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Craig Hemke at Sprott Money: 'Exchange for physicals' is a mechanism of fantasy

Section: Daily Dispatches

12:50p ET Wednesday, December 4, 2019

Dear Friend of GATA and Gold:

The mysterious "exchange for physicals" mechanism increasingly used by the New York Commodities Exchange to dispose of gold futures contracts purports to have resolved more than 4 million contracts in the last two years, or more than 13,000 tonnes of gold, the TF Metals Report's Craig Hemke writes today at Sprott Money.

Hemke writes: "That's more than the combined holdings of the Unites States, Germany, and Switzerland. It's also about five times the total annual global mine supply."

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Such amounts are "fantasy," Hemke writes, and EFPs are just another tool of price suppression. Once again he encourages investors to get their gold out of the banking system before it gets a margin call that can't be met.

Hemke's analysis is headlined "Exchange for Physical?" and it's posted at Sprott Money here:

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

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