James Turk – Massive Gold Price Spike Signaling The Epic Collapse Of London Gold Pool II
James Turk – Massive Gold Price Spike Signaling The Epic Collapse Of London Gold Pool II from King World News
Never a dull moment. On the heels of the massive price spike in the gold market, today James Turk told King World News that we are now witnessing the epic collapse of London Gold Pool II.
Huge Price Difference Between London & Comex
March 25 (King World News) – James Turk: ‘Unbelievable’ is the only word that comes to mind when we consider the present situation, Eric. We are in uncharted waters. All the markets are in turmoil, so our #1 focus should be safety, for both our health and our wealth. In that regard, I have some thoughts about the huge difference between the London spot gold price and Comex gold futures contracts…
There have been a lot of questions and different answers offered. Clearly stopping air travel and closing precious metal refineries are obviously having a huge impact, meaning that the bullion banks are having supply problems. The physical market for gold in London has in effect been shut down, like much of the rest of the country.
Gold’s Spike Signals Epic London Gold Pool II Collapse
But the real answer explaining the huge price difference goes back to what you and I were discussing just a few weeks ago when I said that the London Gold Pool II is close to collapse. We are no longer “close to collapse.” It is collapsing.
There is no announcement from central banks like there was back in March 1968 when the first London Gold Pool collapsed. But we don’t need an announcement. The markets are telling us what is happening.
The Pool collapsed in 1968 because central bank vaults were being drained of metal. Too much money printing meant that the $35 per ounce exchange rate to the dollar was unsustainable. So central banks stopped years of price manipulation and threw in the towel. Over the next twelve years, gold soared to a peak of $850.