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Dear Friend of GATA and Gold (and Silver):
Referring to yesterday's news that the U.S.
Commodity Futures Trading Commission is suing two traders and two trading
firms on a complaint of manipulating the cash oil market to profit by $50
million in the oil derivatives market (http://www.gata.org/node/9953),
Bill King of the King Report, published by Ramsey King Securities, has the
quote of the day, week, month, and maybe year:
"Manipulating cash prices for a larger derivative
payout is a regular feature in all markets. And $50 million is chump change
compared to the billions being made manipulating the markets on almost a
daily basis."
That is, as the British economist Peter Warburton
discerned in his 2001 essay, "The Debasement of World Currency -- It Is
Inflation, But Not as We Know It" (http://www.gata.org/node/8303),
market manipulation is the very purpose of derivatives.
The King Report is as good a financial letter as any
we know. Subscription information can be found here:
http://www.arborresearch.com/main/contact.php
CHRIS POWELL
Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
www.GATA.org
Join GATA here:
World Resource Investment Conference
Sunday-Monday, June 5-6, 2011
Vancouver Convention Centre East
Vancouver, British Columbia, Canada
http://cambridgehouse.com/conference-details/world-resource-investment-c...
Gold Rush 2011
GATA's London Conference
Thursday-Saturday, August 4-6, 2011
Savoy Hotel, London, England
http://www.gatagoldrush.com
Support GATA by purchasing gold and silver commemorative coins:
https://www.amsterdamgold.eu/gata/index.asp?BiD=12
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The
Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference
in the Yukon:
http://www.goldrush21.com/
Help keep GATA going
GATA is a civil rights and educational organization based
in the United States and tax-exempt under the U.S. Internal Revenue Code. Its
e-mail dispatches are free, and you can subscribe at:
http://www.gata.org
To contribute to GATA, please visit:
http://www.gata.org/node/16
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