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OnlyTrading's avatar

HSBC provide custodial (vaulting) for the largest Silver ETF in the UK, PHAG. I have long suspected they rehypothecate this metal including shorting Comex while telling regulators they have "physical in storage" which is lies of course as the PHAG metal does not belong to HSBC. The regulators are corrupt to the core, likely following instructions from US govt/ESF/Fed. A good regulator would look at inflows to PHAG and cross reference with HSBC Comex activity for any correlation.

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