Chart usGOLD   Chart usSILVER  
 
Food for thought
Taxing capital gains is like sawing the limbs of a fruit bearing tree
Irwing Fischer  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1288.591.58
Silver 19.480.03
Platinum 1421.902.40
Palladium 904.004.80
WORLD MARKETS
DOWJONES 1709815
NASDAQ 458023
NIKKEI 1547752
ASX 56295
CAC 40 4379-2
DAX 9460-10
HUI 2463
XAU 1021
CURRENCIES (€)
AUS $ 1.4050
CAN $ 1.4267
US $ 1.3131
GBP (£) 0.7899
Sw Fr 1.2065
YEN 136.7500
CURRENCIES ($)
AUS $ 1.0699
CAN $ 1.0865
Euro 0.7614
GBP (£) 0.6015
Sw Fr 0.9186
YEN 104.1470
RATIOS & INDEXES
Gold / Silver66.15
Gold / Oil13.43
Dowjones / Gold13.27
COMMODITIES
Copper 3.150.01
WTI Oil 95.961.29
Nat. Gas 4.070.04
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category
Lee Quaintance and Paul Brodsky: For gold market rigging, look east too
Published : December 19th, 2012
412 words - Reading time : 1 - 1 minutes
( 1 vote, 5/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

In their latest market letter, Lee Quaintance and Paul Brodsky of QB Asset Management in New York add credence to speculation that the gold price could not have been so restrained lately without the assistance of China and Russia and maybe even Japan and South Korea, all eager to hedge their dollar exposure with gold but unable to get it in size without a long period of price suppression.

Quaintance and Brodsky write:

"According to most dyed-in-the-wool hard-money advocates there is a 'gold cartel' that suppresses the gold price. They tend to argue that U.S. banks continually short gold (and silver) futures nakedly, clipping significant yield each quarter without sufficient metal in stock to deliver to futures buyers if exercised.

"They further argue that these banks do not fear regulatory reprisal, and in fact that their actions are blessed by the powers that be because runaway gold prices would signal to the world that there is something wrong with the currencies gold competes with, notably U.S. dollars. Thus, as the argument goes, banks have the means, motive, and implicit sovereign go-ahead to suppress the gold price.

"Mmmm, maybe. We certainly agree that gold should fundamentally be priced much higher than where it is and that the way gold futures seem to be reliably stepped-on before Treasury auctions and Fed meetings is a bit snarky. But as for the progenitors of the crime? It might be better to look east.

"Conspiracy theorists should consider foreign dollar reserve holders that would like to take delivery of as much physical gold (and silver?) as possible in a very short time, and do so at cheap prices. It would be simple to do: Fund offshore hedge funds that continually short gold futures through U.S. bank accounts, thereby keeping the spot price and London fixings down. Physical gold could then be delivered to sovereign accounts directly from mines and through exports at the suppressed prices."

In any case, it's worth remembering, as GATA has reported, Russia and China long have known all about the Western central bank end of the gold price suppression scheme, and well might have devised a course of action in regard to it:

http://www.gata.org/node/11723

http://www.gata.org/node/10380

http://www.gata.org/node/10416

And if somehow Russia and China have not devised such a course of action, they too may want to read the latest QB Asset Management letter, which is titled "It's Time" and which Quaintance and Brodsky graciously have allowed GATA to post in PDF format here:

http://www.gata.org/files/QBAMCOItsTime-12-2012.pdf

 

 

Data and Statistics for these countries : China | Japan | Russia | South Korea | All
Gold and Silver Prices for these countries : China | Japan | Russia | South Korea | All
Tweet
Rate :Average note :5 (1 vote)View Top rated
Previous article by
Chris Powell
All articles by
Chris Powell
Next article by
Chris Powell
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Chris Powell

Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
Chris Powell ArchiveWebsiteSubscribe to his services
Most recent articles by Chris Powell
9/1/2014
8/31/2014
8/31/2014
8/31/2014
8/31/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer