Gold and silver blues

There is something going on in the precious metal market. It’s no secret that both gold and silver are being manipulated by banks and hedge funds, for different reasons, suppressing the value in the west and creating incredible arbitrage opportunities with the east, where both metals trade much higher. Yesterday, Hong Kong authorities announced they are creating a hub for clearing physical gold. It will be a government-owned mechanism (in other words China will own it) and will mirror the infrastructure used in London, the world’s largest bullion market, allowing participants to settle trades through unallocated accounts. It would appear as if China has had enough with COMEX manipulation and has decided to create its own clearing system. Now take a look at the chart below: the UK imported 600 tonnes of Silver in the month of March, to subsequently export 472 tonnes to…Hong Kong. They’re emptying the vaults in London and Chicago to fill the vaults in China. Remember that precious metals are monetary metals and 55 years ago gold was backing the global monetary system. The same way that China has plenty of oil reserves when the war with Iran started, they are building strategic physical reserves of key monetary metals in case…there’s a reset?

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