"You can't give the government the
power to do good without also giving it the power to do bad - in fact, to do
anything it wants. It is not so much the abuse of power which is a concern.
It is the power to abuse" ... Harry Browne
Another fabulous day for gold. Despite a strong
dollar and a weak stock market, gold managed a solid close into new all-time
high ground, coming back from a PLAN A Gold Cartel assault. The positive gold
action stood out most of the Comex trading session, but was particularly
radiant on the Comex bell. It popped $2+ as a number of shorts panicked to
get out of their positions going into the weekend.
The investment world is beginning to comprehend what
the GATA camp has been saying for YEARS AND YEARS. The key to the gold price
is the ability of the physical market to overpower The Gold Cartel, which is
just what we are seeing at the moment. Up until recently, the commonly held
notion was that the key to gold was the dollar. NOT SO! Numerous concerns are
fueling demand for physical gold which is making life miserable for the cabal
forces, irrespective to what the dollar does on the downside.
Silver did well also, coming back from a new low for
the week of $18.12. Three times it approached key support at $18 this week
and each time it rejected that price level. A huge technical positive.
The AM Fix of $1142.50 and PM Fix of $1140 were
The gold open interest shot up 11,750 contracts to
538,709. Hello Gold Cartel. The silver open interest gained 1470 contracts to
141,208. Must be JP Morgan going shorter and shorter. I mentioned JP
Morgan’s 40,000 contract short position in my Bloomberg interview with
All-time high gold close…
http://futures.tradingcharts.com/chart/GD/C9 A glance at the weekly gold chart reveals a
momentum building pattern…
http://futures.tradingcharts.com/chart/GD/W Think parabolic!
Points of note…
*What else is new? There is an option expiry Monday.
The Gold Cartel’s drill over the years has been to take gold down into
and on the option expiration day. The Gold Cartel does so to protect their
massive short positions. In essence this is the US Government ripping off the
general public, through their surrogates like JP Morgan Chase, in an attempt
to thwart the free market system. The problem is the sheriff sworn to protect
the law … in this case is the US Government and the CFTC. How do they
get punished when they are the ones who are supposed to enforce the law?
What was stunning today was how The Gold Cartel got
stuffed yet again with one of their standard planned attacks. We are seeing
this "stuff" pattern time and time again of late.
*The Gold Cartel’s traders don’t
realize, or don’t know how to handle, the "new buyers." In
days of old they would suck in the spec longs, getting shorter and shorter as
the price went higher and higher. Then they would pull the plug by dumping
physical gold into the market and bombing the derivatives paper market.
Eventually fund longs would sell as the technicals turned bearish. The market
would cascade down with a number of funds eventually going short. The Gold
Cartel would cover and up we would go again.
This time the buyers are the biggest of money
… countries, largest hedge funds, etc. They are competing against each
other and want to buy more gold on any dips The Gold Cartel hands to them. It
shows in the price action.
*At the Silver Summit this past September, the CPM
Group’s Jeff Christian stood up to contest some of the statements I
made as a speaker on behalf of GATA. He talked a bunch of nonsense,
especially when he said he foresaw central banks buying gold and then
predicted the price of gold would average $912 over the next decade. HUH?
Well, yesterday he was on CNBC and was asked about
the Paulson move to open up his own gold fund in January. He extolled Paulson
saying it was a good move. What a hypocritical turd! Why is that a good move
if the price of gold is going to drop nearly $250 in the years to come? This
guy is a joke like his counterpart, Kitco’s Nitwit Nadler.
*The leaders in the gold industry are the most
clueless bunch in history … of any industry. Christian is one of them,
along with the usually wrong and bearish GFMS, the official gold
statisticians. A few weeks ago they told a very respected dean of the
industry they couldn’t imagine gold staying up at these prices. Gold
was about $1,000 at the time.
Then you have the World Gold Council who rebuffed
GATA this past decade and who, until recently, was pitching high fashion
jewelry and ignoring gold’s investment value. That brainchild pitch
while gold has been in a nine year historic bull market run.
