There is no doubt that North Americans consume at breathtaking rates, often amassing mountains of goods that produce contradictory feelings of guilt, comfort and greed. To complement Secret Stash, McIntosh presents Pleasure Craft, a video screening curated by Anthea Black, on April 4th. Secret Stash is made possible with funding support from the Ontario Arts Council, an agency of the Government of Ontario, the Canada Council for the Arts, and the Social Sciences and Humanities Research Council. LONDON - Gold wings, jewel-encrusted bras and a bewildering array of lacy numbers took to the catwalk in London on Tuesday as US lingerie brand Victoria's Secret held its first annual show in the British capital.The event was being billed as the company's most expensive ever with a price tag of US$20 million (S$26 million) and featured some of the world's best-paid models including Brazil's Adriana Lima. Victoria's Secret holds first and most expensive London showClick on thumbnail to view photos. One of the most secret sacred spaces if the world is now open for public perusal – in the middle of London. The exhibition is accompanied by a series of events, principle among which is one on “mindfulness”. Faced by the rise of stress-related mental illness in the UK, the NHS has promoted mindfulness as an antidote to the “tunnel-vision” that results from modern living: a simple means of stopping a couple of times a day to reconnect with ourselves. Critics of mindfulness are not far behind, though, concerned that such simple training can act as a stand-in for proper counselling for deep mental anguish and illness. The intricate murals that adorn the walls of the Lukhang Temple have been recreated by photographer Thomas Laird as “spectacular life-sized digital artworks” and form the heart of the Wellcome’s exhibition. The initial island is supposed to have been constructed by the 5th Dalai Lama, who built the mudbrick Potala Palace on the crags of Marpori Hill.
For the European mind, the worlds of philosophy and meditation seem long divorced from concern with gods, spirits and demons. Rain fell and so they offered lu vases to the water spirits, went round the lake on wooden boats, rode elephants, and strolled about.
In the centuries that followed, Tibetans celebrated in the park surrounding the Lukhang to mark Sakadawa, the birth and enlightenment day of the Buddha, in order to “promote timely rains”. Like many things in Tibet, the Lukhang was always the most public of all secrets, and that secret is this: mindfulness is to be mindful not just of our inner selves, but of the world around us. Paddock is the codename for a back-up secret cabinet war room bunker built during WW2 should Whitehall be no longer viable. The bunker complex was constructed in total secrecy in 1939 in Dollis Hill, underneath part of the Post Office Research Station site.
The catacombs of West Norwood Cemetery (South Metropolitan Cemetery) reside underneath the former site of the Episcopal Chapel (demolished in 1955 due to bomb damage). The catacombs and cemetery was opened by the South Metropolitan Cemetery Company in West Norwood to alleviate the overcrowded church yards in the area.
The cemetery was founded by its own Act of Parliament of 1836 and consecrated for its first burials in 1837. The Fleet Street Ossuary and Charnel House are located within the crypts of St Brides Church in London. Excavations in the 1950’s of the church revealed the a large number of skeletal remains from a medieval charnel house and individuals interred in the ossuary crypt. The remains of the Billingsgate Roman bath house date from the 2nd-3rd century AD and were first discovered in 1848 during construction of the London Coal Exchange.
They remained preserved in the buildings basement, until further redevelopment at the site in the late 1960’s gave archaeologists the opportunity to further explore the ruin. The site was to become the first designated protected heritage site in London, forming part of the first Ancient Monuments Act of 1882. Guildhall is a Grade I-listed building in the City of London and has been used as a town hall for several hundred years and the ceremonial and administrative centre of the City of London and its Corporation. Located underneath the Guildhall is the East Crypt,  the oldest part of Guildhall, dating back to Edward the Confessor (1042) and is considered to be one of the earliest and one of the finest examples of its kind in England.
Pennington Street Warehouse is a grade II listed brick built warehouse and vault situated east of St Katharine Docks.
The vaults date from the early 19th century and served the Western Dock (London Docks) for storing wine and imported goods.
Referred to as ‘one of London’s most majestic ranges of cellarage… The interconnecting sections linked the warehouse with the rest of the London Docks, covering an area of over 20 acres.
