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The Beginning Of The End Of Precious Metals Manipulation: The London Silver Fix Is Officially Dead
Following a crackdown on precious metal manipulation by various European regulators (mostly Germany's BaFin, recall "Precious Metals Manipulation Worse Than Libor Scandal, German Regulator Says"), which led to the shocking outcome that Deutsche Bank would pull out of the London gold and silver fixing committees, the London Silver Market Fixing company ended up with a most curious outcome: it would have just two members: HSBC and Bank of Nova Scotia. And, as an even more shocking result, overnight the London Silver Fix announced that after August 14, 2014 it will no longer exist - the first of many victories for all those who have fought for fair and unmanipulated precious metal markets.
From the press release:
The London Silver Market Fixing Limited (the 'Company') announces that it will cease to administer the London Silver Fixing with effect from close of business on 14 August 2014. Until then, Deutsche Bank AG, HSBC Bank USA N.A. and The Bank of Nova Scotia will remain members of the Company and the Company will administer the London Silver Fixing and continue to liaise with the FCA and other stakeholders.
The period to 14 August 2014 will provide an opportunity for market-led adjustment with consultation between clients and market participants.
The London Bullion Market Association has expressed its willingness to assist with discussions among market participants with a view to exploring whether the market wishes to develop an alternative to the London Silver Fixing.
Q&A
1. What will happen after 14 August 2014? Will the Silver Fixing cease to exist?
With effect from the close of business on 14 August 2014, the Company will cease to administer a Silver Fixing, and a daily Silver Fixing Price will no longer be published by the Company.
2. What will happen in the period up to that date??
The Company intends to continue to administer the daily Silver Fixing and publish Silver Fixing Prices throughout that period.
3. Why a three month notice period?
Although members of the Company may resign on seven clear days' notice, the members have confirmed that they stand ready to continue the Company's operations until (and including) 14 August 2014.
4. What happens after 14 August 2014 for market participants with contracts referencing the Silver Fix?
The Company is not in a position to comment on such matters, but market participants can speak to their contractual counterparties.
5. What does this mean for the gold, and platinum and palladium fixing companies?
This decision relates only to the London Silver Fixing administered by the Company. The Company is not in a position to comment on other fixings
* * *
This huge loss for precious metal manipulators fixers was amusingly "explained" by the FT's John Dizard as follows: "The field may be more level, but there are not enough players left for a game." Mocking those who prefer unmanipulated markets, he said:
... once that satisfying self-righteous feeling passes, the dwellers on BaFin Island might want to consider whether they have helped create a level playing field without enough players for the game. So far, it would appear the significant beneficiaries of BaFin’s persuasion have been the less-than-systemically important dealers in international silver markets. While there will still be four participants in the London gold fix, the similarly structured 12pm London silver fix will now have only two participants, which common sense tells us means no real market at all.
Actually, it will mean no manipulated market by a handful of participants. It will also mean that going forward a much more transparent pricing mechanism will have to be adopted: once which relies on, gasp, the entire market, not just legacy firms that operated for decades out of Rothschild's wood-panelled London basement.
Of course, for Gizard, there is no manipulation:
Deutsche Bank will have withdrawn from participating in the ritual of setting a standard price for physical gold. While no wrongdoing by any of the gold-fixing participants has been proven legally, or even, I believe, convincingly demonstrated in econometric modelling, Deutsche apparently came under intense social pressure from its home regulator to withdraw.
Correct, because banks withdraw from lucrative operations due to "social pressure", not because they know full well some legal arm is about to crush an existing arrangement with elements of criminality. While we are delighted that Mr. Gizard will disagree, we are confident that after August 14 the price discovery model, while certainly not free from manipulation, most certainly originating from the BIS' Basel Offices, will be a far better one.
One can only hope that in the future all vestiges of gold and silver manipulation will eventually disappear resulting in what may be the first real price discovery of precious metals, absent central and commercial bank manipulation.
