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World’s Largest Silver Producer Calls On The LBMA To Explain Last Week’s Fraudulent Silver Fix – Dave Kranzler

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“The large discrepancy between the spot price and the fix is very alarming to us especially that it happened twice in a row” — KGHM head of market risk, Grzegorz Laskowski.

TND Guest Contributor:  Dave Kranzler

The London gold/silver fix was established in 1919 principally by the House of Rothschild to enable the Rothschilds  to control  international money markets through the manipulation of the price of gold.  The daily gold/silver fix was conducted in the offices of N.M. Rothschild and Company.  Fast-forward to 2016 and very little about the London fix has changed, other than some of the names involved with setting the “fix.”

As most of you know by know, the London price fix committee “fixed” the price of silver 84 cents below the market price as represented by silver futures trading.  In the context of the daily interventions in the precious metals market in London and NYC, this act of manipulation was a particularly brazen display of contemptuous disregard for anti-collusion laws.

The parties who were harmed by this are the entities that had posted offerings in physical silver prior to the fix.  They are the ones who need to initiate legal action so we can find out what happened.  Certainly mining companies who posted their silver for sale had their face ripped off by this event.  The more interesting side of the “fix” would be know the identities of the beneficiaries.   My bet is that the bullion banks, some of whom are involved in the price fix process, were the biggest beneficiaries of the fraudulent price fixing.

As it turns out, the world’s largest silver producer, Poland-based KGHM, has called on the LBMA to provide an explanation:

KGHM, one of the largest producers of copper and the single largest producer of silver in the world, called the difference between the prices “very alarming” and called on the London Bullion Market Association (LBMA) to provide an explanation.  LINK

Unfortunately, KGHM’s half-hearted plea will fall on deaf ears.   The criminal manipulation of the London gold and silver market has been going on for over 100 years.  Nothing will change that until the west collapses and the global system of fiat currencies is reset.

Having said that, not only does the LBMA price set the price for clearing physical gold and silver trades twice a day, it also is used to benchmark OTC derivatives.  My best educated guess is that a couple of the most influential bullion banks involved in the fix – JP Morgan and HSBC, each of whom respectively operates the SLV and GLD trusts – used the fraudulent silver price on Friday in order to address an immediate need – either a large physical silver deficiency or a derivatives problem.

A friend of Bill “Midas” Muphy’s sent a note into Midas relating what happened with CDS in “The Big Short” with the silver market:

I can’t get the comparison to silver out of my mind as it truly is the mirror image of Credit Default Swaps. That is the CDS were never allowed to rise in value as the underlying mortgage bonds defaulted yet Goldman was constantly trying to buy them back from the holders at very low prices…..it wasn’t until Goldman had been able to purchase enough CDS back that the price skyrocketed.

I think what we saw on the LBMA last week with the silver fix is exactly that.

Unfortunately we’ll never know the truth about what happened.  But the act itself reflects the desperation that is creeping into the bullion banking establishment.  Desperation that is being fueled by what I believe is the early stages of an extremely powerful resumption of the bull market in gold/silver.

# # # #

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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