Then, how about the leading gold producers like
AngloGold and Barrick. Talk about lightweights! While decrying GATA, mocking
us, and calling us nuts from 1999 on, they hedge years of forward production
at $300, plus or minus. Can you imagine an oil producer hedging at $10 or $15
GATA ranted to whomever that would listen about what
fools they were and of their complicity with The Gold Cartel. Fast-forward
nine or ten years later. Barrick has to raise nearly $6 billion to close out
hedges they still have on their books, compounding other billions of hedge
losses already taken. Who knows how many billions AngloGold has lost and will
Then last week at a London gold conference, the
newer CEO’s of each those companies told reporters they were looking
for gold to retreat to $900 per ounce in a correction mode. Talking their
debilitating hedge book maybe, wouldn't you say? That’s what they get
for listening to bullion bankers Goldman Sachs, JP Morgan Chase, GFMS and the
CPM Group instead of GATA. That’s what they deserve for not dealing
with the ramifications of the gold price suppression scheme which were so
obvious so long ago now.
And talk about this irony. If it weren’t for
GATA. Barrick would have blown up by now. The logic…
GATA’s Reg Howe sued The Gold Cartel …
including the BIS, Fed, and Treasury in Boston District Court. The judge
dismissed the case without making one negative comment regarding what Reg
presented, only declaring Reg did not have the correct legal standing to
bring such a case, but a gold company would.
So, Blanchard Coin sued JP Morgan Chase and Barrick
Gold in New Orleans Federal Court for rigging the gold price. Months later
Barrick Chairman Peter Munk and his CEO were in London extolling the value of
their hedging policy and their "Evergreen Clauses" in which their
bullion bankers would rollover these hedges forever.
The next day at this gold conference, they renounced
putting on any new hedges. It was part of an out of court settlement with
Blanchard Coin. Munk had to sit in for his CEO who immediately flew to New
If it weren’t for GATA and then Blanchard, the
Barrick fools probably would have kept on hedging. At their zenith Barrick
had on 20 million ounces worth of hedge positions. Think of what their losses
would be today. They probably would have blown up by now.
You would think they would at least send us a thank
*Gold has become the talk of the town with the
Muppets and their guests on CNBC. All of a sudden gold is a reasonable, sound
investment and they offer reasons of the day why. Most of their explanations
were valid $500 ago. Where have they been?
*Gold’s time has come in terms of acceptance.
It has only just begun with the general public. It is the BIG MONEY who is
onboard. The little guy is afraid to buy at these levels because the price
has run so much. That is all to come.
*Suddenly there is a building understanding that
gold can move higher without the dollar moving lower. How long has the GATA
camp been pounding away on that one? Had to bring that up one more time.
*The gold price has been affected by the DOW of
late. Markets trade in sync with other markets until they don’t. At
some point the DOW is going to get battered as financial crisis concerns
re-emerge. This will effect a "crisis bid" for gold and the two
will part company in terms of trading together … which appears to have
*Should this be true, gold will go ballistic an any
sort of confirmation …
Max Keiser and Germany buying Gold
The 'K Man' reported yesterday on his new show The Keiser Report (from
7.30mins) his contacts at the Bundesbank have told him that Germany will
announce they are buying gold!
The video is at www.maxkeiser.com
*Legendary hedge fund traders David Einhorn, Paul
Tudor Jones, and John Paulson have recently made moves into gold. Our camp
has ridden the gold ride up for the last nine years. It has been very
rewarding, yet a grind. My bet is more money will be made with bullion and
the shares in the coming year than was made during the last decade.
This money will be made by the likes of those
traders mentioned and momentum traders. Many veteran gold and silver
investors will be out of the market and will not make the "easy
The yield on the 10 yr T note is 3.36%.
The dollar rose .39 to 75.68. The euro fell .0052 to
1.4861 and the pound lost .0157 to 1.6424.
Crude oil fell 74 cents per barrel to $76.72.
The CRB rose .31 to 274.58.
More gold goodies:
Thursday, November 19, 2009
Year end gold melt-up coming?
Wednesday’s erosion of NY session gold from a
high up some $13 to an up $1.80 close for Dec gold at $1,141.20, as expected
involved huge volume – 222,574 lots, 15.4% above estimate. Days above
200,000 are quite rare – at a glance, only 15 this year. This is the
second this week, and today was likely another. Things are heating up.
