Sprott: Shorts May Need To Deliver 40 Million Ounces Of Silver
Today billionaire Eric Sprott spoke with King World News about key players on the Comex that may be standing for delivery of as much as a staggering 40,000,000 ounces of silver. This is the second in a series of interviews with Sprott that will be released today which reveals what is going on behind the scenes with the increasingly desperate Western central planners and their gold and silver price suppression scheme.
Eric King: “We have the LBMA eliminating reporting on silver lease rates, we covered that extensively with James Turk. There is frustration out there. How much longer can they keep gold and silver effectively manipulated? Are we getting very close to where they are going to lose control of these markets?”
Sprott: “That’s the $64 million question. I wish I knew the answer. You can’t know because the central banks’ balance sheets are totally non-transparent. I can just tell you, Eric, I heard it’s possible the Chinese are going to start selling more gold coins to their citizens.
Some numbers were thrown out about how much they would buy and I thought, ‘My God, how could they buy that many coins when there is no increase in production?’ Here we would have another new entrant into the gold arena which wasn’t there ten years ago when we weren’t balanced (in terms of supply/demand) even back then.
In fact, Frank Veneroso suggested we had a shortage back in 1998....
“So I don’t know when it (the manipulation) breaks. I was hoping that we would see big physical demand on Comex here for the December contract. We (still) have one more day to find out what it will be, but so far it looks like there might be as many 40,000,000 silver ounces on demand.
Presuming most of that (40 million ounces) is shorted by the bullion banks, they only have about 34 million in their inventory. But the day is coming when those commercial sellers of paper are going to be called to task to deliver the real thing and there will be a failure somewhere along the line.
I just can’t tell you when it would be, but we certainly have the makings of it happening at any time.”
kingworldnews
Today billionaire Eric Sprott spoke with King World News about key players on the Comex that may be standing for delivery of as much as a staggering 40,000,000 ounces of silver. This is the second in a series of interviews with Sprott that will be released today which reveals what is going on behind the scenes with the increasingly desperate Western central planners and their gold and silver price suppression scheme.
Eric King: “We have the LBMA eliminating reporting on silver lease rates, we covered that extensively with James Turk. There is frustration out there. How much longer can they keep gold and silver effectively manipulated? Are we getting very close to where they are going to lose control of these markets?”
Sprott: “That’s the $64 million question. I wish I knew the answer. You can’t know because the central banks’ balance sheets are totally non-transparent. I can just tell you, Eric, I heard it’s possible the Chinese are going to start selling more gold coins to their citizens.
Some numbers were thrown out about how much they would buy and I thought, ‘My God, how could they buy that many coins when there is no increase in production?’ Here we would have another new entrant into the gold arena which wasn’t there ten years ago when we weren’t balanced (in terms of supply/demand) even back then.
In fact, Frank Veneroso suggested we had a shortage back in 1998....
“So I don’t know when it (the manipulation) breaks. I was hoping that we would see big physical demand on Comex here for the December contract. We (still) have one more day to find out what it will be, but so far it looks like there might be as many 40,000,000 silver ounces on demand.
Presuming most of that (40 million ounces) is shorted by the bullion banks, they only have about 34 million in their inventory. But the day is coming when those commercial sellers of paper are going to be called to task to deliver the real thing and there will be a failure somewhere along the line.
I just can’t tell you when it would be, but we certainly have the makings of it happening at any time.”
kingworldnews