Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Comex and LBMA require market's ignorance, Tocqueville's Hathaway writes

By cpowell
Created 2013-10-08 10:16

6:08p CST Tuesday, October 8, 2013

Dear Friend of GATA and Gold:

Tocqueville Gold Fund manager John Hathaway's quarterly letter to investors speaks plainly about market manipulation, citing "a gathering loss of investor credibility in traditional intermediaries between financial markets and bullion, such as the Comex and LBMA," the London Bullion Market Association.

"These intermediaries," Hathaway writes, "in reality offer only a very indirect connection to physical metal and depend on a highly levered structure of collateral re-hypothecation, and, in our opinion, market ignorance in order to operate. Because the paper market in gold is deep and liquid in comparison to other futures markets such as pork bellies, it attracts speculative capital. However, unlike other deep and liquid commodity markets such as oil, copper, or wheat, the commercial interests -- i.e., gold mining companies, jewelry trade, etc. -- have a comparatively small impact on day-to-day and year-to-year flows. Therefore, the paper market for gold is ideal for speculative capital inclined to manipulate for purposes of maximizing year-end bonuses."

Hathaway's letter is posted at the Tocqueville Internet site here:

http://tocqueville.com/insights/tocqueville-gold-investor-letter-3Q13 [1]

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


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