James Turk explains: "... The big news that has now begun influencing the market is the stunning revelation by GATA at a Commodity Futures Trading Commission (CFTC) hearing last week about the London whistle-blower who had explained to the CFTC how JP Morgan Chase has been manipulating/capping precious metal prices. In a shocking parallel to the inaction by the SEC after receiving warnings from Harry Markopolos about the Madoff ponzi, the CFTC has apparently been sitting on this information.
The whistle-blower, Andrew Maguire, is an experienced precious metal trader in London. In this riveting interview on King World News with GATA director, Adrian Douglas, Maguire describes a “new dynamic” impacting gold. Specifically, there is a huge short position in the market. But there is even more.
The CFTC hearing confirmed what GATA has been saying all along, that the gold market is being manipulated. To achieve this manipulation, the gold cartel has accumulated a huge short position. Importantly, the hearing confirmed that the gold cartel’s huge short positions are ‘naked’, meaning that these positions are not hedged. More to the point, the CFTC hearing revealed that there is 100-times more paper-gold outstanding than physical gold...
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Comment: Go to your bank, demand physical delivery. Let's start a gold run. Bring the cartel down.
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