Ron Kirby Finds Massive Fraud

Analyst Ron Kirby has noticed some strange activities in the gold market. Kirby says big banks such as J.P. Morgan and Deutsche Bank have had a bit of trouble finding physical gold to fill contracts. His most significant discovery is that someone manufactured 60 metric tonnes of fake 400-ounce gold bars for storage in Hong Kong. According to Kirby, the fake gold wasn’t made by the Chinese but was instead minted by a refiner in the good old USA.

In a remarkable investigation, he learned that the one person who would have had the records to track the fake gold back to its maker was ousted from the NYMEX, the New York commodities exchange. He hints that the fake gold may in some way be connected to the popular gold ETF, GLD, a fund whose prospectus has some rather suspect language about whether its gold is actually real.

Kirby’s biggest concern is that the Federal Reserve has been engaging in gold swaps. He cites this as something that was discovered by GATA (Gold Anti-Trust Action Committee) during a Freedom of Information Act request. Swaps are a great way to suppress the price of gold. They’re the equivalent of dual entries in an accounting ledger. In this case, they could make it seem as if a lot more gold exists above ground, as could the manufacturing of 60 metric tonnes of 400-ounce fake gold bars. Both methods serve the purpose of suppressing the price of gold.

Read Ron Kirby’s full article about gold…

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