by Bill Holter, MilesFranklin.com:
Friday morning started off with a “bang” or should I more correctly say a FRAUD! Over a 4 minute span right at the open, 2 million ounces of gold were sold. The first minute saw 800,000 ounces dumped followed by 3 more “at the market” minutes which actually closed the CME for 20 seconds. These 4 minutes took over $20 off of the price of gold while you left your computer, went to fix a cup of coffee and came back.
WHO could have “dunnit?” 2 million ounces? 2 million ounces is just over 62 tons of gold. To put this in perspective for you, the top 22 sovereign holders of gold ends with Pakistan which holds 64.4 tons followed by Argentina with 61.7 tons? ALL of the COMEX inventories combined (dealers and customers) are less than 7 million ounces and the amount “registered” (available for delivery) is only 721,000 ounces or only a mere 22 tons. GLD purportedly holds 890 tons and they have been “bleeding” gold for about a year now but never have they had 1 single day where they puked 62 tons. Another way to look at this is that 2 million ounces are produced across the globe every 10 days; it was all “sold” in only 4 minutes!
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