Craig Hemke at Sprott Money: Comex use of EFPs surges, and it's a scam

Section:

8:28p ET Tuesday, March 10, 2020

Dear Friend of GATA and Gold:

In his analysis at Sprott Money tonight, the TF Metals Report's Craig Hemke elaborates on the "exchange for physicals" fraud that figured in the evasive letter from the chairman of the U.S. Commodity Futures Trading Commission to U.S. Rep. Alex Mooney that GATA brought to your attention today:

http://gata.org/node/19917

Hemke calculates that 390 tonnes of gold in Comex contracts due for delivery in New York were extinguished as EFPs, presumably in London, in just the seven trading days from February 28 to March 9.

... Dispatch continues below ...



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There's no way that amount of metal could have been delivered so quickly.

Hemke calls this a "massive scam" and concludes:

"The LBMA/Comex digital derivative and fractional-reserve pricing scheme is one of the greatest scams ever invented. One day soon it will all blow up in spectacular fashion and the global monetary system will never be the same.

"Individuals must be aware of this and use this time to accumulate physical metal, and this metal must be immediately delivered to a trusted vaulting company or your personal safe. Do not, under any circumstances, allow the bullion banks -- the purveyors of this fraud -- to dictate the terms of your physical metal holdings."

Hemke's analysis is headlined "Comex EFP Gold Use Surges" and it's posted at Sprott Money here:

https://www.sprottmoney.com/Blog/comex-gold-efp-use-surges.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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