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Peter Degraaf: Commercials suppress monetary metals in 'casino' futures market
8:06p ET Tuesday, February 3, 2015
Dear Friend of GATA and Gold:
Also sounding like GATA tonight in his latest financial letter is market analyst Peter Degraaf, who has sounded like GATA before.
Degraaf writes: "While we invest to protect our nest egg against inflation by owning gold and silver, we are aware that when the commercial gold and silver dealers are heavily 'net short' in the futures market, they will spend hundreds of millions of dollars more, in the form of futures contracts, in an effort to drive the price down so that the previous short positions can be covered. When the futures market becomes a casino, without honest supervision (as now), the entity with the deepest pockets can control the price (in the short run). They can do this until the demand for physical gold forces them to finally run for cover."
Of course "the short run" lately has started to seem awfully long to investors in the monetary metals, but as the little red-haired girl sang, "the sun will come out tomorrow," and Degraaf's commentary, headlined "Playing Their Game," is posted at GoldSeek here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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