"And we headed out of the hotel, went to the airport, got on the plane and, about halfway through the flight, I found myself alone in the President’s cabin with him. I said, 'Mr. President, you don’t have a cold. There’s something else going on.'
He said, 'You bet. There is something else going on.' And he said, 'When you find out, grab your balls [and run].'
Pierre Salinger, On the Cuban Missile Crisis
If I were short bullion I might consider squaring up and inching towards the exit, just to be on the safe side.
I cannot believe how little gold is left at Brinks. They have gone from total ounces of about 650,000 at the end of 2012 to a little over 186,000 ounces now.
Brinks and JPM only have about five and one half tonnes up for delivery. The two big boys are HSBC and Scotia, and they only have a little over six tonnes up for delivery between them.
That does not mean, however, that we will not see the usual shenanigans in the paper metals markets.
It's what they do, until they can't. And then they ask for a change in the rules, and a bailout.
