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Tuesday, 1 May 2012

Gold manipulation to "kill the financial messenger"

I found this interview "GATA's Bill Murphy exposes how the gold cartel is bombing the market for precious metals" interesting.  GATA's* Bill Murphy claims that certain gold ETFs (exchange traded funds) are the major shorts in the gold market, including GLD whose gold custodian is HSBC.

The "waterfall attack" shown below was generated by dumping for no reason other than to trigger stop losses:  no news justified the heavy instantaneous sell-off.

Courtesy of Kitco
Murphy also claims that Chinese, Russian and other central banks accumulate more gold simply by waiting for the sell downs which are orchestrated by the UK and the US.  They seek to accumulate gold to diversify their wealth holdings away from the US dollar which is being debased by money printing.

It is significant that the interview was produced by Russia.

I acknowledge's Capital Account and Kitco;  and I thank JSMineset for drawing my attention to the report.

* GATA is the Gold Anti-trust Action Committee.

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