Worth Your Weight In Gold?

While Ben Bernanke remains unable to value the precious metal, it seems the Arabs are very capable of discerning at least one relative value. In a fascinating effort to reign in Dubai’s growing obesity epidemic, the government is willing to pay its citizens (in gold) for losing weight. For each kilo of excess that is lost, the government will pay 1 gram of gold (around $42). There is no discernment – apparently – in the “Your Weight In Gold” initiative that the weight loss be ‘fat’ which make us wonder how many would ‘give their right arm’ for a few ounces of gold?

Via Reuters,

Dubai’s government will pay residents in gold for losing those extra pounds as part of a government campaign to fight growing obesity in the Gulf Arab emirate.

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The 30-day weight-loss challenge was launched on Friday to coincide with the Muslim holy month of Ramadan, when the faithful refrain from eating and drinking during daylight hours.

For every kilogram dropped by Aug. 16, contestants who register from Friday can walk away with a gram of gold, currently worth about $42, Dubai’s civic authority announced as part of its ‘Your Weight in Gold’ initiative.

The top three dieters can win gold coins worth up to 20,000 dirhams ($5,400). The contestant has to lose a minimum 2 kgs (4.4 pounds) to qualify for the contest.

Oil wealth and high household incomes have led to overeating, high-sugar diets and a heavy reliance on cars for getting around, leading to an explosion of diabetes and other obesity-related illnesses.

Five of the 10 countries where diabetes is most prevalent are in the six-nation Gulf Cooperation Council, according to the International Diabetes Federation (IDF), an umbrella organisation of more than 200 national associations.

Child obesity is also a growing problem.

Dubai is known for its larger-than-life offers. It has a history of giving away luxury cars and yachts in lucky draws and is home to one the largest gold markets in the region. The emirate even has gold vending machines in shopping malls.

Source: http://www.zerohedge.com/news/2013-07-19/worth-your-weight-gold

JPM Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low

For over a month, JPMorgan managed to mysteriously avoid matching up the gold held in its (world’s largest) vault with the Comex delivery notice update. However, as of today, that particular can will be kicked no more. Starting yesterday, JPM reported that just under 12,000 ounces of Eligible gold (the same Registered gold that two days earlier saw its warrants detached and convert to eligible) were withdrawn from its warehouse 100 feet below CMP 1. But it was today’s move that was the kicker, as a whopping 90,311 ounces of eligible gold were withdrawn, accounting for a massive 66% of the firm’s entire inventory of non-Registered gold, and leaving a token 46K ounces, or a little over 1 tonne in JPM’s possession.

Needless to say, today’s massive move which increasingly puts JPM‘s gold holdings in the danger zone vis-a-vis future delivery notices which just refuse to stop, has pushed total JPM vault gold to a new all time low of just 436k ounces, or a little under 14k tonnes with just 12 tonnes, or 390k ounces, of Registered gold left and rapidly draining. And to think that two years ago around this time JPM had over 3 million ounces of gold in its possession.

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Finally, those who believe there is a connection between the ongoing run on JPM‘s vault gold, the suppressed price of the metal, the redemption of Bundesbank gold, and the fact that 3M GOFO has now been negative for 10 straight days or the longest period in history it has been below zero, and indicating an unprecedented gold collateral shortage, you are correct.

Finally, putting it all in context, this is what 1 ton of gold looks like in the real world courtesy of Demonocracy:

Source: http://www.zerohedge.com/news/2013-07-19/jpm-eligible-gold-plummets-66-one-day-total-gold-fresh-all-time-low

Dubai offers emirate’s top dieters $5,400 in gold coins for weight loss

DUBAI – Dubai’s government will pay residents in gold for losing those extra pounds as part of a government campaign to fight growing obesity in the Gulf Arab emirate.

he 30-day weight-loss challenge was launched on Friday to coincide with the Muslim holy month of Ramadan, when the faithful refrain from eating and drinking during daylight hours.

  • Dow Jones 30,000 Trigger Leaked by 27-Year-Old Stock Research Firm CLICK HERE
  • The Inevitable: Dow Jones 30,000 CLICK HERE

Many eat too much after breaking the fast, tucking into traditional dishes loaded with fat and sugar that can push their daily calorie intake well above levels outside of Ramadan.

For every kilogram dropped by August 16, contestants who register from Friday can walk away with a gram of gold, currently worth about $42, Dubai’s civic authority announced as part of its ‘Your Weight in Gold’ initiative.

The top three dieters can win gold coins worth up to 20,000 dirhams ($5,400). The contestant has to lose a minimum 2 kilograms (4.4 pounds) to qualify for the contest.

“Participant must have excess weight to reduce and stay away from unhealthy methods to lose weight and should be present on the final day to measure weight,” Dubai Municipality said in a press release.

Health officials in Dubai, the commercial hub of the United Arab Emirates, and in neighboring Gulf nations, are spending millions to control obesity among their citizens.

Oil wealth and high household incomes have led to overeating, high-sugar diets and a heavy reliance on cars for getting around, leading to an explosion of diabetes and other obesity-related illnesses.

Five of the 10 countries where diabetes is most prevalent are in the six-nation Gulf Cooperation Council, according to the International Diabetes Federation (IDF), an umbrella organization of more than 200 national associations.

Dubai is known for its larger-than-life offers. It has a history of giving away luxury cars and yachts in lucky draws and is home to one the largest gold markets in the region. The emirate even has gold vending machines in shopping malls. ($1 = 3.6730 UAE dirhams)

Source: http://www.rawstory.com/rs/2013/07/19/dubai-offers-emirates-top-dieters-5400-in-gold-coins-for-weight-loss/