Open interest only rose 340 lots (1.05 tonnes). A
If Wednesday was, as I suggested, a tactical victory
for the bears, today was one for the Bulls – and possibly a strategic
one. Under pressure from the European open, gold attempted a rally going into
the floor session start, which was strongly opposed. Estimated volume at 9AM
NY was a very heavy 65,684 lots, the move peaked at 9-15 AM, and estimated
volume at 10AM was a very unusually heavy 97,924 contracts.
This peak was followed by a brutal attack. By 11-05
AM some $11 had been sliced off (to down $11.20 on the day).
At this point, with European influence fading, an
immensely powerful rally began, such that by the floor close gold was back to
the session high. Subsequently it added another $3 by the stock market close.
Dec gold closed up 70c at $1,141.90. Estimated volume was an enormous 203,378
– actual will probably be one of the highest of the year.
Conspicuously, over 30,000 lots traded in the last 30 minutes, with gold
A huge battle is being fought here. Long time
observers of gold will recognize that post-European NY strength, and
particularly the ability to reject a final sell-off, is something very new.
Traditionally later NY hours are Bear country.
For once, the gold shares were somewhat
appreciative. Having troughed down 3.3% and 2.8% on the day, the HUI and the
XAU closed up 0.72% and 0.63% respectively. The CEF bullion vehicle almost
doubled its premium to NAV to 8.2%.
MarketVane’s Bullish Consensus for gold, the
HGNSI and the GLD ETF were all unchanged at 86%, 68% and 1,117.49266 tonnes
In a fine discussion posted on the JSMineset site,
Dan Norcini analyses what he has previously called the "Swiss
Stair" formation observable in the gold price:
http://jsmineset.com/wp-content/uploads/2009/11/November1909Gold-Dan.pdf Local Vietnam gold stood at a $26.58 premium
to world gold of $1,140.20 early on Friday morning (late Thursday
$30.75/$1,142.11). Vietnam wants more gold.
Clearly, there are powerful forces in NY long gold.
Given the year-end market grooming habits of this community, a gold price
melt up into the end of the year is looking increasingly possible. A call for
delivery of the Dec $1,200 options (expiring Monday) is possible. This is
certainly no time to be short.
Friday, November 20, 2009
Bears have a problem
Indian ex-duty premiums: AM $2.56, PM $2.61, with
world gold at $1,144.30 and $1,142.60. Adequate for legal imports. The rupee
firmed slightly, closing at $1= R46.6 (Thursday R46.685). The stock market
gained 1.41%, a third week of gains.
As noted last night, Vietnam local gold stood at a
$26.58 premium to world gold of $1,140.20 early this morning (late Thursday
Although the TOCOM public shaved a further 0.89
tonnes from its long, open interest rose 0.72 tonnes (232 Comex) on day
session volume equivalent to 11,564 Comex lots. The active contract lost 8
yen but world gold went out some $5.20 above the NY floor close having gained
some $2.80 during the session. Japan will be closed on Monday.
The Russian Central Bank has reported adding 15.5
tonnes (500,000 ozs) to its reserves in October, bringing them to 19.5Mm 0zs
(606.6 tonnes). Most likely the purchases were from domestic producers and
from Gokhran, the state agency reported to be intending to sell some time
The preliminary CME report for Thursday indicates
that volume was 253,364 lots, at a glance the 6th highest this
year and 24.6% above estimate. Admittedly this is swollen by switches but so
were the other month ends. At a glance this is the 6th highest this year (a
revision is possible).Serious forces are at play.
Today gold gave ground on the Asian open from the
late NY high, but then rallied into the European start to peak up $6.20.
Downward pressure (closely matched in Euro terms) produced a low of down
$9.40 just before the Comex floor open and an interesting rally is now
underway. Estimated volume at 9AM is again gigantic – 96,527 contracts.
With the physical markets in the posture they are,
the bears have a problem.
***CARTEL CAPITULATION WATCH
The recovered from early losses to only close down 14 to 10,318. The
DOG fell 11 to 2146.
