I believe that the big buyer of the 10 million ounces of gold liquidated in the GLD was JPMorgan, either alone or with other collusive commercial banks... by having the gold redeemed out of the trust and the metal being purchased (instead of shares), stock reporting requirements are evaded.  A single holder, perhaps working with a few collusive partners, have come to own what is, effectively, almost a quarter of the world's largest gold stockpile and no one is the wiser.


When you include what came out of the ETFs and exchange warehouses it adds an additional 15 million ounces. Together that totals 30 million ounces ($45 billion). Options and over-the-counter derivatives transactions could double that amount. This likely brings the total of their purchases to 50 million ounces ($75 billion). This sound like a huge number but it's quite manageable for these big banks and it represents a small fraction of the total derivatives market.


If, as I contend, JPMorgan picked up at least 20 million gold ounces they shook out from the GLD and elsewhere, a $300 dollar gold rally will net them $6 billion in ill-gotten gains on that position alone. It could be much more if they are more ruthless in creating higher prices. Generally, with these crooks they usually exceed what you think they are capable of.

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