Yesterday, the MSM parroted assurances by the bankers that there is plenty of gold to back gold futures contracts. Today, those assurances got DEMOLISHED…
Dear Friend of GATA and Gold:
Bloomberg News yesterday parroted assurances by bankers that there is plenty of gold to back gold futures contracts. The story was headlined “There’s Ample Gold to Go Around in Futures Markets After All”:
But the story never attempted to explain why, if there was such a surplus of deliverable metal on the New York Commodities Exchange, the exchange last week was compelled to offer a new contract that was the definition of a default — a contract offering not delivery at all but title to a quarter of a 400-ounce bar held somewhere in London.
The TF Metals Report’s Craig Hemke quickly demolished the official assurances today. While there may be some gold around, Hemke wrote, the key question is: How many people think they own it?
He adds that the vault data hurriedly produced yesterday by the exchange is obviously phony.
Hemke concludes: “The London Gold Pool worked for seven years and, right up to the last day, it operated as if nothing was wrong and all was well — until it wasn’t. The day of reckoning for the LBMA/CME Gold Pool is coming as well.”
His analysis today, ordinarily proprietary, has been, at GATA’s request, generously posted in public at the TF Metals Report site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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