100 times more "paper gold" than physical gold ?!!It means every ounce of physical gold is promised 100 times as a liability to other investors. If true: What a huge lie from those who promised to deliver true gold to others but have only uncovered papers in their hands.
Here a snip from the Swiss physical gold bull Egon von Greyerz:
...
But today the world is in a totally different position. Although gold is up several hundred percent since the early 2000s, the bull market in gold has barely started. Manipulation in the paper gold market by the BIS (Bank of International Settlement) and bullion banks has held the price down significantly. In June 2005, William R. White of the BIS in Switzerland, said that one of the aims of central bank cooperation was to use “joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful.”
This intervention is likely to fail at some point soon as holders of paper gold ask for delivery. And since paper claims are 100x greater than the available physical gold, this will lead to defaults in the paper gold market and the price of physical gold surging.
It is critical to understand that physical gold has no counterparty risk...
source of the quote:
https://goldswitzerland.com/the-crisis-will-sink-stocks-and-propel-gold/