TF Metals Report: Bullion banks now short 350% of all Comex gold and silver stocks


11:51p ET Monday, May 25, 2015

Dear Friend of GATA and Gold:

Bullion bank shorting of gold and silver on the New York Commodities Exchange has reached grotesque levels, the TF Metals Report's Turd Ferguson writes tonight -- 350 percent of the total available supplies of gold and silver reported in Comex warehouses. He notes that while the big banks lately have been prosecuted for and have admitted rigging markets in London-based interest rates, currencies, industrial metals, energy, and equities, there have been no prosecutions and admissions of big banks for rigging the gold and silver markets.

... Dispatch continues below ...


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This curious omission is a clue to what's really going on in the latter markets -- the surreptitious involvement of governments, which control market-rigging prosecutions. To paraphrase former President Richard Nixon's befuddled remark to the journalist and television program host David Frost: When the government does it, that means that it's not illegal -- and indeed in the United States the Gold Reserve Act of 1934, as amended in the 1970s, gives the U.S. Treasury Department, operating through the Exchange Stabilization Fund, the authority to rig any market in the world in secret:

Maybe that's why the CME Group, operator of the major futures exchanges in the United States, offers discounts to central banks for their secret trading of all major futures contracts on CME Group exchanges:

This is all the biggest open secret since Hans Christian Andersen wrote the fairy tale "The Emperor's New Clothes" almost 200 years ago. Today the fairy tale is the "market" system of the West --

-- with financial news organizations filling the role played by Andersen's cowardly bystanders.

Don't bother pointing this out to the Financial Times, New York Times, Reuters, Bloomberg, the Associated Press, The Economist, or any other Western news organization that claims respectability. They all already know, having been given the documentation and having resolved to suppress it and never even hint about it with a critical question to anyone in authority. For the moment gold and silver market rigging can be discussed openly only in China --

-- whose fairy tales impose different burdens on different people.

The TF Metals Report's analysis is headlined "On with Rory and Denver Dave" and it's posted here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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