Gold is up due to GATA's efforts in exposing manipulators/
Gary,I got your portfolio change email earlier tonight. (I won't go into detail since I assume you prefer to keep that for subscribers). I see your point about the dollar, but does that mean your expectation of a short-term stock market correction has changed? Thanks.
go and get some gold bullions and there is a news just up in NY post, U.S and AU...all about manipulation....has gone onto mainstream media...keep google it and get some gold bars....
check it out thenhttp://news.goldseek.com/GoldSeek/1271052300.php
no, let me apologize: why have you been so wrong so often this year?
Jim,No I still expect a correction. I just added a small amount as a sacrifice to the market gods is all :)
Gary,It's funny how the rally has come about shortly after the manipulation has been exposure in main stream media...coincidence? Perhaps, perhaps not.I also find it ironically hilarious that you are quick to dismiss the manipulation theories based on "no evidence" and then make the call that there mustn't be manipulation based on a short rally. Are we to believe that this 10 out of 11 day rally is your "evidence" of there being no manipulation?Perhaps you should spend less time trying to make a case against manipulation and more time working out what cycle we are in, because you seem to be changing your mind every other week recently.Joseph
Give me a break. GATA has been "exposing" for years. Seriously people wake up and smell the coffee.
There were people trying to expose Madoff for years before his ponzi scheme blew up as well.Joseph
Trust me the government has bigger things to worry about than the price of a shiny piece of metal.Jim Rogers and Marc Faber both scoffed at the notion of manipulation. George Soros and John Paulson both have big positions in gold and miners. Do you really think some of the smartest people in the world would invest in a sector if they thought it was being suppressed?
Gary, if it corrects from here on now, you would consider the move till date as A-wave, and the correction as B-wave, right? If, yes, what point exactly do you expect us to go all-in or like you mentioned previously, leverage ourselves 110% ? :)
I think the leverage part is done since we don't really have anyway to tell if this is an A wave or not. I will move up to 100% as soon as the stock market corrects but I do so fully realizing that this may be an A-wave and I'm going to have to ride the ups and downs, probably for months.
The government is large enough to worry about everything, but they fix nothing. If they need more people to worry about things, they will just contract them out. They own it all.
Could it be that the manipulators are now pushing gold up? After all, I think this is the A-wave (whether or not we look for a 'confirmation' or not). ...
Part IBOMBSHELL – Whistle Blower Comes Forward With SolidProof The Price Of Gold And Silver Is Being Manipulated By Major FinancialInstitutionsPosted on04/12/10 at 2:13am by MichaelSnyder For a long time many of us have had veryserious suspicions that the prices of gold and silver were being highlymanipulated. But now, thanks to the mind blowing testimony of one very bravewhistle blower, the blatant manipulation of the world gold and silver marketsis being blown wide open. What you are about to read below is absolutelystaggering. Once the American people learn how incrediblycorrupt the world financial system is, it is going to changeeverything. The government that we are all trusting to guard theintegrity of the financial system is failing to do that job. Itturns out that the Commodities Futures TradingCommission has been sitting on solid evidence that the elite bankingpowers have been openly and blatantly manipulating the price of gold and silver. Eventhough they were basically handed a "smoking gun", they have doneabsolutely nothing with it. But now the information has gone public andthe CFTC is red-faced. Back in November 2009, Andrew Maguire, a former Goldman Sachssilver trader in Goldman's London office, contacted the CFTC's EnforcementDivision and reported the illegal manipulation of the silver market by traders at JPMorgan Chase.Maguire told the CFTC how silvertraders at JPMorgan Chase openly bragged about their exploits - includinghow they sent a signal to the market in advance so that other traderscould make a profit during price suppression episodes.Traders would recognize thesesignals and would make money shorting precious metals alongside JPMorganChase. Maguire explained to the CFTC howthere would routinely be market manipulations at the time ofoption expiries, during non-farm payroll data releases, during commoditiesexchange contract rollovers, as well as at other times if it was deemednecessary.
