all of this gold has been purchased and it has gone somewhere. The reality of the empty vaults reveal that the gold has gone missing. - Ronald Stoeferle : We’re seeing this rush to physical gold not only in the retail market, but also for the institutional players... just overwhelming…I a 130-to-1 …and I think in the last week we were really close to a default of the paper market. - Gerhard Schubert, head of Precious Metals at Emirates NBD : I have not seen in my 35 years in precious metals such a determined and strong global physical demand for gold. The UAE physical markets have been cleared out by buyers from all walks of life. The premiums, which have been asked for and which have been paid have been the cornerstone of the gold price recovery. It is very rare that physical markets can have a serious impact on market prices, which are normally driven solely by derivatives and futures contracts… I did speak during the week with several refineries in the world, of course including the UAE refineries, and the waiting period for 995 kilo bars is easily 2-3 weeks and goes into June in some cases. A large portion of the 995 kilo bars in the UAE goes normally into the Indian market, but a lot of the available 995 kilo bars are destined for Turkey, at this time. We heard that premiums paid in Turkey have reached anything between US $ 20 and US $ 35 per ounce. - James Turk : Another indication of the demand for large bars is the huge drawdown in the gold stock in COMEX warehouses. It is noteworthy that COMEX reports show the drawdown is largely the result of dealers removing their inventory, their working stock. When that happens, you know the availability of supply is constrained. What all of this means, Eric, is one thing. If the central planners want to keep the precious metals at these low prices, to meet the demand for physical metal they will need to empty more metal from central bank vaults, or borrow metal from the ETFs as some have suggested is happening. Otherwise, the central planners will have to step back and stop their intervention, thereby letting the price of gold and silver rise so that demand tapers off, bringing demand and supply of physical metal back toward some kind of balance. We've seen this same situation several times over the last twelve years. It is what I have been calling a “managed retreat.” Despite the current weakness, I firmly believe we have again entered a critical period where the central planners will need to retreat once again in order to let the gold and silver prices climb higher. - The Golden Truth : And then I get a call from a close friend in NYC last Friday. His career has been in private wealth management in the private bank department of the Too Big To Fail banks. He's been looking for work and chats with old colleagues all the time. He called my Friday and told me he just got off the phone with a very high level private banker from a big Euro-based TBTF bullion bank, but who was at JP Morgan until about six months ago. This guy told my friend that there is a scramble by many very wealthy European families/entities to get their 400 oz bars out of the big bank vaults. He knows this personally, for a fact. He said the private banker community is small over there and the big wealthy families all talk to each other and act on the same rumors/sentiment. The Bundesbank/Fed and the ABN/Amro situations triggered this move. He knows for a fact JPM tried to calm fears about 3 months ago by sending a letter to it's very wealthy clients assuring them their bars were safe, in allocated accounts. He said right now those same families are walking into the big banks like JPM and demanding delivery of their bars or threatening to take their $100's of millions in investment portfolios to competitors. His wording was "these people are putting a gun to the heads of private banks and demanding their gold." I know this information is good because I know my friend's background and when he tells me his source is plugged in, the guy is plugged in. Not only that, my friend's source said that there's no doubt that someone like a John Paulson, not necessarily specifically him, but entities like him or it may include him, have held a gun to GLD and demanded delivery of physical in exchange for their shares. Regarding the Bundesbank/Fed situation, recall that the Bundesbank asked to have some portion of its gold sitting - supposedly - in the NY Fed vault in NYC sent back Germany. The total amount is 1800 tonnes. After behind the scenes negotiations, the Fed agreed to ship 300 tonnes back over seven years. To this day, the time required for that shipment has never been explained. Venezuela demanded the return of its 200 tonnes held in London, NYC and Switzerland and received it all within about four months. And regarding the ABN/Amro situation. ABN/Amro offered a gold investment account product that offered physical delivery of the gold in the investment account when the investor cashes out. About a week before the gold price smash, ABN sent a letter to its clients informing that the physical delivery of the bullion was no longer available and that all accounts would be settled with cash at redemption. I believe it was these two events that triggered the big scramble for physical gold by wealthy families/entities who were suspicious of the integrity of their bank vault custodial arrangement anyway. ***** So what does all of this mean? It means that we are entering a period when there will be unprecedented volatility for precious metals. There will be tremendous ups and downs as this crisis plays out and the bankers try to keep the paper gold scam from completely unraveling. Meanwhile, nations such as China continue to stockpile gold as if the end of the world was coming. According to Zero Hedge , Chinese gold imports set a brand new all-time record high in March... Quite the contrary: as export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons. And the number for April is expected to be even higher. Does China know something that the rest of us do not? We are also seeing a rapid decoupling between spot prices and physical prices. In fact, it is quickly getting to the point where the spot price of gold and the spot price of silver are becoming irrelevant. For example, demand for silver coins has become so intense that some dealers are charging premiums of up to 30 percent over spot price for silver eagles. That would have been regarded as insane a few years ago, but people are now willing to pay these kinds of premiums. People are recognizing the importance of actually having physical gold and silver in their possession and they are willing to pay a significant premium in order to get it. We are moving into uncharted territory. The paper gold scam is rapidly coming to an end. In the long-term, this will greatly benefit those that are holding significant amounts of physical gold and silver. Average: 4.77049 Your rating: None Average: 4.8 ( 61 votes) Tweet - advertisements - Change is about to catch Republicans by surprise. A financial journalist says a scandal brewing in DC will catch most Republicans by surprise, and will alter the political system. Login or register to post comments 36266 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: 2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends Eric Sprott: "When Fundamentals No Longer Apply, Review the Fundamentals" Eric Sprott: The Real Banking Crisis, Part II Eric Sprott On The Real Banking Crisis: Global Depositor Bank Runs And Why Gold Is Going Much Higher As A Result The $700 Billion U.S. Funding Hole; Desperately Seeking A Very Indiscriminate Treasury Buyer
个人分类: gold|14 次阅读|0 个评论
分享 Chinese Growth - Real Or Imagined?
insight 2013-5-6 11:08
Chinese Growth - Real Or Imagined? Submitted by Tyler Durden on 05/05/2013 16:15 -0400 China Hong Kong We toyed with titling this post "Lies, Damned Lies, And Chinese Statistics" but perhaps that is a little harsh, though one glance at the chart below and one instantly comprehends the efforts that are being undertaken to 'show' the world that China's transition is on target (and crumbling into collapse). As we recently noted , it is actually unlikely that China can complete this transition to organic (as opposed to investment-led) growth (with moderate growth the exception not the rule) , and China's recent trade data does not pass the smell test . As GREED Fear's Chris Wood notes, with the Hong Kong trade data being released last week, it is worth noting a growing discrepancy between the data on China’s exports to Hong Kong reported by mainland’s customs department and the corresponding data on Hong Kong’s imports from China reported by Hong Kong’s Census and Statistics Department in March. Such inconsistency in China’s export numbers relative to the imports data from its trading partners has generated growing speculation about the credibility of China’s trade figures . Various explanations have been put forward (below) but the divergence would seem far too large to be simply explained by "different statistical methods" as the Chinese government's official line notes. Via GREED Fear, ... Hong Kong’s reported imports from China rose by “only” 13.8%YoY to US$20.6bn in March and were up 10%YoY to US$56bn in 1Q13. By contrast, China reported that exports to Hong Kong surged by 93%YoY to US$48.4bn in March and were up 74%YoY to US$106bn in 1Q13. As a result, the ratio between China’s reported exports to Hong Kong and Hong Kong’s reported imports from China has surged to 2.35 times in March, up from 1.36x in 2012 and an average of 1.11x during the previous five years between 2007 and 2011. Such inconsistency in China’s export numbers relative to the imports data from its trading partners has generated growing speculation about the credibility of China’s trade figures. One suggestion, as noted by CLSA’s head of economic research Eric Fishwick, is that Chinese companies have been inflating their shipment data to take advantage of the government’s export tax rebates . Another explanation GREED fear has heard recently is that Chinese companies are over-invoicing their exports to evade capital controls to bring in money from abroad. GREED fear for now has no idea about the exact cause of such a huge discrepancy . But it is a point to be aware of. The divergence would seem too large to be simply explained by “different statistical methods” , as argued by the mainland’s General Administration of Customs spokesman, Zheng Yuesheng. Source: GREED Fear Average:
个人分类: 中国经济|10 次阅读|0 个评论
分享 The Fed's QE Exit Will More Than Quadruple Interest Costs For The US
insight 2013-5-2 10:52
The Fed's QE Exit Will More Than Quadruple Interest Costs For The US Submitted by Tyler Durden on 05/01/2013 15:27 -0400 Bond Japan Treasury Borrowing Advisory Committee With the Fed now openly warning that there may actually come a time when the 'flow' stops; the most recent Treasury Borrowing Advisory Committee (TBAC) report has some concerning statistics for those change-ridden hopers who see a smooth Fed exit, deficit-reduction, and blue skies ahead. While they are careful not shout 'sell' in a crowded bond market; hidden deep in the 126 page presentation are two charts that bear significant attention. The first shows what TBAC expects (given the market's expectations) to happen to interest rates in the US as the Fed 'exits' its QE program (taper, unwind, hold) - the result, the weighted-average cost of financing for the US government will almost triple from around 1.6% to around 4.3% over the next ten years. But more problematic is that even with CBO's rather conservative estimates of the growth in US debt over the next decade the USD cost of financing will explode from around $205bn (based on TBAC data) to over $855bn . Still convinced the Fed can exit smoothly? As TBAC warns: Treasury yields could reprice notably when the market is convinced that policy tightening is imminent There is a risk that markets may overshoot to higher-than-fair yield levels due to: Concerns about Fed portfolio unwind Inadequate interest hedging in certain asset classes Portfolio rebalancing by retail investors Annual interest cost on public debt to increase more than 400% (from $205 bn in 2013 to $855 bn in 2023) Main driver : Increase in WAC from 1.7% to 4.3% Secondary factor : ~ 65% increase in stock of debt Given the market's expectations for Fed tapering (or gradual tightening)... The marginal cost of financing will rise significantly... but with the sheer size of debt now (and growing), that will balloon the absolute cost of servicing US debt to over $850bn per year... And just what happens to all those retirees - who need yield - who are being herded into stocks when Treasuries pay over 4.5%? Would seem bullish for bond flows... think Japan... Charts: TBAC Average:
个人分类: treasury yield|10 次阅读|0 个评论
分享 The Emperor Has No Gold
热度 1 insight 2012-11-5 16:12
