Tag Archives: Comey testimony

40.5 Tonnes Of Paper Gold Dumped In 4 Minutes

One/some/several “entities” decided at 9:38 a.m. this morning that  it was necessary to dump 14,315 contracts of paper gold.  This is just the August contract.  In total a lot more was unloaded.   This represents 1.43 million ozs of gold.  The Comex is only showing 900,000 ozs of “gold” as “registered,” or available for delivery in June, July and August (assuming all of that gold is actually sitting physically in the Comex vaults as reported).  If we make that generous assumption, 531,000 ozs of paper gold was naked shorted.

The news report or event that triggered this sudden need to unload / naked short 40.5 tonnes of paper gold beginning at 9:38 a.m. EST is not clear.  The mainstream financial media is attributing the dump in gold to the “anticipation of Comey’s testimony.”  But this is patently absurd, if not a complete insult to the public’s intelligence.  The market has known all week that Comey was testifying this morning and it was generally know what he would say.

This is what the price action in the gold market looked like before the huge paper dump onto the Comex – Asia/India buying physical gold and driving the price higher, London/LBMA selling paper gold and driving the price back down:

With all the frenzy connected to the parabolic rise of cryptocurrencies, one has to wonder why the western Central Banks are concerned with controlling the price of these block-chain based digital currencies.  If the Comey testimony was a reason to push down the price of gold, why were the “flight to safety” cryptos left alone?

This is a rhetorical question, but the relative threat – and therefor the legitimacy as a competing form of money –  that each represents to the dollar-based reserve currency system is a hint.   For some reason the “wizards” behind the BIS curtain are not concerned about the cryptos…