admitted to cftc: gold market is ponzi scheme , page-2

"What was then astonishing is that the bullion bank apologist, Jeffrey Christian of CPM Group, who has always been staunchly against GATA, endorsed my comments as being "exactly right" and went on to confirm that the LBMA trades more than 100 times the gold it has to back the trades."

My comments:

I never realised the LBMA paper trading in gold was that bad. That more than one million ounces of paper gold traded is backed by just 10,000 ounces of real gold.

Please correct me if I don't understand this, but on my understanding that is not price discovery. It is price control.

Instead of a shortage of physical gold, more than 100 times the amount of physical gold that really exists has been created by paper alchemy. That of course must lower the price of physical gold by an astronomical amount - dare I suggest thousands of US dollars an ounce?