{"id":5895,"date":"2015-02-22T09:57:46","date_gmt":"2015-02-22T14:57:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5895"},"modified":"2015-02-22T09:57:46","modified_gmt":"2015-02-22T14:57:46","slug":"gold-futures-market-used-for-fraud","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5895","title":{"rendered":"Gold Futures Market Used For Fraud"},"content":{"rendered":"

Gold Futures Market Used For Fraud<\/a><\/h3>\n

The Comex is a complete fraud.<\/strong><\/p>\n

It\u2019s one of the biggest Ponzi schemes in history.<\/p>\n

With China and Viet Nam (the latter being a major gold importing country) now closed until next Wednesday in observance of their Lunar New Year, the bullion banks have engaged in a major attempt to drive the price of gold lower. \u00a0 \u00a0Yesterday (Tuesday) 99,000 gold contracts \u00a0\u2013 9.9 million ounces or 287 tonnes \u2013 were sold into the market between 9 a.m and 11 a.m. EST, which had the effect of driving the price of gold down over $26. \u00a0To put this into context, a total of 179,833 contracts traded between 6 p.m. Monday and 5 p.m. Tues. The entire daily trading period is 23 hours. But 55% of yesterday\u2019s total trading volume \u2013 the volume used to slam gold \u2013 was traded in a two-hour window of NY trading.<\/p>\n

Think about it this way: \u00a0in that two-hour window, 35 days worth of daily global gold mine production traded in the form of paper gold. \u00a0The open interest expanded by 5,290 contracts, which translates into just over 15 tonnes of gold. \u00a0The total amount of gold available for delivery \u2013 the \u201cregistered\u201d account gold \u2013 is 804.9k ounces, or 23 tonnes. \u00a0In just one day, the bullion banks (JP Morgan, HSBC and Scotia) sold forward 65% of the entire stock of deliverable gold on the Comex. And that\u2019s if you really believe the unaudited bank reports which produce the gold warehouse stock reports. \u00a0I do not.<\/p>\n

Gold was raided again today (Wednesday, Feb 18) \u2013 again at 11:00 a.m. EST. This time gold was slammed another $9 in the space of 30 minutes, most of it in the first seven minutes. Today 18,000 April gold contracts traded in the 30 minute space, representing 24% of the total volume in the April gold contract up to that point since 6:00 p.m EST the previous evening. This is 52 tonnes of paper gold \u2013 more than twice the amount of gold in Comex vaults available for delivery.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold Futures Market Used For Fraud The Comex is a complete fraud. It\u2019s one of the biggest Ponzi schemes in history. With China and Viet Nam (the latter being a major gold importing country) now closed until next Wednesday in observance of their Lunar New Year, the bullion banks have engaged in a major attempt […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3690,3688,950,3689,1110,1111,2942],"class_list":["post-5895","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bullion-banks","tag-comex","tag-fraud","tag-gold-futures","tag-paper-gold","tag-physical-gold","tag-ponzi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5895"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5895\/revisions"}],"predecessor-version":[{"id":5896,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5895\/revisions\/5896"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}