At London conference Tocqueville's Hathaway denounces Comex


10:45a ET Wednesday, December 2, 2015

Dear Friend of GATA and Gold:

Reporting from the Mines and Money conference in London, Sharps Pixley's Lawrie Williams writes that the Tocqueville Gold Fund's John Hathaway denounced the New York Commodities Exchange's gold contract as "fiction -- a casino for paper gold."

Hathaway added that world gold production may fall by 25 percent over the next few years without an increase in the gold price. Williams writes: "With sales out of the major gold exchange-traded funds falling back, yet continuing huge demand from Asia, he said the only way the gold price could still be falling, as it is, is if physical gold supply is being supplemented by movements out of above-ground stocks."

Now whose would those "above-ground stocks" be?

Apparently Hathaway didn't say, but he is getting ever closer to acknowledging what's really going on. Maybe he'll get there at the next conference.

Williams' report is headlined "Comex is Fiction, a Casino for Paper Gold -- Hathaway" and it's posted at the Sharps Pixley Internet site here:;-a...

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


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