All Hallows-by-the-Tower (All Hallows Barking) is an Anglican church overlooking the Tower of London. The church was founded in AD 675 by the Saxon Abbey at Barking and still contains a 7th century Saxon arch built from recycled Roman tiles. Although the church was expanded and rebuilt several times between the 11th and 15th centuries, in addition to gutted during the blitz, a 2nd century tessellated Roman pavement survives from a domestic roman building in the church crypts. Located South West of London, the grotto is one of several follies in Painshill Park and a grade listed monument. The Roman amphitheatre of Londinium is situated in a vaulted chamber beneath the Guildhall gallery complex. Discovered in 1998 during a planned expansion of the Guildhall, the remains are displayed in situ and are now a protected monument. London’s first Roman amphitheatre was built in AD70, constructed of wood, but was later renovated during the 2nd century with rag-stone walls and a tiled entrance. Able to hold thousands of spectators, the size of the amphitheater is displayed on street level, where the circumference of the arena is marked with a black circle on the paving of the courtyard in front of the hall. The Palace of Whitehall (or Palace of White Hall) was the main residence of the English monarchs in London from 1530 until 1698 when all except Inigo Jones’s 1622 Banqueting House was destroyed by fire. Before the fire, it had grown to be the largest palace in Europe with over 1,500 rooms, overtaking the Vatican and Versailles.
In a world defined by "financial innovation", where $1 of hard collateral can spawn over $1000 in repoed and rehypothecated liabilities (and assets), where "shadow banking" is far more important than traditional bank liabilities (and to this date remains completely misunderstood), and where every month the central and commercial banks force create over $100 billion in credit money (which end consumers refuse to absorb and which therefore ends up in the stock market), the concept of a "hard asset" is an increasingly redundant anachronism.
Which is why in order to spawn such a gargantuan amount of financial debt, London, which for centuries was the financial capital of the world and which sequestered the bulk of the world's real, tangible wealth until the ascendancy of the US in the 20th century, London's commercial vaults, are literally full of gold (as much as it may pale in comparison with the total notional amount of liabilities it has created). In practical terms, unallocated gold is comparable to putting dollars, pounds or euros into the bank. Transparency: Readily available price information promotes market transparency and aids in daily mark-to-market and margin calculations. Ease of transfer: The London Bullion Market clears daily using paper transfers that evidence the unallocated gold held between members.
And speaking of JP Morgan, incidentally the subject of this post, what do we know about their London-based gold vault services?
Yet Pisani's blindfold, while theatrical, was premeditated: the number of people who know where the HSBC vault is located is a handful, because the last thing commercial gold vaults, and certainly their customers, would want to deal with is a Simon Gruber-type Die Hard 2-style goldjacking. Amusingly it was none other than the Bundesbank who in November invoked the ghost of the fictional New York Fed gold heist when a member of its executive board told NY Fed's Bill Dudley that  "you can be assured that we are confident that our gold is in safe hands with you. And just like the SPDR would want nothing less than to have the address of the HSBC gold vault made public (the same goes for HSBC of course), so those other ETF providers who use JPM's London gold vault as a custodian, such as Blackrock's iShares IAU ETF, or ETF Securities, would want nothing less than to have the location of JPM's vault exposed. Needless to say, the actual addresses of "LBMA Vault" provided by the LBMA in its Annex 2 for "The Good Delivery Rules for Gold and Silver Bars" lists the headquarters office of the vaulting firm, and certainly not the actual address, because it would have been somewhat disingenuous to blindfold Pisani just to deliver him toe 8 Canada Square, or the HSBC head office in London, the address provided by the LBMA as vaulting address of HSBC.
Which is why we were quite stunned to find, in the deep recesses of the internet (and hosted by the Indonesian stock exchange of all place), a trade ticket from May 26, 2011, issued by the Perth Mint of Australia to Avocet Gold Mining (a West African gold miner), in which the Mint confirms its purchase of 2,126 ounces of gold at a price of $1,526 for a total transaction price of $3.246 million.