Early market news…
07:47 Market update: SPZ moves lower on rumors of
Ukraine default on sovereign debt
Unconfirmed, Ukranian Railway has defaulted on on a Barclays bond, and also
has another government-guaranteed obligation with Deutsche. If Deutsche were
to accelerate the payment, and were the obligation not to be paid, it would
be considered a government default. None of this information is confirmed,
but it is being circulated and contributing to the aformentioned Ukraine
* * * * *
•Europe indices have also moved to session
The moves appear attributable to comments from Zhang Ping, chairman of the
National Development and Reform Commission which crossed just after 7 ET.
Zhang says domestic demand growth is not strong enough, that China's economic
recovery is not solid, and that China still has an industrial overcapacity
problem. Zhang says China's external and domestic situation is complicated
* * * * *
RATINGS AGENCY FITCH SAYS NOT AWARE OF UKRAINE
DEFAULT ON ANYTHING WITH SOVEREIGN GUARANTEE U.S. economic news:
U.S. Q3 seen revised down on widening trade deficit
WASHINGTON (Reuters) - The U.S. economy's return to
growth in the third quarter was less brisk than previously thought as the
trade deficit worsened and companies still aggressively cut inventories, a
Reuters survey predicted.
The poll of 66 economists forecast real gross
domestic product growth would be revised down to an annualized rate of 2.9
percent from the 3.5 percent pace reported by the government last month.
It will still be the first expansion after four
quarters of decline. Recent data, ranging from the trade balance to business
inventories, have suggested the government's initial estimates on output were
a bit on the optimistic side.
"Among the components, we look for the
revisions to show a wider trade deficit, a bigger decline in nonresidential
structures investment, slightly softer consumer spending growth, and a bigger
contraction in inventories," wrote economists at Barclays Capital.
"Despite the likely downward revision, we still
believe that the third quarter will prove to be the first quarter of recovery
and that it demonstrates a decisive turn in the economy."
The U.S. trade deficit widened to $36.5 billion in
September from $30.8 billion the previous month. Both exports and imports
recorded their best month since December 2008.
The Commerce Department will release its second
estimate of third-quarter GDP on Tuesday. The revisions have already been
priced by the market and are unlikely to generate too much interest in a
holiday-shortened trading week.
However, traders will keep on eye on the advance
estimates on corporate profits to be released together with the GDP report.
Aggressive cost cutting, mostly head count reduction, has seen companies
reporting strong earnings.
The survey forecast after tax corporate profits
surging 6.2 percent in the third quarter after rising 0.9 percent in the
Fed Audit Shield Takes Blow After Ron Paul Proposal
By Scott Lanman
Friday, November 20, 2009
WASHINGTON -- The Federal Reserve's shield from
congressional audits of interest-rate decisions took a blow from lawmakers
who want to open the central bank's books to greater congressional scrutiny.
The House Financial Services Committee yesterday
advanced a proposal to remove a three-decade ban on audits of monetary policy
and carry out an examination of the central bank. The plan was offered by
U.S. Rep. Ron Paul, a Republican from Texas who has called for the abolition
of the Fed, and based on a bill with more than 300 co-sponsors…
Yesterday’s vote is "probably not going
to be helpful in terms of keeping inflation expectations low and supporting
the dollar," said Michael Feroli, a JPMorgan Chase & Co. economist in New York
and former Fed researcher. The central bank "should do whatever it takes
to stop this from going forward and eroding confidence in the Fed’s
independence," he said.
"The day the Dollar died" MUST READ
To all; the above link is a fictional account by
John Galt about "the day the Dollar died". This is a MUST READ as I
believe this "fictional" account is very very close to what will
actually happen. I have written many times about the "many pieces"
that this essay puts together so well. Market and bank closures, ATM's and
credit cards not functioning, store shelves being stripped bare, precious
metals becoming unnatainable, the unacceptance of the Dollar by foreigners
and of course social unrest, I think it is all coming and very soon.
You can believe this is "doom and gloom"
and/or laugh at it. The ultimate collapse of the Dollar in my opinion is a
certainty and a mathematical one at that. Can we get one last "short
covering rally" in the Dollar? Yes, I believe we can. Is it worth trying
to trade? I don't believe the risk reward is worth it because if you are
wrong and the "day" arrives when you are "out" of your
precious metals, it will spell long term financial disaster. Call me a
"doom and gloomer" or whatever you like, those of you who know me
or have read my past ramblings know that though I haven't been 100% correct
or my timing has been early, I have generally been on the right track with my
I see this fictional piece by Mr. Galt as correct in
both substance and timing. Between Chinese/U.S. financial tensions, fake Gold
turning up, massive paper claims to a very finite precious metal supply, the
looting of the U.S. Treasury and Congressional idiocy, over $1 Quadrillion of
derivatives globally, foreclosures, bankruptcies, teetering balance sheets
from Joe Blow to the U.S. Treasury, massive fraud, and of course no paper
currency on Earth having any real backing of any substance, it all adds up to
the perfect financial storm! Please read the above link and act accordingly!
The raw math not to mention common sense says the storm is coming! Regards,
U.S. Stock Market
Echo Bubble Risks
A Mendacious Fed Playing With Fire?
From: Frank Veneroso
November 20, 2009
- The Fed denies there are bubbles. It refuses to
share in any of the concerns of officials around the world that there
are emerging bubbles.
- On the day of the last Fed meeting
Pimco’s El Erian said the markets do not want the Fed to talk
about bubbles. The Fed accommodated the market’s desires, and has
since accommodated in repeated public statements.
- Nonetheless, there is a storm of controversy
over whether the Fed is blowing bubbles.
- I think the market does not believe the Fed, and
market participants are buying risk assets as a consequence.
- I am beginning to think that market
participants think the Fed and its ministrations are like the doctors of
Anna Nicole Smith and Michael Jackson.
- If this is true I think the stock market is a
dangerous place indeed. Maybe the Fed’s efforts to lift asset
prices and thereby the economy will work. Maybe via rising equity market
wealth the well-to-do will pull the economy up by its bootstraps.
- But to count on the cooperation of the
leveraged speculators of the bubble era to overcome debt deflation
dynamics posed by a sky-high ratio of private non financial debt to GDP
is playing with fire. It is like the dying Roman Empire trying to enlist
Attila the Hun as a mercenary.
- If at some point those leveraged speculators
think you might not succeed or cannot succeed they will start to sell.
Given downside price action they will increasingly question the
Fed’s ability to resuscitate bubbles. The consequent loss of Fed
credibility as Master Bubble Blower could lead to panic selling and an
onslaught by the shorts that will leave the stock market and aggregate
wealth in a much worse condition than if the Fed had not engaged in its
What could be more gold friendly? From The King
Report late last night…
On Thursday, January and February T-Bills went
negative (-0.03% yield) and the six-month Bill fell to.12 (.175 on Tuesday),
the lowest six-month yield since 1958. A tad worse Initial Jobless Claims
couldnot produce this havoc. Conventional wisdom says it’s yearend
window dressing…But why Bills?
If you want to park cash, why not place it in some
short-term paper with a positive yield? So also thosepundits that exclaim
there is no problem are not correct. If there were no concerns, the cash
would noteagerly run to a negative yield vehicle.
The FT on negative T-Bill rates: Short-term US
interest rates turned negative on Thursday as banksfrantically stockpiled
government securities in order to polish their balance sheets for the end of
The development highlighted the continuing
distortions in the financial system more than a year afterLehman
Brothers’ failure triggered a global crisis.
The growing appetite for short-term government debt
reflects an effort by banks to present pristineyear-end balance sheets to
regulators and investors…
China gold BLOWOUT: Demand for the metal surging
Friday, November 20, 2009By Daily Crux Editor Justin Brill:
Chinese consumer demand for gold continues to grow. It reached record levels
in the third quarter of the year, as demand for jewelry and other items
celebrating the 60th anniversary of the founding of the communist state added
to already high investment demand.
In all, Chinese consumers bought up an astonishing 120 tons of gold, up over
12% compared to last year, even as total world demand fell.
