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Craig Hemke at Sprott Money: Another great oxymoron -- LBMA 'transparency'
8:38p ET Tuesday, November 20, 2018
Dear Friend of GATA and Gold:
London gold market data published today by the London Bullion Market Association, the TF Metal Report's Craig Hemke writes at Sprott Money, demonstrates what a fraud the market is, as it purports to trade every day more than a third of the world's annual gold production and 42 percent of annual silver production.
Hemke writes: "The prices of gold and silver are currently determined by the trading of digital derivatives, which have next-to-zero connection to the physical metal. The price that is discovered is the price of the digital derivative itself and not the physical commodity. And the supply of the digital derivative is nearly endless, as the banks have a monopolistic ability to create a nearly infinite amount."
Being so fraudulent, Hemke writes, the system inevitably will collapse, and those who thought they had gold in it will find they have none.
Hemke's analysis is headlined "Another Great Oxymoron: LBMA 'Transparency'" and it's posted at Sprott Money here:
https://www.sprottmoney.com/Blog/another-great-oxymoron-lbma-transparenc...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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