Gold Market Deliveries Already in Deep Default – Bill Holter
By Greg Hunter’s USAWatchdog.com
Financial writer and precious metals expert Bill Holter says big delivery demands are flashing a warning sign that something is very wrong in the gold market. Holter explains, “What’s happened so far this year, there have been roughly 5,900 tons of gold sent to London under ‘exchange for physical.’ The world only produces 2,700 tons a year. There is only one official hoard in the world that is more than that, and that is 8,300 tons in the U.S. Treasury. It has not been audited since 1956. What I am telling you is over 200% of annual production has been sent to London for delivery, and it is an impossibility to deliver. The metal doesn’t exist. Once it gets to London, it is totally shrouded. We see nothing in terms of proof or verification that delivery is being made. It’s being sent to London to die.”
So, is a default in the gold market coming soon? Holter says, “It’s already happened. It’s already happened. They can’t deliver. Just this month alone, in December, there are 41 tons (of gold) standing for delivery. I think they (COMEX) only have 37 tons to deliver on. You will not see the movement inside COMEX showing delivery. The 37 tons will not be eaten into to deliver. Are they paying a 25% premium to settle in cash? Who knows, it’s totally shrouded. You know by sheer size of the numbers that 5,900 tons, in less than one year, for delivery, that’s fraudulent. I hope COMEX or CME sues me because then we get into discovery. I am sure there are 10,000 lawyers that would do this on a pro-bono basis just to get to the truth.”
When will this market blow up? Holter says, “I don’t know, you can’t ask me how long because this thing should have blown up years ago. When will it blow up? I can’t tell you, but I can tell you mathematically it cannot sustain.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with gold expert Bill Holter of JSMineset.com.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
If someone offered me a 25% premium to settle on a Gold contract I’d grab it and laugh on my way to the bank.
It takes some effort to do what you do, heh?
The current situation sounds like a sure money-making ponzi scheme. Buy gold contracts, register for delivery, take the fiat premium, buy more gold contracts for delivery, take the fiat premium, repeat, repeat, repeat… What if some rich dude has a gold contract for 1000 ounces and wants delivery, they offer a 50% premium and he says no, I want the gold! maybe they offer a 100% premium and he says no, I want the gold! Wouldn’t that blow up the ponzi exchange for physical?
More likely that the rich dude demanding delivery of his gold would get a high speed lead delivery, later diagnosed as suicide.
it could be rothchilds sending their extra gold … of course, none would tell that to us, otherwise how can they get top dollar for it.
it seems the future is all digital money – if that is the case there is no need any longer for metal.
Stan … you still trust putting money in banks???
Stan … you better wake up to the fact that “we the people have the power” … we’ve got banksters by the short hairs … once a duped public (the depositors) awaken … lose trust … and begin to demand their money back … no bank can survive such an onslaught of people power … this process (called a bank run) strikes terror in all banksters … as it can break any bank subject to our power … if we so chose to use it against them on Dec 16, 2019!!!
Nice Stan. Put the proceeds in the Bank….but be warned .
It looks like the FED has started QE4. In its latest publication it stated its expected REPO operations out to Jan 14….. https://www.newyorkfed.org/markets/opolicy/operating_policy_191212
A gargantuan $500 BLN in total repo injections over the next month. Say it isn’t so !!!
QE4 or REPO …. no difference. The FED’s balance sheet will hit $4.6 TLN by mid Jan – an all time high.
What this implies is that the FED categorically states that they expect a Liquidity shortfall of serious amplitude , significant enough to force them to prepare for and avert a market crash….expected to occur later this month by provisioning for liquidity across all terms and function.
My view is that given the FED has continuously been behind the curve all the way from mid 70’s , I would expect that the offer will be inadequate. In other words the expectations and preparation by the FED will be seriously overwhelmed. They will lose control of rates again and will be forced into outright QE. That will set the stage for the Dollar’s demise and a potential hyperinflationary period. Lets see how the Stock and Bond markets react to the latest FED offering.
