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(from an Australian paper, HeraldSun-Beveridge-04-04-2010)
New York Post
Article on Gold Manipulation
The New York Post
reports that trader blows whistle on Gold and Silver
price manipulation.
Metal$
are in the pits
By MICHAEL GRAY
Last
Updated:
4:33 AM, April 11, 2010
There is no silver lining to the activities of JPMorgan Chase and HSBC in the
precious-metals market here and in London, says a 40-year veteran of the
metal pits.
The banks, which do the Federal Reserve's bidding in the metals markets, have
long been the government's lead actors in keeping down the prices of gold and
silver, according to a former Goldman Sachs trader working at the London
Bullion Market Association.
Maguire was scheduled to testify last week before the Commodities Futures
Trade Commission, which is looking into the activities of large banks in the
metals market, but was knocked off the list at the last moment. So, he went
public.
Maguire -- in an exclusive interview with The Post -- explained JPMorgan's
role in the metals pits in both London and here, and how they can generate a
profit either way the market moves.
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the
rise of gold and silver against the US dollar. JPMorgan is insulated
from potential losses [on their short positions] by the Fed and/or the US
taxpayer," Maguire said.
In the gold pits, Maguire sees HSBC betting against the precious metal's
price without having any skin in the game in the form of a naked short.
"HSBC conducts an ongoing manipulative concentrated naked short position
in gold. Silver is much easier to manipulate due to its much smaller [market]
size," Maguire added.
"No one at JPMorgan is familiar with Andrew Maguire," said Brian
Marchiony, a company spokesman. HSBC declined to comment.
Also during the CFTC hearing, Jeff Christian, founder of the
commodities firm CPM Group, said that the LBMA, the physical delivery market
for gold and silver in the UK, has been using leverage, which is
another way to depress the price of gold and silver.
Christian said that the LBMA -- the same market Maguire trades in --
has leverage of about 100-1 on the gold bars settled on the exchange.
In layman's terms, that means if 100 clients requested their bullion bars be
delivered, the exchange could only give one client the precious metal.
The remaining requests would have to be settled for cash equivalent. "That
is tantamount to a default on the trade," says Bill Murphy, chairman of
the Gold Antitrust Action committee.
Maguire goes further and calls it a fraud: "If you sell something
you do not own, then that is fraud."
…
Goldseek asks Is The Cartel Failing?
Is The
Cartel Failing? What Next?
-- Posted Friday, 16 April 2010
DEEPCASTER
LLC
www.deepcaster.com
…
Two weeks ago, we wrote of the Impending Test of Cartel* Strength. In last
week’s article, we chronicled the increasing number of Exposés
of the Fed-led Cartel’s Gold and Silver (and other Markets) Price
Manipulation Regime which were appearing in the Mainstream Financial
Media.
And on Sunday, April 11, 2010 an Exposé of Cartel Market Rigging
Broke into the Mainstream Media itself with the New York Post article
“Metal$ are in the Pits: Trader blows whistle on Gold and Silver price
manipulation”. We credit the Lealers of the Gold Anti-trust Action
Committee as the prime movers behind this much-needed Media Coverage.
And now one wonders how Irate Homeowners will respond to learning about
Market Rigging in High Places.
All this immediately raises questions: is this the beginning of the end of
effective Cartel Suppression of Precious Metals Prices? What are the
consequences? How can Investors Profit and Protect?
…
Yes, The Fed-led Cartel is under increasing pressure.
Not only is The private for-profit Fed still furiously battling behind the
scenes (for a result favorable to them – e.g. No ‘Audit the
Fed’ Bill) on the Financial “Reform” Bill still in process
in Congress. (See Deepcaster’s “Surmounting The Armageddon
Scenario & Cartel ‘End Game’” (02/26/2010) in the
‘Articles by Deepcaster’ Cache at www.deepcaster.com.) But also Mainstream
Financial Media reports are increasingly both damning and revealing. For
example:
- A Metals Trader in London claimed his colleague at JP Morgan bragged of
their ability to knock down the Silver price at will (Motley Fool/Barker) and
his testimony was submitted to the CFTC
- and there was a “liberal” Media report that Gold and Silver
Prices are being suppressed (Huffington Post / Lewis)
- and a report that a “Silver Short Squeeze could be imminent”
(National Inflation Association / Paul)
- And now the New York Post article
[See *******Gold Manipulation OFFICIALLY
CONFIRMED******* for more info]
…
Most Salient, exposure of The Cartel has continued to widen from the New York
Post story to quite wide and negative Mainstream Media Coverage. And Goldman
Sachs, widely regarded as a leading member of The Cartel has
just been accused of Civil Fraud by the SEC for failing to disclose a
Conflict of Interest in mortgage securities.
