I paid $17 for about 11oz of silver in the early mid 70s. I was too young to drive so mom ran me over to an estate sale because I knew it was a good deal.
In 6 years those 3 rolls of dimes were worth $400. I was a lucky kid.
I’ve been stacking since 2006. Every morning since Obama signed the Billion Bankster Bailout Bill I’ve awoken wondering “is today the day?” Closer and closer…
And now the Fed too, with this loosening of capital requirements for their fiat scheme. COMEX also in flames, and US becoming Japan monetarily speaking.
Nickel is not traded on the LBMA - in fact, the LBMA is a market association and not an exchange. Look at the London Metals Exchange. Very different from the London Gold Market, London Silver Market, London Platinum and Palladium Market.
It's one thing to stealthily put in place a price fixing system to rig global interest rates.
It's another to void contracts in breach of settled law for $trillions for those who purchased assets under that system when it becomes publicly visible.
Mortgages needed a clear line of title or they will get forfeited, or it voids the contract. didn't stop the banks from repoing homes during the housing crash. Be realistic, the elites do what ever they want with impunity. They'll just change the rules.
Yes, the LME did cancel nickel trades in 2022. On March 8, 2022, amid a historic short squeeze, nickel prices on the LME skyrocketed overnight—from around $48,000 per tonne on March 7 to over $100,000—before the exchange suspended trading .
At 08:15 GMT, the LME halted all nickel trading. Later that morning, at around 12:05 GMT, it retrospectively cancelled all nickel trades executed from 00:00 GMT onwards—amounting to approximately $12 billion in contracts .
⸻
🔍 Why Did This Happen?
• A massive short position held largely by Tsingshan Group triggered a short squeeze, causing nickel prices to double in hours .
• LME officials warned that allowing these trades to stand could have unleashed an estimated $20 billion in margin calls, potentially triggering a systemic default among multiple clearing participants .
• The exchange argued that such a scenario would pose existential risk: “death spiral” and cascading defaults
• Lawsuits were filed by Elliott Associates and Jane Street, claiming damages totaling roughly $470 million, but UK courts ruled in LME’s favor, finding the cancellation lawful under exceptional conditions .
• In March 2025, the UK’s FCA fined the LME £9.2 million for insufficient controls during that episode—though the fine was tied to process flaws, not the cancellation decision itself .
• The UK Supreme Court refused to review Elliott’s appeal, effectively ending that final legal challenge
The LME exchange contracts are governed by the rules of the LME exchange.
London Gold Market, Silver Market, and Platinum & Palladium Market spot contracts are private, party-to-party contracts for the immediate purchase of metal and are governed by contract/common law. Something very different.
The London market for gold, silver, platinum and palladium sees these spot private contracts between parties cleared through the London Precious Metals Clearing Limited (LPMCL) but there is no exchange per se.
Approx. 500M oz. of spot gold claims in London spot mkt. 30M oz. withdrawal in Jan/Feb caused panic with BoE having to lease central bank gold into the mkt to cover. Pick a number of what vaulted gold is available for delivery. At some point, central banks are going to vacate the leasing game as they recognize they won't be getting the metal back.
The City of London is a foreign power. I was going to say that this entity operates within the UK like a tumour, but it is much worse than that. It has spread its malign influence across the world. This unincorporated thing, which in legal terms means stealth entity, cannot be grasped and so cannot be dealt with in the usual legal ways; at least that appears to be the opinion of those who operate within its network of tax havens, offshore quasi-legal constructs, banks and other institutions. And so it has been. It has, perhaps, overseen all corruption, exploitation and war. But it is not omnipotent. In my opinion, its primary weakness is its own sense of omnipotence. It has poisoned itself with the weird unreality it creates. It has become its own false flag. And now the terminal point has been reached. This coming crisis David so clearly reports seems to have been built-in as a self-destruct mechanism. If that is the case, I wonder how its digital escape pod will fare within the chaos created by the unravelling of this epic, murderous fraud. If the Fed is a 'creature', the City of London is its evil sire.
Thanks LS. The City does not operate well in daylight and morning has broken. It depends on ignorance to operate and in the end it will be recognized for the chaos it has brought.
Excellent piece David. And extra points for the vocabulary! Bring it on. And the fact that it's happening simultaneously in the "markets" for Gold, Silver and Platinum for slightly different reasons, makes it even more difficult to finesse this time.
