Default Coming? Comex Confirms That Its Gold and Silver Inventory Reports Are Fraudulent
“The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.” – disclaimer now posted on the Comex gold and silver daily warehouse stock report as of Monday, June 3, 2013.
Well now. How would you like to get your bank statement in the mail from JP Morgan or Bank of America and see this disclaimer added at the bottom:
“The information in this account statement is taken from sources believed to be reliable; however, JP Morgan Chase & Co. disclaims all liability whatsoever with regard to its accuracy or completeness. This account statement is produced for information purposes only.”
How would feel about that? That’s pretty much the equivalent of what the attorneys for the CME/Comex have done by adding the statement at the top to their daily gold and silver warehouse stock reports. That disclaimer was not in Friday’s warehouse stock report, it was on yesterday’s (3 June)
More at link:
The Big Banks and Commodities Future Trading Commission Conspired to Hide Speculation from Congress
Rolling Stone financial writer Matt Taibbi gave some very interesting details about how the big banks have gamed commodities prices.
For 60 to 70 years, the regulations preventing speculators from betting on commodities worked pretty well. Only commodity producers or buyers – you know, the people who are supposed to set prices – could hedge their bets.
But in the early 1990s, the big financial companies starting applying to the Commodity Futures Trading Commission (CFTC) for “exemptions” … so that they could speculate on commodities.
Chart of the day: Epic plunge in total comex gold inventory
Source: Nick Laird, Sharelynx.com