"fed minutes, gold manipulation & fool’s play", page-22

This statement burned in my head since it was posted...

"The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years"

That is just weird. I cannot think how else to explain it. And I cannot think that this 5 year supply of 'paper gold' coming onto the market in one swoop has anything to do with real gold.

It almost sounds like paper money, ala, 1980 or whenever Nixon removed it from the gold standard. I will guess there was too much paper backed gold. If everyone showed up at Fort Knox, the place would be empty before half the paper money (backed by gold showed up).

So, how can an ETF exist that actually has no physical backing. It would be like me selling the moon to people. I cant deliver it, but I guess I can sell it, if someone will buy. And what is to stop me from selling the moon to a million different buyers.

Did I say this was weird. What does it have to do with physical gold.

You know, one day the Chinese are going to say... 'screw the paper ETFs, we have a gazillion tons of gold, AND our paper money is now backed by that'. In one fell swoop the US and its currency would be destroyed.

How can someone sell me more gold than has ever been mined. And let us say I buy the paper gold - all of it - thinking I can corner the market. The banksters can just run out the back and pring more paper gold.

This is just weird.

Ok, I am now 80% into a diverse set of gold producers and developers. Yesterday was my last cash to put in. Now I hang on for the ride.

Lord knows how I work out what my gold is worth. I should tell my miners to not sell the gold, but stockpile it.

Let us say my house was for sale, say for 500k. Let us say it was the only house for sale in the suburb. But suddenly, at the auction, across the street some hawkster (bankster) starts selling 'paper rights to my house for $490k, then $480k, and downward'. I can say 'wait, you dont own my house'. But if people then fight for the paper rights to my house at some future date, then the real buyers at my auction will say 'hey, you house is only worth 400k, the piece of paper over their says to'. So, suddenly my buyers at 500k are gone. They prefer to buy a paper right to my house (that can never be redeemed) only to hope to sell the paper to another buyer later.

This is just too wierd.

How can banksters sell gold that does not exist? How can they sell gold that they do not own?

This is weird.