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Rob Kirby: Disinformation or ignorance?

Section: Daily Dispatches

8p ET Monday, November 2, 2009

Dear Friend of GATA and Gold:

Rob Kirby of Kirby Analytics in Toronto, a consultant to GATA, notes in commentary tonight at Jim Puplava's Financial Sense Internet site that there seems to be some acknowledgement that the gold market indeed is operating, as GATA long has complained, on a "fractional reserve" basis. That is, that a lot of unbacked promises to sell gold have been accepted as gold. Of course that is often the case in other futures markets -- but perhaps not to the extent achieved with gold, perhaps because, unlike those other futures markets, in the gold market central banks have been happy to backstop short positions that would seem wildly unfulfillable in other markets. Kirby's commentary is headlined "Disinformation or Ignorance?" and you can find it at Financial Sense here:

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

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