from King World News
With the price of gold hovering above $1,700, today Alasdair Macleod takes KWN readers on a trip down the rabbit hole of the collapse of London Gold Pool II and a derivatives nightmare.
The Looming Derivative Crisis
April 16 (King World News) – Alasdair Macleod: The powerful forces of bank credit contraction are at the heart of a rapidly evolving financial crisis in global derivatives, whose gross value is over $600 trillion; an unimaginable sum. Central banks are on course to destroy their currencies through unlimited monetary expansion, lethal for bullion banks with fractionally reserved unallocated gold accounts, while being dramatically short of Comex futures.