Chris Martenson: An unapocalyptic explanation for negative GOFO

Section:

2:24p ET Saturday, August 24, 2013

Dear Friend of GATA and Gold:

Market analyst Chris Martenson writes today that negative gold forward offered rates (GOFO) may be less an indicator of imminent defaults in the gold market than a product of a record-low London Interbank Offered Rate (LIBOR) combined with increased hedging (and futures shorting) of gold by mining companies. Martenson says he isn't disputing that gold supply may be tight but rather disputing suggestions that the apocalypse has arrived for the gold market. His commentary is posted at his Internet site, Peak Prosperity, here:

http://www.peakprosperity.com/discussion/82709/pm-end-week-market-commen...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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