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1.- Adrian Douglas: Gold market isn't 'fixed'; it's rigged
Submitted by cpowell on 07:06AM ET Saturday, August 14, 2010. Section: Daily Dispatches 10:11a Saturday, August 14, 2010
Dear Friend of GATA and Gold:
Following research done by GATA consultant Dmitri Speck, GATA board member Adrian Douglas has studied the morning and afternoon "fixing" of the gold price by the major London trading houses and concludes that it is just as much a price-suppression mechanism as the London Gold Pool of the 1960s admittedly was.
"The more gold rises overnight in essentially Asian markets," Douglas writes, "the more it is sold down into the PM fix. This was exactly the modus operandum of the London Gold Pool but now it is being done covertly."
Douglas, publisher of the Market Force Analysis letter, continues: "Such a consistent manipulative effort would necessarily involve entities with access to large amounts of gold; this implicates central banks, as they are the only entities with large hoards of gold, and furthermore they have a motive for suppressing the price of gold, which is to hide their mismanagement and debasement of their national currencies. Further, the five bullion banks that conduct the fix would have to be complicit because by definition they are responsible for determining the clearing price on the fix, so they must be aware of the impact on price of the selling activities of the entity or entities offering gold in such large quantities that it causes such price aberrations. As the central banks do not trade themselves, it is more than likely that some or all of the banks involved in the fix also act on behalf of central banks. What is irrefutable from this analysis is that the gold market is n ot 'fixed'; it is rigged."
Douglas' analysis is titled "Gold Market Is Not 'Fixed,' It's Rigged" and you can find it at GATA's Internet site here: http://www.gata.org/files/AdrianDouglasGoldMarketRigged-08-14-2010.doc
And at the Market Force Analysis Internet site here: https://marketforceanalysis.com/articles/latest_article_081310.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
2.- Morgan retreating from silver rig, Ted Butler tells King World News
Submitted by cpowell on 06:01AM ET Saturday, August 14, 2010. Section: Daily Dispatches 9a ET Saturday, August 14, 2010
Dear Friend of GATA and Gold (and Silver):
Silver market analyst Ted Butler tells Eric King of King World News that the configuration of big futures market players in gold and silver remains bullish and that he strongly believes that JPMorganChase, the big short rigging the silver market, is permanently reducing its position in anticipation of new position limits to be imposed by the U.S. Commodity Futures Trading Commission. You can listen to the interview at the King World News Internet site here: http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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