Comex Gold Open Interest Numbers Show Massive Manipulated Gold Hit In Progress

TND Guest Contributor:  Dave Kranzler |

The Comex is a complete fraud.  It’s one of the biggest Ponzi schemes in history.

With China and Viet Nam (the latter being a major gold importing country) now closed until next Wednesday in observance of their Lunar New Year, the bullion banks have engaged in a major attempt to drive the price of gold lower.    Yesterday (Tuesday) 99,000 gold contracts  – 9.9 million ounces or 287 tonnes – were sold into the market between 9 a.m and 11 a.m. EST, which had the effect of driving the price of gold down over $26.  To put this into context, a total of 179,833 contracts traded between 6 p.m. Monday and 5 p.m. Tues. The entire daily trading period is 23 hours. But 55% of yesterday’s total trading volume – the volume used to slam gold – was traded in a two-hour window of NY trading.

Think about it this way:  in that two-hour window, 35 days worth of daily global gold mine production traded in the form of paper gold.  The open interest expanded by 5,290 contracts, which translates into just over 15 tonnes of gold.  The total amount of gold available for delivery – the “registered” account gold – is 804.9k ounces, or 23 tonnes.  In just one day, the bullion banks (JP Morgan, HSBC and Scotia) sold forward 65% of the entire stock of deliverable gold on the Comex.  And that’s if you really believe the unaudited bank reports which produce the gold warehouse stock reports.  I do not.

Gold was raided again today (Wednesday, Feb 18) – again at 11:00 a.m. EST. This time gold was slammed another $9 in the space of 30 minutes, most of it in the first seven minutes. Today 18,000 April gold contracts traded in the 30 minute space, representing 24% of the total volume in the April gold contract up to that point since 6:00 p.m EST the previous evening. This is 52 tonnes of paper gold – more than twice the amount of gold in Comex vaults available for delivery.

This is very painful for most of us to watch unfold because we understand how corrupt our entire system is and we also somewhat understand just how devasting the consequences will be for the entire population of the United States (and, really, the entire world) when this giant Ponzi scheme blows up.

Folks, these are not free markets by any remote stretch of the imagination. These are markets controlled by dangerous criminals who are in the process of stealing everyone’s wealth and, in the process, destroying our system. Unless something is done, your children’s lives will become a very unpleasant experience. I don’t have children so I don’t have equity in the future of this system other than I was raised with a very strong sense of “right” and “wrong.” I’m just the messenger.

Sometimes I wonder if I might have been better off being one of the 95%’ers who are oblivious to the size and the velocity of the giant two-by-four being swung at the back of their head by those in control of our system…

(please share this with anyone who might care, if even just a little, we need to pry open any doors that are cracked open in the minds of those who care about our country)

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About Dave Kranzler:

 I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics.  Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.

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