Worthless fiat money at the bank.
Bill’s 2020 prediction, the year truth leads to consequences. Put whatever amount of money that you don’t want to lose in gold and silver. Interesting, very interesting.
Martin Armstrong is advising his institutional clients to expect 40-60% losses in their portfolios. Interesting, very interesting.
Me too Stan only I would head for my coin shop with the 25 %.
Hi Greg,
The COMEX is rigged, nothing to see here – just the ubiquitous criminality of or bankster overlords. When will gold be allowed to appreciate to its real value? When we the peons finally lose faith in fiat currencies and the world requires a new monetary system in order to function. At that time the banks will use their ever increasing physical gold reserves to refinance their balance sheets – hugely to the upside. In the meantime, the peons (that’s us normal hard-working dupes) will have been deliberately frustrated / conned into divesting of our physical gold – physical gold which is immediately hoovered up by the banksters.
It appears that George Orwell’s ‘Nineteen Eighty Four’ has been used not as a warning but as a blueprint! For the sake of my children and grandchildren I wish things were not as they are. There really needs to be a massive worldwide rejection of the status quo or Orwell’s prophetic closing sentence will come to pass; “If you want a vision of the future, imagine a boot stamping on a human face – forever.”
Why do people admire “ubiquitous criminality and bankster overlords” … they go to the movies to see the Mafia (Godfather 1, 2, 3, 4, 5 and 6) kill and murder off the competition … then (like Gina) they want to kill off anyone they conceive of as their competition (like Trump) … and ordinary people seem to really enjoy and love organized crime members like Hillary (the way Gina does) or Pelosi, etc., etc. for getting away with doing evil criminal things (like having Qaddafi raped and killed or Trump wrongly impeached) … is it wrong for me to conflate this fascination and romance with organized crime members and their violence to others “as actual true admiration for organized crime itself by the American people?? … I don’t want to believe “everyone in America is a crook” … but if after 4 years no arrests are ever made?? … what else can I think???
Just shorted More gold at $1482 – with leverage. This is how money is made folks!
No Stan … money is made by printing it … betting (using leverage) that the Fed “will do nothing” to try and save their rotten system (by printing money which makes gold more valuabe) means you need to get off the blue pill fast .. we are heading into a crash that will cut the value of the stock market “in half” (which will occur on or about Dec 16, 2019 when “derivative accounting” of highly over-leveraged arbs by Hedge Funds occurs (or about 105 hours from now) … this could be equivalent to ten(10) Long Term Capital Management failures at once!!
Stan,
I wish I could contract with your investment firm so I could sue you. Once again you’re peddling disinformation. Gold is outperforming stocks. https://www.longtermtrends.net/stocks-vs-gold-comparison/
Jerry,
Actually gold is NOT outperforming stocks. That first chart in that link you gave does not include dividends. The fact is that the total return for stocks (price change plus dividends) from 1972 to 2019 as measured by S&P 500 Index has easily beaten gold. The average annual return on stocks was about 10.5% while for gold it was about 7.5%. You would have made 3 times more money if you invested in the stock market than in gold in that time period. And stocks were also less volatile as measured by the standard deviation.
You can use this portfolio backtesting tool to see this fact.
https://www.portfoliovisualizer.com/backtest-asset-class-allocation
Also this chart shows similar results.
https://newworldeconomics.com/wp-content/uploads/2017/11/TR1970–1024×697.png
And what every you do Jerry, do not click on that chart you gave to see what stocks, gold and silver did the last 10 or 30 years. It’s embarrassing. And do not scroll down to see the second chart (Total Return Stock Index vs. Gold and Silver).
That just might be the last time you exercise that right.
Just looked at the price (12.13.19) @ 1476.58 Wah hoo a 5.30 buck turn? a huge 0.3 % turn before commissions … Am I missing something?
Howza your short going stanley?
