In The News Today

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Bill Holter’s Commentary

Do you own gold or silver and want something to chew on? How about this?

Chris Powell: Gold market manipulation update, November 2019
November 1, 2019

Remarks by Chris Powell, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

New Orleans Investment Conference

Hilton New Orleans Riverside Hotel

Friday, November 1, 2019

Since we gathered here a year ago the gold and silver markets feel much stronger.

The central bank-instigated smashdowns that used to depress prices for weeks or even months are failing to keep prices down for more than a few days.

The gold futures market of the New York Commodities Exchange is operating very differently. Most contracts seeking delivery are now being converted through a rarely used mechanism called “exchange for physicals” whereby they are settled somewhere off the exchange, apparently in London. Until recently the “exchange for physicals” mechanism was said to be used only in emergencies. Now it seems that everything is an emergency. The implication here is that there is little or no gold available immediately in Comex vaults. Whatever it means, there is a huge change here.

The “exchanges for physicals” seem to be rolled over in London every two weeks to escape ordinary reporting requirements. This implies that the sellers are trying to hide something. Of course that the powers in the gold market are trying to hide things is not new, but that they are using new mechanisms of concealment suggests that they are under greater strain.