Even the normally Devoutly Mainstream MoneyNews.com has posted a story:
“Gold Trader: Fed Keeping Gold Prices Low” (April 12, 2010).
And well-connected Newsletter writer Dennis Gartman – no friend of
“Gold Bugs” -- has recently recommended going long Gold.
But most telling regarding the issue of Cartel Potency are two New
Developments:
1. Open interest totals on all Gold contracts shot up from 467,000 on March
30 to 521,000 on April 8. This means the Cartel has met paper Demand with
paper Supply. But one wonders how many delivery demands will be made and how
many deliveries will actually be made. Reportedly, a major Wall Street Firm
recently defaulted on delivery of January mini-Silver Contracts!
2. The Allegation that the London Bullion Market Association has only
1/100 the Physical Gold that they claim they do, is being circulated among
the World’s largest Purchasers (or at least they believed they
were the world’s largest purchasers of Physical). If the
allegations are true they may own only paper promises. This should lead to
greatly intensified demands for actual physical.
We conclude that the aforementioned developments, considered together, will
tend to put a higher floor under Precious Metals prices, notwithstanding any
Cartel Takedown attempts. And of course the Precious Metals’
Upside Potential is enormous.
…
Caveat: None of this is to say The Cartel cannot and will not launch further
Takedown Attempts. We expect they will. Indeed today, April 16, as the
news of the Goldman Sachs Fraud Charge surfaced Gold was taken down some $30
as we write. In a non-interventional universe, Gold should have risen
on this news, ceteris paribus. But we conclude, given the above, that
they will achieve limited and unsustainable Success.
[The takedown of gold on Friday, April 16:
See also the chart below for crystal clear evidence of gold manipulation.
]
Thus we doubt today’s Takedown can be sustained very long. [Agreed.
This is an excellent buying opportunity]
So, even though we believe future Takedown attempts could achieve limited
success, the odds have changed in favor of us “Gold Bugs”.
…
In sum, it IS becoming harder and harder for The Cartel to
implement successful Takedown attempts, because more and more
Investors are becoming convinced, rightly, that they should buy physical Gold
and Silver on the dips, and keep it in their own possession or control.
Indeed, today some physical (e.g. Bullion Coins) commands premiums of as much
as 20% over the Paper Gold price.
But it is also important to recall that The Cartel’s “bottom
line” is that it cannot afford for Gold and Silver to be seen as
'go to' assets in the face of a Cartel Takedown of the Equities (or
commodities, for that matter) Markets. The Cartel’s entire Game Plan
depends on the ability to continue to successfully suppress Gold and
Silver prices.
Thus Cartel attacks on Gold and Silver will likely continue, but the
“floor” down to which their Takedown Attacks can likely take
paper prices, has risen. And the Upside of the Precious Metals is
extraordinarily great.
Chart of Intraday
Gold Manipulation
Sharelynx.com
reports about Intraday Gold Manipulation.
Intraday
Gold Manipulation
The price plot on the top half of the charts shows the intraday average
for the last 4 years - a 2 minute tick 24 hours a day from March 2006 to
March 2010. Approximately 1000 days all averaged so as to find any
impositions on the price plot. Further below you can see the individual
months & years laid out.
Here you can see many random months where the markets can be rising, steady
or falling but through all the clutter are the outstanding slides on each of
the London fixes. These are the times when the greatest manipulation
takes place. Gold is now traded around the clock on electronic
trading as well as open outcry. Demand is active all hours of the day across
the globe.
…
…
The Market Oracle
reports that US economic decay.
Two
U.S. Dollar Signposts and Gold Silver Stealth Run
Apr 07, 2010 - 03:48 AM
By: Jim_Willie_CB
While the multitudes debate over whether an economic recovery is coming to
the United States, signals sound loudly in harsh tones. While they point
to the recent rise in the USDollar, signals sound loudly in harsh tones.
