Is The Comex Guilty Of Fraudulent Conveyance Of Gold And Silver?
The big “buzz” over the weekend in the precious metals community was about the enormous short position in paper gold and silver taken by the bullion banks per the weekly COT report, published by the CFTC. The short position taken on by the big banks blew out by 54,832 contracts, which is the biggest one-week increase in history. This translates into 159 tonnes of paper gold.
Ostensibly this was done ahead of today’s June Comex gold futures options expiration, a time when the banks attack the price of gold using paper contracts and use the hedge fund stop-loss selling to cover their shorts and book easy profits. Wash, rinse, repeat while the CFTC and Government regulators take payoffs to look the other way – “nothing to see here, our markets are free.”
Below is a graph (Comex June gold contract) of the attack on the price of gold and silver, which occurred shortly after 2 a.m. EST, when Asian physical markets begin to retire for evening and the London fraudulent paper market opens (click to enlarge):
You’ll note that the ONLY news that would have precipitated a reaction from the precious metals was word that Greece was edging closer to default. This is an event that should drive precious metals much higher in price.
Instead, right at the 8:20 Comex floor open, 3,453 gold contracts were dumped on the market. This is 345,300 ozs, or 10 tonnes of paper gold. As of Friday, there were only 372,630 ozs of gold that were available for delivery according the Comex gold warehouse stock report. In the first 30 minutes of Comex floor trading, 17,840 contracts were sold. This translates into 51 tonnes of paper gold, or 4.8x the actual amount of physical gold available for delivery. In other words, this was an exceptionally aggressive manipulative attack on the metals today. This is unequivocally illegal and fraudulent selling of paper gold because it is almost entire unbacked by underlying physical gold. In creditor law this is know as “fraudulent conveyance.”
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