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Nightmare For Bullion Banks Continues As Silver Hits $30 In Overseas Trading And Gold...

• https://kingworldnews.com, by King World News

The nightmare for bullion banks continues as silver hit $30 in overseas trading and gold surged toward $2,100.  The metals subsequently retreated from the highs and have turned negative in volatile trading.

Bullion Bank Nightmare Continues
August 6 (King World News) – 
Alasdair Macleod:  
There appears to be no way out for the bullion banks deteriorating $53 billion short gold futures positions ($38 billion net) on Comex. An earlier attempt between January and March to regain control over paper gold markets has backfired on the bullion banks.

 Unallocated gold account holders with LBMA member banks will shortly discover that that market is trading on vapour. According to the Bank for International Settlements, at the end of last year LBMA gold positions, the vast majority being unallocated, totalled $512bn — the London Mythical Bullion Market is a more appropriate description for the surprise to come.

An awful lot of gold bulls are going to be disappointed when their unallocated bullion bank holdings turn to dust in the coming months — perhaps it's a matter of a few weeks, perhaps only days — and synthetic ETFs will also blow up. The systemic demolition of paper gold and silver markets is a predictable catastrophe in the course of the collapse of fiat money's purchasing power, for which the evidence is mounting. It is set to drive gold and silver much higher, or more correctly put, fiat currencies much lower.

This is only the initial catalysing phase in the rapidly approaching death of fiat currencies.


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