Is The U.S. & London Based Gold Scheme Coming Unraveled?
KingWorldNews.com
December 3, 2014
Today one of the top names in the gold world covered the all-important question, is the U.S. and London based gold and silver Ponzi scheme finally beginning to come unraveled? This is another trip down the rabbit hole of negative gold lease rates, backwardation, and corruption at the highest levels of the banking industry.
Eric King: “John Hathaway was talking with KWN about the bullion banks scrambling to find metal to cover their shorts. I then noticed that a gold robbery took place in Baghdad where gunmen wearing military uniforms stole 250 pounds of gold, and I laughed because I thought to myself, ‘My God, has it really come to this for the bullion banks?’ Of course I’m being facetious, but the scramble for bullion that Hathaway was talking about by the banks to cover these shorts is a very real situation.”
William Kaye: “That’s exactly right. You may remember the last time we spoke that I addressed the backwardation in gold as well as the inverted GOFO rates. Since that time the backwardation has become even more acute. During early trading in Asia on Monday we saw backwardation of more than $1 in the gold market. That is an incredibly high number. Spot gold was trading at a $1.10 to $1.20 premium to the next benchmark paper contract, which is February….
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