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TF Metals Report: Bullion banks creating infinite paper gold on Comex
4:29p ET Wednesday, May 4, 2016
Dear Friend of GATA and Gold:
Bullion banks, the TF Metals Report's Turd Ferguson writes today, are allowed to create infinite amounts of "paper gold" for sale on the New York Commodities Exchange and indeed are doing so to hold the price down. Of course these short positions are almost certainly either central bank positions or underwritten in some way by central banks. But of course as gold market expert Bron Suchecki wrote a few years ago, while the sellers may not have the gold they're selling, the speculators who are buying the paper probably probably don't have the money to take delivery -- or at least they haven't done so yet. Ferguson's commentary is headlined "Comex Gold Open Interest" and it's posted at the TF Metals Report's Internet site here:
http://www.tfmetalsreport.com/blog/7605/comex-gold-open-interest
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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