What is notable about the trade ticket is the additional information provided for the account clearer, in this case, none other than JPMorgan Chase Bank NA, London, as well as the number of the Gold Account held by said clearer: "No. Ladies and gentlemen: we may just have uncovered the actual location of the ultra-secretive JPMorgan gold vault in the city of London. As the map above shows, it is a rather sizable building, located just off the Thames river and steps away from the Blackfriars Bridge, whose official designation until recently was Morgan Guaranty Trust Company of New York, Ltd, a remnant from the firm's merger with Guaranty Trust Company in 1959 (recall that JPM was called Morgan Guaranty Trust until 1989). A cursory media search about the otherwise very nondescript looking building at 60 Victoria reveals that it had been fully leased by JP Morgan as long ago as 1991.
White Tower 2006-3, most infamous for being the first CMBS deal to be placed in liquidation after the start of the currency crisis, held a variety of properties near and dear to JPMorgan's heart, first and foremost 60 Victoria Embankment, the 420,000 sq ft of office buildings fully let to JP Morgan Chase; but notably Alban Gate, the 382,000 sq ft office property located on London Wall in the heart of the City and fully let to JP Morgan Chase. What happened next is interesting: in July 2010 Carlyle bought the bulk of the "White Tower" asset portfolio from the defunct CMBS, paying some ?173 million for the 60 Victoria Embankment location. A pressing question remains: why did JPM, a long-time tenant of 60 Victoria not submit its own bid for the location it knew it would end up purchasing outright in a few months from Carlyle anyway?
Yet what is very clear is that there was something of far greater value to JPM at the 60 Victoria location than at its old headquarters. Perth, in Western Australia, is home to Australia's Gold Corporation Mint, where bullion is processed and turned into standard 12.5kg bricks. The total value of the bullion exported in these operations approached $430m at current market prices, and it weighed 10.4 tonnes.


In a global hunt for assets to offset their losses, the banks have looked into every corner of the Al Gosaibi trading empire and the Saad Group controlled by Mr al Sanea. Perhaps the most remarkable fact about the shipments is that although there are detailed and specific records of them having taken place, neither party in the al Gosaibi-al Sanea confrontation seems to lay any claim to their ownership.
The first shipment took place just as the world appeared on the verge of financial meltdown last November. The shipment was marked "London good delivery", meaning it met the internationally recognised standards for bullion delivery and could be deposited alongside bullion of the same quality.
The usual procedure is for the consignee to arrange a letter of credit with the supplier, which is then guaranteed by a bank.
It is common practice in the trade finance business for those letters of credit to be separately financed by a third party, such as an international bank. So while there is plenty of evidence that the gold shipments took place, there is huge uncertainty about who initiated them, who owns the bullion, and even where the gold is now. Creditor banks, which asked to remain anonymous, have told The National that their inquiries to Standard Bank in London have not so far produced any positive indication of ownership of the bullion, or even confirmation that it is still in Standard's vaults. Whoever ends up owning the gold from Perth will at least have made some money out of the Saudi confrontation, which has affected the kingdom's economy and stock market, and ravaged the balance sheets of regional and international banks. Courtesy of TheNational, we now know that one of the key features of the building at 60 Victoria is that it houses at least the vault of the Standard Bank of South Africa: in other words, somewhere deep underground, there is, indeed, a major gold vault. However, a quick cursory virtual trip around this building using Google's Street View feature shows that this building, barricaded on every side by a dense forest of bollards, is as protected from outside interest (especially of the automotive kind) as any modern day fortress. And finally, not one, but two rows of bollards, cordoning off a 60 foot area in the street on both sides. Needless to say, no car, or any other potential threat, can enter that ~60 foot space from either side. Is that where, dozens of feet underground, the world's most secretive commercial gold vault is located? Select your preferred way to display the comments and click "Save settings" to activate your changes. If y'all check out Google Earth, find the address, reference a street view, cross check it against a map of the City (Corporation) itself, you'll find the vault is indeed located within the "Square Mile" of the City, thereby offering and affording the City's protection for Infinite Rehypothication. He had been missing for the last nine days before his body was discovered by a passer-by hanging from scaffolding on a riverside walk under the bridge.
