The tripling of the use of "London gold" and the inclusion of warrants as collateral suggest that the CME and its Comex are preparing to allow an even greater expansion in Comex gold open interest to increase the ability of Comex banks to engage in gold price manipulation. Why else would the CME allow the open interest in gold contracts to dwarf the actual physical gold in Comex vaults?
Ultimately, the use of "London gold" and Comex warehouse warrants expands the fractional-reserve gold banking system and further weaponizes "paper gold" in support of the longstanding bullion bank and central bank campaign to suppress the gold price. Full Story
It was Professor Fekete who introduced the idea of gold backwardation after having bought a seat on the Winnipeg Commodity Exchange (on a professor’s salary) in 1972 to observe how the world’s first futures market in gold would operate.
It was from this unique vantage that Professor Fekete saw the importance of the gold basis in signaling when fiat capital markets might implode—A POINT WHICH WE ARE NOW APPROACHING—should gold not be reintroduced into today’s increasingly unstable monetary system. Full Story
If you want to know which investment houses have been getting the infamous "repo" loans from the Federal Reserve Bank of New York in recent weeks, as GATA has wanted to know, you'll have to wait two years, according to a letter received from the bank today in response GATA's request for the information.
The delay, the New York Fed's letter says, is authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Perhaps more interestingly, the New York Fed's letter, signed by Corporate Secretary Shawn Elizabeth Phillips, contends that the bank is exempt from the federal Freedom of Information Act but tries to comply with its spirit. Full Story
By: Michael J. Kosares, USA Gold - 13 November, 2019
Likewise in Argentina, Venezuela, Zimbabwe and Vietnam, physical gold was a safe haven and financial insurance for those that had the foresight to held it. Gold fulfilled its role of saving for those who had held it, a role that fiat currencies utterly failed in. Gold also played the role of medium of exchange in all of these situations, when trust in paper currencies had died.
The causes may differ – hyperinflation, death of paper currencies, economic mismanagement, capital controls, wars – but the outcome is always the same. People and economies instinctively turn to the ultimate asset gold as a safe harbour in times of crisis and emergency. Because only gold persists as a store of value and is trusted as a medium of exchange. Gold allows choices that are not available to those who do not hold gold. In crises, only gold provides economic freedom and liberty. Full Story
In a letter dated November 1 and made public today, the U.S. representative, Alex W. Mooney, Republican of West Virginia, commends Barr for the Justice Department's recent criminal prosecution of manipulation in the monetary metals futures markets. But Mooney calls attention to the explosion in use of a mechanism called "exchange for physicals" for settling metals futures contracts in the United States, a mechanism that, Mooney contends, may pose "some danger of a systemic issue" if, as seems to be the case, those settlements are being transferred to European markets. Full Story
The futures markets are used by institutions to punish investors for doing the right thing.
That isn’t to suggest investors ought to surrender and be herded by the bankers and bureaucrats into the dollar and other favored assets. But they will need to be prepared for artificial volatility in hard money alternatives.
Don’t forget, these people are definitely not our friends. Full Story
I will start this expose of what is really going on in Chile by pointing out that as I have lived there for the last 14 years, I am well placed to talk about it. I am aware that the truths that I am going to set out here may upset more than a few people, but if things are ever going to get better you have to begin by accepting reality, and the reality of the situation in Chile, which has seemingly gone from the most developed and prosperous country in South America to just another failing banana republic is what will be addressed here. Geographically and physically, Chile is a beautiful and diverse country. It is some 5000 Kms long and has almost every variety of climate, topography and vegetation you can find on the planet apart from tropical rainforest. The problem is the people. Full Story
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