12:13p ET Tuesday, July 28, 2015
Dear Friend of GATA and Gold:
Leverage for the big bullion banks in the New York Commodities Exchange's gold futures contracts now has reached 116 times the metal available on the exchange, the TF Metals Report's Turd Ferguson reports today.
Ferguson writes: "Is this fair and does this market discover an accurate representation of price when it uses a leverage of paper to physical at 116 times? And this is where this is all just one big scam. With no boundaries or limits placed on the bullion banks that issue these paper contracts, what's to stop them from extending the leverage to 200X? Maybe 300X? How about 500X?"
Ferguson concludes: "All we can do is continue to force the banks' leverage even higher by removing physical metal from their system and placing it out of their collective reach."
His analysis is headlined "Comex Leverage Widens to Record" and it's posted at the TF Metals Report here:
http://www.tfmetalsreport.com/blog/7027/comex-leverage-widens-record [1]
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [2]
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