by Dave Kranzler, Investment Research Dynamics:
Unexpectedly, the LBMA announced early this morning that it would be closing down the daily silver price-fixing, effective August 14 (article link from Marketwatch). While I’m sure the Ross Normans and Bron Sucheckis of the world will issue some kind of absurdly puerile rationalization full of empty rhetoric and shameless propaganda for this event, it is an unmistakable acknowledgement that the London precious metals price fix is rigged.
Recall that Deutsche Bank recently gave up its seat on the price fix committees of gold and silver after trying hard to find a buyer for the position. No bank wanted the seat because they all know that it comes with billions in potential liabiity. The last time a gold fix seat changed hands, the Rothschild banking cartel sold its seat to Barclays for $1 million. The Rothschild organization, which had been part of the fix since it was formalized in September 1919, offered no explanation for its sudden withdrawal from the fixing.
Please follow SGT Report on Twitter & help share the message.