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SirJames
Member since May 2012
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Another day, another Fed and bullion bank intervention

- Chris Powell - GATA

Bernank on interest followed by a slap down of gold and silver (which seem identical in pattern on the daily chart), honestly these people have no shame. Considering that it is done with paper, it is all the more frustrating...I thought MFG might have put an end to this nonsense.

I realize there must be a trading market, but like the young lady who pulled out of the CMX and is still allowing farmers to hedge cattle, there must be a way for someone to do the same with other commodities. The COMOX is a paper exchange; LBMA is leveraged up to 100 to 1 because they never expect people to claim their bullion.

As long as that is the case, investors will have to live with paper-based manipulation. The only solution is to do as they did in Hong Kong, if I understand correctly, no paper, unless 100% backed. Short and long paper is difficult to to explain to my grandchildren - so is much of the other paper like certificates and ETFs. We need markets; do we need these markets? Miners don't hedge anymore...why is the public still in this entirely stupid reserve banking mechanism without a net?

And as for the LBMA setting the spot price twice a day and the charts changing four times every day like clockwork...don't even get me started. But we all know this - isn't it time we put our heads together and came up with a solution?

Commented 4439 days ago

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Beginning of the headline : Interviewed today by King World News, Sprott Asset Management's John Embry discusses another smash in the gold and silver paper markets by their "manipulators," the bullion banks: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/2/29_Em... Market analyst and gold mining entrepreneur Jim Sinclair writes that today's action in gold is an "intervention" functioning as "window dressing" camouflage for more "quantitative easing" by central banks: http://www... Read More

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