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James Turk continues:
“For the past couple of years I have contended that this was a fictitious rate because, in reality, I believe silver is in backwardation. In other words, the future months are below the spot months, and so you should have a negative silver forward rate. But it’s not reported that way on the LBMA site.
They (the LBMA) consistently show a positive silver forward rate. Now, what the LBMA said is they are no longer going to report silver interest rates and silver forward rates.....
Continue reading the James Turk interview below...
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“The reason they (the LBMA) gave is they said it is just an indication and you can’t really trade at that price anyway.
So what that does is prove the point that I’ve been making, that these are artificial rates which are just there to paint the tape and to mislead people into thinking the silver market is actually in a normal contango. But in reality it (silver) is actually in backwardation.”
Eric King: “These are the types of things you see James as you are running a price fixing scheme, and it’s a Ponzi scheme, and you begin to run into trouble.”
Turk: “Yes, that’s absolutely right. One lie leads to another lie, leads to another lie. Or, in this case by taking away some information they are making it less transparent, more opaque, so you can’t really see what’s going on in the silver market.
What that does is it puts people at a disadvantage if the markets are interfered with, whether it’s by central planners or the banks. This ultimately destroys the market and everybody loses in that environment.”
This is the first in a series of interviews with James Turk which reveal steps that are being taken to cover up the corruption and manipulation in the gold and silver markets. These steps which are being taken by Western central planners are a clear sign of desperation that their Ponzi scheme and price suppression scheme is getting close to collapse.
The information above was just a small portion Turk’s extraordinary interview. KWN has now released Turk’s audio interview which discusses the desperate maneuvers which are going on behinds the scenes and you can listen to it by CLICKING HERE.
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
The interviews with James Turk, Egon von Greyerz, Michael Pento, Wilbur Ross, Don Coxe (BMO $538 billion) and Ben Davies are available now. Also, be sure to listen to other recent KWN interviews which included Art Cashin (UBS $612 billion), Nigel Farage, Bill Fleckenstein, and Rob Arnott (RALLC $100 billion) by CLICKING HERE.
Eric King
Turk - The LBMA Is Moving To Cover Up Silver Manipulation
Today James Turk spoke with King World News about steps which are being taken by the LBMA and Western central planners to cover up the corruption and manipulation in the gold and silver markets. This is the first in a series of interviews with James Turk that will be released today which reveals what is going on behind the scenes of the increasingly desperate Western central bank gold and silver price suppression scheme.
Here is what Turk had to say about what is now taking place: “They (the LBMA) are making it more and more opaque. Less and less information is being made available. Specifically, what’s happened here is that the LBMA had been reporting the silver lending rate and comparing it to the LIBOR rate.”
© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
November 27, 2012
