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James Turk: Gold backwardation explained
9:58a ET Monday, July 29, 2013
Dear Friend of GATA and Gold:
Gold is in backwardation for 90 days into the future and has been in backwardation for almost two months, GoldMoney founder and GATA consultant James Turk writes today, a duration unprecedented in his four decades studying the gold market. This backwardation, Turk writes, signifies difficulty for central banks in their manipulation of interest rates and suppression of market forces.
"When gold backwardated in 1999 and in 2008," Turk writes, "it marked important lows and key turning points in the gold price, which thereafter began multi-year uptrends. I expect the same outcome to be repeated now given that gold is once again in backwardation."
Turk's commentary is headlined "Gold Backwardation Explained" and it's posted at the Internet site of his newsletter, the Free Gold Money Report, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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