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Tocqueville Gold's Hathaway is getting really mad about market rigging
9:38p NZST Friday, October 11, 2013
Dear Friend of GATA and Gold:
Interviewed by King World News, Tocqueville Gold Fund manager John Hathaway is getting really mad about gold market rigging.
Hathaway says: "“Right now I am focused on this bedeviling issue of the paper gold vs. the physical gold market. Paper gold may be setting the price, but the abuses in the paper market are just staggering to me. For example, on Tuesday we saw 17,000 contracts sold in the space of a few minutes," hammering the gold price. "That's around 2 million ounces of gold. ... These guys don't even have to borrow the gold to sell it. It's probably a couple of bullion banks, and they use their balance sheets to justify the leverage of selling gold they don't possess."
Actually, it's probably the U.S. government or the Bank for International Settlements, the agent for its central bank members in the gold market, all of whom, being money creators, have access to far more money than represented by the balance sheets of a couple of bullion banks, which are merely masking the intervention.
Will gold fund managers and gold mining companies ever get mad enough about this to do more about it than grouse to King World News? Late as he is in acknowledging the racket, Hathaway is far ahead of nearly everyone else in his business. An excerpt from his interview is posted at the King World News blog here:
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Gold Anti-Trust Action Committee Inc.
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