Not only does the LBMA price set the price for clearing physical gold and silver trades twice a day, it also is used to benchmark OTC derivatives.
My best educated guess is that a couple of the most influential bullion banks involved in the fix – JP Morgan and HSBC, each of whom respectively operates the SLV and GLD trusts – used the fraudulent silver price on Friday in order to address an immediate need – either a large physical silver deficiency or a derivatives problem.
The act itself reflects the desperation that is creeping into the bullion banking establishment. Desperation that is being fueled by what I believe is the early stages of an extremely powerful resumption of the bull market in gold/silver.
Two things are very clear in the latest rig job in silver:
1) Somebody had a very large silver derivative position that was supposed to be settled upon the LBMA Silver Price (the Fix) last Thursday.
2) The loser of that position most likely had a catastrophic loss that will emerge over the next few weeks when the contract is settled…or defaulted upon.
This is the End Game my friends and the End Game was always going to be messy.
In the wake of Japan announcing negative interest rates and chaos in the silver market with Thursday’s LBMA silver price fix smashed .84 below spot prices by the 6 fixing bullion banks, we welcomed The Admiral of the Silver Market, Eric Sprott himself to help us break down all the action.
In Sprott’s words, the sheer brazenness of the silver fix smash “Reeks of Desperation“.
The discussion offers a unique look into the mind of the Billionaire Asset Manager, as Sprott shares insight into the thought process on how he evaluates whether a market is experiencing a bottom, and the legendary investor also shares the greatest financial lesson he’s ever learned…
Ahead of the fix, silver was trading at $14.42, and the fix itself, which took fourteen minutes, was finally settled at $13.58. The circumstantial evidence behind this extraordinary price behavior was there were over-the-counter market options expiring on the fix price.
“Unfortunately, it is not [a mistake]… This could be the end of the fix. It took 14 minutes to find a fix – they obviously found a fix way off of the market.“
Today we had a HUGE flash crash in silver and this caused the fix to settle at 13.58 even though the spot price of silver at the time was .84 higher at $14.42.
This is totally unbelievable- will it mark the end of the fix?
COMEX silver bar inventories just did a massive CLIFF-DIVE.
The Breaking Of The Comex Exchange is at hand…
- US Mint AP Warns 2016 Silver Eagles Likely to Remain in Allocation INDEFINITELY:
“The allocation from the US Mint which we received today was smaller than we expected….
I believe it’s now likely that the Mint will stay in allocation for Silver Eagles for the foreseeable future. Perhaps throughout the entire quarter.”
- Will Deutsche Be 2016’s AIG?? Hemke Warns “Deutche Bank Could Bring Down EVERYTHING”
- Currency Wars: Commodities Currencies in Free-Fall, China to Turn Around Gold Prices With Yuan Devaluation?
- Craig Explains Why Cartel Are Capping Gold & Silver Prices at Critical Moving Averages
- STRONG Physical Demand for Gold, Silver & Platinum as Financial Crisis Apparently Underway– 2016 Platinum Maples Sell Out in 10 Minutes!
The SD Weekly Metals & Markets With The Doc, Eric Dubin, and Craig Hemke is Below:
With The Global Market In A Panic Over China, The Doc & Eric Dubin Break Down All The Action & Discuss The Impact On Gold & Silver:
- Chinese Market Crashes- Is A Yuan Devaluation Coming?
- The Golden Sombrero– Classic Cartel Smash Pattern Emerges Yet Again After PM Rally
- Record Physical Demand Continues – 2016 Silver Eagle Premiums Remain Elevated, AP’s Selling 3rd Expected Allocation!
- Commodities Shellacking: Is It Over Or Just Beginning? The SD Weekly Metals & Markets With The Doc & Eric Dubin is Below:
Is THIS the reason gold (and silver) aren’t MASSIVELY higher?
With Oil Plunging to $35, and Silver Hitting New 5-Year Lows at $13.68 Ahead of the FOMC, The Doc & Eric Dubin Break Down the Action, Discussing:
- Silver Smashed to $13.68– Are BIG New Lows Ahead?
- Fed Set to Hike Interest Rates in the Face of Credit Markets Seizing Up
- High Yield Bonds in MELTDOWN..It’s Likely Just Begun…
- Deflationary Snowball Gaining Momentum & Heading Downhill?
- Supply Destruction Sowing the Seeds for Next Bull Market – Anglo American Slashes Production, Lays Off 85,000
The SD Weekly Metals & Markets With The Doc & Eric Dubin is Below:
I would bet my life that virtually every major central bank in the world right now is a participant in the gold price suppression scheme preparing for some sort of international currency reset whose timetable has not been made known to us.
If you’re controlling the gold price you’re controlling the price of all currencies and if you can control the price of all currencies you run the world.