Well it is the first time, that I can recall anyhow, that the leaders of over half the worlds population are seriously talking about a new reserve currency based on gold, silver and other commodities. It is clear that they are moving some physical towards their nations, away from Western nations, and India even opened up a new gold exchange recently and will be adding silver soon.
"Over the last few months, Russia has become increasingly insistent that the LBMA has engaged in artificial practices by manipulating the precious metals market and keeping prices low. This in turn, is seen as having a negative impact on precious metal exporters. These accusations have also become stronger since the LBMA banned Russian precious metals such as gold, platinum and palladium as part of the international Russia-Ukraine sanctions."
"According to Indian Prime Minister, Narendra Modi, the IIBX will “empower India to gain its rightful place in the global bullion market and serve the global value chain with integrity and quality.”
Someone with big pockets does seem to be pulling physical gold and silver out of London, Switzerland and the USA. If the recent gold/silver paper price manipulation is about trying to limit Russia from using precious metals to trade instead of the ruble it is one good reason why those markets should be dissolved. They really shouldn't be able to have so much paper commodity as it allows people to control the price unrealistically, as fiat is unlimited and metals are not. Thus the USA can just keep adding zeroes to the bank account of JPM/Citi, create more paper commodity and then dump it over and over into themselves and no one can compete with them as they have unlimited funds. The only way to stop it is to buy physical when they dump and take it out of there, until they have none, a bank run.
When one side of a market is fiat, and the other side is a COMPETITOR to fiat, I don't think there should be allowed any paper commodity at all. It allows bad actors to control price of competitors to their currency, so I welcome whatever the BRICs do, it will be wildly successful IMO especially if they have a blockchain part to it to sidestep all the sanctions that will be put on it by Western idiots. But when this all rolls around for the peasants investing in gold/silver who knows.
MKR will be having a break even quarter if things went well, which isn't that good really considering their cash position. But they also sent away 500 samples from the silver stockpile so they may have been able to find a few hotspots and targeted them first, who knows. Investing in silver and silver related projects is smart if you have a long enough timeline because the fundamentals are clearly there. But timing is everything with investing and timing manipulated commodities, especially silver, is challenging.
MKR Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