If you even suggest that there's something "not quite right" about the facts surrounding the death of "God's banker," people either 1) don't have a clue what you're speaking of (which is applicable to approximately 99.3% of people), or they 2) think you're a "conspiracy theorist" for that mere suggestion (in the rare event they even know anything of the matter). That second row of bollocks has a gap a car could drive through, which entirely defeats its purpose.
And there is the old-ass Low Lever Intercepting Sewer nearby also, which would really stink up the place if it just happened to get clogged. To the east of the Temple the roadways are carried over a double covered way, belonging to the City Gas Company, and leading to a landingwharf, by which coals can be conveyed from the river without interference with the public traffic. When the 101st Airborne land in London, they'll now know exactly where to go to get America's gold back. I regret posting that 9 point list now, because I've just read this ZH article for the umpteenth time, and as such articles go, no matter how well or poorly they're done, I admit that my first instinct is to try and NOT immerse myself in the specific, substantive points being made, because it can get a little overwhelming to do so at times.
As it turns out, this one is well-done, even if no one ever discovers the factually concrete whys, hows and whats (but maybe they will), and I find the chain of ownership of the building and its previous & successive owners (and prices paid as well as intermediary brokers and law firms involved) to be fascinating (since many of them are the face of the known or presumed global elite). This article is like a train wreck, but in a good if even distressing way, in that the more I resist looking deeply at it, the less resistance I can muster, and the more deeply I look at it, the more intriguing it becomes, because there's so much genuine mystery with just enough factual support to not be able to dismiss some of the darker implications one could possibly be tempted to take away after reading it thoroughly. At times like these, one realizes the profound truism contained in the saying "ignorance is bliss," as ignorance becomes a tempting alternative comforter, and turning a blind eye to it all seduces as the obvious and easy way out for the intellectually and morally lazy. I am distracting myself momentarily by writing a fictional Hollywood screenplay whereby Simon Gruber successfully inflitrates this structure from the Thames River approach, which is the most vulnerable portion of the building from a security standpoint, especially since ill-gotten treasure looted from within it can be loaded onto waiting immersibles, fast boats & other vessels, and since this vulnerability renders the apparent expensive and elaborate security measures employed on the non-river facing sides of the building somewhat meaningless. Of course, JPM or the bona fide owner(s) of the precious metal within would probably plan this operation WITH Simon Gruber, since there are probably 800 non-overlapping insurance policies covering theft, and split up the insurance proceeds amongst each other after the "staged heist" was accomplished. Yeah there was a wooden horse once which went with the same idea, the city faded into myth, and centuries later untold millions were spent to justify its actual existence when it was long forgotten.
This is the murky world of GOLD Money Trading, the ONE AND ONLY 8000 Year old World Currency. And This While the SMALL FRY Investors are constantly discouraged by the media to own any GOLD. Secret Stash looks at this drive to collect and hoard, and our deeply conflicted relationship to such accumulation. Near the entrance, the trunks of large trees will be transformed by colourful wool cozies created by over 60 Department of Visual Arts students and individuals from the community. According to Black: “The perverse pleasures and everyday utopianism of the handmade are set in motion on screen in this program of film and video by Canadian and international makers from the 1960s to today”. We thank Western University’s Department of Visual Arts for collaborating with us on this project. The Wellcome Collection has opened its doors to Tibet’s Secret Temple, an exhibition that features reconstructions of the intricate murals of the Dalai Lamas’ private meditation temple in Lhasa, the Lukhang, or “Temple of the Water Spirits”. For the NHS, mindfulness is a means to deal with a wide sourcepool of agitation and discontentment in the populace, hopefully before it peaks in psychiatrists’ waiting rooms.
These are disciplines not just intended to calm personal anxieties, but to invoke divine power as part of the goal of attaining enlightenment.
Hopefully the show should increase understanding of the complexity of the ideas behind the rudimentary do-it-yourself of the mindfulness movement.
Located amidst willow trees on a small island in the middle of a lake in the northern shadow of the Potala Palace, the Lukhang temple and the island on which it stands was founded in the 17th century as a meditation sanctuary for the Dalai Lamas. The legend goes that, in order to build his vast fortress-palace, mud was brought from the marsh directly to the north of the hill, leaving a large water-filled excavation.
