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Kitco inadvertently acknowledges that the gold price is suppressed – James McShirley
TND Repost Courtesy of Chris Powell, GATA
By James McShirley
via Bill Murphy’s “Midas” commentary at www.LeMetropoleCafe.com
Tuesday, August 4, 2015
How do you mention manipulation without actually saying it? Well, if you work for Kitco and your name is either Neils Christensen or Peter Hug you do it this way:
http://www.kitco.com/news/2015-08-03/U-S-Mint-Reports-469-YoY-Increase-I…
Christensen: “The one bright spot for the precious metals market appears to be the physical market as the U.S. Mint reported a 469-percent increase in July coin sales compared to last year.”
Then Christensen hands it off to Hug: “It is not just the mint that has seen unprecedented demand for bullion as prices significantly dropped last month. In his morning commentary, Peter Hug, global trading director for Kitco.com, said that many bullion dealers have been struggling to obtain a supply of silver coins and small gold bars. However, he added that he does not see this reemergence of physical bullion to help support prices as gold trades under $1,100 an ounce and silver under $15 an ounce.”
Huh? So the one bright spot is the actual stuff flying off the shelves?
If the physical market is on fire as Neil so coyly reports, then why are there any dull spots? And Mr. Hug declares that not even phenomenal physical demand can overcome the derivative-induced malaise!
Neils and Peter both just inadvertently admitted manipulation without ever saying the “M” word. When the only “bright spot” happens to be rip-roaring demand for the actual product, you know you have an out-of-control cartel using derivatives to suppress market prices.
If all the collective commodity producers on the planet could ever understand how gold is the linchpin for the suppression of their collective products, GATA would have a million members. In the meantime we have $3 corn, $9 beans, $2 copper, and a gold suppression scheme on steroids. The financial tail continues to wag the working dog.
Gold’s days of being pinned to the mat are getting numbered. The clock is ticking. The exchange-traded fund GLD is methodically raided, the U.S. Mint is drained, and the Comex shelves are all but bare. All that’s left is the potential for a huge rally.
Maybe now Kitco could be so kind as to lease the gold in its client pool accounts to the cartel? That ought to buy another week or two of suppression. It’s the least they could do as dutiful apologists for their bullion bank buddies.
# # # #
About Chris Powell:
Mr. Powell has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He serves as the secretary/treasurer and a director of the Gold Anti-Trust Action Committee (GATA). Mr. Powell publishes GATA “dispatches” on stories relevant to the precious metals community: click here to access them and the GATA website. For additional information about precious metals, financial markets and the economy a 2 week free trial to GATA chairman Bill Murphy’s subscription service is available by clicking here. This article is reprinted on The News Doctors with permission.
Source: http://thenewsdoctors.com/kitco-inadvertently-acknowledges-that-the-gold-price-is-suppressed-james-mcshirley/
