Comment: History In The Making

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the stranger's picture

History In The Making

The Nothing is coming into view...
This is the end of the fractional reserve bullion banking system. Consider this extraordinary decline, not from the perspective of technicals, quantitative easing or fundamentals. Consider these factors, instead:
Extraordinary physical deliveries, not just through London but also every other major global center including Shanghai.
The record Q1 depletion of Comex gold reserves.
The nearly 200 metric tonnes removed YTD from the GLD.
The record pace of demand for metal from the U.S. Mint.
The record premiums for bullion, even "junk" silver.
The "official' reported Chinese importation of 90 metric tonnes in February alone.
The destruction of the Kennecott mine in Utah, which in 2012, produced 25% of the U.S.'s copper, 5,000,000 ounces of silver and 500,000 ounces of gold.
And perhaps most significantly for this discussion: The DEFAULT of ABN Amro two weeks ago.