Part IIOn February 3rd, Maguire gave theCFTC a two day warning of a market manipulation event by email to EliudRamirez, who is a senior investigator for the CFTC’s Enforcement Division.Maguire warned Ramirez that the price ofprecious metals would be suppressed upon the release of non-farm payrolldata on February 5th. As the manipulation of the preciousmetals markets was unfolding on February 5th, Maguire sent additionalemails to Ramirez explaining exactly what was going on.And it wasn't just that Maguire predictedthat the price would be forced down. It was the level of precision thathe was able to communicate to the CFTC that was the most stunning. Hewarned the CFTC that the price of silver was to be takendown regardless of what happened to the employment numbers and that theprice of silver would end up below $15 per ounce. Over the nextcouple of days, the price of silver was indeed taken down from $16.17per ounce down to a low of $14.62 per ounce.Because of Maguire’s warning,the CFTC was able to watch a crime unfold, right in frontof their eyes, in real time.So what did the CFTC do about it?Nothing.Absolutely nothing.Which is extremely alarming, because thesize of this fraud absolutely dwarfs the Madoff or Enron scandals. Infact, this fraud is so gigantic that it is not even worth comparing to any ofthe other major financial scandals of recent times.But Maguire did not give up. Hesent several more emails to the CFTC detailing the open manipulation of thegold and silver markets.The CFTC did not reply.Finally he sent them a final email: "Ihave honored my commitment to assist you and keep any information we discussprivate, however if you are going to ignore my information I will deem thatcommitment to have expired."The reply by the CFTC?"I have received and reviewed youremail communications. Thank you so very much for your observations."No action.No acknowledgement that anything waswrong.No recognition that a massive crime hadbeen committed.Fortunately, that was not the end of it.On March 25th, the CFTC helda hearing on alleged manipulation in the gold market by the majorbanking powers.Maguire wanted to testify during thathearing but he was not invited.But William Murphy, chairman of Gold Anti-Trust Action (GATA), was invited totestify. GATA has been compiling data on the manipulation of the gold andsilver markets for quite a long time now.Murphy was only given five minutes todeliver his testimony. He raced through his presentation so that he couldget as much information on the record as possible.Very curiously, the live televisionbroadcast of the CFTC hearing suffered a technical failure the minutebefore Murphy began his testimony. The technical failure wascorrected the minute after Murphy was finished.Coincidence?
Part IIIMaguire and his wife were subsequently injured and hospitalized when their carwas struck by a hit-and-run driver in the London suburbs.When a bystander who sawthe "accident" tried to block the other driver from gettingaway, the other driver accelerated directly towards thewitness, forcing him to leap out of the way to avoid being hit. The hit-and-run driver’s car then hit two additional cars as he leftthe area.But Maguire and his wife were fortunate.In the past, other would-be whistleblowers that had evidence regarding the manipulation in the gold andsilver markets died in "unusual accidents" before they were able tobring their evidence to light.But there were even more"coincidences" surrounding this hearing.A week before the hearing, the CFTCannounced that they had had a fire in the room where its gold and silverrecords are held.Isn't that convenient?In addition, after the hearing wasover, Murphy was contacted by a number of major media outletsfor interviews.Within 24 hours, every single interviewwas cancelled.Every single one.Is that a coincidence too?It appears that some very powerful peopledo not want this information to get out.It also shows how corrupt the mainstreammedia has become.This is a story that is so much biggerthan the Madoff scandal or the Enron scandal that it is not even funny.And yet the mainstream media is avoidingit like the plague.But there were additional bombshells thatcame out during the hearing as well.During the hearing it was revealed thatthe gold manipulators have accumulated a huge short position in gold andthat these huge short positions are "naked", which means thatthese positions are not hedged.These massive short positions have putsome of the largest financial institutions in the world in an extremelyvulnerable position.
