baker
Gold, Silver, the FED, COVID
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anon’s been keeping an eye on the precious metals stuff, as GOLD SHALL DESTROY THE FED. found some interesting stuff, starting with info at gold bug’s Eric Sprott’s website.
From the end of March,The CME Opens Pandora's Box
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In the end, the CME may have unwittingly sealed the fate of their pricing scheme last week by rushing to make COMEX a physical delivery facility. While the exchange is likely to survive April, the months of May and June will likely pose a significant challenge. Only a quick containment of the coronavirus may assuage their crisis. If the mines, mints, and refineries can re-open in the next 45-60 days, perhaps the fractional reserve bullion banking system will be salvaged. If not? Well, let's just say that gold investors and stackers are in for a VERY interesting summer.
https://www.sprottmoney.com/Blog/the-cme-opens-pandoras-box-craig-hemke.html
Most recently from end-June,Extreme COMEX Delivery Demand Continues
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Due to this near failure [see March sauce above], the CME Group and the LBMA rushed to turn the COMEX futures market into aphysical delivery vehiclein a desperate attempt to restore legitimacy to the derivative-only trading that takes place there. Remember, without underlying physical delivery, a commodity futures market might as well be trading baseball cards. Some physical delivery MUST be made at the futures contract price, otherwise the price discovered through futures trading is utterly illegitimate and fraudulent.
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Three months later, it's clear that the CME has indeed opened "Pandora's box" and theBullion Banksthat operate on COMEXare desperately trying to hold the entire pricing scheme together.
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The weight of all this delivery demand may eventually lead to a force majeure-style failure, but that's very likely not coming this month or next. The CME, the LBMA, and The Banks will work to protect their pricing scheme until the very last moment, so it would be foolish to think they're going to meet a quick end.
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However, their fate was sealed in late March, and like a dying animal, thespasms of their death throesare clearly visible…if you know where to look.
https://www.sprottmoney.com/Blog/extreme-comex-delivery-demand-continues-craig-hemke-june-30-2020.html
In Eric Sprott’s latest weekly wrap up radiocast, he mentions a suspicion thatsome groupknows there is a physical shortage of precious metals, and so is demanding delivery on these COMEX contracts [white hats?] as a means to get physical gold and silver.
https://www.sprottmoney.com/Blog/things-have-changed-in-precious-metals-lessons-from-a-volatile-week-weekly-wrap-up-july-2-2020.html