Tag Archives: bullion

Bullion banks hold mining companies hostage by manipulating metal prices – RT’s Keiser Report

Author: RT
This post originally appeared on RT Business News

Max Keiser interviews Craig Hemke of TFMetalsReport.com about the prices of gold and silver being unable to signal anything, thanks to interventions in price discovery.

They agree that the silver mining industry is “in the pockets” of the regulators and the Federal Reserve, “and they do what they want them to do.”

The bullion banks hold the mining companies hostage because miners need cash flow for production, says Hemke. He explains that the miners sell their product to the banks which give them cash, and then the banks take the product and keep it for themselves. The firms “routinely withhold production because they know the price has been ridiculously manipulated lower.”

The expert suggests that if people want to diversify out of dollars, they could buy some physical metal. “That makes sense… And if we could all kind of make a practice of doing it, kind of roughly at the same time… then we could really make an impact on how this system is structured,” he says.

For more stories on economy & finance visit RT’s business section

‘Gold symbolizes strength of the country’: Poland plans to add more bullion to its coffers

Poland wants to buy at least 100 tons of gold in the coming years to demonstrate the country’s economic strength, said the president of the central bank, Adam Glapinski.

In an interview with Sieci magazine, he said, “At the moment, we have 229 tons of gold, of which more or less half was bought during my term in office,” adding that the new holdings would be stored in Poland.

“This matters, among other things, for how the country is perceived,” Glapinski explained. He said in January that the share of gold in the central bank, which currently comprises 9% of the nation’s reserves, would rise to 20% during his next term.
Also on rt.com Central banks worldwide buying up massive amounts of gold in a shift away from US dollar – Goldman Sachs
Poland has been consistently boosting its bullion reserves in recent years, buying around 126 tons of gold in 2018 and 2019. The nation also repatriated around 100 tons of gold from the Bank of England’s vaults in London, which is around half of Warsaw’s holdings in the United Kingdom. Glapinski said back then “The gold symbolizes the strength of the country.”

Over the past decade central banks around the world, and particularly in Eastern Europe, the Middle East, and Asia, have ramped up purchases of gold in a shift away from the US dollar.

For more stories on economy & finance visit RT’s business section

RT