You are here

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

Section: Daily Dispatches

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:

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 ...


Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way

GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.

On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.

GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.

Please visit GoldCore here for more information about this offer:

Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:

For further information, please email the GoldCore team at or call our trading desk:

U.S.: +1-302-635-1160

U.K.: +44(0)203-086-9200

International: +353(0)1-632-5010

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:

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

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: