We met with Stuart Englert, who has spent his career as a writer, reporter, and publisher. He documents in his new book, Rigged: Exposing the Largest Financial Fraud in History, how he came to believe that the precious metals futures markets were rigged using publicly available information and data.
The effects of this rigging are to suppress the prices of precious metals against the US dollar.
Specifically, Stuart and I discuss the following points:
- Stuart’s background as a libertarian and his belief in honest markets and money;
- His analysis of the economy that led him to examine precious metals markets;
- Former Fed Governor Alan Greenspan’s public admission that they were intervening in in the gold market to suppress the price;
- Declassified CIA Memo on how the IMF (International Monetary Fund) created SDRs (special drawing rights) as a paper replacement for gold in central bank foreign exchange;
- How the US lost 12k tons of gold in the 60’s and 70’s, which threatened the US dollar as world reserve currency, and led to Nixon removing the gold standard;
- How the spot price of silver is $2.50 under what primary silver miners can produce it for, which cannot be a market driven price given recent spikes in demand for silver;
- Further, how falling demand for copper, zinc, and lead whose mines produce most of the silver as a byproduct actually reduces available silver supply in a deflationary economic environment;
- How retail sites APMEX and SD Bullion sell silver ounces for $25-$30 due to physical demand, which is much, much higher than the spot price of $14-$15;
- How very stiff premiums to the spot price for gold are being asked for in the same retail physical market;
- His thoughts on why the dollar will follow the path of all past fiat currencies;
- Since 1971, gold has lost 98% of its value against gold;
- That his message is being welcomed from readers around the world that are waking up to the deficiencies of the current fiat currency model.