Tag: banks

Bullion Banks Sell Even More Silver: Do They Have It?

Bullion Banks Sell Even More Silver: Do They Have It?

Anyone with a naked short in the silver futures market risks getting squeezed by physical buying. Demand for delivery of COMEX silver bars is rising, even as the paper price of the metal fell more than 4.5% last week. Silver shorts sold contracts representing a whole lot more silver than they have available to deliver again last week. The disconnect between paper prices and physical demand is getting more ridiculous by the day. It is also getting more dangerous for COMEX market participants – long and short. The COMEX functions on confidence, which can vanish suddenly. It will happen when long contract holders discover, en masse, the paper they bought […]

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What to Do NOW in Case of a Future Banking System Breakdown

| November 13, 2019 | Articles: Insights
What to Do NOW in Case of a Future Banking System Breakdown

The banking system may not be as sound we’ve been led to believe. It continues to get propped up through central bank interventions, which strongly suggests it wouldn’t be able to stand on its own. Last Thursday, the Federal Reserve injected another $115 billion into financial markets via “temporary operations.” The Fed is targeting the repo market in particular, through which banks lend to each other on an overnight basis. For some reason, banks have grown weary of committing liquidity to each other in what should be one of the safest lending markets on the planet. Perhaps they are being overly cautious. Perhaps they (or one in particular) are simply […]

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Like Jeffrey Epstein, Bullion Banks Get Sweet Deals from the Justice Department

Like Jeffrey Epstein, Bullion Banks Get Sweet Deals from the Justice Department

First, a bank’s commodities trading department takes metals investors for a ride like unwitting victims in the back of Jeffrey Epstein’s “Lolita Express.” Now federal prosecutors have extended the same sort of cozy non-prosecution agreement to shield the bank itself from a criminal indictment. Federal prosecutors signed a non-prosecution agreement in June with Merrill Lynch Commodities, Inc. (MLCI) and Bank of America (Merrill’s parent company) for rigging the precious metals markets. The U.S. Department of Justice (DOJ) found gold and silver traders working at Merrill Lynch had “schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market.” The agreement references “thousands […]

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