Tag Archives: anti-gold terrorism

The Fed Bailed Out The Comex With Hypothecated Gold

I’m not the only one who’s noticed a significant increase in the amount of anti-gold propaganda flooding the financial media.  Here’s a perfect example published by Bloomberg News just today:   Gold’s Technical/Fundamental Trend Is Down

Of course, nothing could be further from the truth.  You tell me, does this chart look “bearish:”


This graph does not reflect today’s spike higher in gold. The U.S. financial media has become disinformational in proportions that would make George Orwell or Joseph Goebbels blush with embarrassment.

Another critical fundamental variable ignored by the financial media – and even Koos Jansen for that matter – is deliveries onto the Shanghai Gold Exchange. Yes, withdrawals are the ultimate barometer of Chinese demand for gold – minus the PBoC’s demand, of course – and Koos has done brilliant work on that. But gold can not be withdrawn if it is not first delivered! As it turns out, just this week alone delivery volume onto the SGE has totaled 115.4 tonnes. John Brimelow of JB Gold Jottings describes this volume as “impressive.” Especially considering that the financial media and dolts like Scott Bauer would have us believe that seasonal demand in China is low. Clearly utter disinformation.

Avery Goodman has written a piece for Seeking Alpha that describes why it appears as it the Fed – via JP Morgan – bailed out the Comex from defaulting on gold deliveries under the June contract. I believe Avery’s article is 100% accurate based on my 15 years of researching, trading and analyzing precious metals trading on the Comex:

In an article dated June 1, 2015, I pointed out that COMEX clearing members had gotten themselves to the edge of a widespread default on physical gold delivery obligations. They faced net claims of 550,000 troy ounces against only 370,000 registered ounces left at the COMEX warehouses. That left a deficiency of 170,000 ounces, or 5.29 tons of gold.

That same day, JPMorgan Chase (NYSE:JPM) transferred 177,402 troy ounces of gold into COMEX registered gold stockpiles – just enough to cover the shortfall at maturity, plus some extra to cover the additional buying that always happens during an average delivery month. All this raises a question: Did JPMorgan Chase just engage in a bailout similar to John Pierpont Morgan’s 1907 bailout of the New York City banks?

You can read his entire article here – every assertion he makes is 100% accurate and verifiable:  The Fed Bailed Out The Comex

I wrote during the period just before first notice of deliveries that the open interest standing for delivery was unusually high.  I also suggested that the bullion banks would attack gold and coerce as many of those longs to sell as possible.  I also suggested that the Comex would find a way to avoid delivery default.   Both of my predictions were fulfilled.  Avery’s article explains how delivery default was avoided.

State Of Texas To The Fed/Government: “We Want Our Gold”

This Texas Gold Depository Bill represents a direct threat to the western Central Bank fraudulent fractional gold reserve system in which most if not all of the bullion held by the Fed, ECB banks and the Bank of England has been leased or hypothecated.  This Bill, if passed, represents a direct threat to the wealthy elitists’ ability to loot our system using the U.S. dollar Ponzi scheme.  – Investment Research Dynamics

Two big public pension funds in Texas – University of Texas and the Texas Teachers Retirement System – own more than $1 billion worth of gold.  It was originally being held in the form of futures and ETFs.  In 2011, uncomfortable with owning gold in paper form, University of Texas took delivery of bars and “safekept” them in an HSBC vault in NYC.

Now there’s Bill sitting on the Texas Governor’s desk waiting to be reviewed for his signature.  Clearly, there are powerful entities in Texas who are concerned about the possibility that the gold owned in physical form by the State of Texas is at risk if it remains in storage in a bullion bank vault in NYC.

