James Turk of GoldMoney.com says, “COMEX is just a side show. It’s just a paper market. The action is taking place over here in London. You are seeing this huge backwardation. If you want to put a big order in, say $50 million for physical metal, you can’t get that metal tomorrow. You are going to have to wait for a while before you can get that metal. That’s sign to me that gold is cheap. The same thing is happening in silver. As a result of that, you are going to see much higher prices as we move to the end of the year.” Turk goes on to add, “We’ve seen the slow burn in the dollar. You have these blips up and down and, right now, we are having this momentary blip of dollar strength, but eventually, it will go over the edge of the cliff. That is, ultimately, what happens when a currency collapses. Eventually, people realize the currency no longer makes sense.”
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss precious metals manipulation in Switzerland and the costs of the never-ending banking fraud - from the ‘suffering and life long risks’ to children in Europe and beyond to the rising cost of food hitting lower income consumers. In the second half Max interviews Alasdair Macleod about gold, China, QE and the economy.
What does the extreme precious metals demand say about the global financial system? Kirby thinks, “What the western world is trying to hide from the rest of the world is the U.S. dollar centric money system is failing, and it’s failing in spades. The only reason it hasn’t failed yet is extraordinary levels of corruption and fraud have been used and employed to keep kicking the can down the road. They are also trying to keep officiating and hiding from the general public how broken the system really is. That’s been done basically by payoffs, bribes and ownership of the media; payoffs, bribes and ownership of the political apparatus; and payoffs, bribes and ownership of the biggest financial institutions. It gives things the appearance of being under control, but beneath the surface, things really aren’t under control.”
Nick Santiago thinks we're about to see a turn around. Based upon this Friday and last, something's about to happen. The miners might be about to make a turn around too. The world is going crazy and the financial system is on the skids, where else can you put your money? Precious metals is going to be the place to be. Be patient.