Even a small substitution from gold to silver would result in a massive increase in the price of silver. A 10% reallocation from gold jewellery investment to silver in India would nearly double world silver jewellery demand.
"The COMEX has nothing to do with gold. That is simply a casino where gamblers place their bets on the gold price...The manipulations are being exposed and it’s only a matter of time before their schemes backfire"
If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.
Two months after paying $38 million to settle a silver price-fixing case, on Friday Deutsche Bank agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.
While paper gold traders can't seem to dump the precious metal fast enough, physical gold demand is soaring around the world. India retail premiums are spiking (amid demonetization), local China premiums soar to a 3-year-high (as capital controls loom), and coin sales from the US Mint have risen for the 4th straight month, accelerating post-election to the highest since July 2015 since Trump's victory at the election.
The final November fund flow numbers are in, and as BofA's Michael Hartnett puts it, November was a "watershed month" for fund flows with the largest 5-week bond outflows in 3.5 years (Chart 1), largest 3-week precious metals outflows in 3.5 years (Chart 3) and largest 4-week equity inflows in 2 years.