It is the same FT that we go to for some additional color on today's stunning outcome:
It was born in the late 19th century when a handful of London bullion dealers agreed to meet daily under a cloud of cigar smoke to set the price for the “devil’s metal”. But now, after 117 years of operation, the London silver fix – the global benchmark for the metal – is on its deathbed.
The three banks that run the auction announced on Wednesday that silver prices would be “fixed” for the final time at noon on August 14. The move follows increased scrutiny by European and US regulators into precious metals price-setting following the Libor scandal and probe into possible forex market abuse.
Deutsche Bank last month resigned its seats on the silver and gold fixes, after failing to find buyers. That left just two members on the silver fix, HSBC and Bank of Nova Scotia.
Market participants said the benchmark process, which occurs via teleconference and allows miners, financial institutions and jewellers to trade silver and value their stocks and contracts, could not function properly with fewer than three members. The UK’s Financial Conduct Authority asked Deutsche Bank to stay on for an extra three months to allow for the benchmark to be wound down smoothly.
“Deutsche Bank has postponed its resignation from the London Silver Market Fixing from 29 April 2014 to 14 August 2014, at which point the benchmark will terminate,” the bank said in a statement on Wednesday.
In other words, the FCA - undoubtedly in conjunction with the Bank of England - pushed hard to keep the existing manipulation structure in place for three months, effectively against the will of the German regulator, and of Deutsche Bank itself which wanted to get out as soon as possible.
As for what happens after August 14, when the London Silver fix is officially gone, we can't wait to find out.
In the meantime, we are confident the existing members of the mirror fix, that of gold, will be scurrying under rocks to avoid all public exposure. We plan to spoil their plans later today when we profile just who they all are.
Finally, a reminder of what the once proud tradition of gold price fixing looked like back in the day.
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Afro-engineering? (haven't heard that term before) but Balkans engineering for us.
If it moves and isn't supposed to.....duct tape.
If it doesn't move and is supposed to....WD40.
I think that is the best summation ever of what a handyman needs everywhere.
The proper response to the fixing of precious metals is the fixing of bayonets.
WTF... Never saw this happening in my lifetime. I really hope the true story finds its way to the public. I bet it's a good one.
When God closes a door, he opens a window. Don't be so sure that the manipulation will end.
OT .... some dudes in Singapore release a study to prove the Fed is consistently being front run....since 1997 !
http://www.bloomberg.com/news/2014-05-13/traders-may-have-gained-early-word-on-fed-policy-study-finds.html
http://www.zerohedge.com/news/2014-05-13/robust-evidence-confirms-fed-le...
missed it ,,,thx.
All WS is criminal until proven otherwise. In other places a presumption of innocence is warranted, but on WS the corruption is so high, 60% based on audits, those conventions cannot apply.
the Rothschild fix got Shanghai'd
and, it's gone.
Oh great! The Feds might take over the price fixing and they will decide how much silver is worth, just like interest rates! :)
Just ask turd ferguson.
WTF. Its not April 1st.
I'm sure they'll try to find a new way to fuck over PMs but the silver fix is often used to manipulate sentiment against PMs as a whole so this is, tentatively, positive stuff for all who hate fiat slave paper.
I think the price will rise.....the buyers will outnumber the sellars....and the paper will go away as the bankers leave the game....
The end game will continue until the system collapses, then the hedge will shine.
True that, (in chess) the (end) game doesn't end with a "check". It's over when it's "check mate".
move on. GSucks and some Swiss POS will simply hire the ex-bankers, move off-shore and game on...only worse than
before to Dizards point
This event might trigger even heavier physical buying from the East. I think there is Blood in the air. TPTB don't stop their power schemes unless they have to.
What about all the rats that jumped ship to Mercuria? I'll bet they're willing to expand their piece of the pie.
I say chaps, we should never have given that blasted German a desk in the room. I told you we were making a big mistake, letting him in. Jerry will run at the slightest sign of trouble, I've always found. Now look where we are, in a bit of a pickle I'd say. What does Threadneedle Street make of all this?
