Craig Hemke at Sprott Money: Bullion banks want market rigging, not higher prices: GATA I THE GATA DISPATCH
Dear Friend of GATA and Gold:
Writing at Sprott Money, the TF Metals Report's Craig Hemke notes today that the big commercial traders in the monetary metals futures markets, the bullion banks, have flipped from long to short again on what was only a small move up in prices. This, Hemke argues, shows that the banks envision forever making their money through market manipulation on behalf of central banks rather than through accumulating metal and someday driving prices up.
Hemke concludes: "So, please: The next time you hear someone state that 'the banks are getting long' and that price is thus 'set to explode,' think otherwise. The banks that operate on the Comex are not your friend, they are not your ally, and they are not interested in profiting on the long side. Instead, their goal is to manipulate and manage price to their own benefit and to the benefit of their central bank masters.
"This has been the case since precious metals futures contracts came into existence in 1975, and it will be the case until this system finally implodes under the sheer weight of its inherent corruption, deception, and fraud."
Hemke's analysis is headlined "The Same Old Comex Games" and it's posted at Sprott Money here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.