U.S. Government Sanctioned Gold Price ManipulationCommodities / Gold & Silver Dec 30, 2008 - 03:09 PM GMT
The Office of the Comptroller of the Currency just released its Q3/08 Quarterly Derivatives Fact Sheet today. Here is one of the highlights:
Take a look at J.P. Morgan's gold derivatives [futures] position, paying particular attention to how the < 1 yr. position changed from the end of Q2/08 to the end of Q3/08:
And here's what J.P. Morgan's 15 billion “addition” to their < 1 yr. gold derivatives book did to the price of gold as illustrated using GLD as a proxy for the POG:
That such a blatantly egregious act can be committed by the chief agent of the Federal Reserve, with what appears to be the complicity of regulators is a heinous pox on humanity.
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By Rob Kirby
Rob Kirby is the editor of the Kirby Analytics Bi-weekly Online Newsletter, which provides proprietry Macroeconomic Research. Subscribers to Kirbyanalytics.com are benefiting from paid in-depth research reports, analysis and commentary on rapidly unfolding economic developments as well as recommendations on courses of action to profit from chaos. Subscribe here .
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