I agree that the number is infinite since it has all been a scam with rogue politicians (Re Brown’s bottom) and bankers in charge (Re finate paper follies) Fun fact: I only invested in gold and silver to preserve the money I worked for. Now it is very different. Entire different game. As in “The battle of the champions has now begun”
Sledgehammer reversal baby!! Oh yes! CHA-CHING!
On one fake tweet! Reality will show its hand soon enough Stanley.
This sledgehammer reversal by the Fed (that will push the “debt dollar value” of gold higher) is what you should be looking at Stan!! … https://fred.stlouisfed.org/series/M1
Stan … you better wake up to the fact that “we the people have the power” … we’ve got banksters by the short hairs … once a duped public (the depositors) awaken … lose trust … and begin to demand their money back … no bank can survive such an onslaught of people power … this process (called a bank run) strikes terror in all banksters … as it can break any bank subject to “people power” … if we so chose to use it against them on Dec 16, 2019 if they can’t print fast enough to stop it!!!
errr … sorry already posted this!!
What I wanted to tell Stan is that if the Fed hands you a $1 dollar bill … then takes an “inflation scissor” and cuts it in half … you may have two pieces of paper in your hand that have $1 written on it … but you don’t have two dollars … since 1913 the Fed has cut our $1 bill into 50 pieces (each piece now worth 2 cents) … after QE4-R you will most likely have 100 pieces of paper in your hand … understand you are not richer because you have “more pieces of paper” in your hand … and similarly … you are not richer if your stocks are worth more pieces of divided paper … as the Fed is simply increasing “the quantity of money” but “not its value” … gold also increases in numbers of paper dollars you can get for it (as each piece of paper becomes more worthless) with a significant additional advantage (you don’t have to pay taxes on gold money) … some politicians want to tax “the increased dollar valve of gold” but that would be like taxing your 1913 dollar because it has been subdivided into 50 smaller pieces which represents a huge capital gain in their eyes!!
For example … say I bought my home in 1913 for 10,000 pieces of paper called dollars (worth 100 cents each at the time) … if I decide to sell my home today … in the Fed’s “divided money” I will get 500,000 pieces of paper called dollars (worth 2 cents each) … however the crooks in Washington will send the IRS after me if I don’t pay “a capital gains tax” on my supposed profit of 490,000 dollars … dare to use the brains God gave us and we will be thrown in jail … the crooks won’t recognize that $500,000 today is equivalent to the $10,000 paid in 1954 … they will send you a bill for $125,000 dollars as a “capital gains tax” … the irony of it all is that we have to pay am additional tax over and above the Fed’s profligate inflation of the money supply that has already destroying the purchasing power of our dollar from 100 cents to 2 cents … these evil crooks just love to rub salt into our wounds … but we have the power to bring them all down (by creating a run on the banks)!!!
err … change the year from 1954 (to 1913)!!
Are you Airman Treadway or Million Dollar Bonus from ZH? Or Gina’s evil twin brother?
Great interview guys
Our news media is a lie
Our Government is a lie
Our politicians lie to us
Wall street & the comex is a lie
The CFTC & SEC is a lie.
All this lying & corruption is run & promoted by the sameeeeee cabal.
Watch they will take us to war to distract the American public from the dollar……dying…. & for going after those responsible. 1913 the year America died. Prepare accordingly. IMO Rocket man will prove to be the useful idiot that he is being set up to be.
IF you dont hold it – YOU do not own it
Da Yooper, you may be correct about Rocket Man. I don’t know why, but it made me think of The Claw…. from the Get Smart TV show.
https://m.youtube.com/watch?v=tVYx4qcXciw
LOL JC I remember watching that …….when I was younger. But who knows Iran may be the spoiler when this shakes itself out. lots of corruption & lots of stupid in the Middle & Far east. Get your preps in order next year is going to be a dozy. An election year dealing with mentally defective communists who need to be locked up & three countries who have a death wish ( Two in the middle east & one in the far east).