I think that somebody was looking at that, we better have this under our complete control,” said constitutional lawyer and gold expert Edwin Vieira, of the Texas bill. “They don’t want to have the gold in some bank somewhere and in two to five years it turns out not to be there.”  – Edwin Vieira, Constitutional law expert specifically as the Constitution relates to money 

While the State of Texas is going to attempt to pre-empt the risk that the physical gold owned by Texas has been or will be hyothecated or leased, I would bet that the bars already have counterparty ownership claims attached, even if the bars are still sitting in HSBC’s vault.

It’s no secret anymore that the western Central Banks have leased out most of the gold being stored in their vault facilities.  Anyone who denies this is either completely corrupted or a complete idiot.   Even Alan Greenspan admitted to Congress that the Fed leases gold to control the price:

Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.  – Alan Greenspan, July 24, 1998

Re-read that statement and think about what Greenspan is saying.  He’s implicitly stating that the Fed can create enough paper gold – i.e. gold in lease form – in order to contain the price of gold.  Please note:  gold can be leased without actually moving the physical bars if the counterpart to the lease does not demand delivery.  However, the ownership of that bar for legal purposes has transferred to the counterparty to whom the bar was leased.

Thus, in theory, a Central Bank can create a limitless supply of paper gold if it is not required to deliver any bars.  This is the same idea behind Bernanke’s famous “helicopter speech” in which he stated that electronic currency can be created in infinite supply.


HSBC has likely already leased out or hypothecated most if not all of Texas’ gold bars sitting in its vault.  While HSBC would be on the hook for the gold bars owed to Texas, Texas would be at risk for the possibility that HSBC would be unable to procure and deliver even a single gold bar. This scenario would arise if HSBC were to go bankrupt, a risk of which is clearly outlined in the GLD prospectus (HSBC is the custodian for GLD).

“This exact scenario happened with futures broker MF Global. I knew people who had warehouse receipts to gold bars with a specific serial number. But that gold had an encumbered title and they became unsecured creditors in bankruptcy,” said Weiner.   – Keith Weiner, President of the Gold Standard Institute  LINK

Apparently the wiser people in Texas were watching closely when Germany asked the Fed to ship over 600 tonnes of gold bars that had been “safekept” in NYC since the end of WW II.  In so many words the Fed/US Government said:  “we’ll send you your gold when we’re good and ready to send it.”

The message is that the gold was not there to be shipped.  Obviously Germany was not going create a massive political problem for itself by attempting to force the U.S. legally to produce and ship the bars.  Instead the German political leaders simply winked at the U.S. and said “okay, we understand the problem -take your time.”

Even more interesting perhaps, is a provision in the Texas Bill which prevents the Federal Government from seizing the gold bars:

Section A2116.023 of the bill states: “A purported confiscation, requisition, seizure, or other attempt to control the ownership … is void ab initio and of no force or effect.” Effectively, the state of Texas will protect any gold stored in the depository from the federal government.  LINK

It will be interesting to watch this situation unfold, especially if Governor, Gregg Abbott signs the Bill.  You can read the article from which I sourced the above quotes here:  Texas Has The Potential To Uproot The Monetary System

I hope I’m wrong about this, but if I put my “think like a criminal” thinking cap on, I can envision a scenario in which the powerful political and money interests in Washington, DC and NYC exert a full assault on Governor Abbott to veto the Bill.   This is the kind of legislation that could potentially expose the fraudulent fractional gold reserve system in the U.S. in which the ratio of paper claims to gold is several multiples.  In fact, it’s the type of legal movement that could burn down the U.S. dollar.

Russia To Take It’s Gold Reserves Up To $500 Billion From $360 Billion

I suggested yesterday that we are going to start seeing a lot more entities/investors convert their phony fiat currency into physical gold and silver.  In a news report that is being predictably ignored by western financial media, Russia announced today it will take its gold reserves up to $500 billion.

At today’s artificially manipulated price, that translates into 11.9 million ounces or roughly 3,463 metric tonnes.  Russia’s current amount of $360 billion represents a 20% backing of its currency, which is the highest ratio of gold to paper currency in the world. Please note:  Until the U.S. submits to a completely independent audit open for the world to observe, we assume the amount of gold held by the United States is zero.

