Huge Fraud at COMEX Covering Up Huge Demand for Gold-Craig Hemke…” I have anxiety on a daily basis because I can see where this is heading.”
By Greg Hunter
USAWatchdog.com
November 11, 2015
Financial expert Craig Hemke says not only is the 300 to 1 leverage at COMEX “extreme fraud,” but it also is a sign of record demand for physical gold. Hemke explains, “We have been at this number now for a couple of months. . . . Meaning that for every one physical ounce of supply in the vaults of COMEX, there are 300 beneficial owners. 300 paper ounces have been created. That leverage, that stress is telling us something. You get the anecdotal stories about the empty vaults of London and the stress of the gold that is flowing out of the vaults of London and out of the U.S., out of the UK and into Switzerland. There are stories of the refiners running 24 hours a day, 7 days a week, taking the old 400 ounce gold bar and . . . recasting them into kilo bars and shipping them to the East where the demand is. . . . It’s huge fraud to cover up huge demand. There is no doubt about it.”
Hemke goes on to say, “I think we are finally starting to run out (of physical gold). There are all these data points, but I can’t look at it and say, therefore, by Thanksgiving, all hell is going to break loose and the system is going to break. I am not going to tell you that, but what I will tell you, I am perfectly comfortable owning gold, and I have been perfectly comfortable accumulating it for the last three years while the price falls because I know this system is eventually going to fail and, when it does, the result is going to be spectacular.”
Hemke goes on to say, “There is a reason why the futures markets are set up and utilized the way they are. It’s modern alchemy, and it is to suppress or control price, but you have to have this physical metal backing it. It is that that I think we are finally getting to the end of. When the music stops and everybody that has an unallocated account in London or Sydney or has GLD, all these folks who think they own gold, when instead, all they own is a paper obligation with counter-party risk. When the music stops, when the 300 people are circling one chair while the music plays, when they all try to sit on that chair at once and the world realizes there is nowhere near the amount of gold that was supposed to be there, let’s just say the price is not going to be $1,100 an ounce.”
Hemke says what happened in the run-up to the September Fed meeting is happening again. The dollar is rising and commodities are tanking. Hemke explains, “All of these prices are going straight in the toilet because of the rising dollar. They were going straight in the toilet back in August, too. We are right back to where we were in August. So, when we move through November, and we’ll get a GDP revision to the 3rd quarter, which will be down from its paltry 1.5%. . . . By the time we get around to December 16 (the last Fed meeting of 2015), I am quite certain, based on all these economic factors, that the Fed will do nothing again and, all of a sudden, things will look better for commodities, gold and everything else.”
On the falling price of gold and silver since 2011, Hemke says, “I don’t lose a minute of sleep over that–none. Everything we were worried about in 2011 and 2012 is still out there. It’s only gotten even worse than it was then. The fact that the price is where it is, actually, is a bonus for everybody. It is a chance for those who have not prepared for this event to get prepared and get their hands on physical metal while they can because the end is coming. The fact that it’s been postponed for a couple of years doesn’t mean anything and doesn’t make a bit of difference to me.”
Join Greg Hunter as he goes One-on-One with Craig Hemke, founder of TFMetalsReport.com.
Craig Hemke says the war question is the thing that keeps him up at night. Hemke says, “I am scared to death about it. I have anxiety on a daily basis because I can see where this is heading.”
