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Craig Hemke at Sprott Money: A crisis of confidence endures with gold futures

Section: Daily Dispatches

8:36p ET Tuesday, April 7, 2020

Dear Friend of GATA and Gold:

The gap between the spot prices for gold and silver and the prices for near-term gold and silver futures contracts remains high, the TF Metals Report's Craig Hemke writes tonight at Sprott Money, signifying tight supply of the metals and concern that delivery of spot purchases by arbitrageurs might not be made before the arbitrageurs would be obliged to deliver against the futures contracts they had sold.

When this gap opened last week, Hemke notes, the "system apologists and shills" claimed that there was plenty of metal but that it was just in the wrong places amid delays in delivery caused by the coronavirus epidemic. But the gap continues this week, indicating that deliveries still have not been assured.

... Dispatch continues below ...


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Hemke concludes: "Understand that demand is increasing for gold and silver in all their forms. Prices of precious metal and the miners will continue higher as 2020 progresses, regardless of the efforts of the banks and the London Bullion Market Association and CME Group to sustain faith in their fractional-reserve and digital derivative pricing scheme."

Hemke's analysis is headlined "A Crisis in Confidence" and it's posted at Sprott Money here:

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

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