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

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.

http://www.zerohedge.com/news/2013-05-09/are-we-verge-witnessing-death-paper-gold-scam