Terms of BOE gold sale....anyone can figure this out, please post!
Message 10116323
I have been writing in this newsletter that I strongly believed that the
Bank of England has a hidden agenda in their proposed gold auctions. It was
my contention that the goal was certainly not to maximize their financial
return but truly spoke to other motivations. On Friday, the Bank of England
released the terms and conditions of their auction on their website
( www.bankofengland.co.uk ). I was struck by four facts in a cursory
reading of the offering.
(1) All of the gold will be sold at the lowest acceptable price.
(2) Physical inspection of the gold will not be permitted.
(3) The gold is sold "as is".
(4) Now, the most unbelievable and preposterous condition. And, I quote,
"While the description of the gold set out in Parts II and Parts III
above is believed to be correct, neither HM Government, HM Treasury,
nor the Bank of England, makes any warranty, express or implied,
with respect to the weight and quality of the gold."
All prejudices aside, what the hell is going on here?? I do not pretend to
understand the motivations of the British treasury, but it certainly
appears that this auction has been specifically structured to sell the gold
at the lowest possible price. And, if so, why? |
