Golden Bandits and Scammers

Two recent gold stories caught my eye this week. The bandits and scammers are "in the know" about the future of gold. Does rising theft and forgery indicate that the gold market is short on supply? I love the comment about traders getting greedy. That's never happened before!

"UAE gold investors are reported to have lost millions of dirhams after several tons of gold they imported from Africa was fake. Mohamad Shakarchi, managing director of Emirates Gold, told Emirates 24/7 the firm has stopped examining gold imports from Africa because of the high level of forgeries. 'We don’t have time to waste because most of these so called gold imports are fake. The traders got greedy. They thought they were getting gold at a discounted rate,' he told the website."
Source: ArabianBusiness.com

"Two thieves didn't have to scour a deserted island or the depths of the sea to to nab a gold bar. According to police, they stole the bar - which was recovered from a shipwreck of a Spanish galleon off the Florida Keys - from the case at a museum. The two bandits stole an 11-inch, 74.85-ounce gold bar worth an estimated $550,000 Wednesday from the Mel Fisher Maritime Museum in Key West, Fla., where it had been displayed for more than 20 years. Museum executive director Melissa Kendrick described the heist as 'a very quiet smash and grab,' according to Reuters."
Source: CBS News

Is The Pizza Man Even Safe?

A few blocks from my office last weekend, the owner of one of our favorite NY pizza parlors was shot in the stomach as he was walking through an apartment complex. He was carrying all of the store's cash after closing.

The Chicago Times reports, "At 110 robberies as of last week, bank heists are up 25 percent this year compared with the same time in 2005 with 88 robberies. Last year was a record-breaking year with 230 heists. But this year, the FBI is noticing another record: one in four of the robberies are "takeover robberies," in which the bandit pulls out a weapon and takes over the bank rather than quietly presenting a note."

The pirates continue to kidnap ships and tankers in the Gulf of Aden.

"During the contraction phase of the cycle, the "have nots" will seek what they feel entitled to from the "haves". This will likely occur on all scales. As the mass social mood continues to shift down, what protective measures will be taken by governments and individuals to protect themselves?"
Random Roving - November 24, 2008