The Emperor Has No Gold Romania has demanded for many years that Russia return its gold. Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England. The German high court recently ruled that Germany must audit its gold reserves held in foreign countries such as the U.S., England and France. And German inspectors will actually travel to the New York Federal Reserve Bank’s gold depository and the Bank of England to inspect their gold. Germany will also repatriate 150 tons of gold in order to test it for purity. As Zero Hedge notes (quoting Bloomberg): Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said. Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor. Four members of the Swiss Parliament want Switzerland to reclaim its gold . Some people in the Netherlands want their gold back as well. Cheviot Asset Management’s Ned Naylor-Leyland says that the Fed and Bank of England will never return gold to its foreign owners . Jim Willie says that the gold is gone. The fact that CNBC head editor John Carney is arguing that it doesn’t matter whether or not the Fed has the gold does not exactly inspire confidence. Gerald Celente notes : It’s not only Germany (who’s gold is missing), it’s the United Sates, it’s all of the countries. Nobody knows what’s in Fort Knox. They won’t let anybody in. Where’s the gold in the United States? How come we can’t go in and look in Fort Knox? *** How come the people can’t have a reading? How come we can’t look at it? How come politicians can’t get in there? How come no one can get in there? The gold does not exist. All this does is confirm what so many of us already know, “The Emperor has no gold.” Egon von Greyerz -founder and managing partner at Matterhorn Asset Management – agrees : There probably isn’t anywhere near the central bank gold (governments claim they possess). Ron Paul has called for an audit of Fort Knox, based upon the suspicion by many that the gold was sold off years ago: Others allege that the gold has not been sold outright, but has been leased or encumbered, so that the U.S. does not own it outright. $10 billion dollar fund manager Eric Sprott writes – in an article entitled “ Do Western Central Banks Have Any Gold Left??? “: If the Western central banks are indeed leasing out their physical reserves, they would not actually have to disclose the specific amounts of gold that leave their respective vaults. According to a document on the European Central Bank’s (ECB) website regarding the statistical treatment of the Eurosystem’s International Reserves, current reporting guidelines do not require central banks to differentiate between gold owned outright versus gold lent out or swapped with another party. The document states that, “ reversible transactions in gold do not have any effect on the level of monetary gold regardless of the type of transaction (i.e. gold swaps, repos, deposits or loans), in line with the recommendations contained in the IMF guidelines.” 6 (Emphasis theirs). Under current reporting guidelines, therefore, central banks are permitted to continue carrying the entry of physical gold on their balance sheet even if they’ve swapped it or lent it out entirely. You can see this in the way Western central banks refer to their gold reserves. The UK Government, for example, refers to its gold allocation as, “Gold (incl. gold swapped or on loan)”. That’s the verbatim phrase they use in their official statement. Same goes for the US Treasury and the ECB, which report their gold holdings as “Gold (including gold deposits and, if appropriate, gold swapped)” and “Gold (including gold deposits and gold swapped)”, respectively (see Chart B). Unfortunately, that’s as far as their description goes, as each institution does not break down what percentage of their stated gold reserves are held in physical, versus what percentage has been loaned out or swapped for something else. The fact that they do not differentiate between the two is astounding, (Ed. As is the “including gold deposits” verbiage that they use – what else is “gold” supposed to refer to?) but at the same time not at all surprising. It would not lend much credence to central bank credibility if they admitted they were leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, for example. But the numbers strongly suggest that that is exactly what has happened. The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back. CHART B This may sound like a conspiracy theory. But the banks have already been caught raiding allocated accounts . And governments have repeatedly been caught manipulating gold prices . And financial companies have been caught pretending they have reserves which they don’t. And gold bars have been found to have been filled with cheaper metals . And at least one central bank – albeit a tiny one- has already been caught holding fake gold . And as Eric Sprott points out: We’re not talking about conspiracy here however, we’re talking about stupidity. After all, Western central banks are probably under the impression that the gold they’ve swapped and/or lent out is still legally theirs, which technically it may be. But if what we are proposing turns out to be true, and those reserves are not physically theirs; not physically in their possession… then all bets are off regarding the future of our monetary system. China Is Quietly Becoming Gold Superpower While Western central banks have frittered away their gold , China is quietly building up its reserves. China is the world’s largest gold producer . And yet – according to various sources – gold bullion brokers have not seen any gold coming from China . In other words, China is producing more gold than any other country, but isn’t exporting any of it. As such, China is quietly becoming a gold superpower. Note: China has a habit of being quiet for several years at a time, and then announcing big increases in gold holdings. So quoting old numbers will only mean that one is caught flat-footed as to China’s current holdings. 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