As a serious if small scale silver stacker I’ve got a lot of questions despite listening to your recent excellent Palisades interview twice.
1) Who issues these “promissory notes” at the LBMA, the seller or the Bank of England, or both?
2) This week saw an incredible middle of the global night smackdown for the spot COMEX price. This had to be done primarily by naked shorting at the LBMA. Are the bullion banks doing this or the LBMA directly? Doesn’t this naked shorting put them even deeper in the hole? Is their motto, "when you find yourself in a hole, keep on digging?"
I certainly hope that all the exchanges run out of silver bullion. I will pop a bottle of champagne when the first one defaults, though I am just a spectator and have no intentions of selling my silver until (maybe) the ratio with gold is less than 40 to one.
el Gallinazo - the unallocated spot contracts are issued part-to-party in the London market. The LBMA is an association and not a trading venue. The BoE is not known to be participating in the silver trade however it is not known for certain because the market is opaque, as it is designed. Any further shorting of their existing silver short position is going to dig the shorts deeper into their existing hole.
I share your sentiments but won't be popping champagne. Yesterday revealed that 3/4 of the banks performing these shorts and subsequent manipulation lack the proper "downstream coverage" to protect their investors in the case of collapse.
When this breaks it is going to negatively impact everyone on Earth, likely hitting those soon to retire hardest (people investing in metal ETFs because they're "safe"), and just as likely impacting so severely as to make financial recovery unrealistic for many. Meaning they will need public assistance if available.
I just don't see a lot to celebrate, here. "I told you so" sounds hollow in the face of it all
There are consequences when frauds collapse, as they always do. There are many billions of oz. of silver in the hands of the public and we will see those holders accrete $trillions of wealth when this London fraud collapses. Another positive aspect is that it will stop the destabilizing bubble blowing and wealth stripping inflation scam that central banks have been running for more than a century.
"As of 2023-12-31, Greenlight Capital held 386,944.00 shares of SPDR Gold Shares ETF(GLD), totaling $73.97 Mil. This investment constitutes 3.61% of their stock portfolio, and Greenlight Capital now holds 0.12% of the outstanding SPDR Gold Shares ETF(GLD) stock." I am shocked David Einhorn owns GLD. I understand GLD is not really "safe" ....I brought the Sprott gold fund because they actually have physical possession of the gold. I realize having physical possession myself is best but I think Sprott is the best option....thoughts David?
Thanks David. I think it could happen but if the gov starts taking people’s money from brokerage accounts there would be blood in the streets. That would mean all the big shots (Jamie Diamond, all the big hedge fund guys) would loose too and they would not let that happen. IMO.
Short/mid term Effects on the markets, economy, ..etc,
Effect on 'great taking" implementation.
2) BRICS HAVE ALREADY 'opted out" of the derivatives/GreatTaking system. THEY WILL tell the Western Globalists/IMF/BIS/GreatTakers et all ... to literally "go pound sand"... even to the point of a kinetic WWIII.
There are more than three bullion storers in Singapore. I think "my stuff" is already in Singapore's hands. No confiscation needed - they just order the storage companies: "Singapore buys, whenever people sell!"
There is no save place. The best is a relatively small country without too much foreign debt. The west is a clear no for me. Not for storage, not for living.
While we are on the same page regarding the economics, the debt based system of money creation was intentionally doomed from the beginning to result in an eventual catastrophic financial collapse. This started in 2008 but was put on life support by dropping the Fed Funds rate to zero. I can think of 5 reasons without stopping for breath which snowflake (not the human sort) will precipitate that avalanche. I do not think that PM naked shorting losses by the giant Wall Street "bullion banks" will be one of them, if only for the simple reason that the central banks will protect them as they need the 5 biggest to complete the consolidation of the banking system to usher in CBDCs, i.e. the mark of the beast. I think it is likely that they will sacrifice Bank of America as they did Lehman and for similar reasons.
As David Jensen quoted the former Goldman head commodities trader, the ETF's are selling or "leasing" their PM's the minute they are purchased. They are part of the naked shorting system. We need a sound money system for when the CBDCs fail. This is a PM currency without central banking and rescinding the commercial banks’ “right” to counterfeit money via "fractional reserves." I wonder what would happen to me for writing hundreds of bad checks, and I told the court it was my fully legal fractional reserve system? Good for the gander.
Not to get too philosophical, all life forms on this planet compete fiercely for survival and reproductive success. Even the plants which get most of their nourishment from sunlight and CO2 in the air. I subscribe to the concept that souls now incorporated in human bodies were created outside the physical time/space dimension, and have chosen to incorporate in human bodies as a highly condensed learning experience. Some would consider it “the fall” and that we were tricked into it. If somehow we could eliminate the global psychopaths running the show, humanity does have the spiritual resources to transform this system. In the meantime and as to the people we both would pity for the hard times ahead, experiencing hard times are the price many pay for not doing one's due diligence and there is next to nothing which I could do about it other than with myself, and my closest friends and loved ones.
The City of London spot contracts are party-to-party and since they are immediate ownership contracts, they likely do not have a cash settlement provision. Not much central banks can do to help.
We are heading into an era of fiat / paper revulsion as their promissory metal note fraud collapses.
And 90 % of the PM contracts are traded in London, with NO CASH SETTLEMENT PROVISION !!!!! If true... it is hard for me to comprehend the $%^&storm it would cause upon failing. Yikes.
As a serious if small scale silver stacker I’ve got a lot of questions despite listening to your recent excellent Palisades interview twice.
1) Who issues these “promissory notes” at the LBMA, the seller or the Bank of England, or both?
