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Message: Auguries - October 26, 2012

Auguries - October 26, 2012
Potemkin Vaults?
Kevin Michael Grace


Gold was down (at press time) $28.30 (-1.6%) for the week to $1,713.80, and silver was down $0.63 (-1.9%) to $32.15. Gold made a modest recovery Thursday, rising $12.20. Bloomberg reports October 25, “Gold climbed the most in three weeks as Brazil and Turkey’s central banks increased holdings of the precious metal and amid signs that purchases are rising in India…. ‘More and more central banks are getting involved in the gold market,’ David Meger, the director of metal trading at Vision Financial Markets in Chicago, said.”

It is the nature of the central banks’ involvement that is at issue. James Sinclair and Peter Grandich (and others) now openly accuse the gold market of fraud, with the former calling Comex “Crimex” and the latter calling it “Crimenex.” Sinclair declares, “Yesterday’s popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold. That assumes that gold is the trading center of the entire market universe, which I am sorry to tell you, it is not. It might be my and your universe, but the gold banks compared to other markets is small.”

Read
more about the price of gold and the economy here.

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