Banks Pledge Same Collateral Numerous Times

Big banks pledged the same mortgage to numerous people.

Similarly, big bullion banks borrow gold from central banks, and then rehypothecate it numerous times:

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A 1999 study by the International Monetary Fund found that 80 central banks lent out 15% of their official gold reserves.

Central banks now appear to have too little gold to meet their commitments.

And private banks are raiding allocated gold accounts.