The head of Russia’s Central Bank is determined to increase the country’s gold reserves to its previous levels in 2012-2013, from $360.5 billion up to $500 billion.

Recent experiences forced us to reconsider some of our ideas about sufficient and comfortable levels of gold reserves,” the head of the Central Bank said, adding that the Russian economy needs the amount of gold reserves to be able to cover negative capital outflow for the next 2-3 years.  – Elvira Nabiullina, head of Russia’s Central Bank

You can read the rest of this report here:  Russian Central Bank Gold Holdings


Gold Pops Again – Something Ominous Is Brewing

When the sharks start feeding on each other, you know the food supply is running out.  –  good friend of mine in NYC who wishes to remain anonymous

How many times per week do you scratch head at some Marketwatch or Bloomberg or CNBC news headline which connects a non-sequitur news item with the reason behind a market move?

A friend who was a young junk bond research analyst when I traded junk bonds at Bankers Trust in the 1990’s told me an interesting story recently.  He had just taken his first call from a reporter who was asking him why junk bonds were moving that day.  After he got off the phone he walked over to the head of research and asked how to handle the call next time.   She walked him over the Bloomberg and said:  “Here’s what you do.  Pull up the top headlines up on Bloomberg and – regardless of what the top 3 stories say – use those headlines as your answer to the reporter’s questions.  Then hang up.”

Two days in a row now gold has inexplicably popped up and the dollar has tanked.  Today, in fact, the dollar has gone off a cliff (click to enlarge):


Today at 8:55 the dollar dropped like it had a lead weight around its neck. Gold started moving higher much earlier than the dollar 2:00 a.m EST. Of course, Bloomberg News attributed the move in the dollar to the reports that Greece might be saved and the euro spiking higher. It also connected the move up in gold to the dollar plunge.

But when you look at the movements in both gold and the dollar, you can see that Bloomberg’s reasoning for gold moving higher is – well, for lack of a better term, an idiotic non-sequitur. New developments on “Grexit” have had no meaningful impact on the movement of gold during this whole Greek tragicomedy theatrical show. And as you can see from the graphs above, there was zero correlation between the movements of gold and the dollar overnight.

You’ll note the yellow circles I placed around some of the candlesticks in the graph on the right.  As you can see, those particular 10-minute bars have unusually long “wicks” to the upside and the downside.   Those “wick” denote both panic buying and selling, most likely (as in “100%”) triggered by Fed/bank and hedge fund computer programs.

Those particular candlesticks with long “wicks” reflect the fight going on between the official western sovereign forces trying to keep a lid on the price of gold and long side of the gold market.  The candlesticks reflect “unnatural” energy being exerted in the paper gold market.

I would further hazard to offer the view that the unmistakable volatility in paper gold trading reflects the dwindling supply of physical gold in western vaults that can be used to deliver into the fraudulently conveyed paper claims being issued on the Comex and the LBMA.

You might ask how I can make that assertion.  It’s simple.  Per this chart below from Nick Laird at www.goldchartsrus.com, you can see that India and China combined are importing an amount of gold that equals world mine production:

Chindia_gold_demand Minus scrap recycling, the balance of the gold being consumed by the rest of the world has to be coming from Central Bank vaults and from the GLD Trust – the latter of which has dis-hoarded about 60 tonnes of gold since February despite the fact that the price of gold has been rising.


The other point of evidence is the situation developing on the Comex.  Again, I’m not forecasting a short-squeeze this month in Comex gold. However, as of yesterday,  there’s still 5,088 open June contracts – that’s 508k ozs vs. 370k “registered” ozs as of last night.  There’s no reason for the bullion banks to delay delivery notices unless they are going to try and shake out the standing longs in order to avoid the pressure of coming up with enough gold to deliver.