One night, the sleeping Dalai Lama was visited in a dream by the queen of the water spirits, or lu, who owned the marsh.
The metaphysicians from Sera and Drepung [monasteries] also set up a debating class there on the ‘Great Classics’, and the two lamas gave them a feast.
Lu vases were made and hidden by members of the Tibetan government within the lake as a means to ensure the prosperity of the kingdom. Yet while the Federal Reserve has emerged as the bastion of the New Normal's financial innovation front in which the concept of money is backed by absolutely nothing other than the Dollar's increasingly fleeting reserve status, when it comes to the definition of "Old Normal" money - gold - it still is the domain of the first and original central bank: London. Yet for the most part these events occurred precisely because of the mindboggling leverage already employed by the London financial system.
Rigorous specifications as to size and purity ensure that each London ood Delivery gold bar meets pre-set standards with little to no variation between one bar and the next.
In layman’s terms, allocated gold specifically identifies each gold bar with a specific owner. Once deposited, the money becomes fungible—you can withdraw the same amount of money you put in, but you will not receive back the same exact bills that you deposited. Gold is priced by the market twice daily (morning and afternoon) and widely reported by both the financial press and data vendors. Morgan recently integrated its gold vaulting service in London with its tri-party collateral agency service. Morgan operates one of the two largest commercial gold vaults in London (one of only six in the City) and is a member of the London gold clearing system.
Why HSBC of course: the bank which has recently been embroiled in virtually every scandal involving global money laundering, also happens to be the custodian for such massive (supposedly) physical gold repositories as those of the SPDR Gold GLD ETF. The days in which Hollywood Germans such as Gerd Frobe, better known as Goldfinger, and East German terrorist Simon Gruber, masterminded gold heists in US vaults are long gone. And certainly the address given for the JPM vault at 125 London Wall, aka Alban Gate, which was the firm's headquarters until its move to 25 Bank Street in 2012, is the last place even one bar of gold would be found. 01380" but what is by far the most interesting, is that the actual physical address of the JPMorgan facility is provided: 60 Victoria Embankment, London.
What is more interesting, is that the property had previously been bundled as part of a high-profile commercial mortgage-backed securities, or CMBS, deal called White Tower 2006-3. Three very short months later, none other than long-time 60 Victoria resident JPMorgan bought the very same building from Carlyle for a whopping ?350 million: a transaction which doubled Carlyle's money in an unprecedented three months! Why overpay by ?177 million in exchange for merely having one more middleman do a three-month transaction? From there, the ingots are shipped daily around the globe to vaults in America, Europe and Asia, evidence of the world's apparently insatiable appetite for the precious metal.


The other distinguishing factor was the identity of the recipients, or "consignees" as they are known. A small army of lawyers, forensic accountants and corporate investigators has been hired to track down assets over which the banks believe they have claim. They continued until May, when the crisis in the two Saudi families exploded into the public domain after they failed to make repayments on loans associated with their banking businesses in Bahrain.
From there, the bullion was moved to the vaults of Standard Bank of South Africa, located in the London offices of JPMorgan Chase at 60 Victoria Embankment, Blackfriars, London. The Standard Bank account in which it was deposited was in the name of Al Gosaibi Trading Services, one of the companies owned by the al Gosaibi family. The company named as the bullion account holder, Al Gosaibi Trading Services (ATS), is a wholly owned subsidiary of Bahrain-based Al Gosaibi Investment Holdings (AIH), based in Bahrain which is in turn owned by three family members. But sources close to the Kuwait-born financier have denied he was involved in the transactions. We also know, that after leasing this location for nearly two decades, JPMorgan decided to take the plunge and bought it outright in 2010, in a transaction that as shown above was a scramble to park cash and to procure the property for sale. Certainly nothing short of Blythe Masters admitting on live TV that yes, this is where one of the two largest commercial gold vaults in the UK is located, and as JPM admitted previously, only one of only six commercial vaults in all of London, there will be speculation and one can't be certain. Of this, nineteen acres are occupied by the carriage and foot ways, eight acres are devoted to garden, and the rest has been conveyed to the Crown, the Templars, and other proprietors along the line. At this point, moreover, the subterranean engineering has been of extreme complexity; the sewers, the Fleet ditch, the subways, the Gas Company's railroad, the public railway, and a variety of gas, water, and telegraph pipes, being interlaced in a way that almost defies description. Exhibiting artists Germaine Koh (Vancouver), Allyson Mitchell (Toronto), Payton Turner (New York) and Kelly Wood (London, Ontario) use photography and installation to examine these phenomena and the related issues of labour, consumerism and memory. A publication designed and illustrated by Shannon Gerard (Toronto) accompanies the exhibition.