I'd say don't let Jerry out of the bag. Those Huns can't be trusted old chap. We'd be in a pickle, alright, if the Krauts ever got the bomb. Look what they did in '42. I'd sock 'em in the eye or head butt them Liverpool style, I would.
Can't wait to see what the newly-reconstituted silver fix looks like once they move it to Switzerland...
(Though now that I think about it, the phrase "Swiss Silver Fix" does have a nice ring to it!)
The best birthday present ever!
Hope as a strategy is rather dangerous and inimical to your well-being....
Great quote.
May I add? Hope is the last stronghold of those who would intellectualy deny reality.
Scammers scam, fixers fix...
Nothing changes till heads roll, or are sent to an open-air penal camp on Baffin Island. I'd give them a choice of these two "exit strategies".
The big question is whether the Russians/Chinese or Hong Kong decides to start their own fix.
They have metal and they certainly have credability.....or at least more than the London fix does......
it's a nice step but nothing will really change until the comex collapses...
overselling the exchange limits per party will continue unchanged. the market manipulation will continue unchanged. all will be as before except the the twice per day skim will cease by the the big 5.
Hooray! Does this mean Mongo's pile got bigger (:-(
And unofficially since it never was official?
Serious question...
What was the real purpose of the London Silver Fix? Was this just a price that big bullion banks would target to trade amonst themselves? It doesn't seem to me that whatever price they determine has had any affect on widespread market manipulation of PM's.
The purpose is basically to set a benchmark value that can result in contracts being set in writing and that the contracting parties use the "fix" value for settlement. ie: "I'll sell you 3 tonnes of silver on June 2nd at the evening fix price"
Do not believe this, it is coming from the gang that has been allowing manipulation.
Manipulation is a blessing in disguise. One day, the dam will break. We see the cracks, with water seeping through, and yet everything continues as usual until THE MOTHER FUCKER COLLAPSES.
That, my friends is the story of history.
Bah. They are just not announcing it publicly. Fix Inside
FUCK ALL THIS...didn't waste time reading the above claptrap...
FIXIN ME to buy moar silver....COINS THAT IS....
STACKIN, JACKIN AND A-CRACKIN HERE....
Mongo tends to peruse the completed listing section on ebay with regard to all things silver. I find it very interesting that every single ounce if properly priced sells without exception. Seems like a lot of people, MDB being the exception have a certain desire for the phyzz:-)
So logic says we explode then, right? So what likely will happen is some other entity will step up the manipulation and hammer it even lower. Maybe instead of going all-in before Aug, I wait til afterwards?
I loathe these self-righteous, self-serving cunts who explain with such condescension and sarcasm how badly we're all going to suffer now that some source of free money through manipulation has been taken from the banks. 'Oh, you'll be sorry now, now that the big institutions aren't there to protect you'. Fuck off Dizard.
Well said
Someday I will post the fake newspaper article I've been working on as a creative writing exercise wherein it is explained that the collapse of the comex gold market portends a lot of pain and misery for anyone long physical gold.
" Anyone unlucky enough to be stuck with bars and coins must now resort to selling for the best price they can get in their locality. They should have sold when the Comex gave them access to the highest bidder anywhere in the world. Bid/Ask spreads will skyrocket and so there is really no telling how low gold could fall from here".
not without a bit of irony as the event comes just one day short of the 43rd anniversary of Nixon closing the gold window on August 15,1971.
The King is Dead. Long live the King
woohooo!!!! I hope those silver shorts are listening.
Come on. Does anyone believe they will abandon this manipulation scheme without having the next one ready? All markets are now manipulated. The gold and silver markets will continue to be manipulated with or without the London Fix.
Yep. Every Ag bug out there has an honorary middle name of Eeyore.
Pooh: Have you ever had one of those days when you just can't win, Eeyore?
Eeyore: Yup, I know how that feels.
In a word.
This is absolutely "fucking huge"!
