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Jeff Nielson: Fraud confirmed -- 100-day delay to take metal delivery
3:35p ET Monday, July 1, 2013
Dear Friend of GATA and Gold:
Jeff Nielson of Bullion Bulls Canada today reflects on the London Metal Exchange's admission that delivery delays for metal now can exceed 100 days:
http://www.bloomberg.com/news/2013-07-01/lme-seeks-to-reduce-lines-at-wa...
Such delays are essentially failures to deliver and defaults, Nielson writes.
"Behind the scenes," Nielson writes, "we know what is taking place, since it's been widely reported since 2008. LME shills quietly contact buyers individually and inform them that if they don’t want to wait more than three months to take delivery of what they already own, there is another option: cash settlement."
Nielson's commentary is headlined "Fraud Confirmed: 100-Day Delay To Take Bullion Delivery In London" and it's posted at Bullion Bulls Canada's Internet site here:
http://www.bullionbullscanada.com/gold-commentary/26273-fraud-confirmed-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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