Gold and silver prices are down

I’ve always wondered about the reasons for price action after 3am and before 8:30a for gold futures (paper gold). This was a very interesting take on the Shanghai gold exchange, the London gold fix, the Comex, and banks making profits off the gold price. Listen to the first 10 mins for an indepth conversation about this phenomenon and some macroeconomic viewpoints with monetary policy for the remainder.



View: https://podcasts.apple.com/us/podcast/palisades-gold-radio/id1439485214?i=1000660586203
 
www.naturalnews.com

Nigeria recalling gold reserves from U.S., U.K. as world increasingly abandons corrupt Western finance pyramid scheme – NaturalNews.com

The global financial system appears to be in peril, which is prompting more and more countries to recall their gold reserves from countries like the United States and the United Kingdom. The latest nation to claw back its gold from the West is Nigeria, which is reportedly repatriating 21 tons of...
www.naturalnews.com www.naturalnews.com

greatgameindia.com

Now Even Nigeria Wants Its Gold Back - GreatGameInternational

Countries like Nigeria are making headlines by bringing their gold reserves back home from places like the United States and the United Kingdom. This move is seen as a way to protect their wealth and strengthen their economies amidst global uncertainties.
greatgameindia.com greatgameindia.com
 
NHCraigT said:
www.naturalnews.com

Nigeria recalling gold reserves from U.S., U.K. as world increasingly abandons corrupt Western finance pyramid scheme – NaturalNews.com

The global financial system appears to be in peril, which is prompting more and more countries to recall their gold reserves from countries like the United States and the United Kingdom. The latest nation to claw back its gold from the West is Nigeria, which is reportedly repatriating 21 tons of...
www.naturalnews.com www.naturalnews.com

greatgameindia.com

Now Even Nigeria Wants Its Gold Back - GreatGameInternational

Countries like Nigeria are making headlines by bringing their gold reserves back home from places like the United States and the United Kingdom. This move is seen as a way to protect their wealth and strengthen their economies amidst global uncertainties.
greatgameindia.com greatgameindia.com
Click to expand...

The US got a letter saying "Dear USA, I'm a Nigerian prince who has 21 tons of gold in your vault . . ."
 
Varmint said:
The western bullion banks use physical gold stored with them as collateral to loan out paper gold. This repatriation could contribute to higher gold prices.
Click to expand...
I posted this back on June 9th. More nations will continue to repatriate gold especially since France is now in political turmoil after the far left took more seats in a runoff.

Does anyone think the world will get back to normal? Peace? Tranquility? Prosperity? Not until great upheaval begins.
 
DJBrad said:
I posted this back on June 9th. More nations will continue to repatriate gold especially since France is now in political turmoil after the far left took more seats in a runoff.

Does anyone think the world will get back to normal? Peace? Tranquility? Prosperity? Not until great upheaval begins.
Click to expand...

I wonder how many times over the gold held by central banks has been used for collateral in derivatives?

I suspect at some point, if PM's continue their march higher, owners of paper contracts will find that their contracts are backed by fairy dust.
 
richc said:
I wonder how many times over the gold held by central banks has been used for collateral in derivatives?

I suspect at some point, if PM's continue their march higher, owners of paper contracts will find that their contracts are backed by fairy dust.
Click to expand...
A page or two back there was some insights into this very matter via a linked podcast. Once Basle3 was initiated the ability for bullion banks to hold so many millions of unallocated paper contracts was drastically reduced.

One figure had the LBMA dealing in about 100 billion contracts per day while the Shangai Gold Exchange dealt with about 500 million contracts per day.. The Shanghai Gold Exchange actually requires a serial number per gold bar for each transaction. The LBMA just produces unlimited paper contracts for a gold bar that might not even exist. This will change soon imho.
 
richc said:
I wonder how many times over the gold held by central banks has been used for collateral in derivatives?

I suspect at some point, if PM's continue their march higher, owners of paper contracts will find that their contracts are backed by fairy dust.
Click to expand...

The theory is that the central banks loan out their gold for the bullion banks to use to short gold.

A runaway gold price would look very bad for governments and western central banks.
 
DJBrad said:
I posted this back on June 9th. More nations will continue to repatriate gold especially since France is now in political turmoil after the far left took more seats in a runoff.

Does anyone think the world will get back to normal? Peace? Tranquility? Prosperity? Not until great upheaval begins.
Click to expand...

Could be gold went up anticipating the right wing doing well in the French election yesterday. And down now that the extreme left “surprised” with a strong showing.
 
I really don't know a damn thing about this stuff besides that I like to buy some silver when I think the price is right. I'm happy to see it still sitting over 30 an ounce , but in the same breath I don't like it because I will not buy it while it sits at that number.
 

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