CAD
USD
  • FREE Shipping & Insurance on Orders Over $500
    FREE Shipping & Insurance on Orders Over $500
back to top
News

40.5 Tonnes Of Paper Gold Dumped In 4 Minutes - Dave Kranzler (9/6/2017)

June 9, 2017

One/some/several “entities” decided at 9:38 a.m. June 8, 2017 that it was necessary to dump 14,315 contracts of paper gold. This is just the August contract. In total a lot more was unloaded. This represents 1.43 million ozs of gold. The Comex is only showing 900,000 ozs of “gold” as “registered,” or available for delivery in June, July and August (assuming all of that gold is actually sitting physically in the Comex vaults as reported). If we make that generous assumption, 531,000 ozs of paper gold was naked shorted.

The news report or event that triggered this sudden need to unload / naked short 40.5 tonnes of paper gold beginning at 9:38 a.m. EST is not clear. The mainstream financial media is attributing the dump in gold to the “anticipation of Comey’s testimony.” But this is patently absurd, if not a complete insult to the public’s intelligence. The market has known all week that Comey was testifying this morning and it was generally know what he would say.

This is what the price action in the gold market looked like before the huge paper dump onto the Comex – Asia/India buying physical gold and driving the price higher, London/LBMA selling paper gold and driving the price back down:

With all the frenzy connected to the parabolic rise of cryptocurrencies, one has to wonder why the western Central Banks are concerned with controlling the price of these block-chain based digital currencies. If the Comey testimony was a reason to push down the price of gold, why were the “flight to safety” cryptos left alone?

This is a rhetorical question, but the relative threat – and therefor the legitimacy as a competing form of money – that each represents to the dollar-based reserve currency system is a hint. For some reason the “wizards” behind the BIS curtain are not concerned about the cryptos…

Don’t miss a golden opportunity.

Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

Learn More
about-sprott-skyline

Comments