This Month in Gold – November 2011

Criminal Charges Leveled Against Goldline Execs
ABC News – The Santa Monica City Attorney’s office has leveled fraud and theft charges against executives at Goldline, the prominent California gold dealer, in a 19-count criminal complaint. At its core, the complaint argues Goldline persuaded customers interested in buying gold bullion to instead buy numismatic coins worth significantly less than the advertised face value. In certain cases, the complaint alleges Goldline sold coins at double their market value. Santa Monica officials launched the investigation into Goldline over a year ago. Goldline has risen to prominence thanks to the endorsements of leading conservative radio and TV personalities including Glenn Beck, Fred Thompson and Mike Huckabee.
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Qatari Wealth Fund to Invest $10bn in Gold Sector
The Telegraph – The Qatari royal family this month confirmed that it plans to invest up to $10 billion in the gold sector via its sovereign wealth fund, Qatar Holdings. The first investment tranche of $1 billion is to be made in, of all places, Greece. Qatar Holdings will invest in Goldfields, a miner listed on the London Stock Exchange that is presently developing the largest gold-mining project in the Hellenic Republic. Greek authorities anticipate the cash infusion will create 1,500 sorely-needed jobs.
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Tenant Pays The Donald in Gold
FOX Business – If you live in a Trump property, you can now pay your rent in gold. Trump has, for the first time, accepted approximately $200,000 worth of bullion from a tenant to cover the rent for the 50th floor of 40 Wall Street. An outspoken critic of the Fed’s money printing, Trump stated: “It’s a sad day when a large property owner starts accepting gold instead of the dollar. The economy is bad, and Obama’s not protecting the dollar at all… If I do this, other people are going to start doing it, and maybe we’ll see some changes.”
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Miner Gets Physical with Dividend Payout
Wall Street Journal – Gold Resource Corp., a Colorado Springs, Colorado company with operations in southern Mexico, has come up a novel way to distinguish itself. The company announced this month that it will soon start making dividend payments on its stock in bullion rather than US dollars. Jason Reid, president of Gold Resource Corp., argues that many investors (one assumes especially those buying gold mining stocks) would rather hold physical gold or silver than fiat currencies that governments will continue to debase.
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