According to an article on the BBC news website the very future of a 117-year-old global benchmark determining the price of spot silver could be in jeopardy after its administrator said it would cease and desist all its operations.
The London Silver Market Fixing said it would bring an end to this process from 14 August.
This news comes after Deutsche Bank, along with HSBC and Bank of Nova Scotia set the spot price of silver, said it was quitting.
Deutsche Bank said in April it would leave the process, but said on Wednesday it had postponed its departure until 14 August.
Current administrator the London Silver Market Fixing said the London Bullion Market Association had “expressed its willingness” to determine with market participants whether they were interested in developing an alternative.
Within the current system , the chaps from Deutsche Bank, HSBC and Bank of Nova Scotia speak via telephone or Skype each day at around midday to work out a spot price for silver, based on transactions between their clients.
The spot price is then used by miners, financial firms and jewellers to trade silver and value their stocks.
The announcement comes amid scrutiny of commodity benchmarks by regulators. My guess is that, when the shit finally hits the fan and silver manipulation is finally established and no longer a crack pot conspiracy your going to see many bankers flying out buildings.
The fact is that the US Commodity Futures Trading Commission conducted a five-year investigation into allegations that some of the world’s biggest banks had distorted future silver prices.
No one can question the fact that the demand for silver has grown exponentially in the past few years, record sales for American Eagle coins being one small example, record buying in India, another larger example. Demand has never been greater. Supply, on the other hand, keeps diminishing.
Global mining production is at its lowest in the past decade. The annual Consumption/ Production ratio is indicative of acute deficits. Whenever there is a situation where demand rises sharply, while supply commensurately declines, it is a recipe for higher prices, and usually, much higher prices. This is true, unless one is talking about the silver market. Under the conditions of record rising demand and considerably less supply, the price of silver is at its lowest levels in the past three years.
This is why the United States eliminated the backing of United States Notes with silver and gold.
Every attempt has been made to keep a lid on the price of silver and gold by central bankers desperate to hang onto their waning power.
The East is over taking the West, and they are doing it by buying all the available physical silver and gold.
It is all about central banks being used by the elites to prevent silver and gold from exposing the fraud.
If the price of silver were allowed to rally and reflect reality, the exponentially higher prices would expose what lies behind the central bank fraud.
The Libor interest rate market, the Federal Reserve taper-on stock market, the OPEC oil market, the De Beers diamond market, the US world-wide drug trade market, the pharmaceutical market, the food supply market.
Each factor that controls a specific market is also ultimately controlled by the elites, the New World Order.
An ounce of silver is still the same ounce of silver from thousands of years ago.
The bad news is: no one knows for how much longer the elites can keep control, via their central banks, in suppressing the price.
Do not buy silver in any form of paper, for you are unlikely to ever received physical, if promised.