But you can just keep printing silver notes. It's the same method they did to price fix gold.
The law requires silver notes to be backed by physical silver. If there is no physical silver available, the fraud notes get exposed. To conceal the exposure the silver note printers are forced to buy physical silver to cover the note conversions.
Max Kaiser laid out the scenario 10 years ago. If you search, you'll probably find it.
There are also funds that are invested in gold mines but not the actual gold. Haven't watched Max in years, all I remember was he had this middle age co-host woman who was dry humping his leg all the time.
Miner stocks are different than precious metals. Those are just shares in a company. They go up when they find new sources of metals, find new ways to extract metals, or prices of metals increase.
Futures contracts settle at some point with delivery of commodity.
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