Jim Rickards made headlines today with an interview he did with Peter Schiff in which he claims that the gold held by the Fed is leased out several times over but is still sitting in the Fed vaults. If that’s case, Jim, then how come the Fed won’t allow a physical audit. If the Fed is going to perpetuate and legitimize a lie, at least show us the bars. Sorry Jim, you’re propagating misleading information once again (see my comments below)…
The silver uptrend holds:
The Fed and the big banks who are undeniably engaged in trying to hold down the price of gold and silver on a daily basis now, are having trouble getting silver to die. The reason: India and China have been buying physical silver hand-over-fist:
The graph above from The SRSrocco Report shows the stunning 90% drawdown of physical silver from the Shanghai Futures Exchange. I can guarantee you that the amount of silver reported as being held by the big bank depositories on the Comex is probably in a similar state of condition.
Think you own silver when you own SLV?
More on Rickards’ disinformation:
Everyone knows the market is manipulated and the U.S. gold bars are all leased out. Nothing new there. But he’s trying to make us believe the bars are still in the vaults.
Sorry, they’re not. If the bars were in the vaults, the Fed would at LEAST add “credibility” to its cover-up by releasing bona fide physical audits.
Here’s the questions I want Rickards to answer:
1) Why won’t the Fed at least allow an audit – a physical count and random assay of the bars supposedly in the vaults? It could EASILY do that without revealing whether or not the bars have been legally hypothecated/leased.
2) Germany wanted to see its gold – it requested a viewing. Supposedly Germnay’s gold is being held in 9 vaults. But German officials were only permitted to see gold in ONE vault. Why, Jim?
Please address those questions. Once again Rickards is feeding the world misleading information.