from King World News:
Eric King: “John, we had the (following) comments from Chris Powell that were very interesting:
“There is something different today and that is the fact that there is infinitely more paper gold issued today than there was in 1968 and 1971. Back then there was not as much certificate gold, imaginary gold, Ponzi scheme gold available to the market. Today many countries, Germany among them, have been content to accept certificates for their gold. These countries like to think that the gold is there at the Fed or the Bank of England, but it’s not.”
“At some point countries are going to ask for delivery and the squeeze is going to be infinitely worse than it was in 1968 and 1971 because of all this imaginary paper gold which is out there that can’t possibly be delivered. The central banks will realize that there are going to be bullion bank catastrophes — that the squeeze is going to take down certain banks that are naked short and that the Western central banks no longer have the metal to back up the bullion banks, as they usually do. At that point all hell will break loose in the gold market and we will see what William Kaye has described as the greatest short squeeze the world has ever seen.”
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