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Craig Hemke at Sprott Money: EFP use for Comex gold is beyond belief

Section: Daily Dispatches

8:34p ET Tuesday, June 12, 2018

Dear Friend of GATA and Gold:

Writing at Sprott Money today, Craig Hemke of the TF Metals Report notes that since November the strange "exchange for physicals" mechanism has settled New York Commodities Exchange futures contract claims for more than 4,500 hundred tonnes of gold. This is almost double annual world gold production and five times the metal held by the vaults in the London Bullion Market Association system.

Hemke asks: "How is this even possible?"

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Hemke concludes: "In the end this shines light upon the deliberately opaque and fraudulent digital derivative pricing scheme and the system of unallocated and hyper-leveraged 'physical delivery' behind it.

"For now, the investment world accepts the risks associated with this arrangement. But some time soon the day will come when a holder of 'gold' -- who mistakenly believes he owns actual, unencumbered physical metal with clear title and demonstrable provenance -- is going to be told that he does not own anything of the sort. He will likely be surprised to learn that he owns simple gold 'exposure' in paper certificate form instead."

Hemke's analysis is headlined "Comex EFP Use Continues to Surge" and it's posted at Sprott Money here:

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

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