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Dave Kranzler: The Comex has big problems
1:38p ET Friday, May 29, 2020
Dear Friend of GATA and Gold:
Reports that there is now a "glut" of gold in New York available for delivery against futures contracts there are probably double-counting gold that remains in London, Dave Kranzler of Investment Research Dynamics writes today.
Kranzler writes: "As with the fiat currency fractional banking monetary system, the bullion market in London and New York has become a fractionalized system of derivatives and other forms of paper gold (leases, hypothecation, lending) backed by a tiny amount of real physical gold relative to the amount of paper claims.
"This fractional bullion system is crumbling at its core and the propagandist articles like the ones lately being disseminated through the mainstream media are a reflection that something is seriously wrong at the Comex."
Kranzler's commentary is headlined "The Comex Has Big Problems" and it's posted at IRD here:
https://investmentresearchdynamics.com/the-comex-has-big-problems/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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