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Banks Pledge Same Gold to Numerous People

Washington’s Blog [1]
Dec 23, 2012

Big banks pledged the same mortgage to numerous people [2].

Similarly, big bullion banks borrow gold from central banks, and then rehypothecate it numerous times:

(Options contracts on all commodities are similarly over-leveraged.)

A 1999 study by the International Monetary Fund found that 80 central banks lent out 15% of their official gold reserves [3].

Central banks now appear to have too little gold to meet their commitments [4].

And private banks are raiding allocated gold accounts [5].