This confuses me. ?????
Greg,
What’s there to know about the gold market? It’s as fake as Stan.
Wo ho, Deutsche Bank is stock down 95% from all time high.
https://beincrypto.com/deutsche-bank-stock-closes-95-down-from-ath-but-bitcoins-the-fraud/
Mr. Hunter,
The miners are acting strangely too this last week: someone seems to be buying even when spot prices soften.
The sweetest sound on earth is not the morning call to prayer. (obahma)
It is the words: truth leads to consequences. (Holter)
Feels like we are reaching that tipping point where the truth will finally overcome six thousand years of lies. Satan has been lying to mankind since the beginning of mankind.
Appears to me that the world stage is being set for the revelation of the truth. On every subject. Come what may, I can handle the truth. I want the truth and nothing but the truth. I wanted the truth for 50 + years now. Hope my ship is finally pulling into port.
We should consider the possibility of 100,000 plus Dow. Discussing a variety of views could help people from making life saving mistakes in their retirement years.
Alanon,
You should also discuss a 5,000 DOW too.
Greg
Ask the so called investment experts about Gold. More importantly what they consistently suggest to include (as a % ) in your portfolio. Most say 5-10% (MAX). There is some logic behind that – in the form of other opportunities using 90% of your portfolio – for growth.
My forecast for DOW 100,000 still stands.
You would be best served seeking an investment adviser rather than discussing the options and views on a platform which can be littered with disinformation. More importantly your personal circumstances are unique.
today I cannot get your web site to load on the TOR browser
403 Forbidden
WHAT? Why am I seeing this?
Your access to this site was blocked by Wordfence, a security provider, who protects sites from malicious activity.
If you believe Wordfence should be allowing you access to this site, please let them know using the steps below so they can investigate why this is happening.
I don’t know Lee. Big Tech thought and information suppression?
Greg
Gold? Who wants gold? I don’t need no stinking gold! Give me plastic!
Bloomberg) — Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic.
https://finance.yahoo.com/news/americans-souring-credit-card-debt-110000412.html
God help us! ASAP, please, if at all possible.
Stick a fork in me, I’m done.
Greg ! Bill ! Timely interview…tic tock tic tock
https://www.zerohedge.com/markets/avoid-repo-crisis-fed-will-flood-market-gargantuan-365-billion-year-end-liquidity
Bill states that “people are getting a 20-25% premium to take cash”. So WHO is paying the premium?
Any takers?
Gordon it depends on the definition of ” people ” (corrupt bankers ) & the “premium ” is conjured out of thin air like the rest of our Fiat currency ( just the cost of doing business to “them”). They will do anything to suppress the prices of the metals so the end justifies their means. These are very corrupt & evil people who do this. When the rule of law mattered these “people” would be locked up for their crimes. Dont hold your breath.
Jehovah Shammah
El Shaddai. Messiah, Jesus Christ of Nazareth. Jehovah Sabaoth, Anointed One, Son of God
The Word became flesh and dwelt among us.
Revelation 19:11-16
11 And I saw heaven opened, and behold a white horse; and he that sat upon him was called Faithful and True, and in righteousness he doth judge and make war.
12 His eyes were as a flame of fire, and on his head were many crowns; and he had a name written, that no man knew, but he himself.
13 And he was clothed with a vesture dipped in blood: and his name is called The Word of God.
14 And the armies which were in heaven followed him upon white horses, clothed in fine linen, white and clean.
15 And out of his mouth goeth a sharp sword, that with it he should smite the nations: and he shall rule them with a rod of iron: and he treadeth the winepress of the fierceness and wrath of Almighty God.
