Kranzler concurs with Goodman on Fed's rescue of Comex gold contract
Dave Kranzler of Investment Research Dynamics today concurs completely with Avery Goodman's analysis, published last night --
-- concluding that intervention by the Federal Reserve rescued the Comex gold contract from a default last month.
Kranzler writes: "I wrote during the period just before first notice of deliveries that the open interest standing for delivery was unusually high. I also suggested that the bullion banks would attack gold and coerce as many of those longs to sell as possible. I also suggested that the Comex would find a way to avoid delivery default. Both of my predictions were fulfilled. Avery's article explains how delivery default was avoided."
Kranzler's commentary is headlined "The Fed Bailed Out the Comex with Hypothecated Gold" and it's posted at the IRD Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.