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The Usual Smoke and Mirrors|
The bullion banksters have reduced their short position on the CRIMEX to the lowest since Jul17, whilst only dumping a small amount of physical in their gold stocks registered at the CRIMEX for the highest net long since the start of the year. Last week saw the unusual dumping of gold by all the bullion banksters except JP Morgan who accumulated gold but has dumped this week.
With Hungary being the latest to repatriate 3 tons of her gold and Wyoming being the latest to remove taxes on commodity money, plus China's yuan-denominated futures contract in two weeks time, the price of gold should be going ballistic as the new gold standard becomes more and more obvious. Just 3.5mbpd of crude needs to be converted to yuan and then into physical gold to deplete China's entire gold reserves within a year, unless the price of gold (or oil) is significantly raised.
But, as Sprott Asset Management often points out, the price movements are counter-intuitive. The price of gold, whilst being held VERY steady, has been massaged slightly lower throughout Thursday and Friday.
Gary Cohn replacement, Larry Kudlow says, "I Would Buy The Dollar And Sell Gold", whilst Dominic Frisby of the sleazy Money Week propaganda rag but who is posting on Silvercore (formerly known as Goldcore) says, "Buy Silver And Sell Gold Now".
Whilst Kudlow offers no explanation for mentioning gold, Frisby uses his usual daft non-logic, claiming In an ideal world, gold would cost 15 times as much as silver.
Gold and silver prices are determined by supply and demand. But Frisby offers neither. He only presents availability: Geologists seem to agree that there is somewhere around 15 times more silver in the Earth’s crust than gold. Gold is therefore 15 times rarer.
In theory, therefore, the gold-silver ratio should stand at 15
That's a straightforward lie. There's a glut of silver and a dearth of gold. We know this because when Jamie Dimon illegally smashed gold in 2013, he raided the gold ETFs of about a third of their physical gold. But even though the silver price was also smashed, the silver ETFs actually saw a 2.4% increase in holdings that year.
Next they'll raise the price of silver to entice the suckers. But silver requires about 300 times the volume to store the same value as gold, making it unwieldy and which is why central banks store 33,000 tons of gold rather than silver.
Also, the Great Satan continues to default on gold: “A BWC Chinese network report mentioned that the Federal Reserve had on several occasions rejected China’s request to ship back about 600 tonnes of gold reserves stored in underground vaults in the New York.
- US Gold Reserves, Of Immense Interest to Russia and China
We know the Great Satan is short the 8,133.5 tons of gold it claims to have because it repeatedly pulls propaganda stunts to pretend it's still all there, including a partial audit when they announced the sample was even more pure than they'd expected and now Steve Munchkin doing a brief visual inspection and announcing his jubilation that it's there. As Ron Paul says, the only reason NOT to do a full audit is because they know history's worst ever debtor sold it off a long time ago. War criminal, serial violent rapist and paedophile, Billy Jefferson Clinton supplied Germany with tungsten filled bars. Switzerland also had to sell gold in 1999, when Germany demanded 900 tons back from JY. The biggest default in all of history was when war criminal, Nixon, defaulted on gold payment.