by Bix Weir, Road To Roota:
Let the Rigging of Silver Continue!!!
Our new hosts of the LBMA-Sponsored “London Silver Price” (aka…NOT the old “Silver Fix”) plan to explain to the world just how their new rigging mechanism will work on August 19th: New London Silver Price Heralds a New Era in Precious Metal Benchmarks
“The silver market is set for a historic makeover as Thomson Reuters and the CME Group are set to operate the new London Silver Price from 15 August, as the current 117-year old process comes to an end … The new method offers an auction-based, auditable electronic system that will match buying and selling orders to reach a benchmark for the price of silver. All of the auctions can be viewed live on Thomson Reuters flagship desktop, Eikon.”
WEBINAR DETAILS: Time (Session 2): 4:30-5:30 PM London (11:30-12:30 AM New York) END
Ok, let me get this straight. They are implementing a brand new electronic system that is “auction based” and will match buyers of physical silver with sellers of physical silver (CME’s Responsibility…aka the CRIMEX!!!) and that system will be available to the public and auditable (Reuter’s Responsibility…like they did for the LIBOR Fix!!).
Hmmm. Wonder if the new “London Silver Fix” will transfer over 100 BILLION ounces of physical silver per year like the LBMA claimed on the old “Silver Fix”?!
Wow! So in this auditable and transparent new system everybody will be able to see the Silver Riggers like JPM and HSBC sell 400M ounces of physical silver, load them into trucks and deliver them to the buyers…EVERYDAY??!!
REALLY?! Want some perspective here??
How about imagining 25,000 Chevy 1/2 Ton Pickups filled to max capacity with 1,000 oz silver bars driving from a warehouse in downtown London to a dock at the Port of London to load on a Handymax Bulk Commodity Ship for that long trek to China…
EVERY SINGLE WORKING DAY!!!!
And they think London traffic is bad now 🙂 BAHAHA!!
I can’t wait for this “webinar” as it’s being run by a couple of “doozies”…
Bernd Sischka: an ex-Lehman derivatives trader
Andrew Leyland: a “30 something” GFMS analyst
Let’s face it. The new silver fix is going to be exactly like the old fix. Just Banksters throwing up Rigged Numbers for the world to digest.
May the Road you choose be the Right Road.
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