Part IVIn addition, it has now come out thatmost "gold" that is traded is not backed by the actual metalitself. For years, most people have assumed that the LondonBullion Market Association (LBMA), the world'slargest gold market, had actual gold to back up the massive "golddeposits" at the major LBMA banks.But that is not the case.People are now realizing that thereis very little actual gold in the LBMA system.When people think they are buying"gold", they are actually just buying pieces of paper that say theyown gold.In fact, during the CFTC hearings,Jeffrey Christian of CPM Group confirmedthat the LBMA banks actually have approximately a hundred times more golddeposits than actual gold bullion.Uh oh.So what happens if everyone decides thatthey want actual physical delivery of their gold?It would be such a mess that it ispainful even to think about it.The truth is that right now most of thetrading activities on the London exchange are just paper for paper.But people get into gold because theywant to be in a real commodity.In fact, there are thousands ofclients around the globe who think they own hugedeposits of gold bullion, and are being charged large storage fees onthat imaginary bullion, but what they really own are a bunch of pieces ofpaper.If there comes a time when everyonestarts asking for their gold it is going to create a squeeze of unimaginableproportions.Maguireexplains this situation this way: "for 100 customers whoshow up there is only one guy who is going to get his gold or silver andthere’s 99 who will be disappointed, so without any new money coming into themarket, just asking for that gold and silver will create a default."The truth is that it is absolutelyimpossible for the LBMA to ever deliver all the gold and silver owed tothe owners of contracts.Yes, it is a gigantic mess.But this type of things is not entirelyunprecedented. For example, Morgan Stanley paid out several milliondollars back in 2007 to settle claims that it had charged 22,000clients storage fees on silver bullion that did not exist.But the scale of the fraud going on nowis absolutely mind blowing. The following video contains footage from thehearing related to these issues....So what is the bottom line?The bottom line is that the preciousmetals markets are cesspools of fraud and manipulation.The markets have been suppressed bythe major financial institutions for years, and this has created the potentialfor a "squeeze" in the precious metals markets that could send theprices of gold and silver into the stratosphere.You see, the reality is that therewould be no gold left in the entire world if all the Gold ETFs (Exchange Traded Funds) asked for physicaldelivery.Are you starting to get the picture?In fact, Maguire claims thatthe naked short selling scam by the major financial institutions is wellinto the trillions of dollars, making it by far the biggest financial fraud inhistory.
Part VMaguire calls what has been goingon "financial terrorism", and he accuses the financialinstitutions involved in this fraud of "treason" for puttingnational security at risk.And national security is at risk.Because if the true extent of this fraudcomes out, it could collapse the entire financial system.If you have never heard an interviewwith Andrew Maguire, we encourage you to listen to the audio interviewposted below. It will really open your eyes to what is going on in theprecious metals markets....TheCentury's Biggest Fraud RevealedThis is one of the biggest financialstories of the decade. Because it is complex, most Americans will notunderstand it. But the fraud and manipulation in the gold and silvermarkets has the potential to cause a massive economic collapse evenwithout all of the other factors talked about on this blog.Some very powerful people have been doingsome really, really bad things. Once people understand the truth, theywill never look at the financial markets the same way again. Already,faith in the major financial institutions of this country has been shaken byrevelations about what has been going on over at Goldman Sachs. TheAmerican people have no more appetite for any more financial scandals or forany more Wall Street bailouts. But if the fraud andmanipulation taking place in the precious metal markets ever getstotally exposed it will change the U.S. financial systemforever. Please get this information out to asmany people as you can. There are a number of verypowerful people who are not going to be pleased that sites like this areattempting to get the truth about this massive scandal out.
An Indicator?AAR Reports Sharp Traffic Gains on U.S. Railroads for Most Recent WeekCarloads Up for Sixth Straight Week; Intermodal Up for Twelfth Straight WeekWASHINGTON, D.C. - April 8, 2010 - The Association of American Railroads today reported that U.S. railroads saw sharp gains in traffic for the week ending April 3, 2010, compared with levels from one year ago. U.S. railroads originated 290,217 carloads during the week, up 10.7 percent from the comparable week in 2009. This was the sixth consecutive week carload volume has topped year-over-year levels compared with 2009, while traffic was still down 11.8 percent compared with 2008.In order to offer a complete picture of the progress in rail traffic, AAR now reports 2010 weekly rail traffic with comparison weeks in both 2009 and 2008. Good Friday, which is observed as a holiday on many railroads, occurred during the 2010 week but not in the comparison weeks from 2009 and 