The Chinese continue to buy up the world's gold as much of the western world
sits idle. You'd be wise to consider buying gold now, before the rest of
world wakes up and joins China…
COMEX Warehouse Stocks
November 20, 2009
ZERO ozs withdrawn from the dealer’s (registered) inventory
181,763 ozs withdrawn from the customer (eligible) inventory
Total dealer inventory 52.72 Mozs
Total customer inventory 59.20 Mozs
Combined Total 111.92 Mozs
ZERO ozs withdrawn from the dealers (registered) category
52,346 ozs deposited in the customer (eligible) category
Total dealer inventory 2.14 Mozs
Total customer inventory 7.44 Mozs
Combined Total 9.58 Mozs
Just one day after having the first movement in
silver in the dealer inventory in many days we are back to zero movement! The
movement in gold was quite significant, but NOT in the dealer inventory which
saw no movement, it was 52Kozs were deposited in the customer inventory.
There were 2 delivery notices issued in the NOV gold
contract. The NOV contract total for the month is 956 contracts or 95,600
ozs. Bank of Nova Scotia stopped 2 of the notices today.
There were no delivery notices issued in the NOV
silver contract. The total delivery notices for the month in silver stand at
146 or 0.73 Mozs
There is only 0.7 cent of contango in silver NOV/DEC
contracts and only 2.1 cents NOV/JAN contracts. The contango in gold NOV/DEC
is at only $0.4 and $1.2 for NOV/JAN
The Cartel tried to instigate yet another sell off
and failed yet again. Yesterday I said “The Cavalry didn’t come
today either! How stupid can the shorts be? This market is NOT going down.
There are no limits on the COMEX for price moves. The cartel groupies have
been making money with the same old formula for 15 years…just follow
the Cartel. That works fine until the day it doesn’t. They could lose
15 years of profits in a heartbeat, not to mention part of their anatomy to
One more time again the Cavalry didn’t come.
General Custer’s Cartel is looking very lonely.
As I have said for many weeks this is a Commercial
Signal Failure of epic proportions. It will be something to tell your
grandchildren about. Of course, your grandchildren will be much more
impressed when you tell the story if you were on the long side!
My Bloomberg interview with Bernie Lo was much fun
last night. He really is a class act and a wonderful host. There is little
doubt in my mind he knows how right GATA has been.
I would like to thank the Café members who
took the time to get us some archived copy of the interview. The volume on
each needs to be turned WAY UP to your highest level. Cary Coutelas of
Dear Chris and Bill,
I have succeeded in recording Bill’s interview with Bernie Lo to my
computer and I have edited the show, cutting out all the irrelevant parts
that have nothing to do with Bill. The recording then became about 21 minutes
in length. I have made it into three parts each about 7 minutes in length for
uploading to YouTube. Right now the files are being uploaded and it will take
about an hour and a half for the files to finish uploading as I have produced
them in a reasonably good quality. Each file is about 80 megabytes in size
and even though I have high speed broadband, the files are uploading quite
It is 12.36 am here right now so I am going to bed
as it is past midnight.
I will check in the morning if everything went
alright with the uploads.
I have given the titles of the videos: Bernie Lo
Interviews Bill Murphy Nov 2009 Part1, Part2, Part3
Hope all goes well.
Hi Chris and Bill,
Here are the links to the youtube videos:
Asia Confidential - Bernie Lo interviews Bill
Murphy, Chairman of GATA November 2009 Part 1:
Mike Mauriello also sent us…
Some of the feedback for you (thanks for the kind
Dave from Denver…
that was awesome. you were articulate, full of facts
and did a great job clearly and forcefully laying out the GATA story. it
seems like Bernie understands the story.
Just wanted you to know that the interview, which was GREAT by the way, did
not come on until 11:00 PM CST here in Kansas City. It was well worth it !
What struck me while watching was the CONSISTENCY of
the message. It has not changed.
What has changed is the amount of overwhelming
EVIDENCE that has emerged in the last 10 years (and is now accelerating) to
support the GATA viewpoint !
No sincere journalist can disavow this viewpoint any longer.
Great work ! Tom G
They are going to go after us tomorrow! Ha ha!
That was THE FIRST Interview I’ve ever heard
where they actually listened to what you said.
Definitely not CNBC stuff.
