by Bix Weir, Road To Roota:
We are approaching another “I told you so” moment on the Road to Roota.
Word is that just two days away from the end of the “Silver Fix” and the implementation of the new “London Silver Price” there are still no major participants and no information on how the new system works: Participants in the New Silver Fix”Unclear” Three Days Before it Goes Live
“With only three trading days left until the new electronic, auction-based and auditable substitute for the 117-year old silver fix goes live there is still no certainty over who will take part on Friday… According to FT, the first users of the new price setting process should be the 11 market-making members of the London Bullion Market Association, which include Credit Suisse, JPMorgan, Goldman Sachs and UBS… None of them, however, has publicly stepped forward to say they will be involved in the Chicago Mercantile Exchange/Thomson Reuters-run price setting method.”
Yes – of course! The plan all along was to destroy the pricing mechanism for silver! Not that there was a real one anyways. 3 old guys sitting in a room and deciding where they want to “place” the price each day in London was hardly a true market for silver.
There is no PHYSICAL silver market. There never has been…
So how can these new “London Silver Price” fixers even fake that there is any legitimacy at all in the pricing of silver? Oh, they will try but they will fail miserably (HINT: after claiming it’s a huge success in the first few weeks!
The TRUTH lies in a much more sinister operation yet completely obvious…
The end of the silver derivative market and the claims of “Force Majeure” by the Silver Shorts due to the chaos caused by the switch over to the new benchmark.
More in this weeks Road Trip where I will spell out the expected fallout.
Buckle up for insanity!!
picture credit: mining.com