I don't know. I do know that I'm not the only person that has a special place in his heart for gold. Even if the world falls apart, and perhaps especially as the world falls apart, gold will have value (see Chapter 27 of TGP, "Fools' Gold" for Durand's take on gold as a store of value). It is one of the few constants throughout history, and so it would not surprise me if both theft and hoarding were going on among the world's elite, especially the perceptive ones who see what's coming. However, peeking through that Matrix is almost impossible.

do you see it as a bigger scheme than just cronies siphoning it away?

My straightlinelogic piece tomorrow is entitled "Holes In The Matrix." While it is more a big picture sort of piece and I do not mention it, one hole in our current matrix is the entire gold market. The Germans want their physical gold back from the US and it is going to take two or three years to deliver it. Why? Ron Paul got nowhere with his audit the gold bills. Why? Zerohedge is somewhat buggy on the subject, but not a week goes by when they do not publish an article allegedlly massive manipulation of the gold market. Given what's surfacing about LIBOR and the currency markets, such allegations can't be dismissed out of hand. We do know that gold, like virtually every asset, supports a structure of hypothetication, rehypothecation, and derivatives. It also appears that the first thing the US government does when these various revolutions topple the tyrant in residence is sweep in and scoop up the domestic reserves of gold. Those of us trying to pierce the Matrix are left to conjecture: perhaps there is a lot less gold in so-called official, governmental, reserves than we've been led to believe. Which leads to the question: where did the rest of the gold go? I suspect that any sort of knowledge about that answer is a dangerous proposition indeed, and may well have something to do with those banker suicides. As I advise in tomorrow's commentary: cultivate your imagination, "It may offer the only comprehension of a very confusing and disturbing future."

We did get Ukraine 's 2 billion in gold. At least the Fed has 2 Billion in there. :)