Admittedly the signals are confusing, but they are important. The
long-term bond yield for USTreasurys threatens the 4.0% mark. The crude oil
price is close to threatening the $100 mark. Sleepy financial market
anchors and mavens offer comment, but might miss altogether the significance
of the signals. The signals clearly mean great strain on the credit
markets still, and gradual decay of the major currencies led by the
USDollar.
PREFACE
ON MARKET RIGS
The hearings took place two weeks ago. The news of Andrew Maguire's testimony
on March 25th has circled the globe, ringing shrill in the ears of anyone
half awake. Maguire is a metals trader from London, but watch somehow that
his career takes a turn for the worse. So far the car carrying his torso has
been run off the English roads. He still walks and talks, but whistle blowers
usually have short lives and shorter careers. Laws protect them, but not from
the powerful syndicates. Maguire outlined the corruption in the gold market,
and abused domination by JPMorgan in particular. The monolith transmits its
signals and enlists the support of a small army of traders who pile atop the
price suppression tactics. Despite almost 20 years of complaints lodged
with the Commodities Futures Trading Commission, JPMorgan continues
to operate with such a high degree of impunity that their staff openly
boasts about after their illicit profits are garnered.
Maguire
guided the CFTC, headed by Goldman Sachs alumnus Gary Gensler, through recent
gold price manipulations before during and after a non-farm jobs report was
issued. Maguire outlined in some detail how orders to short gold arrive in
volume over 2500 contracts, designed to overwhelm the market, often when the
market is thin. They are almost always naked short
sales, without benefit of bullion posted as collateral. They are executed with
the implicit blessing of the USGovt and UKGovt. The trades are not
intended to seek the optimal price, but rather to corruptly reduce the market
price. The GATA warrior (aka El Cid) named Bill Murphy offered his testimony
at the hearings, running fleet footed past the secondary coverage easily. He
has submitted many complaints over the past few years, all falling on deaf
ears and blind eyes. See the Gold Anti-Trust Action article on the
unprecedented hearing, which has been covered by dozens of other web
journals. Nowadays, in order to be treated to the actual news, one must
rely upon the alternative locations from the internet, like Zero
Hedge and their small platoon of Wall Street soldiers in service to the
truth.
The US financial markets are slowly being revealed as a series of
corrupt Ponzi schemes. The gold market is the vulnerable linchpin for
the USDollar and USTreasury markets.That is why gold is so important to
be controlled and suppressed. The diverse sanctioned illicit and illegal
activity renders it a damaged market screaming to be freed. Some readers and
subscribers alike have written to the Jackass email inbox with messages of
hope and some satisfaction, in the wake of the Maguire testimony about the
CFTC lapses. The meeting organizers might have thought the hedge funds
would be blamed for outsized illicit positions, but the blame was squarely
place upon JPMorgan and the Big Four firms. The exposure process is long and
slow, however. The Goldman Sachs class is still in control of the USGovt
purse, still guides funds to Wall Street after first feeding at the trough,
still operates as the great vampire squid in search of money pools as Matt
Taibbi bravely describes.
The
news has circled the globe, finding the financial pages in London and
Germany.
Some believe the news is too hot and viral to be reported on the
mainstream US press networks. Do not hold your breath for exposure in
the Untied States, where the syndicate maintains controlling ownership of the
press networks, bringingthem to heel, dictating their many messages,
filtering their stories as suitable for coverage, painting patriots as
villains and criminals as heroes. But, lest one despair, there is hope
that exposure will come as powerfully and broadly as the morning sunrise. The
lackey US press might cover the story eventually, but only after almost the
entire planet covers it. …
…
The chief nemesis of Gold is the USTreasury, both a US$ instrument and a
traded paper security. THE NEMESIS USTREASURY BOND IS IN TROUBLE. Lately,
something seems to have gone awry. The official USTreasury auctions have not
turned out well. The direct bids and indirect bids and bound bond dealer
participation and bid ratios and accounting all stink to high heaven. Yet
regulators are nowhere to be heard. The USDept Treasury even has resorted to
a new fictional ledger item called "Households" to hide their vast
monetization. …
… Institutions are not lining up to purchase USTreasurys at
auctions. The USGovt with its masters JPMorgan and the USFed are deeply
committed to a gigantic circle jerk. They are buying up all the auctioned
bonds, hiding the evidence of their trails, using offshore entities to bid,
colluding with British bankers in the process, but they are facing a dead
end. They have forced the primary bond dealers into a state of terminal
constipation. Then the Chinese have been net sellers in the last few months.
