August 24 - Gold $402.90 down $7.60 – Silver $6.56 down 18 cents
Until The Gold Cartel is defeated, what I and everyone else reports on regarding the gold market is mostly a bunch of noise. Every time gold rallies it will be crushed by the cabal monsters, just like we have seen the past few days. This is why the following is HUGE news for anyone who intends to make money with their precious metals investments:
TORONTO--(BUSINESS WIRE)--Aug. 24, 2004--Sprott Asset Management Inc. announced today the publication of Not Free, Not Fair: The Long-Term Manipulation of the Gold Price.
The study represents the most thorough and detailed examination of allegations that the gold market has been subjected to severe price manipulation over the past several years.
Commenting on the landmark report, John Embry, Chief Investment Strategist, stated:
"We, at Sprott Asset Management, have felt for some time that the gold price has not remotely reflected its true underlying fundamentals. In response, we have conducted a comprehensive study of available information on the subject and have concluded that the evidence strongly supports those who believe that the gold price has been and continues to be suppressed."
The study may be read in its entirety on Sprott Asset Management's website: www.sprott.com.
Sprott Asset Management Inc. (www.sprott.com) is a Toronto based private company with over $1.6 billion in assets under management primarily for institutions, endowments and high net worth individuals. Sprott Asset Management Inc. is the investment manager of the Sprott Energy Fund, Sprott Gold and Precious Minerals Fund, Sprott Canadian Equity Fund, Sprott Bull/Bear RSP Fund, Sprott Hedge Fund LP, Sprott Hedge Fund LP II and Sprott Opportunities Hedge Fund LP.
-END-
This report has been sent to the major financial market press in Canada, the US and part of Europe . It also has been sent to every major gold producer and to many of the junior gold producers.
The reason why this report is so significant is that the "Dracula-like" Gold Cartel cannot withstand “the light of day” that scrutiny brings. The cabal’s cross is THE TRUTH, which they have gone to Herculean efforts to hide from the investment world. A dispassionate report such as this one, which ties together so many FACTS, is going to shine a light on what the gold market has been really about for many years.
As more and more investors realize what the price manipulating cabal has done, they will want to buy more physical gold because the eventual outcome for the price will be more apparent. It must go MUCH HIGHER! Big player investment-types will come to appreciate this Gold Cartel is RUNNING OUT of enough physical supply to carry on their fraud. As this report circulates its way among other central banks, it will attract more Argentinas who will realize the value of adding gold bullion to their currency reserve positions.
When it comes to the major gold companies and the ones you are investing in personally, they will need some time to read this very detailed report and to digest its findings. Then, they should be asked what they intend to do about it, for there is no more important issue they can address. For if the price of gold is not allowed to rise like it should in a free market, it won’t matter what else they do as a firm. As gold company shareholders, your investments will remain a losing proposition if The Gold Cartel is allowed to continue on their merry, scheming way.
I reiterate. The price of gold should be hundreds of dollars per ounce higher than it is today and will be once The Gold Cartel is exposed in a major league way. It is up to GATA, gold producers, and gold shareholders to win the day. This brilliant report by Andrew Hepburn, John Embry and Sprott Asset Management is one the entire gold industry should run with. Let all Café members and GATA supporters do their part to make sure this report gets the proper attention it deserves. Spread the word, thunderbird!
For example, this is an interchange I had this morning with a European Café member who happens to be a highly regarded journalist:
Thanks willem,
Spread the word in Europe if you can. This can really help us end this nightmare.
bill
agree...already done....distributed to 700 professionals of my mailing list and on my website...
this will make a difference...
willem
Back to the mundane world of reporting on the corrupt casino crowd. Once again the cabal is pulling off another fleecing of the funds, who have been suckered for the umpteenth time. These funds bought more yesterday on the pullback and are getting their clock handed to them today with gold under pressure from further cartel bombardment. The Gold Cartel continues to rip off the funds with clockwork precision as the funds continue to donate to the coffers of Goldman Sachs, JP Morgan Chase, etc., year after year after year. Meanwhile, these arrogants also laugh their way to their own bank as they fleece you too! Sick of it yet?
The gold capping last Friday was as blatant as it will ever get, as evidenced by the extraordinary 19,000+ contract open interest increase. Gold should have rallied $16, not $6, with that kind of buying power. It did not because word went out from cabal headquarters to STOP the advance. Yesterday and today were follow-through cabal efforts, which have been effective. The gold open interest rose another 4,745 contracts yesterday to 261,822 as further evidence of fund buying and cartel selling. As of today’s close, all those in the Gold Cartel who sold yesterday and Friday have nice profits. The specs who bought the breakout above $405 are underwater. .
Tired silver continues to retreat. While the funds were pouring into gold yesterday, they began to puke out their silver longs. The open interest dropped 2607 contracts to 102,324. The gold/silver price manipulators have the specs in these markets on a merry-go-round. They suck them in and then blow them out. Do you realize how much money these crooks have made over...