16 And he hath on his vesture and on his thigh a name written, KING OF KINGS, AND LORD OF LORDS.
Hebrews 4:12-13 New King James Version (NKJV)
12 For the word of God is living and powerful, and sharper than any two-edged sword, piercing even to the division of soul and spirit, and of joints and marrow, and is a discerner of the thoughts and intents of the heart. 13 And there is no creature hidden from His sight, but all things are naked and open to the eyes of Him to whom we must give account
https://www.youtube.com/watch?v=rQfaoTLPLj8
https://www.youtube.com/watch?v=_g6rjcCAuwY
Hebrews 4:16 New King James Version (NKJV)
16 Let us therefore come boldly to the throne of grace, that we may obtain mercy and find grace to help in time of need.
https://www.youtube.com/watch?v=qzvNhSlIJGw
https://www.youtube.com/watch?v=Nk1XeQgil5E
Jesus Christ of Nazareth. Messiah. Anointed One. Prince of Peace. Almighty God.
Isaiah 53 New King James Version (NKJV)
The Sin-Bearing Messiah
53 Who has believed our report?
And to whom has the arm of the Lord been revealed? 2
For He shall grow up before Him as a tender plant,
And as a root out of dry ground.
He has no form or comeliness;
And when we see Him,
There is no beauty that we should desire Him. 3
He is despised and rejected by men,
A Man of sorrows and acquainted with grief.
And we hid, as it were, our faces from Him;
He was despised, and we did not esteem Him. 4
Surely He has borne our griefs
And carried our sorrows;
Yet we esteemed Him stricken,
Smitten by God, and afflicted. 5
But He was wounded for our transgressions,
He was bruised for our iniquities;
The chastisement for our peace was upon Him,
And by His stripes we are healed. 6
All we like sheep have gone astray;
We have turned, every one, to his own way;
And the Lord has laid on Him the iniquity of us all. 7
He was oppressed and He was afflicted,
Yet He opened not His mouth;
He was led as a lamb to the slaughter,
And as a sheep before its shearers is silent,
So He opened not His mouth. 8
He was taken from prison and from judgment,
And who will declare His generation?
For He was cut off from the land of the living;
For the transgressions of My people He was stricken. 9
And they made His grave with the wicked—
But with the rich at His death,
Because He had done no violence,
Nor was any deceit in His mouth. 10
Yet it pleased the Lord to bruise Him;
He has put Him to grief.
When You make His soul an offering for sin,
He shall see His seed, He shall prolong His days,
And the pleasure of the Lord shall prosper in His hand. 11
He shall see the labor of His soul, and be satisfied.
By His knowledge My righteous Servant shall justify many,
For He shall bear their iniquities. 12
Therefore I will divide Him a portion with the great,
And He shall divide the spoil with the strong,
Because He poured out His soul unto death,
And He was numbered with the transgressors,
And He bore the sin of many,
And made intercession for the transgressors.
Jesus Christ of Nazareth. Messiah. Captain of the Host.
eddiemd
Good stuff and one of my main reasons I like this website. There is nothing like it thanks. The word of God and sound advice.
Fed total PANIC…
“All told, I count the Fed committed to pump $500 billion in the Repo market over year-end (from 12/13 to 12/31). Naturally, the Turn (12/31-1/2) rallied a bit today. Trading from 4.25% yesterday to 3.80% today.
There’s more: add in the incremental liquidity from the expanded overnight repo of about $50 billion and another $60 billion in T-Bill purchases, and the Fed will inject a total of just shy of $500 billion in the next 30 days!
This also means that by Jan 14, the Fed’s balance sheet would have grown by a cumulative $365BN in “temporary” repos, and together with the expanded overnight repos, and the $60BN in monthly TBill purchases, and by mid-January, the Fed’s balance sheet, currently at $4.066 trillion, will surpass its all time high of $4.5 trillion!”
https://www.zerohedge.com/markets/avoid-repo-crisis-fed-will-flood-market-gargantuan-365-billion-year-end-liquidity
Hi Greg, Thanks for two awesome interviews with Bill Holter this week. It looks as though everything could come to a head more swiftly now with the repo market set to experience an end of year squeeze.
You got that right Rachel!! “Fear Not” and thanks for weighing in here!!
