by Martin Armstrong, Armstrong Economics:
QUESTION: Is he breaking the London metals dealers’ hold to suppress the gold price?
FD
ANSWER: I am tired hearing the same constant bullshit about gold is suppress intentionally by dealers and that is why it is not $10,000. I have traded against these people for years. Here is a clip from the Forecast with Barclay, who used to work for me years ago, talking about how he checked me out before taking the job with Goldman Sachs.
TRUTH LIVES on at https://sgtreport.tv/
Every manipulation that these dealers ever pull off was to the upside – not to suppress gold. They sell 10x more when people think gold is rising, not declining. This BS claim was explained that they were suppressing gold to help the government keep inflation in check. This is total BS!!!!!
Back in the 1970s when I was one of the largest market-makers in gold, I was buying the scrap gold from stores in the country that people were selling to back then and refining it at Engelhard into 100-ounce bars for delivery into COMEX. PhiBro was who you would call to sell to Engelhard, locking in the prices. PhiBro made so much money that they bought Solomon Brothers, the bond house on Wall Street, and took the manipulation tactics to Wall Street, and then that blew up. That is when Warren Buffett stepped in to save the company, and that is how he got pulled into silver manipulation scams of the day.
Nelson was one of my customers. In the early days, we bought silver certificates and redeemed them at the Treasury for 1,000-ounce bars. They generally had a permanent marker applied, often with two numbers, 102.6 and 120. The first implied it was 102.3 oz., and the second may have been the number of silver certificates it represented. Nelson was buying them when silver was $1.29. The U.S. Treasury primarily used 1,000-troy-ounce silver bars for the redemption of silver certificates. These bars were standardized for commercial and governmental use, aligning with industry practices for efficient storage and handling.
- Historical Context: During the redemption period (late 1800s–1968), the Treasury managed large silver stockpiles, often stored in bulk. The 1,000-ounce size was practical for large-scale transactions and storage.
- Commercial Standards: The 1,000-troy-ounce bar was (and remains) a common “good delivery” standard in precious metals markets, ensuring consistency in domestic and international trade.
- Legislation and Practices: Acts like the Pittman Act (1918) and the Silver Purchase Act (1934) involved melting silver coins or purchasing bullion, likely using standardized bar sizes. The Treasury’s silver reserves, including those backing certificates, were held in forms compatible with industrial and monetary needs.
Thus, 1,000-troy-ounce bars were almost certainly the standard, though smaller denominations (e.g., coins) were also available for individual redemptions.
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