By Michael Noonan, Gold Silver Worlds:
For all of the disdain directed toward the paper futures markets in gold and silver from the Precious Metals, [PM], community, those markets continue to set the tone for pricing. Why is that?
People by the tens of thousands lining up to buy gold and silver, waiting for hours in lines; record sales for gold and silver coins growing month by month; central banks have over- leased their gold holdings, [add also the gold holdings of its customers, against their knowledge]; banks no longer delivering physical gold; banks with allocated gold accounts held by the uber-wealthy not able to make good in delivering gold to rightful holders; German bank demanding gold back from New York and London, told “unable” for the next seven years, not weeks, not months, years; India banning gold imports, and now Pakistan. There are many rumors that COMEX /LMBA have little to no gold and silver available to deliver. The paper markets are garbage, worthless, a joke.
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