- Kerry Lutz’s Financial Survival Network
As Miles Franklins’ owner Andy Schectman says, ‘Price is a tool of deception.” What a difference a week makes. Comex has become a delivery market, all to the group known as the others, such as family offices and sovereign wealth funds. April deliveries were 20,000 contracts, or 2 million ounces. Big money is misdirecting the public to corner the market. On February 2 during the height of the #silversqueeze.
All the major bullion dealers were shut down for the weekend. During this 48 hour dealers are hedged, but that weekend the hedge ran out and Andy was 35000 ounces naked into Sunday. In this environment the next morning someone dump $45 billion worth of paper to drive down the price. 90 million ounces has been back doored out of SLV. No one in the midst of the greatest bull market in history would sell this much metal ever. At the same time 55 million has been drained from the Comex. Metals is coming out of everywhere. Problems are blowing up all over the world. Andy has been working 18 hours per day for the past several months. Higher demand will lead to higher prices. One day there will be nothing to sell and people will wonder how it happened.