2) This week saw an incredible middle of the global night smackdown for the spot COMEX price. This had to be done primarily by naked shorting at the LBMA. Are the bullion banks doing this or the LBMA directly? Doesn’t this naked shorting put them even deeper in the hole? Is their motto, "when you find yourself in a hole, keep on digging?"
I certainly hope that all the exchanges run out of silver bullion. I will pop a bottle of champagne when the first one defaults, though I am just a spectator and have no intentions of selling my silver until (maybe) the ratio with gold is less than 40 to one.
el Gallinazo - the unallocated spot contracts are issued part-to-party in the London market. The LBMA is an association and not a trading venue. The BoE is not known to be participating in the silver trade however it is not known for certain because the market is opaque, as it is designed. Any further shorting of their existing silver short position is going to dig the shorts deeper into their existing hole.
I share your sentiments but won't be popping champagne. Yesterday revealed that 3/4 of the banks performing these shorts and subsequent manipulation lack the proper "downstream coverage" to protect their investors in the case of collapse.
When this breaks it is going to negatively impact everyone on Earth, likely hitting those soon to retire hardest (people investing in metal ETFs because they're "safe"), and just as likely impacting so severely as to make financial recovery unrealistic for many. Meaning they will need public assistance if available.
I just don't see a lot to celebrate, here. "I told you so" sounds hollow in the face of it all
There are consequences when frauds collapse, as they always do. There are many billions of oz. of silver in the hands of the public and we will see those holders accrete $trillions of wealth when this London fraud collapses. Another positive aspect is that it will stop the destabilizing bubble blowing and wealth stripping inflation scam that central banks have been running for more than a century.
"As of 2023-12-31, Greenlight Capital held 386,944.00 shares of SPDR Gold Shares ETF(GLD), totaling $73.97 Mil. This investment constitutes 3.61% of their stock portfolio, and Greenlight Capital now holds 0.12% of the outstanding SPDR Gold Shares ETF(GLD) stock." I am shocked David Einhorn owns GLD. I understand GLD is not really "safe" ....I brought the Sprott gold fund because they actually have physical possession of the gold. I realize having physical possession myself is best but I think Sprott is the best option....thoughts David?
I would not want to hold an ETF due to what is coming in the financial system.
Thanks David. I think it could happen but if the gov starts taking people’s money from brokerage accounts there would be blood in the streets. That would mean all the big shots (Jamie Diamond, all the big hedge fund guys) would loose too and they would not let that happen. IMO.
See https://www.youtube.com/watch?v=AuZ9iwfurGs
1) Force Majure @ LBMA/COMEX
Short/mid term Effects on the markets, economy, ..etc,
Effect on 'great taking" implementation.
2) BRICS HAVE ALREADY 'opted out" of the derivatives/GreatTaking system. THEY WILL tell the Western Globalists/IMF/BIS/GreatTakers et all ... to literally "go pound sand"... even to the point of a kinetic WWIII.
Your thoughts ???
There are more than three bullion storers in Singapore. I think "my stuff" is already in Singapore's hands. No confiscation needed - they just order the storage companies: "Singapore buys, whenever people sell!"
There is no save place. The best is a relatively small country without too much foreign debt. The west is a clear no for me. Not for storage, not for living.
While we are on the same page regarding the economics, the debt based system of money creation was intentionally doomed from the beginning to result in an eventual catastrophic financial collapse. This started in 2008 but was put on life support by dropping the Fed Funds rate to zero. I can think of 5 reasons without stopping for breath which snowflake (not the human sort) will precipitate that avalanche. I do not think that PM naked shorting losses by the giant Wall Street "bullion banks" will be one of them, if only for the simple reason that the central banks will protect them as they need the 5 biggest to complete the consolidation of the banking system to usher in CBDCs, i.e. the mark of the beast. I think it is likely that they will sacrifice Bank of America as they did Lehman and for similar reasons.
As David Jensen quoted the former Goldman head commodities trader, the ETF's are selling or "leasing" their PM's the minute they are purchased. They are part of the naked shorting system. We need a sound money system for when the CBDCs fail. This is a PM currency without central banking and rescinding the commercial banks’ “right” to counterfeit money via "fractional reserves." I wonder what would happen to me for writing hundreds of bad checks, and I told the court it was my fully legal fractional reserve system? Good for the gander.
Not to get too philosophical, all life forms on this planet compete fiercely for survival and reproductive success. Even the plants which get most of their nourishment from sunlight and CO2 in the air. I subscribe to the concept that souls now incorporated in human bodies were created outside the physical time/space dimension, and have chosen to incorporate in human bodies as a highly condensed learning experience. Some would consider it “the fall” and that we were tricked into it. If somehow we could eliminate the global psychopaths running the show, humanity does have the spiritual resources to transform this system. In the meantime and as to the people we both would pity for the hard times ahead, experiencing hard times are the price many pay for not doing one's due diligence and there is next to nothing which I could do about it other than with myself, and my closest friends and loved ones.
The City of London spot contracts are party-to-party and since they are immediate ownership contracts, they likely do not have a cash settlement provision. Not much central banks can do to help.
We are heading into an era of fiat / paper revulsion as their promissory metal note fraud collapses.
I thought that very little physical metal was taken out of the LBMA. If true... how else would it be settled if not with cash?
The spot contract purchaser holds the contract thinking they hold metal. The spot contract likely specifies that is for metal delivery upon demand.
And 90 % of the PM contracts are traded in London, with NO CASH SETTLEMENT PROVISION !!!!! If true... it is hard for me to comprehend the $%^&storm it would cause upon failing. Yikes.
It will be a wild scandal.