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Billionaire Eric Sprott – Entities Wiped Out Overnight As Western Central Banks Near Total Surrender

by BZ ⒾAM Riger / Saturday, 31 January 2015 / Published in Absolute Data

Billionaire Eric Sprott – Entities Wiped Out Overnight As Western Central Banks Near Total Surrender

published on King World News,  on January 25, 2015

 

King-World-News-Billionaire-Eric-Sprott-Entities-Wiped-Out-Overnight-As-Western-Central-Banks-Near-Total-Surrender-1728x800_c.jpg

 

Today billionaire Eric Sprott warned King World News that as entities are being wiped out overnight, Western central banks are nearing the point of total surrender.  This interview takes a trip down the rabbit hole of desperate central banks coming to the realization that it’s nearly game over.

Eric Sprott:  “I find it very ironic that the most volatile asset class these days is currencies.  This seems very strange with global stock markets just treading water here.  Yet we have currencies that are flailing all over the place, including the euro, yen, ruble, and the Canadian dollar.  It strikes me that we are living in a very bizarre financial world as the currency wars continue to rage with various governments and central banks.

Eric, I’ve always wondered, how do we deal with this one quadrillion dollars of derivatives?  These are tied to various instruments, including currencies.  We already saw what happened when the Swiss franc was revalued and companies went broke overnight….

“You have to wonder to yourself:  How are these banks positioned in these derivatives?  We see this huge volatility in currencies and a lot of it must be by way of derivatives.  Well, this was the problem with the foreign-exchange companies that were wiped out overnight.”

KWN-Sprott-III-1282015.jpg

 

 

 

 

 

 

 

 

 

Entities See Violent Change In Their Situation

But there are derivative problems in the price of oil, emerging markets, and bond markets.  So you have to wonder:  How is that translating into the derivatives books of these various banks?  We have seen a lot of entities who have seen their financial situation change violently in a very short period of time.”

Radical Gold Revaluation?

Eric King:  “It was interesting that after the radical overnight revaluation of the Swiss franc that many people began to discuss the possibility of this happening in the gold market at some point — a radical overnight upside revaluation of the gold price.”

Sprott:  “We have this massive volatility in the currency markets and gold is a currency.  Gold has attracted a lot of attention here.  Something like 84 percent of the world’s population would have made money if they were invested in gold in the past year.  I think we can safely say that nearly 100 percent of the world’s population would have made money if they owned gold in the month of January.

Billionaire Eric Sprott – Entities Wiped Out Overnight As Western Central Banks Near Total Surrender

January 28, 2015
Billionaire Eric Sprott – Entities Wiped Out Overnight As Western Central Banks Near Total Surrender

 

Today billionaire Eric Sprott warned King World News that as entities are being wiped out overnight, Western central banks are nearing the point of total surrender.  This interview takes a trip down the rabbit hole of desperate central banks coming to the realization that it’s nearly game over.

Eric Sprott:  “I find it very ironic that the most volatile asset class these days is currencies.  This seems very strange with global stock markets just treading water here.  Yet we have currencies that are flailing all over the place, including the euro, yen, ruble, and the Canadian dollar.  It strikes me that we are living in a very bizarre financial world as the currency wars continue to rage with various governments and central banks.

Eric, I’ve always wondered, how do we deal with this one quadrillion dollars of derivatives?  These are tied to various instruments, including currencies.  We already saw what happened when the Swiss franc was revalued and companies went broke overnight….

Continue reading the Eric Sprott interview below…


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“You have to wonder to yourself:  How are these banks positioned in these derivatives?  We see this huge volatility in currencies and a lot of it must be by way of derivatives.  Well, this was the problem with the foreign-exchange companies that were wiped out overnight.

KWN Sprott III 1:28:2015

Entities See Violent Change In Their Situation

But there are derivative problems in the price of oil, emerging markets, and bond markets.  So you have to wonder:  How is that translating into the derivatives books of these various banks?  We have seen a lot of entities who have seen their financial situation change violently in a very short period of time.”

