The only thing to report today is that Shanghai silver premiums have hit an all time high of 8.3% since I monitored it, indicating alarmingly low levels of inventory in China.
The Chinese though have record high premiums of 8% on silver at this moment, maybe we’ll see some sort of jump, I don’t know.
It’s the CME. And it’s auction based, which is a good thing as manipulation will be eliminated. More participants will be able to trade it in an auditable way.
As the new silver-fix operators, CME Group will provide the price platform and methodology and Thomson Reuters will provide the administration and governance, the LBMA said.
We will mark this event in our calendar and see what happens when we cross that bridge. Obviously this end of the silver fix will end the manipulation in the prices of silver futures and options contracts. This will put a stop to the hundreds of millions of dollars profit the banks make from this manipulation. All of this money is taken from honest investors. If these illegal profits by the banks can’t be made whole anymore, then precious metals investors will be able to put more of their money to work in the precious metals space, instead of giving it to the J.P. Morgan bankers. There are people who say we could finally go to the $100/ounce figure after that date. One thing is for sure, volatility in price will go up and the price itself too.
Correlation Economics (Backup) 