Just Take Our Word…LBMA and CME Claim Vaults Overrunning With Gold
Just Take Our Word…LBMA and CME Claim Vaults Overrunning With Gold by Rory for The Daily Coin
Don’t look now, but pigs are taking flight. No, you can’t see them, you have to take my word for it! Don’t you know how this game works? WOW!
If the CME Group and LBMA are both flush with gold why do they have to keep changing the rules, changing the location of where the gold is held and most importantly why do each of these organizations continually have to remind us they are flush with gold? Why wouldn’t each organization simply conduct their business, fill the orders according to each contract and then report, weekly, what the transactions look like and how they all balance? They can’t, and won’t do this, because they are both running a fraud. Here is the latest cover piece in an attempt to convince the world they lots and lot of gold on hand – gold you can’t see, gold you can’t buy or sell, but trust them, the gold exist.
U.S. exchange operator CME Group Inc (CME.O) and London Bullion Market Association (LBMA) said on Wednesday that gold stocks remain healthy and depositories are operating normally, as the markets work toward easing market volatility.
The latest published numbers show record stocks of 8,326 tonnes of gold in London, which is equivalent to 666,045 standard 400-ounce gold bars, according to the LBMA, which oversees the London trade hub.
Meanwhile, CME said its New York depositories held 9.2 million ounces of gold with 5.6 million ounces eligible as of March 30, nearing a record high in terms of stock levels.
CME Group last week announced the initial listing of enhanced delivery gold futures that will be deliverable in 100-ounce bars, 400-ounce bars, or kilo bars, effective April 6.
The announcement came after LBMA and several major banks that trade gold asked CME to allow gold bars in London to be used to settle its contracts to ease disruption to trading. Source
This is a joke. Unfortunately no one is laughing and, at this time of great stress the world over, this type of nonsense just shows the rest of the world how criminal and fraudulent both the U.S. and U.K. have become. No one should trust anything coming from either of these organizations.
As Craig Hemke noted in his latest report covering the crimes committed at the highest level…
As the Reuters article notes, a clear shortage of the COMEX standard 100-ounce bars had developed. To counter this— and in a desperate attempt to maintain the integrity of their trading system —the CME Group immediately responded by amending the delivery procedures of their standard COMEX contract. Instead of the required 100-ounce bars, the COMEX would now be able to deliver fractions of 400-ounce London Good Delivery bars as well.
First of all, this exposes the charade of what has always passed for the bi-monthly physical settlement process on COMEX. Oh sure, the COMEX vaults may have always shown 8,000,000 ounces of gold, but quite obviously, none of that was actually available for physical delivery. Instead, each delivery month consisted of simple journal-entry transfers of nothing but warrants and warehouse receipts. To maintain the charade, one bank would issue some “gold” and another would take delivery. We’ve written about this scheme on countless occasions, most recently here:
But, whatever. Let’s get back to the crux of the matter.
Obviously, the CME Group knew that they had a problem on their hands last week, which is why the sudden rush to amend the COMEX delivery rules to allow for London bar usage. The current front and delivery month is the Apr20, and that contract was due to go “off the board” and into delivery yesterday, Monday, March 30. Due to the virus-related shortages, The CME clearly anticipated a sudden surge of demand for actual physical delivery in April. Source
If you have any idea of picking up gold, or silver for that matter, anywhere close to the “price” set by these fraudulent organizations you are living in a fantasy. As we reported – Physical Gold Update 4120 – What’s Available / What Price? – the price of actual gold in the market is 20-30% higher, and going higher, than the supposed global price of gold set by the CME Group and LBMA.