A subscriber sent me a link to the London Gold Exchange which closed their doors PERMANENTLY today. Here's the link:
At first I thought they might be related to the London Metal Exchange but they are not. Just similar names. Here's the description of the London Gold Exchange from Wikipedia:
"London Gold Exchange is a digital currency exchanger founded in 2001. The London Gold Exchange is owned by LGE International LTD., an offshore company registered in Belize, with offices in London,England and Hong Kong. London Gold Exchange operate 2 franchises, one in the UK and one 'International' which covers everywhere other than the UK. The UK administration office in Central London, with staff based in locations around the UK. The International administration office is in Hong Kong, with staff also operating from mainland China. Technical staff also operate from locations inAustralia."
Yes. This was a DIGITAL gold exchange playing in the gold DERIVATIVE markets. From other articles the London Gold Exchange claimed to be the LARGEST e-gold exchange in the world.
Hmmm...
This surely can't be good news for their customers or the COUNTER PARTIES on the other end of these paper/electronic gold derivative transactions. The ripple effect of an implosion of gold and silver derivatives will set off the long awaited "Weapon of Mass Financial Destruction". I doubt this will be big enough to start the crash but it is definitely a sign of things to come.
Then again, there is not much difference between an e-DIGITAL market and the COMEX market as both are just electronic derivatives of gold and silver. It's possible that September will be the largest volume month for COMEX silver in history... meaning north of 3,000,000 contracts traded representing over 15 Billion Ounces of SILVER! To add some context there's only about 30M ounces of physical silver available for delivery in the COMEX warehouses which represents a 500-1 ratio of paper trades against physical silver available for delivery in the month...and this is how the price is set for physical commodities in this age of paper Ponzi Schemes.
I know it is difficult to ride out these slams but this IS the end game so...
STAND STRONG!!!
Obviously, it looks like we are going to have to EARN the future rewards on our physical gold and silver investment once again. So be it!
We saw it coming long ago and IF you survive another few months with your METAL IN HAND then you will be one of the ONLY investors in the world to have preserved their wealth after the CRASH.
Keep and eye out for the END of the THIRD quarter as there should be MANY surprises in OCTOBER.
For those of you sweating this one just pop this in your mouth!
Your Silver Pacifier
May the Road you choose be the Right Road.
Bix Weir
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