Read Fuse to find out what's happening in and around London (Canada) and discover other cool stuff along the way. All garden admissions are included as is a lovely High Tea at the Orangerie at Kensington Palace.
Promoted in the boardroom, staff training sessions, away-day weekends and as smartphone apps, mindfulness is trending.
Mindfulness comes out of the Buddhist vipasanna traditions of “watching the mind”, and stands as one – and only one – of many meditation techniques taught in a lifelong relationship with a trained guru or lama.
These traditions connect the meditator not just to their mind, body and emotions, but to the very land that they inhabit.
She complained bitterly about this disruption of her territory, and demanded recompense, so he promised a temple dedicated to the lu in the midst of the lake; only then did the building of the Potala continue unobstructed. This inner mastery was not simply essential to attain Buddhist enlightenment, but also to give the meditator power over the world of gods and spirits, a power held by the Buddha himself. In 1791, the Eighth Dalai Lama enlarged the temple, placing a shrine to the water spirit Lhachen Dripdzong Tsenpa in the main sanctuary, surrounded by statues of eight peaceful spirits and several “treasure vases”. His creation was among the earliest to reflect the changing fashion in garden design prompted by the Landscape Movement, which started in England in about 1730. This consistency ensures that counterparties will receive gold of an expected quality (99.5% fine), which allows the metal to be easily transferred between members of the London Bullion Market. Allocated gold is essentially held in separate accounts; it cannot be pooled with gold from others to satisfy obligations. The use of unallocated gold allows for amounts smaller than a gold bar to be used as collateral between counterparties—a significant benefit to a collateral program given that a London Good Delivery bar weighs 438.9 ounces, and gold is currently trading for over US$1,700 per ounce. Use of a predictable daily price fix point allows counterparties to mitigate their daily exposure and set haircuts to manage ongoing price fluctuations. The use of paper transfers and unallocated gold facilitate easy transfers between counterparties when needed. The HSBC gold vault is also known as "Gold's secret hiding place" as CNBC penned it, when Bob Pisani was allowed to take a look deep inside the vault's bowels but only after he was theatrically blindfolded (a visit which we commented on at the time). Nobody can seriously imagine scenarios like these, which are reminiscent of a James Bond movie with Goldfinger playing the role of a US Fed accounting clerk." This happened two months before the Bundesbank diametrically (and embarrassingly) flip-flopped and decided to, all pinky swears to the contrary, begin repatriating its gold from the New York Fed (and Paris) after all. The deal consolidated properties formerly owned by one-time London real estate mogul, Simon Halabi, one of the financial crisis most notable falls from Grace, who had an estimated net worth of $4.3 billion in 2007, and in April 2010 was declared bankrupt, and whose current whereabouts have since been unknown.