I would thus suggest that unusual amount of gold volatility we are seeing yesterday and today – and the volatility does not crank up until after the Asian physical markets are closed and the London/NYC phony paper markets are in full swing – is the unequivocal signal the paper purveyors of gold are starting to feel a lot more pressure from the Asian demand for physical gold.  Indeed, the sharks are running out of food.


A Texas “Yellow” Gold Rush

“We are not talking Fort Knox,” Capriglione said. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository.   “People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.”   – Texas State Representative, Giovanni Capriglione (Ft. Worth Star Telegram)

Texas State Rep Giovanni Capriglione created legislation that would create a Texas Bullion Depository where Texas could store its gold.  Both the House and Senate in Texas have signed off on the Bill and it is headed to the Governor for consideration.

Comment from Texas reader, Dan:    All in Texas that think like this Representative…the gold may be gone by the time the vault is built…’rounded’ up by Jade Helm 15 and placed in a ‘secure vault’ for safe keeping…minus the Texas Teachers’ gold of course.

The plan calls for the creation of secure facility that would enable the State to move over $1 billion in gold bullion bars owned by the University of Texas Investment Management Company, which is the second largest U.S. academic endowment.   The fund currently “safekeeps” its gold at an HSBC vault in NYC.

This will be an interesting process to watch unfold.  My first instinct is to put on my “think like a criminal” hat and wonder if HSBC even has possession of the investment fund’s bullion – i.e. that the bullion might already be hypothecated.  To further this thought, I can envision a scenario in which HSBC – along with highly influential politicians in DC – exert undo influence on Governor Abbot to compel him to veto the legislation. This would alleviate the high degree of pressure that would be placed on HSBC to cough up the bars.

Notwithstanding this “think like a criminal” angle, the State of Texas now joins Venezuela, Germany, the Netherlands and Austria in the gold repatriation movement by governmental entities.  Germany, of course, already found out what happens when you “safekeep” your gold with bullion banks that are practiced in the art of leasing and hypothecation.

It would seem that the State of Texas is going to attempt to avoid the fate faced by Germany…

Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values.  – Franciso D’Anconia’s “money speech,” Atlas Shrugged



Gold/Silver Spike Up On No News

I wasn’t paying attention to the precious metals for a few mintues.  I get an email from Bill “Midas” Murphy that just said “what the heck?”  I knew right away to look at the metals market trading.   Gold and silver both spiked up suddenly just after 9 a.m. EST:


My response: I don’t see any new Bill. The dollar has been dropping hard all morning.

Honestly, a spike like this on no news is ALWAYS welcome. I’m wondering if a few more longs decided to hang on for delivery than was expected. I know the open interest was much higher on Friday than I had expected.

The dollar has been dropping hard all morning. Certainly it can’t be on any possible Greece news or rumors given that the SPX appears to be resuming it’s parabolic bubble move higher while the U.S. economy is turning south – quickly.

Perhaps what’s most interesting to me about the behavior of gold and silver as we moved through options expiry last week and into first notice is that the Comex bullion bank criminal-admitted-felons gold cartel was unable to smash gold despite unusually high open interest on first notice. While I predicted that the o/i would tumble below 10k contracts by Friday, it was still a healthy 8k+ open contracts, which is more than 2 times the amount of available gold in the “registered,” available for delivery accounts in the criminal bank vaults.

The metals are definitely behaving differently right now, and I’m not the only analyst who has noticed this.

“Tectonic Plate” Movement Suggests Gold Earthquake Coming

Like tectonic plates pushing against each other making pressures build up we must wait for that point when we have an earthquake. What history shows is that it may take just a tiny event to trigger major moves after the foundation of such a move has been laid over such a long time. When will it happen? It’s impossible to say, but we are certain it will happen! Everything changes after that.  – Julian Philips

Julian Phillips is a financial markets journalist and gold market analyst I have been following for over a decade.   He’s one of the few analysts who I believe is worth taking the time to read.  He certainly is not guilty of being a “perma-bull” and his analysis is supported by facts, data and historicity.

