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Why metals keep going missing in commodity trading
Good thing that Bloomberg and other mainstream financial news organizations never examine rehypothecation in the monetary metals markets.
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From Bloomberg News
via The Washington Post
Friday, February 10, 2023
Trader Trafigura Group is facing more than half a billion dollars in losses after realizing that cargoes it bought didn't contain the nickel they were supposed to, sending fresh shockwaves through an industry that has been rocked by several high-profile frauds in recent years.
... Dispatch continues below ...
... ADVERTISEMENT ...
Relevant Gold Intersects 83.8 g/ton gold over 1 meter at Golden Buffalo
Company Announcement
Monday, February 6, 2023
VANCOUVER, British Columbia, Canada -- Relevant Gold Corp. (CSE:RGC) is pleased to announce the results of its initial 3,500-meter drilling exploration program on its Golden Buffalo Project in the company's 15,095-hectare land package in the South Pass Gold Field, Wyoming, United States.
Highlights of the program include 1 metre (core length) of 83.8 g/ton Au in Hole 22GB-012 and 14 of 26 holes reporting anomalous gold (>0.1 g/ton Au). The results indicate that the Golden Buffalo Shear is a fertile orogenic gold structure and provide initial proof of concept that large scale Abitibi-style mineralization may exist in central Wyoming. ...
Mineralization was consistently found in individual shear strands within the overall 20-meter-wide Golden Buffalo Shear Zone.
Fifty-four percent of holes drilled intersected anomalous (>0.1 g/ton Au) gold mineralization. Orogenic/Abitibi-style alteration was observed in all 26 drill holes. ...
... For the remainder of the announcement:
In August, a group of Chinese merchants found that a copper trader in the nation wasn’t holding almost $500 million worth of ore that was meant to be their collateral.
And there was a June episode involving missing aluminum.
They all highlight rising risks in commodity financing and carry worrying echoes of a much bigger scandal in 2014 -- the Qingdao fraud -- that triggered a sweeping overhaul of the commodities business at international banks and trading houses. ...
... For the remainder of the report:
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Toast to a free gold market
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http://www.gata.org/files/GATA-4-wine-bottles.jpg
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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