Were we not told just last year that the Chinese had no choice but to finance
the USGovt debt? Yes, we were, and wrongly so!
The long-term USTreasury Bond yields will not go out of control high, at
least not until JPMorgan is dead & buried. The yields
might rise a little more, enough to spark a response by the financial
syndicate that is Wall Street. They have a new trick in their repertoire.
They talk up the optimism and wondrous rescues for the Greek Govt debt, so
that volume on auctions rises significantly, enough for Wall Street firms to
sell into the rally they assist in creation. Then the Wall Street firms
put out news stories that the ugly nasty hedge funds are to blame for the
fast decline in those sovereign bonds. Notice how the Greek 10-year Govt bond
yield has risen to 7.19% this week, the highest ever. All talk of an aid
package is just a ruse for Wall Street to exploit. The other ploy used by
Wall Street is an old one. THEY WILL CAUSE A STOCK DECLINE IN ORDER TO
PRODUCE FRESH USTREASURY DEMAND. If the financial news networks obediently
report the economic recovery that graces the fictional pages of the US press
is suffering from non-existence, then the bond demand will grow in a huge
way. Even sporadic reports of a return to recession would greatly aid the
USTreasurys.
Thus the USGovt has a grandiose vested interest to promote recessions, and
they are expert in producing, sustaining, and deepening them. They must after
all enable demand to keep the USTreasury Bond bubble alive at near 0%. They
promote the nonsensical contradictory story of a jobless recovery.
It should elicit much more laughter, like claims of prevalent virginity at a
house of prostitution, like claims of wealth by a indigent street bum who
holds a stolen credit card. A quick shift to a temporary recession would be
easy.
The USDept Agriculture has reported this week that 39.4 million Americans,
the most ever, received food stamps in January. They are participants in the
jobless recovery. They are legion, whose recipient numbers are 22% from a
year earlier. The total number of Americans receiving the subsidy has reached
a record for 14 consecutive months. If one wishes for a whiff of reality,
check the February and March reports within the paid Hat Trick Letter. Details
on the powerful recession are provided, including home foreclosures, Fannie
Mae default and delinquency rates, bankruptcies, municipal bond craters, tax
revenue declines, and state budget shortfall crises. … These aspects
are the rotten underbelly of the USEconomy deep in deterioration. It
lacks an adequate industrial base [exactly], in case its clueless
cast of economists fail to notice. It suffers from debt saturation, which
explains why new debt offered in aid rescues cannot succeed in producing much
of any benefits.
Despite the fact that USTBond yields will not go out of control on the
upside, what might be growing much worse is the fires in the JPMorgan credit
derivative workshop. As long-term rates rise, the Interest Rate Swap contract
turns hostile, electric, and viral. Enter leverage in support of trillion$ in
debt securities. The USGovt has the hidden credit derivative losses at
JPMorgan, at Fannie Mae, and at American Intl Group to contend with.
If the accounting were properly reported from basement labs, the new US$ creation
might be much more than a measly $200 billion per month seen in the
USTreasury issuance. The toll for credit derivative fires might be a few
trillion$ per month!!! The truth would kill the USDollar and send gold
skyward.
ECONOMIC COST OF RUINED CURRENCIES
The dynamics of the Competing Currency War are truly amazing and fascinating.
When the Euro currency shows fundamental weakness, if not turmoil within the
union, the USDollar benefits. Nevermind the $1.5 trillion deficit in
2009 and the similar $1.4 trillion deficit in 2010 that the USGovt must drag
along. The USDollar has risen by about 10% against the Euro currency
since November. …
The beneficiary, we are told, of the Euro currency distress, is the
USDollar. If the US$ exchange rate indeed was improving with
tangible ancillary benefits, then a confirmation would come with gold and the
crude oil prices. Gold holds its own, refusing to falter. But the crude oil
price has just broken above the $80 mark. It threatens the $90 mark and is a
clear lock to hit $100 and cause global shock waves. If the
US$ is on the mend, on the rise, gaining ground versus other major
currencies, then the crude oil price should be moving toward $50, and
not toward $90. What we see
demonstrates the broken nature of the major currencies in general, and the
USDollar in particular. If the USDollar was returning
to health, a breakout in the crude oil price would never happen.