And if nothing changes after August 14, 2014???...
BYOR! (Bring Your Own Rope)
Reuters August 15th-
Today the price of silver fell to $10.75 as interest in the white metal hit record-er lows. Earlier this year, Deutsche Bank and others left the London Silver Market Fixing Co, due to lack of interest in the metal and new record highs on the S&P 500. Analyst Jeffery Christian explains,
"2013 was a dismal year for precious metals. We think everyone has gotten the message loud and clear that the precious metal bull market is over. With safe have assets like the S&P500 providing guaranteed returns of over 15% year-over-year, the outdated strategy of hedging with precious metals just doesn't make sense anymore. The big banks have been generous in their willingness to continue to provide their insight on the correct price for the metal, but with interest so low, it was becoming unprofitable to continue the silver fix. Banks can make more profits by traditional methods such as opening depositor accounts."
A spokesperson from FINRA has indicated they may consider new rules and regulations that will outlaw possession of the precious metal to protect investors from future price declines. A FINRA Spokesperson explains- "We need to consider a bail out for precious metals investors. Our proposal is two fold, first we need to disallow possession of metals so this doesn't happen again to future investors; second, we need to mandate a buy back program where we offer these investors something for the metal no one wants. We feel a fair market value is $10 per ounce. We have begun working on generating a list of online sales that have taken place between 2000-2014 so we can alert investors to the new rules and our generous price we are offering before possession is outlawed and they are left with worthless, unusable metal. We owe it to these individuals who miscalculated so badly. They deserve $10 per ounce. New Compliance officers have been brought up to speed on the new rules and will be contacting investors to ensure compliance of the new rules under the new Obama task force, Strategies for Better Financial Decisions."
LOL - this is why PM purchases should be cash only, no ID, no signature.
Starts a whole process of off record purchases, off record sales, and trades.
Everything is circular as we go back to the olden days where trading face to face with people becomes a skill again.
I am Dennis Gartman and I approve this message.
Great Scott, Marty, to break this manipulation we'll need 21 gigaounces of silver!
Silver traded at 13 in late 2009, then went to 49. Weren't they 'manipulating' the silver market then?
European regulators? Huh?
It goes up and it goes down....they make money going up and down...do you own it to suck paper cock and trade or to preserve wealth in 20 years? FreeGold and FreeSilver need to be freed....
Damn I already sold my Silver......
for Gold
The Beginning Of The End Of Precious Metals Manipulation & The Beginning Of 1984 Orwellian One World NSA Government :
http://usnewsghost.wordpress.com/2014/05/14/latest-nsa-edward-snowden-do...
They decided that manipulation is too inefficient... much simpler to just know where everything is.
"They decided that manipulation is too inefficient... much simpler to just know where everything is."...
Planned many moons ago for that... Got my welcome mat at the front door and I'll be ringing my triangular dinner bell with a full clip in my TAC1100A ready to go for the uninvited guests!...
Fixed it!
Russia, China, Turkey, BRICS and associate + maybe a few EU metal markets with metal will cost average to get a reflective market price. Also factor in local supply/demand as adjustment on the margin.
FT is farking clueless anyway. Any idiot that subscribes to them is brain dead period as they only spread properganda and nothing of any use.
Things are going according to plan. One down a few more to go.
LMAO!
It will never end until the entire financial system blows up.
So it's too early to roll out my Eric Sprott posters, standing on the silver aircraft carrier, with a Mission Accomplished banner behind him?
All i read is doom and gloom, fuck me.....i figure one less manipulator in the silver market can only be a good thing right....?
Yes the paper market with monkey fuck the value, but as long as the east continues the level of demand and as long as the manufacturing industries requires silver for products, all of which starts to outstrip supply then i dont see what the problem is, other than having patience.
People are continuing to wake up in this world and realise the whole thing is a ponzi scheme, this will continue to gain momentum. The beleivers will increase, the day will come when the market will be free.