2008.Intermodal traffic totaled 196,257 trailers and containers, up 6.2 percent from last year but down 9.4 percent compared with 2008. Compared with the same week in 2009, container volume increased 7.8 percent and trailer volume dipped 1.5 percent. Compared with the same week in 2008, container volume was down 1.9 percent while trailer volume fell 35 percent. This was the twelfth straight week intermodal volume was above 2009 levels.Total volume for the week was estimated at 31.3 billion ton-miles, up 11 percent from last year, but down 9.3 percent from 2008.In the Western U.S., carloads were up 12.7 percent compared with the same week last year, but off 9.2 percent compared with 2008. In the Eastern U.S., carloads were up 7.8 percent compared with 2009, but down 15.3 percent compared with 2008.Seventeen of 19 carload commodity groups showed gains from a year ago, with the largest coming from products associated with metals: metallic ores, up 104.2 percent; metals, up 84.1 percent; scrap, up 39.8 percent; and coke, up 30.3 percent. Other notable increases included motor vehicles and equipment, 21.3 percent; grain, 18 percent; primary forest products, 34.8 percent; lumber, 21.6 percent; and chemicals, 11.5 percent. Loadings of pulp, paper and allied products were off 5.1 percent. For the first 13 weeks of 2010, U.S. railroads reported cumulative volume of 3,590,628 carloads, up 2.2 percent from 2009, but down 14.7 percent from 2008; 2,627,231 trailers or containers, up 8.4 percent from 2009, but down 8.5 percent from 2008, and total volume of an estimated 390.1 billion ton-miles, up 3.1 percent from 2009 but down 11.8 percent from 2008.Canadian railroads reported volume of 70,786 cars for the week, up 14.8 percent from last year, and 42,025 trailers or containers, up 6.1 percent from 2009. For the first 13 weeks of 2010, Canadian railroads reported cumulative volume of 933,743 carloads, up 15.9 percent from last year, and 568,737 trailers or containers, up 7.4 percent from last year. Carload volume on Canadian railroads has been ahead of year ago levels every one of the first 13 weeks this year.Mexican railroads reported originated volume of 11,267 cars, up 4.3 percent from the same week last year, and 5,069 trailers or containers, up 0.4 percent. Cumulative volume on Mexican railroads for the first 13 weeks of 2010 was reported as 172,819 carloads, up 20 percent from last year; and 83,544 trailers or containers, up 37.3 percent.Combined North American rail volume for the first 13 weeks of 2010 on 13 reporting U.S., Canadian and Mexican railroads totaled 4,697,190 carloads, up 5.2 percent from last year, and 3,279,512 trailers and containers, up 8.8 percent from last year.
Gary, I feel sorry for you. Whenever I read through the comments section of these financial blogs, I feel like I'm being struck with a radioactive dose of stupidity. I do my best to avoid it. Right now, I this is in reference to the manipulation theorist, but there are endless variations on the themes. You're a brave man for exposing yourself to this.
I've said it before and I'll say it again. All markets will be manipulated from time to time. Short term certainly gold could be affected. But any serious manipulation would only act to drive prices much much higher than they normally would be.So all this drivel trying to prove that gold is being supressed is just crazy. If it's actually happening then it's the reason gold is as high as it is not the reason it isn't higher.Any huge short positions have to be covered when price runs over them thus sending gold rocketing much higher than it would normally.Apparently the conspiracy theorists don't understand how markets work. If they did they would be cheering on the manipulators.But then all this nonsense isn't really about whether gold is tampered with, it's about needing an excuse for why gold doesn't do what they want it to do when they want it to do it.
Gold is doing what I want it to do!
Gary,I was looking at the chart (danger) and just going back to November, that's when I jumped short and lost a bit. My point after chart gazing is - Could Nov. been the start of A wave, with B wave retesting the whole move, followed by the C wave that's topping out now?
I think the move into Dec. was clearly a C-wave.
I agree with Gary - C wave ended in December. D-wave always goes down WITH the market - would you agree Gary? I still think we're in the A wave - started Feb5/8th. Won't top until after reaching 1186. The A-wave PEAK should occur around the same time that major indexes are hitting NEW LOWS. The divergences should take place with their pivots being within a couple weeks of one another.
Top is in?; big selling of SPY $201MM):http://online.wsj.com/mdc/public/page/2_3022-mflppg-moneyflow.html?mod=topnav_2_3000
Deflation all the way...Gold back to 1000Oil to 30We are close to the top in equities...Dawler higher...
Whew I would certainly be afraid to bet on that trade. I think Ben has pretty much proved his point that with an unrestrained printing press deflation has no chance.
Bernanke has proved nothing except that he is exceedingly short-sighted and incognizant of the damage wrought by his increasingly desperate efforts at preventing the deflationary collapse.Since most people think of inflation strictly in terms of pricing, I have to wonder where is the inflation in, say, corn and wheat? Oil is a scarce resource, it is no surprise to see a price increase as global demand ramps up.