The consequence is not pleasant of a rising crude oil price. The entire
commercial sector of the USEconomy has a cost structure tied to energy costs.
The natural gas price is indeed subdued. But crude oil is widely used in
the futures markets to hedge against the USDollar. The demand for such hedges
has increased. The light sweet Saudi crude oil is no longer available to
meet WTIC crude oil contract demands. The rise in the crude oil price for
Europeans using the Euro currency is even more pronounced, brought to view in
previous articles. The collection of major currencies is under siege, deeply
damaged, and subjected to constant debasement. The ongoing credit crisis
and strong recession requires a governmental response on all continents. In
Europe, the Untied States, Great Britain, and Japan, the printing of new
baseless money continues at an astonishing pace. All major currencies are
together in a death spiral [I disagree, the fate of the euro isn’t
sealed yet. If Europe sacrifices its insolvent countries and financial
institutions (allows them to fail without bailouts), then the euro can be
saved]. One key item of proof is the West Texas Intermediate Crude oil price
shown above. When it hits $100 per barrel, listen to the quacky silly lunatic
explanations given by the mainstream press and financial arenas. You will not
hear any argument that all major currencies are mortally damaged. You will
not hear any arguments that the central bank franchise system of monetary
management has failed in spectacular fashion. You might even hear that the
jobless recovery is strong enough to withstand the greater pressures of
higher energy costs.
THE
STEALTH RISE IN GOLD & SILVER
… The major currencies are all being diluted in value, while gold
remains almost fixed in value. Seen from the currency point of view, gold is
rising. Notice the uptrend in the MACD, which addresses the moving averages
and the support offered. The long-term trend is still up, seen in the 200-day
MA. The consolidation could be at an end. One thing is for certain. The
gold community has been put to sleep. Most investors wait for the breakout in
price, only to pay a higher price. They tend not to be savvy and capture the
lower price during sleepy times. All claims of a gold price plunge to $900
were stupid and baseless, but were given plenty of airtime. To have a falling
gold price when trillion$ of new money is created and dispersed into the
ether is pure nonsense, the part & parcel of Wall Street
syndicate tenets. Such invalid notions rely upon the goofy discredited
deflation argument that circulated.
The gold price is slowly moving up. Its psychological basis is gaining
firm strength. The recognition of ruined major currencies is gaining broader
acceptance. The corruption of central banks is being more widely understood.
The solutions offered to Europe are not only vacant, but they expose the
Untied States and Great Britain to comparisons of equal vulnerability and
similar fundamental wreckage. The gold price has made its lows in year
2010. The next important level is $1150. The resumed Quantitative Easing
programs in the US and London will soon be given more publicity, more
monetary debauchery via rampant dilution. All talk of an Exit Strategy is
pure diversion, if not moronic. The USGovt cannot afford to pay higher
borrowing costs, nor can the USFed afford to dump its bloated balance
sheet on the credit market. Doing so would reveal that there is almost no
market for what they hold in leveraged toxic mortgage bonds. Doing so would
result in mortgage rates rising another 1% to 2% quickly. Not gonna happen!
Instead, mortgage rates will rise 1% on their own without an Exit Strategy,
without USFed liquidation of worthless bonds.
My reaction: An
increasing number of exposés on gold manipulation are appearing in the
mainstream media
Gold manipulation
1) Stories about gold manipulation are slowly making their way into the
Mainstream Media.
2) With allegations that the London Bullion Market Association has only 1/100
the Physical Gold that they claim they do, being circulated around the world,
the significant demand for physical delivery will results. It is doubtful
that struggling bullion banks will be able to meet this increased demand.
3) Reportedly, a major Wall Street Firm recently defaulted on delivery of
January mini-Silver Contracts. (warning, I have no idea where this particular
information comes from)
4) Past and present intraday gold charts continue to provide clear evidence
of manipulation.
5) the gold “Cartel” is failing. Takedown attempts are leading to
less and less success. For example, on Friday, April 16, as the news of the
Goldman Sachs Fraud Charge surfaced, Gold was taken down only some $30. (Gold
should have risen on this news.)
6) The Upside potential of the Precious Metals remains extraordinary.
