London metals trader Maguire and GATA consultant Organ discuss collapse of fractional-reserve gold banking system
London metals trader Maguire and GATA consultant Organ discuss collapse of fractional-reserve gold banking system by Chris Powell for GATA
Dear Friend of GATA and Gold:
The imminent collapse of the fractional-reserve gold banking system is the primary topic of a discussion between London metals trader and Kinesis Money founder Andrew Maguire and GATA consultant Harvey Organ, a student of the gold and silver markets for 50 years.
— Organ’s lifelong interest in the monetary metals.
— His association with U.S. Commodity Futures Trading Commission member Bart Chilton.
— His testimony to the commission’s 2010 hearing on gold and silver futures at which it was revealed that trading leverage approaches a ratio of 100 to 1.
— The mishandling of the gold and silver he was vaulting at Scotiabank in Toronto and his struggle to recover it.
— The unreliability of the exchange-traded silver fund SLV.
— The big recent changes in the gold and silver market, including the sudden transformation of the New York Commodities Exchange — the Comex — from a derivatives market to a physical market.
— What appears to have become a run on Comex gold and silver.
— And Organ’s expectation that only physical gold and silver markets will survive in the future.
The interview is nearly an hour long and can be viewed at You Tube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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