comex
by
Chris Martenson
Monetary expert Jim Rickards returns this week to share the insights from his latest work The New Case For Gold, a detailed and highly-researched study of the fundamentals likely to drive the price of gold bullion in the years to come.
Rickards is quite confident that the price is going higher — much higher in fact — as the current world fit currency regimes falter, to be replaced by ones backed (at least in part) by bullion.
On the way to that outcome, expect the price to be subject to the geopolitical interests and aims of the largest players on the chessboard.
Jim Rickards: The New Case For Gold
by Chris MartensonMonetary expert Jim Rickards returns this week to share the insights from his latest work The New Case For Gold, a detailed and highly-researched study of the fundamentals likely to drive the price of gold bullion in the years to come.
Rickards is quite confident that the price is going higher — much higher in fact — as the current world fit currency regimes falter, to be replaced by ones backed (at least in part) by bullion.
On the way to that outcome, expect the price to be subject to the geopolitical interests and aims of the largest players on the chessboard.
by
Chris Martenson
Executive Summary
- The amount of gold in London's vaults dropped by 1/3 in the past year(!)
- Activity at the COMEX is flashing warning signs
- When to worry about physical defaults
- Simple math will win out: the West is fast running out of its bullion
If you have not yet read Part 1: Buy Gold While You Still Can! available free to all readers, please click here to read it first.
An interesting piece of detective work was done by Ronan Manly at Bullionstar.com where he noted that the LBMA reported pronounced drops in the amount of gold stored in London vaults, which includes both gold held at the Bank of England as well as non-official vaults within the LBMA system.
To summarize his report, here’s the amount of gold reportedly held in London:
- April 2014 – 9,000 tonnes
- Early 2015 – 7,500 tonnes
- June 2015 – 6,250 tonnes
That means that 2,750 tonnes left London over the past 1+ year.
Does such a large number even make sense?
Well, sure, if we consider that just four countries cumulatively imported (or increased reserves) by ~4,500 tonnes since the beginning of 2014.
Confirming this is the handy chart below of gold flows as compared to…
Why Gold Is Headed Higher & May Become Unavailable At Any Price
PREVIEW by Chris MartensonExecutive Summary
- The amount of gold in London's vaults dropped by 1/3 in the past year(!)
- Activity at the COMEX is flashing warning signs
- When to worry about physical defaults
- Simple math will win out: the West is fast running out of its bullion
If you have not yet read Part 1: Buy Gold While You Still Can! available free to all readers, please click here to read it first.
An interesting piece of detective work was done by Ronan Manly at Bullionstar.com where he noted that the LBMA reported pronounced drops in the amount of gold stored in London vaults, which includes both gold held at the Bank of England as well as non-official vaults within the LBMA system.
To summarize his report, here’s the amount of gold reportedly held in London:
- April 2014 – 9,000 tonnes
- Early 2015 – 7,500 tonnes
- June 2015 – 6,250 tonnes
That means that 2,750 tonnes left London over the past 1+ year.
Does such a large number even make sense?
Well, sure, if we consider that just four countries cumulatively imported (or increased reserves) by ~4,500 tonnes since the beginning of 2014.
Confirming this is the handy chart below of gold flows as compared to…
by
Adam Taggart
Executive Summary
- Large players (and likely price manipulators) now have incentive for precious metals prices to rise
- Investor demand for bullion remains at record highs
- Competition for bullion from the East continues to heat up
- Central banks buy more bullion as Comex inventories deplete
- The key signs to know when it will be time to sell your gold & silver
If you have not yet read Part I: Is Gold at a Turning Point? available free to all readers, please click here to read it first.
Manipulation
Much has been written across the Web (including here at PeakProsperity.com) about whether or not the precious metals markets are manipulated in price by big players (major multi-national banks such as JP Morgan). Without delving into the many arguments on both the pro and con sides, Chris and I are of the opinion that sufficient data exists to convince a reasonable observer that price manipulation in the PM markets is indeed real, or, at the very least, highly probable. (For those remaining doubters out there, have a look at the evidence here, here, and here, and let us know if you have a rational, non-manipulative explanation.)
One of the most glaring signs of likely manipulation has been the massive short positions that a small number of large banks (JP Morgan being the most prominent among them) have held for many years, particularly in the silver market [measure positions as % of world silver production]. And not only were these unlimited positions allowed, but this cabal of banks was allowed to naked-sell PMs short (i.e., sell metal without actually owning it first). On the other side of the coin, the long side, position limits were enforced, and there was no similar ability to buy more metal than one could pay for. This imbalance of rules certainly provides the mechanism by which PM prices could be artificially jockeyed more easily to the downside. In this context, a decline from the high $40s to the low $20s looks more understandable.
Well, a very important part of this story has just shifted. The CFTC (Commodities Futures Trading Commission) publishes a monthly report illustrating the positions taken in Comex Futures Contracts
After nearly ten years of being net short in Comex gold futures, U.S. banks have been recently decreasing those short positions, and – for the first time since 2004 (with the exception of a single month in 2008) – they have flipped to become net long gold in May (see bottom chart below)…
The New Game-Changers for Gold & Silver
PREVIEW by Adam TaggartExecutive Summary
- Large players (and likely price manipulators) now have incentive for precious metals prices to rise
- Investor demand for bullion remains at record highs
- Competition for bullion from the East continues to heat up
- Central banks buy more bullion as Comex inventories deplete
- The key signs to know when it will be time to sell your gold & silver
If you have not yet read Part I: Is Gold at a Turning Point? available free to all readers, please click here to read it first.
Manipulation
Much has been written across the Web (including here at PeakProsperity.com) about whether or not the precious metals markets are manipulated in price by big players (major multi-national banks such as JP Morgan). Without delving into the many arguments on both the pro and con sides, Chris and I are of the opinion that sufficient data exists to convince a reasonable observer that price manipulation in the PM markets is indeed real, or, at the very least, highly probable. (For those remaining doubters out there, have a look at the evidence here, here, and here, and let us know if you have a rational, non-manipulative explanation.)
One of the most glaring signs of likely manipulation has been the massive short positions that a small number of large banks (JP Morgan being the most prominent among them) have held for many years, particularly in the silver market [measure positions as % of world silver production]. And not only were these unlimited positions allowed, but this cabal of banks was allowed to naked-sell PMs short (i.e., sell metal without actually owning it first). On the other side of the coin, the long side, position limits were enforced, and there was no similar ability to buy more metal than one could pay for. This imbalance of rules certainly provides the mechanism by which PM prices could be artificially jockeyed more easily to the downside. In this context, a decline from the high $40s to the low $20s looks more understandable.
Well, a very important part of this story has just shifted. The CFTC (Commodities Futures Trading Commission) publishes a monthly report illustrating the positions taken in Comex Futures Contracts
After nearly ten years of being net short in Comex gold futures, U.S. banks have been recently decreasing those short positions, and – for the first time since 2004 (with the exception of a single month in 2008) – they have flipped to become net long gold in May (see bottom chart below)…
by
Adam Taggart
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