The Phaserl


The Grotesque Face of Irreversibly Destroyed Capital Markets

by Andrew Hoffman, Miles Franklin:

The best part of my job is the “good, smart people” I meet both virtually and in person.  Through Miles Franklin, the great GATA organization and five years in the mining business, I have become friendly with some of the most thoughtful, intelligent people on the planet.  I truly mean that and feel privileged to actually work with them.  To wit, I was honored to participate in David Morgan’s “Mastermind” conference call series yesterday, with fellow truth seekers Chris Duane (who I taped a separate podcast with last week), Turd Ferguson (who I’ll be taping a separate webinar with today), and Ned Naylor-Leyland, one of Europe’s finest Precious Metals analysts; who by the way, I met at GATA’s fantastic London conference three years ago.  It was one of the finest “hours of power” I have participated in; and for those interested in capitalizing on future events, I highly recommend contacting David Morgan – one of the world’s pre-eminent silver experts – at Silver

The topic of discussion was the opaque London OTC precious metal market, which few people – myself included – understand.  Through Ned and David’s commentary, I realized that the only available silver data comes from Jeff Christian’s shadowy CPM group, and that the market’s principal players strive to “cover their tracks.”  That said, using Christian’s inadvertently admitted 100:1 estimate of paper volume to physical metal on the New York COMEX, the roughly $50 billion of annual London paper silver contracts “settled” each year would translate to a measly $500 million or so of actual metal delivered, suggesting “London” silver inventories are as precariously low as the $50 million or so purported to be held by the world’s largest physical delivery mechanism, the Shanghai Futures Exchange and the $1.1 billion claimed by the world’s largest scam, the New York COMEX.

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