More and more “paper gold” is needed to suppress the price of the real thing. Now, with all this paper, all they can do is slow the rise. Here’s some statistics that are even more egregious than you may think…
Editors Note: If there were 3,000 tons of gold mined in 2016, at a price of $1350, that would have been $129,600,000,000 worth of gold. In other words, the $900,000,000,000 in gold traded last month was almost NINE TIMES MORE the dollar amount than was even mined in the entire year.
COMEX is hedging future mine supply? Sure, I got this bridge to sell you too…
from Zero Hedge
As gold prices break above the election night spike highs, it seems interest in the precious metal has never been higher…
Gold has pulled in traders like never before on its way to the highest price in a year.
As Bloomberg details, volume on the COMEX in New York, the largest bullion futures exchange, hit a record in August as North Korean tensions and a weaker dollar boosteddemand for the metal.
Some 6.55 million contracts — worth almost $900 billion now — changed hands last month, more than when Donald Trump was elected U.S. president or during substantial price spikes and slumps.
Keep up with daily gold price changes and view historical charts here!