When? Craig Hemke at Sprott Money: Gold futures contract supply is virtually infinite
Submitted by cpowell on Wed, 2019-07-03 14:11. Section: Daily Dispatches
“ … That is, with the assistance of central banks, for which bullion banks often operate in the gold market, a potentially infinite supply of imaginary gold is always being created. As was observed years ago by market analyst Bron Suchecki, formerly of the Perth Mint, now of precious metals services group Pallion in Australia, the gold market is where banks that have little or no gold pretend to sell it to speculators who don't have the money to buy it.
And yet that is largely how the monetary metal's worldwide price is set and will continue to be set until people who want to own gold or see its price rise purchase only real metal and remove it from the banking system.
Hemke's analysis is headlined "Supply and Demand in Comex Digital Gold" and it's posted at Sprott Money here:
https://www.sprottmoney.com/Blog/supply-and-demand-in-comex-digital-gold...
When does this end? Over 20 years ago Bill Murphy, Jim Sinclair, John Embry and many others were talking/warning investors about what they perceived to be, at that time, the manipulation of the gold and silver futures markets. And so it went until this time. It was always supposed to end, with the spot price finally bifurcating so much from the futures price that the physical market would run the dirty banks out of the market … and then the COMEX would be defeated. So, here we are and according to Hemke (whom some of us saw as a newer bright light a few years ago) things seem to have changed with him seemingly folding along with all his trailblazers.
When will IT happen? I have given up investing in it here …. But my goodness it sure tempts me, that old temptress.
Hang in there Ard … IT will happen and you will make good on your investments in the PM sector. When? Got me.