KW: People looking at what is happening in finance are noticing the price of precious metals rising, especially gold and silver. However mainstream media, controlled by the ruling elite, is not mentioning this phenomenon wanting to keep it quiet so as probably to not scare the masses into thinking, as they do, that there is something wrong with the economic system especially as we reach the end of Covid-19 wage subsidies the world over. Is unemployment going to explode or are we in New Zealand going to escape relatively unscathed due to the strict lockdown we went into? Is the government going to go out of control borrowing billions more to keep the economy going? Well already we are seeing the gold market at a new high and bullion banks that have attempted to keep the lid on pricing taking a deep bath in the way they control pricing in the ‘market’. With their shorts all being for the price to fall they are getting beat up as for all the thousands of short contracts in the market they now need to meet all the buying contracts at higher prices. This is proving massively costly. Should governments globally contnue to borrow creating new money to pay unemployment benefits it ony develues existing currency and makes the price of gold higher
August 8 (King World News) – Alasdair Macleod: “When we look at what’s happening on Comex, some gold came in from places like Switzerland, about 110 tonnes back in March and April. What is interesting is, I wonder what the source of that gold is? My guess is that it either came directly or on the direction of the Bank for International Settlements to try, if you like, to alleviate the market from a short into physical because suddenly everybody was standing for delivery. The first time they did it it was 162 tonnes, that was back on the June contract. This last contract works out to about 110 tonnes. I mean these are huge figures in a market where people don’t traditionally stand for delivery.
I think the point is people are waking up to what’s happening and demanding physical metal. They don’t want forwards anymore. And the point about London is that you’ve got something like $500 billion worth of entirely unallocated accounts outstanding — that was the figure at the end of 2019 that was collected by the Bank for International Settlements. So we can reckon that figure is pretty accurate. But if you get a failure in the London Bullion Market, then that’s…To continue listening to this powerful KWN audio interview with Alasdair Macleod
Bullion banks have just taken losses on scarce physical gold, plus some hedge funds are also being caught in the short squeeze along with the bullion banks.