Sleep Well my friend
I watched your interview on Bloomberg with the greatest of pleasure. There are
so many positives that it is hard not to go on and on about them. But I will
pick one in particular: your clear explanation of why you cannot have a
"bubble" in something that is undervalued by AT LEAST 50% on a
Hey Bill, fanfunkintastic interview last night.
Still waiting for links to the interview and began searching and found it
here in parts in case you haven't got it yet.
Also exchanged a few emails with Bernie early today,
nice guy and a breath of fresh air compared to the rest of the main stream
and I told him so. I also wanted him to mention the GATA story to someone
like Tudor or Jim Rogers next time he talks to someone like that. He seemed
open to it but who knows. I told him he will make history breaking this story
and that he's a lone voice basically.
Keep up the good work!
NOW FOR SOME ENCORES.
Make sure that Bernie Lo, (a good Canadian boy from my neck of the woods),
gets a GATA T-shirt to wear for his next interview with you.
You talk on MSM ... gold bounces right back to $1150.
The cabal must hate you more than ever.
Salmon Arm, BC
Just finished watching the Bernie Lo interview on U Tube. I watched it with
the background of POG hitting $1150 and then skipping back a few pennies.
YOU'RE THE LANCE ARMSTRONG OF THE GOLD WORLD! Gutsy and never say die always
wanting to throw yourself at the finishingline. In this case the finishing
line being the full exposure of criminal intent and actions in suppressing
the gold and silver price.
The interview you did on Bloomberg was erudite and
in laymen's language. Maybe at some time when everyboard's on board and can
actually spell GOLD...that's s-i-l-v-e-r (LOL), then you can wear a tin foil
party hat onto CNBC. Stuff em!
Go GATA, Go Gold, Go HiHo Silver
At the Dallas Bloomberg studio…
My friend Lori Hughes, my friend and GATA supporter Jim Smith and me
Putting on a happier face...
Jim and I
There is a fair shot, based on market developments,
GATA’s time is here. I urge Café members to take a little time
and send the Bloomberg interview to various media outlets, especially to the
producers of the major financial TV shows and financial print journalists.
Ask them if they want to really make some news and get the real gold story
out there, to take a few minutes and review the Bloomberg GATA interview.
The GATA gang has put more than a decade of effort
into exposing The Gold Cartel. It is time they get their due.
How many times have we seen silver and the shares
under pressure when The Gold Cartel is having trouble containing the gold
price? Chalk up another one today. At the same time, it proved to be another
tactic that failed. Silver is now up 9 cents on the day in the Access Market
and the HUI has come back from a 464 low to close at 472.64, down 4.60. The
XAU lost 1.57 to 184.28.
ONCE AGAIN, for something like the last 20 out 21 days, gold is up in
the Access Market, going $1050 bid. Can you feel The Gold Cartel and other
shorts squirming? Can our serious Commercial Signal Failure be far off? What
GATA BE IN IT TO WIN IT!
Reflation and Stocks
"Never underestimate the replacement power of equities within the
Read the Investment Outlook by
Pimco’s Bill Gross where he makes the following comment:
"The Fed is trying to reflate the U.S. economy.
The process of reflation involves lowering short-term rates to such a painful
level that investors are forced or enticed to term out their short-term cash
into higher-risk bonds or stocks. Once your cash has recapitalized and
revitalized corporate America and homeowners, well, then the Fed will start
to be concerned about inflation – not until."
The full text is found here…
With options expiration coming up. the dollar
rallying, and the Dow down, watching gold climb up and over the wall of worry
is a thing of beauty. For the muppets and their ilk it will be like trying to
explain water running uphill.
Gold Anti-Trust Action Committee
Metropole Café is a Membership site. Visit and Experience a 2 week
Free Trial !
Bill Murphy is
chairman of the Gold Anti-Trust Action Committee. and proprietor
of www.LeMetropoleCafe.com, an Internet site devoted to financial commentary
with emphasis on the precious metals. You can become a trial member for
free for two weeks by clicking here.
He has also chaired three international gold
*The GATA African Gold Summit in Durban, South Africa on May 10, 2001.
*Gold Rush 21 in the Yukon’s Dawson City on August 8-10, 2005.
*GATA Goes To Washington in Arlington, Virginia on April 17-19, 2008.