Radical Gold Revaluation?

Eric King:  “It was interesting that after the radical overnight revaluation of the Swiss franc that many people began to discuss the possibility of this happening in the gold market at some point — a radical overnight upside revaluation of the gold price.”

Sprott:  “We have this massive volatility in the currency markets and gold is a currency.  Gold has attracted a lot of attention here.  Something like 84 percent of the world’s population would have made money if they were invested in gold in the past year.  I think we can safely say that nearly 100 percent of the world’s population would have made money if they owned gold in the month of January.

KWN Sprott 1:28:2015

Now there is fear breaking out in Europe surrounding the stability of the euro and the banking system, especially in light of the fact that the Greeks may default.  This is causing people to move into physical gold.  Interestingly, we have seen a supposed increase in the tonnage held by the ETF GLD.  I think their so-called holdings of gold have risen more than 40 tonnes this month.

If you start annualizing those numbers, that’s a serious change in annual gold demand that wasn’t anticipated.  We already know looking at the Indian and Chinese data that there is more demand than supply.  This has put more pressure Western central banks to supply that physical gold.  If people start pouring money into real physical gold trusts it will just make the strain on Western central banks that much greater.

Game Over

To your point, Eric, that could cause a cessation of Western central bank gold sales.  The Western central banks may just say, ‘OK, we’ve restricted it (the price of gold) for this long, but now we are getting called on our gold.  It’s over.’

Also of interest is the fact that there is a huge open interest still outstanding on the Comex.  It will be interesting to see how many of those contracts stand for delivery this Friday.  These outstanding contracts are way bigger than the entire inventory at the Comex.

It’s also kind of wild that the type of trading we see in China on a weekly basis is way bigger than the entire dealer inventory on the Comex.  You wonder how long can these guys (Western central banks) keep this up (the price suppression scheme)?  The physical demand just won’t let up at these depressed prices, and when you throw in a massive currency war that is taking place on a global basis, it is only making matters worse for the Western central banks.

Collapse Of Price Suppression Scheme

I wrote an article in 2012 asking, ‘Do the Western central banks have any gold left?’  The reason I asked that question is because I could see all of this demand and I kept wondering:  How long can these guys keep this up with their supplies of gold dwindling?

Then in 2013 they drained 850 tonnes of gold out of the various gold trusts and ETFs.  With a 4,000 ton a year market, this was a significant increase in supply.  Perhaps that took care of the shortfall in 2013 but in 2014 they hemorrhaged even more gold out of Western central bank vaults.

Well, here we are in 2015 and we are hearing more and more about gold repatriations.  So when does the day of reckoning come?  When that day comes it will mark the breakdown of this latest scheme, just like the collapse of the London Gold Pool in the 1960s.  I don’t think they will wait until the last bar of gold is gone from Western vaults, so the collapse of this latest suppression scheme could happen any day.

Western Central Banks To Finally Surrender

The flow of gold continues from West to East in large quantities.  If the Indians end the import duties on gold that could create another tidal wave of demand.  This would force the Western central banks to wave the surrender flag.  You certainly get a sense that day is nearing, Eric, when you look at the continued strong bid in the gold market, even as the price of oil and other commodities have collapsed.”

© 2015 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.

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2 Comments to “ Billionaire Eric Sprott – Entities Wiped Out Overnight As Western Central Banks Near Total Surrender”

  1. I AM says :Reply
    February 2, 2015 at 5:22 pm

    what happens to the corporate banker run gov’ts and their fraud system?

  2. Nick says :Reply
    February 3, 2015 at 8:56 pm

    Ya, sure. And the banks, governments & corporations have been foreclosed on too. Ya, sure. We’re free. Ya, sure. Another distraction. I guess it’s a good thing no one’s listening anymore. Game over, they win, we lose. Anyone who thinks otherwise, enjoy the slave labor death camps. That’s the price for not having enforcement.

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