Missing the bigger significance about looming default on paper gold
Gold bugs (like me) always talk about the coming default on paper gold. A
good example of this can be found in the New York Post article above:
Christian
said that the LBMA -- the same market Maguire trades in -- has leverage of
about 100-1 on the gold bars settled on the exchange. In
layman's terms, that means if 100 clients requested their bullion bars be
delivered, the exchange could only give one client the precious metal.
While it is true
only one client out of hundred would get his precious metal, THIS COMPLETELY
MISSES THE BIGGER POINT. Consider that:
A) Investors around the world have hundreds of billions of dollars of
gold deposited in London (which is, unknown to them, leveraged 100-1).
B) Bullion Banks, like the rest of Wall Street, are completely insolvent. So
while it is true that they have no gold, THEY HAVE NO CASH EITHER.
What do you think is going to happen when investors in paper gold try to move
their money out of London? Where exactly are insolvent bullion banks going to
come up with the hundreds of billions of dollars their clients are trying to
wire out?
Some gold bugs assume that Federal Reserve will print the money bullion banks
need, but this isn’t a given. The real danger of paper gold
is a total default: ending up with nothing, neither gold or cash.
In any case, when investors in paper gold try to move their money, it will
bring down the global financial system.
On the Goldman Sachs Fraud Charge
1) Goldman Sachs has just been accused of Civil Fraud by the SEC for failing
to disclose a Conflict of Interest in mortgage securities.
2) While it is nice to see something finally happening, to me this is a
non-story for several reasons:
A) Nothing new has been revealed. Practically the entire world was already
widely aware of this particular Goldman fraud.
B) A trial against means nothing unless it produces results. There are
reasons to believe that the US government doesn’t have the will to seek
and obtain aggressive penalties.
The whole thing could yet be revealed to be a sham aim at placating the
masses.
C) Even if the government successful prosecutes Goldman and imposes real
penalties, it still doesn’t mean anything. Unless the penalties
outweigh the tens of billions Goldman has already received through government
subsidies, then Goldman will just use money stolen from taxpayer to pay them.
D) Finally, it is far too late in my opinion. The trial against goldman will
take months, and the entire US financial system is likely to come apart this
summer. This means that there will likely be no real impact from this
accusation Civil Fraud by the SEC.
The dollar “rally”
1) The dollar’s rally against the euro makes no sense, given the $1.5
trillion deficit in 2009 and the similar $1.4 trillion deficit in 2010 that
the USGovt is dragging along. I suspect that the euro is being attacked by US banks
through naked short selling.
2) If the USDollar was returning to health, a breakout in the crude oil price
would never happen. In other words, If the US$ was trully on the mend and
rising versus other major currencies, then the crude oil price would be
moving toward $50, and not $90.
US economic disintergration
1) The USDept Agriculture has reported this week that 39.4 million Americans,
the most ever, received food stamps in January.
2) The total number of Americans receiving the subsidy has reached a record
for 14 consecutive months.
3) The entire commercial sector of the US Economy has a cost structure tied
to energy costs. As crude oil prices continue to rise, US companies will be
unable to pass on the higher costs to struggling consumers. The commercial
sector (80% of the US economy) will implode.
The Federal Reserve and US Treasury are in deep trouble
1) The official USTreasury auctions have not turned out well.
2) All talk of an Exit Strategy from Quantitative Easing is pure fantasy. The
USGovt cannot afford to pay higher borrowing costs.
3) In fact, new Quantitative Easing has already begun. The graphic below
shows that the Federal Reserve’s assets increased to a new record as
the Fed bought another 33 billion in mortgage backed securities. (The
Fed’s growing assets are bought with printed money)
4) The US Government also has the hidden credit derivative losses at JPMorgan,
at Fannie Mae, and at American Intl Group to contend with.
Some other points
1) Nowadays, in order to be treated to the actual news, one must rely upon
the alternative locations from the internet (like this blog).
2) The nonsensical contradictory story of a jobless recovery is ridiculous.
3) Talk of falling gold prices when trillions of new money is created and
dispersed into the ether is pure nonsense.
Conclusion: Things are going to quickly get interesting going
forwards. I expect pressure to build going into June until the fireworks
start going off.
(I will write about Europe's Volcanic eruption in next entry)
Eric de Carbonnel
Market Skeptics
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