Greg
The Fed “has acted” … just 100 hours before “my Crash Deadline” … moments ago the NY Fed published its latest weekly statement regarding its “Repurchase Operations” covering the upcoming period from December 13 thru January 14 … the Fed plan is to conduct a total of nine(9) Repo Operations … eight(8) of which will amount to $35 Billion dollars each (but the first one tomorrow will be $50 Billion dollars) … for a total monetary injection of a whopping $365 Billion dollars “in the space of one month” … if liquidity needs to be injected for say 3 months … we are talking a Gargantuan Trillion dollars added to the money supply (obviously no one except Stan should be short gold) … but what if this Fed liquidity injection “is still not enough”? … will the Fed print 2 Trillion, 4 Trillion, 100 Trillion?? … probably … they will print whatever it takes to prevent a collapse of the banking system and the markets … we will find out exactly how much mew money printing it will take after the 365 Billion is injected over the next three weeks … the Fed better also print up some extra dollars to help Stan short gold … otherwise it will take off to the upside which is bad for confidence in the system!! … https://www.zerohedge.com/markets/avoid-repo-crisis-fed-will-flood-market-gargantuan-365-billion-year-end-liquidity
Gold began to take off … but Stan and his buddies pushed it back down … https://www.kitco.com/charts/popup/au24hr3day.html … but Stan and his bankster buddies are simply putting their fingers in the dike … we should all be taking advantage of the situation … buy while it is being held down!! … the Debt Clock shows gold to be worth $8,753 “debt dollars” … https://www.usdebtclock.org/ … with all the extra money printing going on … we should see gold at $10,000 “debt dollars” per ounce (within a month)!!!
And “who” gives the Fed the right to print up an extra Billion dollars every day for a year? … or 365 Billion in a month?? … or 6 Quadrillion dollars in a week??? … not us taxpayers who are on the inflation hook for all this money!!!
…..” just 100 hours before “my Crash Deadline” ….Really Paul…your deadline !!!
Hmmmm….. taking ownership of someone else’s work is called…….. ??
ZH has been all over this and the person you are quoting is Zoltan Pozsar (former Fed Strategist).
Read all here….
https://www.zerohedge.com/markets/zoltans-market-doomsday-imminent-here-are-two-things-watch
and here ….
https://www.zerohedge.com/markets/its-about-get-very-bad-repo-market-legend-predicts-market-crash-days
Public Enemy #1 … has had enough of the game playing … bet she is trying to strike a deal to become Bloomberg’s Vice Presidential pick!!! … https://www.zerohedge.com/political/gabbard-takes-no-prisoners-dnc-warfare
The way Trump threw Obama’s “unsigned” uranium deal out the window … the Demon-rats will probably throw Trump’s “unsigned” trade deal out the window … and China is likely waiting and hoping for a Bloomberg victory in 2020!! … https://www.zerohedge.com/markets/art-secret-deal-terms-phase-1-deal-will-never-be-made-public
Greg, Whew – what a bowl of soup to digest here… Any who might wonder why ‘the swamp’ might be nervous about POTUS Trump stirrup up the mud, releasing the JFK reports or the 9/11 stuff? Lots of bread crumbs tying the then to now…
https://youtu.be/u0FruSLj-Sc
Will the next ‘shot heard around the world’ be in Virginia? The Feds’ are coming, the Fed’s are coming , one if home invasions – two if by drone strikes?
