A default trifecta...........................from Rico

Call these the first three "strikes" of default, or the initial trifecta of a systemic default:

1. ABN/Amro refuses to deliver Gold on a forward contract, advises all clients that there will be no further bullion settlements going foward, but only fiat cash settlements instead.

2. An LBMA client was recently refused the return of his leased Gold.

3. A Swiss bank has just refused to release a client's Gold from his allocated account.

I call this the beginning of a commodities exchange default in Gold.

[Background: Venezuela got its 200 tons of Gold back from abroad in four months last year, but now Germany has been told to 'wait' for seven years for the return of its 300 tons of Gold from the NY-Fed.]

- Paper fiat cash settlements wll be imposed on clients in lieu of bullion delivery going forward.

- The FED will reimburse the defaulting bullion banks with paper fiat and make them whole.

- Clients who THOUGHT they owned Gold in the safekeeping of these bullion banks, will now never get to 'see' it. It has all been Corzine'd by the banksters. It's too late for these clients to learn Russian or Chinese, which is where the Gold wound up.