I think anyone in the deflation camp by this time is in severe denial. Oil is hardly in short supply. We have so much of it we are running out of storage.Certainly some things with very low demand are not increasing but most commodities other than grains and nat gas have been soaring since last year. resturant prices are up considerably over the last 5 years. health care is skyrocketing. Medical bills and tuitions are up. Most service industry pricing is up considerably over the last 5 years. Inflation is a monetary phenomenon. Rising prices are just a symptom. We certainly have expanding monetary bases and monstrously expanding credit (government).That money is going unevenly into asset markets.
Medicine is an oligarchy, the perpetual shortage of US doctors is a deliberate policy of AMA to keep doctor wages high. In a free market, prices in this area would plainly fall. Doesn't the US have one of the most expensive medical systems in the entire world?Restaurant prices up considerably? Perhaps at Ruth Chris steak house, but the general populace doesn't eat there. At McDonalds, I would say that prices haven't gone up much, if at all, and they have also introduced some lower price options on their menu. Like the McSnack or whatever the hell it is called.Yes, asset prices are being bid up in a liquidity-fueled frenzy. When everybody is all in on the inflation trade, those prices will have nowhere else to go but...down.How is your aluminum hoard coming along? Alcoa sees increasing prices. I see them going bankrupt in a few more quarters. ;-)And finally, the highlight of this depression is going to be the refutation of monetarist nonsense. A hundred years from now, some dumbass fedhead will be thanking some theoretical economist for pointing out the errors of Bernanke and claiming, "Yes, we did it. But thanks to you, it won't happen again." (Note that the proposed refutation has already occurred in Japan, but Anglo-Saxon types are convinced that the Japanese are "different". Sure they are.)
If you will notice prices aren't falling. In a deflation prices should be falling. Even grains and nat gas are just stagnate. Even housing prices have ground to a standstill.If we were really experiencng deflation prices of everything would be dropping like a rock...just like they did in 08.That's just not happening anywhere.
Gary of SMT blog said: "Do you really think some of the smartest people in the world would invest in a sector if they thought it was being suppressed?"Eric Sprott: "I’m a 100% believer that central banks have suppressed the price of Gold."Do I take the word of a random blogger or a chairman, ceo & portfolio manager with $5 billion under management? hmmm...Joseph
Do I trust Eric Sprott or Jim Rogers, Marc Faber, George Soros, John Paulson, etc. I think I got to go with the big boys :)
Greg,Do you really consider any of this as serious evidence of anything other than short term manipulation (happens in every market).My gosh on Feb. 5th the market was moving into an intermediate cycle low. There was margin selling across the board in everything. To expect that to not effect the metals would be ludicrous.I think part five makes a perfect case for owning gold. If there are outlandishly large short positions they will have to be covered when price rolls over them. That means gold will rocket higher. What's bad about that? Isn't that what we want to happen?Why are you concerned about something that's guaranteed to send gold soaring?And all this based on some trader who openly admits to making money of the manipulation. Why did he now all of a sudden decide to kill the goose that lays the golden eggs. Perhaps you might want to read a little commonsense once in a while.http://www.safehaven.com/article/16285/what-isnt-manipulated
http://www.safehaven.com/article/16285/what-isnt-manipulatedHmmm. This bozo doesn't know the difference between conscious and conscience.
After looking at the posts here, I see that they are all pretty ancient.... around April of 2010, and at this time of this posting, it is near the end of August 2011.Of course gold is being manipulated, only a village idiot would think otherwise. However, with patience, and if you already have physical gold, (the only real money saved toward your retirement), then play the waiting game.For the past ten years it's been a case of three steps forward and two steps back, at times it was four steps backward, but not very often, all in all, it's been a steady move forward for gold, and a steep decline for Ben Bernanke and his ilk's paper dollar.Wait... let those with billions continue to sucker in the rubes by raising the price of gold with their paper purchases. The rubes seeing the price of gold rising then jump in hoping to become wealthy also.When enough of the simpletons have invested their life savings, the Wise Guys bail out taking all of the gullible ones money with them. A few weeks are allowed to pass in order to let the sheep forget, then the game begins, over and over, and over again.You don't have to go back very far to see how much gold has increased, or if you prefer, how much the Dollar has collapsed.January of 2010 saw a gold price of $1097.30Sit on your golden egg until the "hatching" is complete.Wait until long AFTER the crap has hit the fan.
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