Does this indicate Deutsche Bank's Regulator - ergo the German Government is turning to the east?
Or does it indicate that nearly 100 years after Weimar Germany still prefers hard currency?
I suspect the second. Given the historical (and justified) pride of Germany, and the recurrent tensions with the east, I can't imagine Germany would volutarily subordinate itself to any nation.
BTFD
How about the manipulation of the VIX? Market down,war with Russia,uS dollar about to lose it's reserve status, VIX down!
The VIX is calculated from OPTIONS prices.
Its very existence is manipulation. If that bothers you then never touch it.
As an anti-manipulation measure I don't think this does it. Though it is a step in the right direction.
Given the Orwellian natures of the banks, I suspect that all this does is complicate their efforts to estimate a safe level of rehypothecation and or naked shorting.
It probably increases the risk that a major bank or market will have to settle in cash because they never had the metal in the first place - but that's about it.
As trading has gone electronic they can use Algo's to sense the prospective volume moment by moment based on the contracts being written in real time. So the meeting was redundant in the modern age anyway.
But what the algos cannot do is gain a sense of what market participants INTEND short of interacting with the system. Though, to be sure, it is hard to really know what they intend just by asking them in any case.
However, IMHO, this indicates well known HFT mechanisms will likely replace the legacy fix method - along with all the problems of runaway markets (up or down) the method implies.
Until banks can be prosecuted, and their employees jailed, for writing contracts on commodities they don't own, never owned , and had no inention of owning, nothing will change short of a total loss of confidence in the market leading to its abandonment.
And that won't happen without an alternative market.
The BaFin regulators taking a look at this is getting some results. (Tips hat to BaFin)
I'm sure the Fixers will say, "they didn't beat us, we lost interest and quit on our own."
The price is held down by naked shorting and since that is mostly done from this side of the pond, it will continue and intensify until it can't. Still, it is a bit of positive news and I'll take it.
edit: Heck, they're doing it right now. Go look.
Conax
naked shorting is not needed...all one has to do is go to the FOREX market and sell silver to buy something else...say Yen...you have sold silver and bought Yen....no 'naked shorting' just a typical FOREX trade....and FOREX DWARFS all other markets. XAG, XAU are traded in quantities that make the Comex irrelevant.
FOREX where manipulation is made irrelevant.
Not at all. The measly pips changes on the FOREX ratios are nothing compared to the gigantic daily & monthly % changes in silver prices and even gold. Wipes out FOREX changes instantly, weeks worth in just minutes.
"In the meantime, we are confident the existing members of the mirror fix, that of gold, will be scurrying under rocks to avoid all public exposure. We plan to spoil their plans later today when we profile just who they all are."
Tylers smash it out of the ground once again!
This is stunning work ZH : )
Smash and grab?
Silver...meh...
it was fun until May 2011...got out and stayed out.
looks better in my hands, then. All the better to barter with. Low fiat prices mean more silver for less work-hours. No fiat price later means barter for that coin. I have silver atoms, someone else has food & we trade. No paper, no digits, no bit-conz.
This will do nothing until it does something. Then who will know what the effect actually was because each moment that nothing happens will be judged as "see nothing happened". Then someday down the road far enough when no one is really paying attention somethig will happen. But it won't be nothing. Get it.
OK, I'm not a big player, but I've got some free money to invest in silver bars (10 oz are my choice). Anybody have a special favorite online place to buy with a CC (got a line of credit at 0% for 15 months, so I figure this is a good sign and time to buy).
Thanks in advance.
Better to buy in person, but if you insist, try goldmart; good prices, slow delivery.
Provident Metals is pretty good.
Scottsdale Silver has some cool bars too.
Monarch Precious Metals has the coolest looking hand poured stuff. Never bought from them though.
Be sure to check *recent* online reviews and BBB history very carefully for any outfit. A lot of previously reputable shops became very shady over past three years. For an example see the Tulving bankruptcy.
I think APMEX has free shipping this week.