Julian’s latest piece was featured on Lawrie William’s LawrieOnGold.com and is worth the read:

New York closed at $1,188.50 up $1 on yesterday [Thursday, May 28] as the trading range tightens again. Today sees the dollar almost the same as yesterday at $1.0949 against the euro with the dollar index at 97.06. The LBMA Gold Price was set at $1,190.40 up $0.95 and the equivalent euro price was €1,087.75. Ahead of New York’s opening, gold was trading in London at $1,189.00 and in the euro at €1,082.43.The silver price fell back to $16.70 up 1 cents in New York. Ahead of New York’s opening it was trading at $16.72.

Wednesday and Thursday saw no purchases or sales into or from the SPDR Gold ETF and Gold Trust. The holdings of the SPDR gold ETF are at 715.857 tonnes and at 166.60 tonnes in the Gold Trust.

Today, being Friday, is the busiest day of the week for gold and silver in New York as traders and speculators don’t look at one day’s risk but three days. The week has been relatively quiet but the trading range of gold and silver has tightened as they both sit on support.

The saying for traders is that if it won’t go up it must go down. The long sideways move of both over the last 18 months disproves that. So which way is it likely to go?

You can read the rest of this here:   Earthquake In Gold Ahead

Gold Manipulation 101

There are no markets anymore, only interventions.  – Chris Powell, GATA

The Comex bullion banks have a problem going into first notice day tomorrow (delivery notices start going out this evening).  Preliminarily, as of yesterday’s Comex close, there were still 33,000+ open June contracts.  This represents the potential of 3.3 million ounces of gold standing for delivery vs. 372k ounces of gold reported to be available for delivery.

Too be sure, I do not expect anywhere close to 33,000 contracts to be standing for delivery as of the close today’s post-Comex globex session (5 p.m. EST).  In fact, I would bet that the open interest reported tomorrow will be under 10,000.   But I will point out that I can not recall this many gold contracts still open the day before 1st notice.  click to enlarge:


To make sure that the hedge funds either sell or roll forward to August, the banks have a keenly scripted screenplay:   Right after the Asian markets close and perfectly timed with the opening of the fraudulent paper London LBMA market, the San Francisco Fed head, John Williams, gives a speech on “banking supervision” in SIngapore.  Apparently he made some comments which led the market to believe the Fed would raise rates this year.

The yellow circle above show the smack given to gold right as the stock market opened. This is a common occurrence.  No news events, just a manipulated hit designed to trigger stop-loss position selling by big hedge fund algorithm programs.

Even the boy who cried “wolf” is blushing with embarrassment at the Fed’s threatening to raise rates.  Let’s face it, the Fed has been telling us they’re going to raise rates since Bernanke’s infamous “taper” speech in May 2013.

The Fed is not going to raise rates.  The market may raise rates for the Fed, but the Fed will not raise rates.  They use the threat of raising rates to manipulate market sentiment.  And they issues these threats at interestingly “coincidental” times – like when the open interest in the front month Comex gold contract is 10x greater than the declared amount of gold available for delivery.

Paul Craig Roberts: Free Financial Markets Are A Hoax

There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power.

There is a contradiction between a strong currency on one hand and on the other hand massive money creation in order to sustain zero and negative interest rates on the massive debt levels. This inconsistency is revealed by rising gold and silver prices.

When gold hit $1,900 an ounce in 2011 the Federal Reserve realized that the precious metal market was going to limit its ability to provide enough liquidity to keep the thoughtlessly deregulated financial system afloat. The rapid deterioration of the dollar in terms of gold and silver would sooner or later spill over into the exchange value of the dollar in currency markets. Something had to be done to drive down and to cap the gold price.

