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So where’s all that imaginary gold coming from and why? – Chris Powell
TND Guest Contributor: Chris Powell
Gold futures were sold short heavily last week by bullion banks on behalf of central banks, GoldMoney founder and GATA consultant James Turk tells King World News today. That’s why, Turk says, gold is not really “overbought” but rather oversold by the most powerful financial institutions in the world. Turk notes “widespread pessimism” about gold, while adding that the huge short position inspired by central banks makes a “moonshot” at least possible someday. An excerpt from his interview is posted at KWN here:
http://kingworldnews.com/james-turk-warns-despite-pullback-we-may-see-a-…
Meanwhile financial letter writer Clive Maund contends that the gold sector is actually insanely optimistic, and he pounds his chest about how right he will be proven when the bullion banks smash gold back down again, as if this isn’t just the “wash, rinse, repeat” cycle central banks have been running with their bullion bank agents in the gold market for many years. Maund doesn’t seem curious about where the bullion banks obtain huge amounts of metal credits like this and what this implies for a supposedly free-market economy — and, indeed, what it implies for the “technical analysis” offered by financial letter writers. His commentary is posted at his Internet site, CliveMaund.com, here:
http://www.clivemaund.com/article.php?art_id=3750
GATA makes no price predictions. It simply presses the question: Where is all that imaginary gold coming from and why? Evidence bearing on the question can be found here:
http://www.gata.org/node/14839
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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/so-wheres-all-that-imaginary-gold-coming-from-and-why-chris-powell/