I would avoid them. They are tracking your purchases like a portfolio. I didn't find that out until after I bought a monster box. Now when I login there, I see graph of what 'my holdings' are.
Do it with a bank wire to someone who won't be handing over any lists anytime soon.
Good point. I saw that a few weeks ago and almost shat myself.
Probably a good idea to call them and have the account deleted.
You can check out comparegoldprices.com to compare premiums.
Buy from a local dealer and pay cash using less than $10K as that is not reportable to the alphabet soup of tyrants looking over your shoulder. You will pay a higher premium but you will have privacy.
If the dealer starts asking personal questions in order to conduct the trade go somewhere else. No shortage of dealers in the U. S.
Tuco
I'll suggest silvergoldbull.com, always got speedy & reliable delivery
It won't end, somebody else will pick up the tab.
As long as Fiat Money exists and if something can be manipulated, it will be manipulated.
They don't need fiat money to manipulate.
They can manipulate all day long using naked trades via an HFT platform so long as the Law (which they own) won't come and get them for the naked trades.
They only need the fiat currency to bail them out or otherwise let them settle naked-trades-gone-bad in newly printed cash.
This means they are going to beat the price of pm's down even more. That's how they play this game.
my advice: Buy physical and don't get discouraged when the paper continues to be manipulated
anyone else catch the 100 year anniversary of the start of WWI?!
The LBMA doesn't need to fix prices anymore. the FED has taken over,apparently witith London's approval, whereby they have iplemented hFT to knock down silver or any other PM. it is more important at this point to the US rather than the LBMA, so they are just letting the FED handle it for a while. All hail the US dollar.
No fed required. They need two things in order to manipulate:
1. They need a market sensing mechanism to signal how to manipulate.
(That used to be the fix through sensing of their clients. But HFT platforms can customer sense Near Real Time.)
2. And they need a regulator who will allow them to make naked trades and settle in cash when the trades go wrong.
Oh look the annual pump and fuck from the gold and silver pump dooshes.
Yeah not only did Joe retail just get bent by their tech buys down 50%. They now will follow da pump to gold.
Please people learn your lessons.
Another reason for dispensing with the morning fix is that maybe there's no more silver.
RIP agfix (you won't be missed)
"As for what happens after August 14, when the London Silver fix is officially gone, we can't wait to find out."
For me I am officially worried what will happen before, August 14th, not after.
They probably have found alternative methods to keep the manipulation going.
I guess we will find out if that is the case in due coarse.
speaking of coarse.. ever tried using fiat for toilet paper? it will do in a pinch but so will banana peels.
China says: We support Russia on dropping the dollar for bi-lateral trade.
West says: We cannot "fix" silver prices anymore.
Is there some way it's all related? I must now ponder.
The three months is probably needed so an alternative "fixing" mechanism can be substituted on contracts that roll every three months or during the next three months. Doing it immediately would probably leave numerous agreements unable to be resolved without time to agree on alternatives to the fixing or the opportunity to liquidate positions in lieu of an alternative fixing.
Well, when you talk about "the market" taking control of precious metals pricing, then you're really talking about those few who have taken control of precious metals taking contro9l away from the fixers - so you're talking about Russia-China-India in the driver seat going forward.
If I was them, I'd want my stockpiles of precious metals to massively and permanently jump in value as compared to the dollar and all other currencies, 'cause that would help me enact some key metals-backed currency creations, and at the same time immunize me from the shit-canning of the dollar as the international reserve currency.
Just seems like events keep relentlessly playing into the hands of Russia-China-India. Go figger.
I have to drink a bootle of wine. Possibly 3-litter bottle.
Sober man cannot believe, that the market will not be manipulated anymore. only a man drunken like a silor, will belive in a free market.
HEAD FAKE
-----
This does NOTHING to eliminate the ability of predators with access to infinite fractional reserve funds from central banks from waiting for periodic times of low volume, and then naked selling zillions of futures contracts (with no commodity to deliver).
