FORCE MAJEURE WAS THE END GAME ALL ALONG, COMEX WILL DEFAULT IN THE NEXT WEEK!
FORCE MAJEURE WAS THE END GAME ALL ALONG, COMEX WILL DEFAULT IN THE NEXT WEEK!
APRIL 16, 2013 BY THE DOC 53 COMMENTs
http://silverdoctors.com/wp-content/...lt-300x212.jpg The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply. “Who could have seen it coming?” will be the mantra. I would suspect that banking stress and “bail ins” will also become prevalent globally. The pricing structure” will now push any and all physical sellers away from the markets and the “door” to safety is effectively being shut. Either you own metal or you don’t.
After the closure of the COMEX and LBMA doors there will be no availability and “price” will be meaningless. Your ability to protect yourself is right now for all intents and purposes being eliminated.
Submitted By Bill Holter, Miles Franklin Ltd,:
Last week Barrick Resources announced the postponement of their giant Pascua Lama mine. This was to be one of the worlds largest mines and is now tied up in litigation over true ownership as it appears to show that Barrick does not have clear title. The probale reserves were nearly 18 million ounces of Gold and almost 700 million ounces of Silver. Work on this mine was completely ceased last Wednesday.
“Last Wednesday” was also an important day for the Kennecott copper mine in Utah, the ground started to shift more rapidly prior to this weekend’s landslide. They knew this was coming as they closed the visitor center on April 1st and had all equipment and personel out of harms way. This mine produces some 400,000 ounces of Gold and over 3 million ounces of Silver as a by product of copper, this is the largest copper mine on the planet. Have you heard even a peep out of the mainstream media on this on? I didn’t think so.
Is it not strange that these two events came to a head last Wednesday? The same day that out of nowhere Gold reversed from being up and give up $40? And then of course there was Friday with $85 and another $75 this morning. Gold is now down $200 per ounce in just over 3 trading days. Between these two projects, one not coming online and the other going off line, a VERY significant amount of production is not going to happen. Does this make sense? Did you not learn in school that “less” supply meant higher prices? In the real world?
We don’t live in “the real world”, we live in a world where everything financial is manipulated. Here is what I see happening. They knew that this mine was going to collapse and the production would stop. Then the ruling on the Pascua Lama mine was sent down. Last Thursday president Obama met with 15 heads of the biggest banks and brokers in the country, THIS was discussed as sure as the Sun came up this morning: we have hit the bottom of the barrel! Reserves that could be fed into the market are and have dried up at the same time that production has dropped and future production delayed. The paper game is blowing up …RIGHT NOW and the topic of discussion at the White House was about “how it would play out”.
The COMEX will default in the next week or several weeks and people will be “settled” with Dollars, no more metal will be delivered! So, knowing that “game over” has arrived, they are dumping a massive volume of paper contracts with impunity to push the metals prices as low as possible before the “default”. This way the “shorts” do not have to and will not be “covered” when “supply” cannot be obtained because of “an act of God”. They will be settled in cash (at a profit no less) because these “unforeseen” disruptions in supply. “Who could have seen it coming?” will be the mantra. I would suspect that banking stress and “bail ins” will also become prevalent globally. The pricing structure” will now push any and all physical sellers away from the markets and the “door” to safety is effectively being shut. Either you own metal or you don’t.
I tried to “be nice” in my piece from last night talking to those who worry about price. What is now happening is exactly what I spoke of, you must count ounces because “availability” is going away right here and right now! After the closure of the COMEX and LBMA doors there will be no availability and “price” will be meaningless. Your ability to protect yourself is right now for all intents and purposes being eliminated.
We received a few (very few) angry letters from customers who say that Jim Sinclair, Mr. Sprott and Embry, James Turk and others including myself are and were wrong. That we should hang our heads in shame and that we are nothing more than charlatans hawking Gold and Silver. We will soon, very soon see just how right or wrong we really are. What is happening right now is very clear to me, what I don’t understand is how anyone could miss this as it has all been laid out for you and dropped in your e-box to see (for years now), understand and prepare for. Life, all of life as we knew it is about to change forever. Hopefully you understood this and have already prepared for it!
Regards, Bill H.
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- Vampire Squid Takes Over at the BOE, CME Declares Force Majeure
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