But what made this shipment unusual was that it was the first of 15 such cargoes, of varying quantities and values, which over the next seven months were eventually unloaded mainly in London. According to documentation seen by The National, they were all companies associated with the al Gosaibi family of Saudi Arabia. They have turned up property, financial investments, relatively small amounts of cash and other baubles of the wealthy, such as aircraft leases. Despite being regularly ranked among the world's billionaires, neither the family's controlling partnership, Ahmad Hamad Al Gosaibi and Brothers, nor Mr Al Sanea's Saad Group has any previous known involvement in the bullion business. The shipments reached a peak in late February and early March, just as tensions within the al Gosaibi family intensified after the death of Sulaiman, the family patriarch and chairman, on February 22. But financing such a transaction - the gold was worth about $20m - is a complicated process. Awal is the Bahraini bank owned by Mr al Sanea, but which is now in the administration of the Bahrain Central Bank. The amounts paid for the bullion were drawn down from lending facilities with these global banks but those borrowings have not been repaid, banking sources say. The final shipment to arrive in London took place on May 6, when 722kg was placed on a Delta Airlines flight DL94 in Salt Lake City, Utah, in the US. The shipment last November, worth some $28m when QF71 took off from Perth, is now valued at $42m - wherever it might be. In other words, JPM now has sole custodial possession of all the vaulting services offered under its 60 Victoria Embankment address. Within the Embankment wall, and forming a portion of its structure, is placed the Low Level Intercepting Sewer, which is an integral portion of the main drainage scheme. The Headspace app, for example, reportedly has over 3 million “happy users”, and mindfulness courses sell out within hours.
Yet, paradoxically, the fact that there is so much financial leverage implies that there must be an abundance of hard assets at the bottom of the London Exter Pyramid. Ultimately, this facilitates trading and market liquidity—both desirable attributes for collateral. In contrast, unallocated gold is held in a general pool by the bullion dealer and the customer has a general entitlement to the metal, but not to a specific gold bar. Morgan works with two parties that have an established collateralized lending or financing arrangement. These buildings ensure that our employees will have the necessary technology, infrastructure and amenities to take our businesses forward." Curiously, JPM showed zero love for its Alban Gate location, which it promptly departed to go to its new Canary Wharf HQ, and Carlyle was forced to pull the sale of this property a year later as it did not get enough satisfactory bids. The al Gosaibis have since fallen out spectacularly with their partner, Maan al Sanea of Saad Group, in the biggest corporate scandal to hit the Middle East, leaving about 120 banks worldwide with debts estimated at up to $22 billion and a decreasing likelihood of getting their money back. Ten of the 15 shipping documents bear the Awal reference, while the rest have reference to "TIBC", The International Banking Corporation, the al Gosaibis' Bahraini bank which is similarly in administration. International banks, so far frozen out of the settlement process in Saudi Arabia or offered derisory amounts by the feuding families, are keen to track down the location and ownership of this bullion, to seize and offset against debts owed them.
This was marked for the Al Gosaibi Trading Services account at Standard Bank at the JPMorgan Chase building in London. Above it is a subway for gas and water pipes, the dimensions of the subway being 7 feet 6 inches in height and 9 feet in width; and the diameter of the sewer varying from 7 feet 9 inches to 8 feet 3 inches. After all, financial counterparties, especially in this day and age, may be insolvent but they are not idiots, and all will demand at least some paper representation that there is a trace of hard collateral at the bottom of the latest financial Frankenstein CDO, SPV, CLO, CPDO, RMBS or [insert any other modern financial "asset" acronym].
Dollar London old Fix is viewed by market participants as the appropriate way to mark gold given daily price fluctuations and increasing values. It also perhaps means that the days of Simon Gruber may not be "long gone", especially if the whereabouts of vaults containing billions worth of gold bullion were known to the public.
And keep in mind we are talking private sector gold: Gordon Brown's epic blunder of dumping the sovereign UK gold at rock bottom prices hardly needs a mention.



Bridal name change checklist
Memory exercises for high school students 6th


 

  1. 21.11.2014 at 12:36:32
    LORD_RINGS writes:
    Mindfulness is all about focusing your consideration on the mindfulness affords us a unique path.
  2. 21.11.2014 at 20:22:47
    orxan_yek writes:
    Enriching the alternatives of spiritual development for its contributors and.
  3. 21.11.2014 at 15:41:36
    KAROL_CAT writes:
    Pregnant Melancholy will be an insidious condition which without judgement, gently however firmly redirecting our.
  4. 21.11.2014 at 14:55:56
    Rock_Forever writes:
    The Insight Meditation Heart of Pioneer Valley in Easthampton therefore many people through the Tao effect.
  5. 21.11.2014 at 10:10:59
    miss_x writes:
    Which it's needed on your move.