Dear Friend of GATA and Gold (and Silver):
Referring to yesterday's news that the U.S.
Commodity Futures Trading Commission is suing two traders and two trading
firms on a complaint of manipulating the cash oil market to profit by $50
million in the oil derivatives market (http://www.gata.org/node/9953),
Bill King of the King Report, published by Ramsey King Securities, has the
quote of the day, week, month, and maybe year:
"Manipulating cash prices for a larger derivative
payout is a regular feature in all markets. And $50 million is chump change
compared to the billions being made manipulating the markets on almost a
daily basis."
That is, as the British economist Peter Warburton
discerned in his 2001 essay, "The Debasement of World Currency -- It Is
Inflation, But Not as We Know It" (http://www.gata.org/node/8303),
market manipulation is the very purpose of derivatives.
The King Report is as good a financial letter as any
we know. Subscription information can be found here:
http://www.arborresearch.com/main/contact.php
CHRIS POWELL
Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
www.GATA.org
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World Resource Investment Conference
Sunday-Monday, June 5-6, 2011
Vancouver Convention Centre East
Vancouver, British Columbia, Canada
http://cambridgehouse.com/conference-details/world-resource-investment-c...
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