Today’s London PM Fix Precious Metals Smash: Trading In Paper Gold Reflects Sheer Desperation By The U.S. Government – Dave Kranzler
RELATED STORY: John Embry: The Public Has Been Set Up For Slaugher; It Doesn’t Have A Chance – Shadow of Truth #52
TND Guest Contributor: Dave Kranzler
I got this comment in my email from John Embry this morning in reference to the blatant paper attack on gold after London closed this morning (see graph below):
How do you like these antics after the London close today? I still believe that to be this blatant they must sense real trouble.
I replied:
John this is pure desperation. An incredible amount of gold was delivered into the SGE the past two weeks. Everyone follows “withdrawals” because that’s what “prince” Koos has them conditioned to watch. But you can’t “withdraw from” without first “delivering into.” You can get delivery numbers daily at the SGE website.
Did you see this: http://www.zerohedge.com/news/
Also this report hit the wires today: Chinese Gold Premium Spikes, Indian Imports Surge.
There was also a report out yesterday showing a huge increase in non-performing loans at the big banks in Q2. I really think the economy hit a wall the last two months. That industrial production report was purely a function of the big downward revisions in May and June that made the “increase” in July look relatively healthy. The IP number was a product of auto industry inventory build-up – cars that won’t get sold. I noted:
John, they can try to cover-up the carnage to the economy by pumping up the stock market and smashing the metals, but they can’t hide the coming sub-prime driven debt implosion OR the massive gold-buying going on in China.
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About Dave Kranzler:
I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics. Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.
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