Huge GOLD NEWS Coming Out of China! This Will Change Everything For Gold & Silver - Craig Hemke

Gold prices gained momentum on Monday, supported by a weaker US Dollar and renewed geopolitical tensions in the Middle East. The softening of the USD and concerns over escalating regional tensions provided some buoyancy to the yellow metal. Looking ahead, the growing demand for gold among central banks could further strengthen its position in the longer term.
Craig Hemke, host of the Sprott Money Weekly Wrap-Up, notes that despite allegations of market manipulation, gold has maintained a steady annual growth rate of around 10% since 2000. This rate is manageable for banks and market makers who benefit from controlled price increases.
Last week witnessed new peaks for gold, the S&P 500, and NASDAQ, but the most remarkable performance came from silver, which surged by 11.47% in just one week, outpacing gold's performance for the year. Hemke points to the silver market's substantial volatility, such as in 2011 when prices surged from $18 to $48 within months due to a commercial short squeeze, prompting major institutions like JP Morgan to cover their shorts.
In 2010, investors filed a lawsuit against JPMorgan Chase & Co. and HSBC Holdings Plc, alleging conspiracy to manipulate silver prices. However, a 2014 2nd Circuit Court panel ruling found insufficient evidence to support the claim. While acknowledging the substantial short position held by JPMorgan, the court concluded that it did not necessarily indicate market manipulation. The ruling underscored the concentration of short positions among a few banks. JPMorgan and HSBC control over 48% of these positions in the futures market, raising concerns about potential upward pressure on silver prices and the risk of a short squeeze.
Hemke further highlights the prevalence of manipulation in gold and silver markets, citing a notable event in December 2022 when gold briefly surged to 2,090 dollars, only to reverse due to significant banks' interventions swiftly. These actions aim to stabilize prices and prevent sudden, unsustainable spikes.
Hemke suggests a potential shift in pricing control from Western markets to Shanghai, citing a notable price disparity observed in mid-May 2023. Silver traded at 35 dollars an ounce in Shanghai compared to 29 dollars on the Comex, indicating a significant difference in pricing dynamics between the two markets.
Furthermore, Heraeus analysts highlight a similar trend in the gold market, noting that control over gold's price action has shifted from the West to the East. They emphasize that fundamental drivers such as the dollar and US yields have taken a back seat, with strong physical demand from Chinese investors and the People's Bank of China contributing to market dynamics. China's dominance in retail gold demand is underscored by increased trading volumes on the Shanghai Gold Exchange and the Shanghai Futures Exchange, providing evidence of this shift in pricing control.

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