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Alasdair Macleod: Why they might want to rig the gold market

Section: Daily Dispatches

10:19p HKT Thursday, March 14, 2013

Dear Friend of GATA and Gold:

Reflecting on today's report in The Wall Street Journal that the U.S. Commodity Futures Trading Commission is considering investigating possible manipulation of the gold and silver markets, particularly at the London price "fixings" --

-- GoldMoney research director Alasdair Macleod writes that the CFTC likely has been pressured by years of such allegations.

"In gold and silver futures," Macleod writes, "the commercials (basically those participants that have physical bullion risk to hedge in the market) are dominated by bullion banks that have been running extremely large short positions -- because they have substantial, or, if they are too big to fail, unlimited financial resources."

Macleod then outlines the likely motives of the possible manipulators.

His commentary is headlined "CFTC Considers London Fix Investigation" and it's posted at GoldMoney here:

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


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GoldMoney Reduces Storage and Exchange Fees

From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit: