Initially, the precious metals shares held up well despite the onslaught...but the 'big hammer' that showed up at 11:30 a.m. in New York was a sign for some that maybe a short-term top had been reached, as the HUI promptly caved by four percent and never recovered. The usual New York commentator said this..."The gold shares, however, were panic-stricken, completely losing their (very modest) gains...and not recovering at all. The HUI closed down 3.97% and the XAU was down 2.86%. Behavior of this type usually means a very serious sell-off attempt in gold the next day."
That, in a nutshell, pretty much sums up the dirty tactics the shady market participants in the COMEX have been undertaking for YEARS; no, make that DECADES. Those bastards are obviously doing everything they can to hold down prices, so that gold cannot shine as 'real' money. The desturction of USD in relation to gold would mean the jig is up for 'fake' money - I.E. USD
See how scared they are - from GATA 2 days ago:
Likening GATA to terrorists, GFMS exec refuses debate
Submitted by cpowell on Tue, 2009-05-12 12:00. Section: Daily Dispatches
8a ET Tuesday, May 12, 2009
Dear Friend of GATA and Gold:
At the New York Hard Assets conference, MineWeb's Lawrence Williams reports a dismissive reference to GATA by the executive chairman of the GFMS metals market consultancy, Philip Klapwijk:
"In a Q-and-A session, in response to a question as to whether he would debate Bill Murphy of GATA on the latter's view that there is a global banking conspiracy to keep the gold price down, Klapwijk replied with a very definite 'NO!' He quoted Margaret Thatcher on the IRA in that he would not wish to give the GATA views the publicity that such a debate might generate."
Of course it is hard to imagine the Iron Lady selling Britain's gold reserves as her successor Gordon Brown did, nor fearing to defend her positions in open and honest debate in Parliament or elsewhere. But it is not hard to imagine Klapwijk and GFMS being on the payroll of financial institutions that are short gold, nor his needing to liken his opponents to terrorists so that his inability to review the facts of the gold price suppression scheme might be excused.
The MineWeb story is headlined "GFMS Warns of Extremely Negative Fundamentals for Gold, Silver" and you can find it here:
http://www.mineweb.co.za/mineweb/vie...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
