Gold Manipulators are Desparate
From Egon von Greyerz(in reference to Paul Craig Roberts’s latest blog)
With virtually empty gold vaults, the central banks and bullion banks are now becoming desperate.
The action we are seeing in the paper gold market with the recent $50 takedown is yet more proof of the corner that the gold manipulators have put themselves into by having virtually no physical gold left.
A rising gold price is dangerous for the manipulators. This would inevitably lead to more physical demand, something that would be disastrous for the manipulators. As the holders of paper gold begin to realise that neither Comex nor the bullion banks or the Central banks have a fraction of the gold required to satisfy the gold paper claims, they will demand delivery. With the paper gold market being up to 100 times the physical market, there will of course be nowhere near the gold available at current prices to satisfy the outstanding paper claims.
The gold manipulators are going to lose this game. This is a certainty. The only question is when. They have managed to frighten investors by manipulating the price down substantially in the last few years. In spite of that gold has gone from $250 in 1999 to $1,300 today.