Madness Coming To Gold Market: “There Are Thirty to Fifty Owners For Each Ounce of Gold That’s Out There”
by Mac Slavo, SHTFPlan.com Though the price of gold has seen a significant drop over the last two years from it’s all time highs of about $1900 per ounce, many experts and analysts believe that western central banks and their colleagues at major financial institutions have been manipulating the price. The rampant manipulation is believed to stem, in part, from the formerly Rothschild owned London Gold Fix, an organization made up of five large banks that make a daily determination of what the price of gold should be. It is this unilateral control by western banks that recently prompted the Chinese to create their own Shanghai Gold Exchange. What separates the two is that the Chinese will be using their currency, the Yuan, as the reserve rather than the U.S. Dollar. Moreover, unlike their European counterparts, the Chinese will be trading in actual physical dollars. The Daily Coin explains:
The product is gold. When gold is bought or sold [on the Shanghai Gold Exchange] a person actually takes delivery of the gold. That is not the case in London. In London the price is based two factors: 1) the “futures” market in New York. This is where people buy a contract for future gold. Gold that may or may not exist today but they are willing to purchase today and take “delivery” in the future. 2) The other factor is a very small group of banksters sitting around and determining what the price should be. You know, good-ole-boys club.
It is this process by central banks in the west that will ultimately lead to the destruction of the paper gold market as it exists today. The banks operating in these paper markets do so with gold that they don’t own. They trade in paper receipts. The reason that’s a problem is that there are anywhere from thirty to fifty “owners” for every ounce of gold out there. Craig Hemke of the TF Metals Report discusses the western gold scheme in a recent interview with The Daily Coin and says that when the music finally stops there are going to be a lot of people who think they own a certain amount of gold but all they’ll really be holding is a worthless paper ticket: Continue Reading>>>