Forex Books Talking

It's often published at ZeroHedge, anybody can look up Grant Williams on the internet. And he put out a video in January, right as this was getting started.

I think the title of it was, "No One Cares." It was all about some of the stuff you just mentioned, Mike. And buried in that were some stats and I'd have to go back and

re-watch it, the stats, that I've got them all straight. I'm not going to try to quote them and butcher them but it was just of the utterly small size, not only of the futures market and how little capital it would take to just utterly wipe out, particularly silver, the futures market but all of the mining shares as well

A couple billion dollars would basically buy you, at least at that time, not anymore, but at least at that time, like the top 20 miners. You could just buy them all. It was head scratch; it was like

"Are you kidding?" It was that small of amount of money so to your point, yeah, if hedge funds, pension funds, all these places that are looking at negative interest rates and

just desperately searching for yield and return and they start seeing a sector like the mining sector going up, and they buy gold because, well, yeah, it doesn't pay

a dividend but that's better than a negative dividend. Yeah, the whole thing could really get out of hand real quickly. Then you throw in all that other, that China stuff we talked about too. So yeah, there is a lot of reason to be excited that things could still get quite disorderly.

I would just go back to one last thing about the paper markets. We've talked about how these massive levels of open interest, and how these contracts aren't backed with physical metal at all. And the amount of leverage involved

not only in New York but in London, and how many times an ounce of gold has been leased and released, and use that term hypothecated and re-hypothecated.

And who owns clear title, and how many unallocated accounts are there out there where you're in a pool of gold and, "Oh yeah, sure, anytime you want it, we'll get it to you

Don't worry about it," all banking on the idea kind of like George Bailey's Building & Loan or any other fractional systems, that, "When you need the gold we can get it to you

But if everybody wants it at once, the first time there's a delivery failure and all of a sudden the music stops, and there's 100 people walking around the

ance floor with 1 chair to sit on, it's going to be mayhem. Again, to some extent the Chinese have the power to break the record player any time they want.

And so at the end of the day we can talk about it, we get all excited about $10 down drafts, and, "Oh they're the banks and they're coming to get us," and all that kind of stuff. I don't even care anymore

I just keep buying. I bought another ounce of gold this week. I just picked it up, the UPS guy brought it yesterday. I don't care what the price is. People say, "Yeah,