The Fed’s solution was to take advantage of the fact that the prices of gold and silver are determined in the futures market where paper contracts representing gold and silver are traded, and not in markets where the physical metal is actually purchased by people who take possession of it. The Fed realized that uncovered short sales provided enormous leverage over the prices of the metals and that it would be profitable for the bullion banks, such as JPMorgan, Scotia, and HSBC, to short the market heavily and then cover their shorts at lower prices produced by selling as a result of triggering stop-loss orders and margin calls.

Dave Kranzler and I have shown on numerous occasions that the bullion banks and the Federal Reserve make profits and protect the dollar by suppressing the prices of gold and silver. They do this by illegally selling huge numbers of uncovered shorts in the futures market. This illegal operation is supported by the so-called “regulatory authorities” who steadfastly refuse to intervene.

It has just happened again. Dave Kranzler describes it in detail here: https://investmentresearchdynamics.com/bullish-news-for-precious-metals-and-goldsilver-get-paper-smashed/

If memory serves, Matt Taibbi explained a few years ago how Goldman Sachs got position limits removed from speculators, so that now speculators can dominate market forces.

You can read the rest of Dr. Roberts’ commentary here:  www.paulcraigroberts.org

Bullish News For Precious Metals And Gold/Silver Get Paper-Smashed

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.”

It’s been pretty obvious to anyone who pays attention to the precious metals market that the Fed/banks are trying their hardest to keep gold below $1200 and silver below $17.  But both metals are in a nice uptrend since November.   As you can see from this graph below, so far today no real technical damage has occurred (click to enlarge):


The other motive for the banks to smash the metals like this is the fact that “first notice” day is Friday.  First notice is the day on which delivery notices can be issued to long a contract.  As of Friday’s final open interest report, there were still 122,309 June contracts open.  This is an unusually high amount of open interest with 3 trading days left before 1st notice.  And technically delivery notices can begin going out the evening prior to the stated first notice day.

Anyone holding a contract needs to either be funded for potential delivery under that contract or has to sell by the end of trading the day before first notice. The bullion banks typically capitalize on this event by “helping” the selling decision along by smashing the market with paper.

While options expiry is often a target of paper gold and silver price raids, it’s a mere sideshow of what will occur if just 25% of the standing longs as of Friday decide hold for delivery.  25% would be 30,577 contracts, or a little over 3 million ounces – 8x the amount of gold available for delivery.   The bullion banks are going to be desperate this week to try and force the big hedge funds – the long side of the bullion bank short position – to dump their long positions.   My guess is that today will have gone a long way toward to taking the open interest in June gold below 100k, contracts.

Last Friday I was exchanging emails with Bill “Midas” Murphy of LeMetropolecafe.com and Craig Hemke of TFMetalsreport.com.  We were discussing the incredulous increase in the short position in both gold and silver taken by the criminal cartel bullion banks (primarily JP Morgan, Scotia, HSBC).  Craig summed it up with quote that is too good not to share:

I’ve never seen anything like it. Reeks of desperation. Why? For all the reasons we discussed yesterday (on the Shadow of Truth). 

  • Keep price below Nemesis Line and 200-day MA
  • Thereby manage western sentiment and demand
  • Manage silver into a high below $18.20 and away from a clear, massive “W” bottom
For perspective, by adding 50,704 naked shorts in just five days, The Cartel shorted 5,075,400 troy ounces of paper gold. This is:
  • 158 metric tonnes
  • Equivalent to the entire holding of Thailand
  • 5% of total global mine supply for 2015
  • 75% of total US mine supply for 2015
  • and this is the worst…65% of the total (registered and eligible) Comex vault, which stands tonight allegedly at 7,835,317 ounces
In silver, I’ve never seen a higher Cartel gross short number. Ever. Not in 2010. Not in 2011. No in 2013. Last Tuesday. At $17.05. For the week, The Criminals added 18,595 new naked shorts. That’s
  • about 93,000,000 ounces or 2900 mts
  • 11% of total global mine supply
  • 52% of total Comex vault