"But when it comes to the ETF GLD, you need about $13 million worth, or 100,000 shares, if you want to redeem the shares for physical gold. We have a number of our sources who have told us directly that JP Morgan and some of the other bullion banks are in fact turning down investors with 100,000 shares who have asked to redeem those shares for physical gold.
Meaning, various entities or high net worth individuals who have presented 100,000 shares or more to JP Morgan for the purposes of redeeming those shares for physical gold have already been told, or are currently being told by the banks, ‘No, we will not act on your behalf.’
This goes right to the heart of the reason why these ETFs were set up in the first place, which is so the bullion banks could loot them when they needed the physical gold from the vault to engage in the kind of manipulative behavior that we are witnessing today.
The winners in all of this are the bullion banks themselves because they created the game. Meaning, they are the referee as well as a player in the game so they can’t lose because they fix the game. So the ordinary investor has no hope when it comes to owning an ETF such as GLD.
People also have to remember that Eric Sprott’s physical Gold and Silver Trusts have lost very little metal to redemptions. So, while GLD has lost a staggering 34% of its gold inventory because of the looting, the Sprott Gold Trust has lost a mere 1.3% of its gold.
This is why the mainstream media is the ‘Great Deceiver.’ There is no mass exodus from physical gold as the mainstream media would have investors believe. In fact, we have been and continue to see unprecedented levels of physical gold demand that we have never seen in history.
This is why I am telling you as a multi-decade veteran of these markets, as someone who worked at Goldman Sachs, and who served on the Board of Directors at Paine Webber, the gold and silver markets are entirely corrupted and there is no true price" KWN
Europe, China and the rest of the world isn't strong enough (yet) to offset the gold/silver manipulation as seen in money flow. The banks are strongly aiding corporate silver needs while playing aces for the US government, but I do see a battle coming as the dollar doesn't have fresh troops behind them. The next few days will be a quiz, but the real test for the dollar is yet to come and I expect a failing grade.