Whoever Owns The Gold, Makes The Rules – Craig Hemke, TFMetals Report

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Over the next twenty-four months I believe we are going to see the golden rule reassert itself on the global stage. Anyone that has been paying attention has witnessed a “hoovering-up” of gold by the Eastern countries, in particular China and India. Recently, we have also seen the emergence of China being much more vocal about currencies, global trade and the flow of products. It is no secret that China is the worlds manufacturing hub and being in that position should give one an advantage to see just how the global market place functions.

On March 20, 2015 the “New” London Gold Fix was launched. From what I can tell, the only thing “new” about it is the word “new”. Same criminal bullion banks making decisions regarding golds price for the day.

As my undergrad English major advisor used to say: “This is old wine in a new bottle.” Meaning, you can dress up a pig but underneath the fancy clothes it’s still a pig. The “new” London gold fix will enable the big bullion banks to continue rigging the paper gold market and looting investor money. They are now emboldened to do it in broad daylight and without masks.

This applies wholeheartedly to the “new” LBMA fix. Given that the reporting of the GOFO rates has been eliminated and the “new” price data has fancy lipstick but is even less informative than the LBMA’s old data reporting, the “new” London gold price fix is at least – if not more – corrupted than the old fix.

As I expected, the “new” LBMA gold fix will even more opaque than the previous process, despite the appearance of more transparency. Four banks have already been named: Scotia, HSBC, SocGen and Barclays.[Source]

So, what is going to change? Well, China is so disgusted with the whole process they have decided, thus far, not to participate in the “new” gold fix. As a matter of fact, they have decided there should be a gold fix based on the yuan (renminbi) and the price discovery should be handled in Shanghai at the Shanghai Gold Exchange. The Shanghai Gold Exchange trades in actual physical product. The product is gold. When gold is bought or sold a person actually takes delivery of the gold. That is not the case in London. In London the price is based two factors: 1) the “futures” market in New York. This is where people buy a contract for future gold. Gold that may or may not exist today but they are willing to purchase today and take “delivery” in the future. The other factor is a very small group of banksters sitting around and determining what the price should be. You know, good-ole-boys club.

Let’s listen in to Craig Hemke, from TFMetals Report and get his take on how all of this may play out over the next couple of months, next couple years or who actually knows how long it will take. What we can say with 100% certainty is, change is coming. Major change is coming and the way the price of gold is determined will change.

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