june act and cash flow out, page-21

"It's about time some gold producers bypassed the bankster selling system for their gold, refused to accept the bankster paper price for their gold and called for monthly bids from interested purchasers."


Nice idea, IGR could try, but this wouldn't make one iota of a difference.

The gold price is set by existing holders of bullion and the trading between buyers and sellers of this gold that's already been mined... i.e. gold that was produced last year, the year before that, and the 5000 years prior.

Annual gold production (2600 tonnes) only adds 1.5% to the above ground supply... gold production could drop to zero and there would still be an active gold market.

For instance, central banks have turned from net sellers to net buyers in recent yrs, that's a 1000 tonne turnaround.... The Chinese have also turned from net exporters to importers, which is another 1000 tonnes.

However, gold production hasn't increased at all so where did all the "extra" gold come from to meet higher demand? The answer is from holders of the 170,000 tonnes mined previously.