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Ronan Manly: Comex gold supplies weren't 'healthy' as claimed
10:50a ET Monday, July 6, 2020
Dear Friend of GATA and Gold:
Three months ago amid chaos in the gold market, Bullion Star researcher Ronan Manly recalls today, the London Bullion Market Association and CME Group, operator of the New York Commodities Exchange, declared that gold supplies in New York were "healthy."
They weren't.
Since then, Manly writes, the LBMA and CME Group have had to get more than 700 tonnes of gold into Comex vaults as the exchange suddenly has been transformed from a derivatives market into a physical market and demand for real metal has exploded.
... Dispatch continues below ...
Enduro Metals Reports Drill Intercept Cut
144 metres of 3.18 g/t Gold; Identifies
Additional Gold Targets at Newmont Lake
in British Columbia's Golden Triangle
Company Announcement
Monday, July 6, 2020
KELOWNA, British Columbia Canada -- Enduro Metals Corp. (TSXV: ENDR; OTC: SIOCF; FSE: SOG-FF), formerly Crystal Lake Mining, is pleased to report drill results as part of the ongoing exploration program on the company's 551-square-kilometer Newmont Lake Project in the heart of British Columbia's Golden Triangle.
These results are from previously unsampled drill core by a previous operator whose focus was on narrow high-grade intersects, with the result that only a portion of the core was previously sampled. Infrastructure in the region has greatly improved, including power and road access now within 16 kilometers, leading to a dramatic change in the approach to exploration and potential development at Newmont Lake.
An ongoing comprehensive technical review of the project recently identified three gold mineralization styles associated with the 20-kilometer-long McLymont Fault, one of multiple target areas within the Newmont Lake Project. The study determined that previous operators did not identify all gold mineralization styles, and as a result only 19 percent of the total drill core has been assayed to date. ...
... For the remainder of the announcement:
https://endurometals.com/enduro-metals-reports-drill-intercept-cut-144-m...
The moral of the story seems to be, once again, that nothing official about gold is to be trusted.
Manly's analysis is headlined "Comex New York Vaults Add 730 Tonnes of Gold Since the End of March" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/comex-new-york-vaults-add-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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