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Ghana Buying Oil With Gold Bullion Instead of USD

Terry Duffy, the CEO in charge of the CME Group's COMEX NYMEX futures markets, has recently been doing victory laps on podcast interviews and in major media TV channel segments dunking on the ongoing FTX and SBF cryptocurrency exchange failure.

Last week, in perhaps one of the more bizarre Freudian slips, T-Duff, as I’ll nickname him here. He just blurted to Tucker Carlson and FOX viewers that he bribes the CFTC, the supposed regulator of the futures commodity derivative markets in the USA. 

No, that is not a deep fake clip, and yes, I am pretty sure we all just heard that correctly.

"My Regulator At The CFTC, I Bribe" -Terry Duffy, CME Group CEO (COMEX, NYMEX)

There was no follow-up question from FOX's Tucker Carlson regarding Terry's bizarre law-breaking admission live on TV. 

The interview's source link and other past videos we have done regarding the sordid history of the world’s largest gold and silver futures market exchange called the COMEX, its invented politically appointed revolving door regulator called the CFTC, and even other things big shot CEO T-Duff has said publicly over the years.

- Full clip of this CME Group's CEO Terry Duffy on FOX Wed Nov 24, 2022

- Terry Duffy's $5,000 $6,000 oz Gold Price warning summer 2017

- Real questions for the CME Group & Terry Duffy on its foreign Central Bank Incentive Program

- 1970 to 1980 Hunt Brothers Silver scapegoat COMEX/CFTC Short Collusion Fiasco 

- COMEX gold futures conspiracy facts involving US Treasury agent cables from late 1974

To our fellow US citizens and USA viewership, we wish you all a Happy Thanksgiving week.

If you are still actively acquiring a prudent position of physical gold and silver bullion, check out our Black Friday deals and keep an eye ahead for coming Cyber Monday deals to follow while inventory supplies last.

Be sure to Subscribe to Our Channel for continued SD Bullion Market Updates with entertaining bullion market-related news and insightful information to come. 

Holiday-shortened trading for major precious metals markets.

The spot silver price climbed slightly higher to close the week around $21.50 oz, with the gold spot price barely beyond $1,755 oz. 

The gold-silver ratio fell slightly, with silver's outperformance versus gold this past week down to just below 82.

The West African nation of Ghana is planning to buy oil with physical gold bullion instead of fiat U.S. dollars in a signal that major commodity trading in markets is slowly changing in big ways.

Following up on the forecasted major silver supply deficit of nearly -200 million troy ounces of demand outstripping silver supplies in this year 2022. 

This interesting silver spot versus COMEX underlying warehouse inventory chart was floating around on Twitter last week and for silver bullion bulls like myself.

The top portion is the ongoing silver spot price action from late 2003 until about a week ago.

The bottom half of this chart linked above appears to measure drawdowns on a percentage basis of underlying COMEX silver warehouse stockpiles vanishing thanks much in part to outsized demand overwhelming new silver supplies mined and recycled over the last few years. 

Look back at the peak of the 2008 GFC, back when seemingly endless QE bailouts began. You see, back then, there were 95 weeks or nearly two years in which the COMEX's silver stockpiles drained from the system.

Setting up a situation in late 2010 silver prices into early 2011 when the spot silver price ran from low $18 oz in late August 2010 to nearly $50 oz by the end of April 2011.

Is it possible the silver market is setting up for another major run to the upside to come?

This past weekend I spoke with the Wall Street Silver channel. 

And please keep in mind I don't make their video titles up. I'll also leave a link to that interview if you want to hear more about the massive silver supply deficit this year, dwarfing last year's 2021 supply deficit.

I am thankful for you all out there and our SD Bullion team. 

That is all for this shortened holiday week. 

As always, take great care of yourselves and those you love.

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James Anderson
James Anderson
Content Director

A bullion buyer years before the 2008 Global Financial Crisis, James Anderson is a grounded precious metals researcher, content creator, and physical investment grade bullion professional. He has authored several Gold & Silver Guides and has been featured on the History Channel, Zero Hedge, Gold-Eagle, Silver Seek, Value Walk and many more. You can pick up Jame's most recent, comprehensive 200+ Page book here at SD Bullion.

Given that repressed commodity values are now near 100-year low level valuations versus large US stocks, James remains convinced investors and savers should buy and maintain a prudent physical bullion position now, before more unfunded promises debase away in the coming decades...

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