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

Hedge Funds Gold Shorts To Get Massacred

Today whistleblower Andrew Maguire stunned King World News when he said that hedge funds which are heavily short gold will get massacred and may in fact go under. Maguire, who recently appeared in the CBC production “The Secret World of Gold,” also spoke about extraordinary events taking place at the LBMA, where bullion banks are in serious trouble once again. Below is part two of a three part series of extraordinary written interviews that will be released today with Maguire on King World News.

Maguire: “The LBMA bullion stocks are thin. For example, the LBMA delivery conditions were extended from 2 days to 5 days. Why do you think this little known decision to extend delivery times was made at the request of the bullion banks? The fact is that the gold market has been in tight supply for some time now.

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There is just very little physical (gold) for sale in size at these current levels. In the past I reported leased gold regularly appeared at the (London) fixes, where the Bank of England would step in at the clearing hour, after the fix, to lend metal to meet these delivery shortfalls….

“Much less of this is now happening. Many of these accrued positions, they already can’t be paid back within the originating terms. So on a short-term basis they have to be rehypothecated, further rolled out, and they match even further out forwards and futures (contracts).

Source: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/19_Andrew_Maguire_-_Hedge_Funds_Short_Gold_To_Get_Massacred.html