According to your article, the Government may have leased gold to keep London BMA alive. However, the US government needs to audit gold reserves before it could revalue gold and reduce the debt, fend off govt shutdown, etc. The possible audit would presumably document the amount of US gold reserves that have been leased/rehypothecated, inhibiting a revaluation. What do you think will come out of this apparent conflict between the US trying to limit gold retail price, and its apparent desire to revalue upwards its own reserves?
Even Gold leasing is getting more difficult now as Central Banks want either to repatriate their Gold or refuse to lease it in the current "market" climate. If the BOE wants to lease its own Gold (refusing to learn from the "Brown Bottom") they are, of course, free to do so.
The City of London could use a massive crisis or event, something right in the City, to make this all go away.
Alex Krainer in an article a few months ago noted that all CCT camera's in London central were dark, and it was more than just short term glitch. This was a level of concern to him back then about an impending event/crisis related to the BOE / City of London. Now you .
I paid $17 for about 11oz of silver in the early mid 70s. I was too young to drive so mom ran me over to an estate sale because I knew it was a good deal.
In 6 years those 3 rolls of dimes were worth $400. I was a lucky kid.
That was a lot of dough.
"I'm old enough to remember when" this was a "crazy conspiracy theory" peddled by the GATA guys. Bring it. NOW.
It's very real.
I’ve been stacking since 2006. Every morning since Obama signed the Billion Bankster Bailout Bill I’ve awoken wondering “is today the day?” Closer and closer…
The washing machine metaphor had me in stitches, akin to how Bailey and his BIS cohorts must be feeling. I haven't laugh that much in ages.
It's not wrong. LOL.
Have to keep our humor through this mess.
Perfect analogy in the video 😈
There’s a lot of ruin in a washing machine.
Indeed. Imagine the mess at the BoE.
LMAO thinking about LBMA and watching that. Hilarious. Heavy things are destructive I guess, be they bricks, gold bars, whatever.
Thinking it just won't stop - but then it did.
Similarly, City of London is burning and it will burn down.
And now the Fed too, with this loosening of capital requirements for their fiat scheme. COMEX also in flames, and US becoming Japan monetarily speaking.
THE DESTRUCTION of the washing machine , was classic
Has the Great London Lorry Shortage of 2025 ended yet?
LOL - about to get much worse.
It really seems like all roads point to the last sentence. Great stuff as always David!
Cheers Jack - thanks.
LBMA invalidated Nickel contracts despite contract law, did they not?
Nickel is not traded on the LBMA - in fact, the LBMA is a market association and not an exchange. Look at the London Metals Exchange. Very different from the London Gold Market, London Silver Market, London Platinum and Palladium Market.
Why do you feel confident that the ones currently breaking the laws will start following the laws when the time comes?
It's one thing to stealthily put in place a price fixing system to rig global interest rates.
It's another to void contracts in breach of settled law for $trillions for those who purchased assets under that system when it becomes publicly visible.
Mortgages needed a clear line of title or they will get forfeited, or it voids the contract. didn't stop the banks from repoing homes during the housing crash. Be realistic, the elites do what ever they want with impunity. They'll just change the rules.
Then the City will become an historical artifact as a financial center. Lights out.
What happened with LME and nickel? There were lawsuits I recall. Are they still in process?
Have a look let us know what you find.
In the way of background…
Yes, the LME did cancel nickel trades in 2022. On March 8, 2022, amid a historic short squeeze, nickel prices on the LME skyrocketed overnight—from around $48,000 per tonne on March 7 to over $100,000—before the exchange suspended trading .
At 08:15 GMT, the LME halted all nickel trading. Later that morning, at around 12:05 GMT, it retrospectively cancelled all nickel trades executed from 00:00 GMT onwards—amounting to approximately $12 billion in contracts .
⸻
🔍 Why Did This Happen?
• A massive short position held largely by Tsingshan Group triggered a short squeeze, causing nickel prices to double in hours .
• LME officials warned that allowing these trades to stand could have unleashed an estimated $20 billion in margin calls, potentially triggering a systemic default among multiple clearing participants .
• The exchange argued that such a scenario would pose existential risk: “death spiral” and cascading defaults
ChatGPT told me:
• Lawsuits were filed by Elliott Associates and Jane Street, claiming damages totaling roughly $470 million, but UK courts ruled in LME’s favor, finding the cancellation lawful under exceptional conditions .
