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Paul Kaminsco's avatar

Hi Michael, Thanks for another great update!

I just posted this on your previous article but will repost again here. We might have a clue about what has been happening with silver.

Alasdair Macleod is telling a story from a mining conference he attended recently. All the silver miners were saying they are selling doré bars to JPM. They suspect that these bars are going to China for refining - which makes sense because the refineries in the West have no capacity at the moment - too busy with gold. So buying low grade silver at the mines becomes your "alternative venue".

At the same time, China is dumping silver on COMEX, to keep the price down. So that is HSBC's "Customer".

If China buys more doré bars than the silver it sells on COMEX, it is adding to its reserves with 'even cheaper' silver.

When China decides to stop playing this game...

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Paul Kaminsco's avatar

Michael, Here is a new interview with Alasdair Macleod.

https://www.youtube.com/watch?v=ombzJqF6EK4

Start at 5:20 for just 1 minute.

Alasdair says he thinks that China is using its strategic reserves to control the market.

I am not going to name any names but I have heard from several people that China is suspected of being the 'whale seller'. All the banks are believed to be long for their own book. China is not 'shorting' silver, it is selling it... to control the price.

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