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GATA update for July 10, 2000
11p EDT Wednesday, July 5, 2000
Dear Friend of GATA and Gold:
It will not surprise you that gold was thrown back from
its $290 perch once again today. This is becoming
pretty tedious and so obvious. Does no one in the gold
industry have enough moxie to say something about the
gold market manipulation? I have said it many times
before and will say it again: Never before has an
entire industry been led by such wimps.
As a gold and silver company shareholder and holder of
physical bullion, I am astounded that they can let this
go on time and time again without saying anything
publicly. It is pathetic.
Today the excuse for the $6 gold selloff was the
SUGGESTIOn of Saudi Arabia that it is willing to
produce 500,000 more barrels per day. Oil triples in
price and the gold price does nothing; if anything, it
went down in price while oil made its big move. Oil
then goes down a bit more than $1.50 per barrel but
stays above $30 per barrel and gold is trashed $6 per
ounce. The gold loan shorts were able to roll over
their loans above $290 and then, in concerted fashion,
bury the gold price one more time.
In addition, the Aussie dollar was also trashed more
than one whole point, which induced some Aussie
producer selling, I am sure. At the Financial Times
World Gold Conference in Paris, I was told that this
was coming as the next step in the gold manipulation
game. Right on cue.
But I don't think all this huffing and puffing is going
to keep the price of oil from making new highs. I also
think the gold market manipulation crowd is making its
GATA was featured today in a cover story of Standard amp;
Poors/Platts. Yes, word is getting out about what is
going on in the gold market. The Philadelphia Inquirer
reprinted the Dallas Morning News story on GATA and
gold, as did other U.S. newspapers.
It would be nice if the gold industry woke up and in
some way joined the fight to expose what is going on
and spoke out about this scandal.
When the price of gold explodes, which it HAS to, the
industry people will all be GATA's best friends. We
don't want them as friends and supporters THEN; we want
them NOW, when it COUNTS.