VANCOUVER ( Silver Gold Bull) -- The World Gold Council recently released its
on gold "demand and supply trends."
For those not familiar with the WGC, it is an "industry trade group" composed of large-cap gold miners who love bankers.
How much do these mining companies love bankers? So much that they allow the bankers to keep all the records for their sector, and pretty much do all of their promotion to the world. It is the WGC that elevated two private "consultancies" (of bankers) -- GFMS and the CPM Group -- to the status of quasi-official record keepers for the entire global gold and silver industry.
It would be problematic at best for the gold industry to allow itself to be almost entirely represented by a "profession" now known only for its
. However, given the known hatred of the banking community toward gold and silver, and their relentless attacks on both the
and the miners themselves, it's almost beyond comprehension that the world's largest gold miners chose bankers as their spokesmen.
I've already exposed the devious/perverse manner in which these consultancies produce
phony inventory numbers
in the silver market. In the upside-down world of these "record keepers," when someone purchases an ounce of silver from a silver exchange-traded fund (and thus takes that ounce of silver off the market), the CPM Group adds another ounce to total inventories.
In other words, if silver investors were to buy up every ounce of silver currently available in the world (via silver ETFs), global silver inventories would supposedly double, while if silver ETF holders were to sell all their holdings it would (apparently) collapse inventories.
GFMS, the authors of this second-quarter gold report, is technically no longer a "banker" since it has been bought out by the Thompson media oligopoly, one of a handful of companies that have a complete chokehold on the world's entire English-speaking media. When it comes to the data it produces, the esteemed John Embry of Sprott Asset Management was blunt in a
"Those guys have been providing misinformation for years...[They] basically churn out negative gold news constantly and I would ignore them."
While Embry pointed to several historical examples to emphasize his point, I'm going to focus on what it is currently saying about the sector to make the same point.