• In March 2025, the UK’s FCA fined the LME £9.2 million for insufficient controls during that episode—though the fine was tied to process flaws, not the cancellation decision itself .
• The UK Supreme Court refused to review Elliott’s appeal, effectively ending that final legal challenge
Thanks CS.
The LME exchange contracts are governed by the rules of the LME exchange.
London Gold Market, Silver Market, and Platinum & Palladium Market spot contracts are private, party-to-party contracts for the immediate purchase of metal and are governed by contract/common law. Something very different.
The London market for gold, silver, platinum and palladium sees these spot private contracts between parties cleared through the London Precious Metals Clearing Limited (LPMCL) but there is no exchange per se.
Thesis makes sense. They've been greedy. You think it will fall apart next month or two.
Definite signs of tension in the p.m. market.
We will only know in time Gerry.
Search engines, especially Google, won't tell you the paper to physical ratio. I saw silver was around 275 to 1.
I think gold isn't as high but you might have that estimate?? Ponzi scheme.
Approx. 500M oz. of spot gold claims in London spot mkt. 30M oz. withdrawal in Jan/Feb caused panic with BoE having to lease central bank gold into the mkt to cover. Pick a number of what vaulted gold is available for delivery. At some point, central banks are going to vacate the leasing game as they recognize they won't be getting the metal back.
Silver ratio is far, far higher than gold.
The City of London is a foreign power. I was going to say that this entity operates within the UK like a tumour, but it is much worse than that. It has spread its malign influence across the world. This unincorporated thing, which in legal terms means stealth entity, cannot be grasped and so cannot be dealt with in the usual legal ways; at least that appears to be the opinion of those who operate within its network of tax havens, offshore quasi-legal constructs, banks and other institutions. And so it has been. It has, perhaps, overseen all corruption, exploitation and war. But it is not omnipotent. In my opinion, its primary weakness is its own sense of omnipotence. It has poisoned itself with the weird unreality it creates. It has become its own false flag. And now the terminal point has been reached. This coming crisis David so clearly reports seems to have been built-in as a self-destruct mechanism. If that is the case, I wonder how its digital escape pod will fare within the chaos created by the unravelling of this epic, murderous fraud. If the Fed is a 'creature', the City of London is its evil sire.
Thanks LS. The City does not operate well in daylight and morning has broken. It depends on ignorance to operate and in the end it will be recognized for the chaos it has brought.
Excellent piece David. And extra points for the vocabulary! Bring it on. And the fact that it's happening simultaneously in the "markets" for Gold, Silver and Platinum for slightly different reasons, makes it even more difficult to finesse this time.
Incidentally BIS also just came out against Stable coins - things are getting tough all the way round.
Stable coins are just a mechanism to buy Treasuries with nothing. The something from nothing crowd will never stop.
Agreed, but also to attempt to extend the "useful" life of USD. Perhaps BIS is really operating to a new more pragmatic multipolar script now?
According to your article, the Government may have leased gold to keep London BMA alive. However, the US government needs to audit gold reserves before it could revalue gold and reduce the debt, fend off govt shutdown, etc. The possible audit would presumably document the amount of US gold reserves that have been leased/rehypothecated, inhibiting a revaluation. What do you think will come out of this apparent conflict between the US trying to limit gold retail price, and its apparent desire to revalue upwards its own reserves?
Even Gold leasing is getting more difficult now as Central Banks want either to repatriate their Gold or refuse to lease it in the current "market" climate. If the BOE wants to lease its own Gold (refusing to learn from the "Brown Bottom") they are, of course, free to do so.
Imagine leasing out your gold and expecting to get it all back in this environment.
There will be no audit and there hasn't been a real audit for 65 years for a reason.
Gold is going to do what gold does. Monkey business has delayed it but it is coming.
The City of London could use a massive crisis or event, something right in the City, to make this all go away.
Alex Krainer in an article a few months ago noted that all CCT camera's in London central were dark, and it was more than just short term glitch. This was a level of concern to him back then about an impending event/crisis related to the BOE / City of London. Now you .
That was at the start of the run on gold and silver in London.
I think they were blocking visibility of the scale of truck movements from London vaults.
https://jensendavid.substack.com/p/londons-public-webcams-have-been