https://www.zerohedge.com/political/virginia-lawmakers-threaten-2nd-amendment-sanctuaries-national-guard
So where is gold going? … Jim Rickards says the price of gold would have to go to about $10,000 “debt dollars” per ounce in order to support global trade, commerce, and bank balance sheets (without a reduction in the M2 money supply) … where is inflation going? … consumers will see price inflation when manufacturers stop reducing the ounces in our tuna cans and the can size of other grocery store food products … will we have the rule of law? … only if we begin arrests of the crooks and put controls on the Fed (which currently has cart blanch to print as much money as it wants to keep the “confidence game” going … as a complete loss of confidence in the dollar will bring about a global currency crash that will put all the big banks into receivership)!! … https://www.zerohedge.com/markets/rickards-fast-track-no-inflation-runaway-inflation
The Fed recently stated: It is going to make up for “lost inflation” (by dramatically raising the quantity of dollars in the money system over the next few months … did you ever hear of such a crazy idea? … the Fed wants to Zimbabwe-fry-us in order to “Make-Up-For-Lost-Inflation” … I have two suggestions for the Fed … 1) “Take-The-Chains-Off-The-CPI” (while you allow inflation to rise to put more money in peoples pockets) … and 2) “Allow-The-Price-Of-Gold-To-Rise” (to bring back “inflation psychology”)!!
EXTREMELY DANGEROUS: TRUMP CAN BE REMOVED BY SENATE DEMS OVER CHRISTMAS WHEN NO REPUBLICANS ARE THERE TO STOP IT
THEY DID IT WITH THE FEDERAL RESERVE – HELD THE VOTE WHEN NO ONE WAS THERE TO PREVENT IT. TRUMP CAN BE IMPEACHED WITH A SUPER MINORITY IF NO ONE IS IN THE SENATE TO STOP IT.
BANK ON IT, MITCH MCCONNEL HAS THIS EXACTLY IN MIND.
BANK ON IT, TRUMP AND REPUBS HAVE THOUGHT OF THIS. IF YOU OR I CAN THINK IF IT, SOMEONE ELSE HAS.
OVER AND OUT.
Greg,
I’ve been a licensed Series-3 Futures Broker since 2004 and a gold dealer since 2010, and have come to the realization that, gold is a paradox, a perfect imperfection. The “gold camp” is guilty of misinformation and misleading the public just as much as the main stream media. There are many things, but specifically with regards to the delivery process at the COMEX, here is a nice video that explains it very well: https://www.cmegroup.com/education/courses/introduction-to-precious-metals/what-is-the-precious-metals-delivery-process.html . The KEY is the “seller” gives notice to deliver, the buyer does NOT “stand” for delivery, so it doesn’t really work the way some of your guests describe. The important thing to note is that a futures contract is just a performance bond, it does not represent a FULLY paid contract for gold, or silver, or soybeans, or oil, or pork bellies. This is the way it works for ALL commodities traded on a futures exchange, not just gold and silver. Also there are very few traders that ever take delivery, but the COMEX does not need to have gold on hand because if ever there is a delivery notice by the SELLER, then the seller provides the gold to a registered warehouse, and then any buyer (long) has to come up with the balance of the gold contract to take delivery, PAID IN FULL. The greatest paradox is the physical hoarders of gold are just enabling the system to continue to be manipulated, because the gold mints and refiners produce the gold for the high demand, and the miners keep feeding the system with gold and promoting higher gold prices at the same time they keep increasing supply. Think supply/demand fundamentals, if the miners REALLY want gold price to go up they should STOP mining it. Besides, even the miners are financing gold before it even exists through royalty streaming contracts while it’s still in the ground. Some of your guests know all about this, and it’s a HUGE paper game similar to futures, and if investors REALLY want gold to go up they should sell their physical back to the dealers, flooding the warehouses with physical, and then leverage the futures exchange. The fact is the COMEX cannot “default” because they do not provide the gold, the sellers do. All the COMEX does is provide the exchange platform. Don’t forget the GOLD STANDARD was about using gold as MONEY to exchange for goods and services, NOT hoard it in a vault or your basement. Investors of gold should put their GOLD-IN-MOTION and finance private businesses, this is the only way to bring gold back to the system. Gold investors need to become “the lenders of last resort” and replace the central banks, this is the only way to give power to the people, not hoarding gold. It’s exactly how the Rothschild’s did it, they used gold to finance business and wars etc. The paradox of gold is it’s a perfect measure of a UNIT of account guaranteed by scientific reality, BUT it is only MONEY when you use it in exchange for goods and services, otherwise it’s just a metal. The well known phrase by JP Morgan himself is proof, “gold is money, everything else is credit,” BUT remember he said this during the GOLD STANDARD days. I believe many of your guests finance gold and still trade on the futures market, the fact is it’s very hard to be a gold dealer/miner without hedging gold on the futures market. Greg, as long as a futures market exists in the world, whether in gold or other commodities, everything will be about finance. Don’t let the “gold camp” steer you into the abyss, because many are just pumping their own books. Don’t get me wrong I know the financial system is full of paper games and manipulation, but where else do we go, communist CHINA?
