Chris Powell: The Signs Swirl All Around Us, So Is the Revaluation of Gold at Hand?

• Chris Powell: The Signs Swirl All Around Us, So Is the Revaluation of Gold at Hand?
  by https://www.silverdoctors.com/
  “…they will be immunized by a declaration of force majeure, cash settlement, an official revaluation of gold, and even…”
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  by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
  Dear Friend of GATA and Gold:
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  For most of this decade owning gold and gold-related investments has required the patience of Job, and the sector is so obscure that it is hard to be sure of anything. But for months now the unusual developments have been piling up so much that it may be possible to regain some optimism.
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  There are indications of a shortage of metal not just at the New York Commodities Exchange, where for months now most contracts have been settled through a supposedly “emergency” procedure called “exchange for physicals,” but also in London, the hub of the world gold market, where the usual flow of metal to Switzerland recently reversed, with metal flowing back to London amid increasing demand. This corresponded with announcements of gold acquisitions by central banks that had not shown any interest in gold.
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  For months the usual central bank-inspired smashes in the gold futures markets have not been having much effect, even as GATA consultant Robert Lambourne has reported increasing intervention in the market by the Bank for International Settlements:
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  http://www.gata.org/node/19693
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  The Comex has just quickly authorized a vast expansion in what bullion banks can use as collateral for their selling — “pledged gold” held off the exchange, supposedly in London, for whose existence and unimpairment there is no public evidence.
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  Amid these indications of shortages, the open interest in gold futures on the Comex keeps hitting record highs. The bullion banks selling the contracts seem to be acting as if the gold supply itself is infinite, not just the supply of gold paper.
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  Or maybe they are acting as if they have confidence that when real metal is exhausted, as it was in early 1968 when the previous gold price suppression scheme, the London Gold Pool, faltered and then collapsed, they will be immunized by a declaration of force majeure, cash settlement, an official revaluation of gold, and even capital controls on the monetary metal, such as Swiss gold fund manager Egon von Greyerz and London metals trader Andrew Maguire claim already to be in operation at banks in Switzerland.
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  read more.

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