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Banker Manipulation Of Gold And Silver Prices
Further Exposed
Demand not being met, price being kept down to stave off
flight from paper and debt
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Commodities experts are in agreement that the price of gold and
silver is being manipulated by bankers and government officials
in order to halt a mass abandonment of paper currencies and the
debt based economy.
The New York Post today carries a column by John
Crudele declaring that there is a global
run on gold coins and that demand is not being met
by government mints.
"The price that the government charges coin
dealers has recently been increased by as much as 10 percent for
a 10-ounce coin." Crudele comments, also pointing out that
gold purchases that were easily filled immediately six months
ago are now subject to two week waiting periods.
"There's another more puzzling aspect to the
recent gold rush." Crudele writes, referring to the fact
that the market price of gold is declining, despite the increase
in demand.
Crudele quotes Bill Murphy, chairman of the Gold
Anti-Trust Action Committee who states:
"Gold should be moving up... How could there
be such a dichotomy between the historic high premium for coins
all over the world and the low Comex price?"
Figures released by the Labor
Department today show that prices of gold and silver
tumbled in October by the most on record, with the gold price
heading for its first annual decline in eight years.
Gold futures for December delivery declined $7.20,
or 1 percent, to $734.80 an ounce at 9:33 a.m. on the Comex division
of the New York Mercantile Exchange. Silver futures for December
delivery dropped 4.5 cents, or 0.5 percent, to $9.285 an ounce.
Reports are attributing this to a dampening of inflation concerns,
however Bill Murphy maintains that "the US government and
the banks that hold bullion are intentionally keeping the price
down."
(ARTICLE CONTINUES BELOW)
Murphy and the GATA has been attempting
to expose the blatant manipulation for a number of years now.
"The gold market is managed by certain central banks and
their agents, the bullion banks" he wrote
in 2005. "It is a price-fixing case involving
some very powerful people and institutions … in fact it
is a Gold Cartel."
Murphy and others have revealed
how the IMF and the central banks have sought to suppress the
gold price over the last 10 years in order to maintain their monopoly
over an economy based on debt and fiat paper currencies.
We have previously
reported on how the official COMEX gold future numbers
are completely divorced from reality and banker manipulation is
rife.
Recently, influential private
investment advisor Martin Hennecke echoed
these sentiments declaring that the anomalous price
trends were partly a result of temporary deleveraging as well
as, “manipulation as the central bankers and the politicians
don’t want you to panic out of their debt and go into gold.”
Hennecke and other investors such
as Jim Rogers have predicted that gold prices will explode towards
$2,000 an ounce with future hyperinflation resulting from the
global central banks’ insistence on printing their way out
of economic turmoil.
Last week more
evidence of the manipulation of precious metals emerged
with Silver market analyst Ted Butler obtaining a letter from
the U.S. Commodity Futures Trading Commission to U.S. Rep. Gary
G. Miller, Republican of California. The letter virtually confirmed
Butler's speculation in September that the smashing of the silver
price this year involved JPMorganChase's takeover of Bear Stearns
in March.
Butler writes:
"Bear Stearns held the largest concentrated short position
in COMEX silver (and gold) futures at the time of its forced
merger with JP Morgan in March. That position was not discovered
until the publishing of the August Bank Participation Report
followed by the October 8 letter from the CFTC to Congressman
Miller. Furthermore, Bear Stearns had no legitimate backing
to the short silver position, either in actual metal or cash.
Otherwise it could have been delivered against or bought back,
just as would have happened were it a long position.
"The price of silver at the time of Bear Stearns implosion
was $20 to $21 an ounce. A free-market covering of a concentrated
short position of this size would have driven silver prices
to the $50 or $100 level and would have exposed the long-term
manipulation. Rather than let the free market deal with the
required short covering of such an uneconomic and unbacked short
position, government authorities arranged to have the short
position transferred to JP Morgan. This was undertaken by the
U.S. Treasury Department, along with taxpayer guarantees against
loss to Morgan worth billions of dollars. This was done, no
doubt, to save the financial system from imploding. This was
also patently illegal, as it aided and abetted the silver manipulation."
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