Just food for thought,
Bosko
Bosko,
Did you go to sleep in 1970 and just wake up??? We don’t need an outdated primmer on gold. You have no idea what the real numbers are and how the “trades” are settling. I have people on USAW that store and sell gold by the ton, so please don’t come here with some condescending commentary. You do realize the world is rolling around in hundreds of trillions of unpayable debt and derivatives? USA debt bot covert and overt is at least $43 trillion? You do realize we are never paying that back and you are talking about the futures market. My guest are not wrong!!! The don’t post with bogus names and post website like “kingdingo.com” at 404 site!
Greg
Thank tou for bringing Holter on once again Greg. He is one if my favorites.
Funny comments up above. Actually I agree with Stan. I’ve been hearing for 20+ years how gold and silver will be the last true money standing, and outside of the 2008-2009’crisis there have been better opportunities to take advantage of in the markets. I’ve watched those who invested too heavily in PMs lose out on much needed gains in their retirement accounts. Just because the Fed doesn’t have room to wiggle with interest rates doesn’t mean they won’t use other methods to bolster the economy (note that I’m leaving their morivations for doing so out of this). I was not surprised at their announced action into repo markets; it was one of a few options they had.
Gold and silver are still insurance, and we have some time before the run to safety begins on the retail investment side. Like everything else, there is a right time and place for gold and silver and I believe Holter will ultimately be correct in his assessment. The music will stop but its not happening just yet.
Anyway, I am not against PMs, in fact I make periodic purchases. I just find the rabid defense of PMs amusing, and in some cases might even be harmful given that the collapse everyone claims is imminent may take many more years to play out.
This does not make sense. If deliveries are failing to be made, how can the price continue to be controlled with worthless naked shorts in fiat monies?
Randy,
A huge crime is taking place with the approval of global governments.
Greg
Great report Greg.
OK, a ton of money in the bank…..leave it?….Take it out?….Buy what?…Too late to move it? How about a little micro help here vs constant macro view. We get the big picture,…is it simply but gold/silver, any other thoughts?
I think it is buy food and stuff to live off of. I wish I could buy a good farm.
Addison – diversify. I’m no investment advisor but I have one simple rule – if it isn’t liquid (i.e. easy to sell) in an approaching crisis then I don’t want it. Physical gold and silver are easy to sell. So are stocks and bonds and not all will go down in a crash. Nobody here can really advise you as we all have different situations.
I personally like PMs, cryptos (although I don’t have a position at this time), certain foreign currencies, certified graded gold and silver coins (I buy only when the market is down to limit my downside risk), and if I had the money I’d be buying smaller homes, rehabbing and then renting them in geographical areas showing steady demand. Small affordable rental homes are always in demand. Just too many kids in college at the same time right now to make it work financially.
My comments above from a few days ago were not against gold and silver. I simply want to limit the potential losses associated with having too much faith in one assett class, especially in a scenario where the stock and bond markets are still working even though credible experts have been warning of a catastrophic collapse for many, many years.
PRETEND GOLD BULL & REAL FORECASTS
Central Banks mostly buying equities, not gold .
https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/central-banks-buying-more-equities-than-gold-why/
Complete garbage on Hong Kong. and China.