Not saying this news is a bad development, just that it accomplishes very little if anything in practice. That is, unless I'm missing something important.
Doesn't silver "fixing" in this case just mean publishing a daily price? Like the NYSE close doesn't really matter anymore since trading can happen around the clock (though volume is much lower after 4pm Eastern.)
Now, don't argue with the manipulator muppets they'll get hysterical and bang their fists on the table.
They'll shutter as many companies, trading groups, regulatory agencies - and as fast as they can - as sentient beings inside these organizations and institutions flee and do whatever they can to distance themselves from the fraud. The markets are blowing up - slowly now but unstoppably at this point. I imagine we'll see 20 years of Nerember-like hearings - where bankers, laywers, regulators and others who didn't have the presence of mind to abandon ship - are brought up in front of justifiably hostile politicos and angry mobs of citizens who feel they've been cheated and have nothing left to lose -
Good luck with that, Gov-Co.
Today is a better day to buy precious as the next day. Every day is a good day to buy silver but today is better. Don't care why. I just love buying it and stashing it. Less cash to worry about.
"The Beginning Of The End Of Precious Metals Manipulation".....here let me help:
The Beginning Of The End Of the Official Precious Metals ManipulationExpect the price to drop at first and stay down to add an air of credibility to claims of ,"see no manipulation was occurring".
The manipulation will just go under ground and not be so overt.
Because of the high price of silver excess silver has been coming onto the market.
The bullion banks have purchased all excess inventories of silver trading only shitpaper fiat for it.
Since the advent of electronic photography the industrial and consumer use of silver has declined significantly. The unnecessary transition from lead-containing electronic solders to silver containing electronic solders has not taken up the slack. The only think keep supply and demand in balance has been consumer purchases of silver.
The questions I have are: "What will the bullion banks do with their inventory?" And more inportantly "Who is there to buy their inventory?" Will the bullion banks continue to collude to maintain silver price and will they continue to be the purchasers of last resort for all excess inventory? Will the bullion banks get disintermediated as the producers and consumers of silver form their own FREE MARKET? If so, what will the bullion banks do with their massive hoards of silver?
Ditto ... GOLD.
They won't or don't currently have any sizable inventory.
not ditto for either.
The medical uses for silver & industrial catalyst uses for nanogold and increasing electronics everywhere will more than offset photography. Not everyone was a photographer but everyone will have a phone, mp3 player, tv and/or monitor & various other computers everywhere nearby, some in stationary devices, some in mobile devices.
The remaining banksters will have no problem "fixing" the gold price up until the dollar collapses.
didn't gold rise like 600% btwn 2003 and 2011?
Why did TPTB allow that?
Because they have to. Miners cannot collapse or supply dies. The prices have been kept at what they consider "sustainable" levels for miners to suffer but still exist (or be absorded into the larger miners like Barrick where they already have their claws sunk in) the banks do not really care about the POG going up imo because they get to play the stupid spike swings short or long and make money no matter what the price does - its the central banks that do not want gold going up so they cordinate the news with their friends at the major banks to paint the charts the way they want them. In 2011 things got away from them because I do not think they expected the demand they got and most of the spike was massive short covering.
A day will come, however, when Eastern governments possess more power than the Western ones due to many reasons, one which will be physical GOLD, and at that point these commercial banks may flip sides, go long, and trigger the monetary reset themselves leaving the Western Central Banks to fend for themselves...
There's no honor among thieves.
Thanks
Look at the picture.
How does the little old man in the corner exit?
Answer: He leaves through a secret panel in the wall to report to the Red Queen in the Checkerboard room. He then consumes a mixture of semen, blood, and dung.
RIP you fuckers!!!
"As for what happens after August 14, when the London Silver fix is officially gone, we can't wait to find out."
Nothing will change, except that from now on the powers that be will be able to say, 'See there's no longer any fixing, what manipulation are you talking about?'
In the meantime, they'll continue dumping huge amounts of paper metals on Crimex.