andy hoffman:
rrespective, the Cartel is clearly in trouble; no less, as Precious Metals’ “ partner” in destroying the cancerous global fiat Ponzi scheme, Bitcoin, is on the verge of breaching $600. To that end, I’m now finding myself looking forward to awakening each morning, knowing full well the majority of major Bitcoin surges occur in China, where 90% of the volume trades. In other words, exactly what Precious Metals will eventually become – when China, which is the world’s largest PM producer and consumer, finally takes the mantle of the world’s principal gold and silver price creator. This year’s establishment of the “Shanghai Fix” is a huge start in this direction – and eventually, Westerners will awake to see “what happened in China” with gold and silver, just as they do now with Bitcoin. As for the here and now, if you don’t think the Cartel is staring in the face of a potentially lethal, manipulation-destroying product shortage in the coming years – or perhaps, months – take a look at what the COMEX’ registered silver inventory looks like, after a whopping 3.5 million ounces, or 13% of the total, were withdrawn Friday. Yes, a new record low level, of a mere 23.3 million ounces, are available for delivery, worth a record low $380 million – having just taken out the lows of April 2011, when inventory was being withdrawn not because the prices was falling, but surging! In other words, PMs are yet again proving to be price inelastic on both the upside and downside, unlike any other “commodity” on the planet. To that end, the great Andrew Maguire noted this weekend, that the Chinese government has been actively advertising on national television in recent weeks, encouraging Chinese citizens to buy gold; and thus, quite obviously setting a new, higher “floor” on the gold price
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