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From RealVision TV:
In-depth look at gold price suppression
Singapore-based fund manager Grant Williams has just done an outstanding and detailed interview with London metals trader Andrew Maguire in the Real Vision series of in-depth interviews with leading figures in the financial markets.
Among the topics discussed by Maguire and Williams:
- The intention of the Bank of England’s gold sales to drive the price down 15 years ago to rescue bullion banks from a short squeeze.
- Maguire’s attempt to get the U.S. Commodity Futures Trading Commission interested in documentation he provided about silver market manipulation in London.
- The shocking impact on the metals market caused by CPM Group executive Jeffrey Christian’s admission to a CFTC hearing that bullion banks are leveraged by as much as 100 to 1 in their shorting of metal.
- The official interventions against gold in April 2013.
- London’s loss of control of the gold market to Asia, where the physical market will overwhelm the paper or “synthetic” markets of the West.
- The new Asian exchanges that will draw metal away from the West and break the price-suppression system.
- What Maguire considers the financial trade of the decade.
From Financial Sense Newshour:
Gold at a tipping point; China key to new bull market
Is the nearly four year bear market in gold finally coming to an end? Pierre Lassonde, chairman of Franco-Nevada Corporation and former chairman of the World Gold Council, tells Financial Sense Newshour that gold is at a tipping point with China a key decider in which direction it goes. Pierre also discusses the Dow-gold ratio and how this has helped investors know when to buy and when to sell.
Here is a partial transcript of his interview that aired on the Newshour Podcast page.
Financial Sense: What is your outlook on the price of gold?
Pierre Lassonde: We’ve been in a bear market for almost four years – it’ll be four years in October – and, so far, the $1,140 low that we’ve seen has held against many bear raids and it continues to hold and we are what I would call in the dog days of summer for gold because between May and July is the seasonal low point. So, if it’s going to crack, it normally does right now and it hasn’t – it’s held. When you look at the gold equities, they seem to have been turning a corner lately and normally the gold equities are ahead of the bullion itself. I think it’s very constructive and my thinking is if we get to July and the gold price has held $1,140, then by August/September you’re going to see numbers that we haven’t seen in a while and I think that we may be back in a new gold bull market.
FS: Why do you think gold is close to a bottom?
PL: Back in 1999 I put out in our Franco Nevada annual report a chart called the Dow Jones Industrial Average vs. Gold and the way to think about this chart is to compare the financial sector vis-à-vis the hard assets sector … and what’s interesting … is when I look where we are today, we are at the tipping point for that ratio to turn back in favor of gold.
FS: What do you think would be the catalyst for that to happen?
PL: The catalyst for gold reaching let’s say close to 1 or 2:1 [on the Dow/Gold ratio] I think will be inflation in China … [since] they’re finding themselves to be not as competitive as they used to be especially against India, Bangladesh, Indonesia and other countries. And what could cause inflation to really perk up in China is a devaluation of the renminbi. Now if they devalue the renminbi, you’re going to have real inflation in China; you’re going to have Chinese rushing to the gold exchange market and you could have a real run on gold at that point in time.
From TF Metals Report:
The ‘war on cash’
Political and banking elites increasingly are urging the elimination of cash and the conversion to an entirely electronic monetary system, the TF Metals Report notes, warning that a “cashless society” would be an authoritarian if not a totalitarian one. TF’s commentary is headlined “The ‘War on Cash'” and is posted at the TF Metals Report here.
From the New York Post:
Justice Department probes banks for rigging Treasuries market
By Kevin Dugan
The Department of Justice is looking into possible manipulation of the $12.5 trillion Treasuries market, the Post has learned.
Justice lawyers, believed to be in the early stages of a probe, have reached out in recent months to at least three of the 22 banks that act as primary government debt dealers and requested information regarding auctions of Treasury debt, said one person close to one of the banks that received the request.
No single bank has become the focus of the probe, it is believed, and no bank has been accused of any wrongdoing. In addition, there is no guarantee that the requests for information will turn up any evidence of manipulating Treasury auctions. …
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