November 21, 2017 
 Tuesday 
 
 

Forum
Topic:
Gold Enters Major Bull Market

       

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 By bluejay

12/19/2002  9:40AM

Blanchard and Company has filed an anti-trust lawsuit charging Barrick Gold and J.P. Morgan Chase of cover-ups to manipulate the gold price. Blanchard is the largest retail dealer in physical gold in the United States. The gold dealer accused Barrick and J. P. Morgan of making $2 billion in "short selling" profits by suppessing the price at the expense of investors. Blanchard is seeking to end the trading agreements between Barrick, J.P. Morgan Chase and other bullion banks.

Blachard is seeking payment of losses caused by the alleged manipulation for its clients. Donald Doyle, Blachard's chief executive made the following statements, "Since the end of 1987, when the collaboration between Barrick and J.P. Morgan began, the growth of global income and wealth would have lifted the gold price to $740 if the price had been able to respond to the normal laws of supply and demand." "If gold had kept pace with inflation, the price today would be approximately $760."

In addition, the following complaints were made:

1- During the past five years the two companies injected millions of additional ounces of gold into the market or several times more than the annual production of every gold mine in South Africa, the world's largest gold producer.

2- Barrick and J.P. Morgan used privately negotiated derivative contracts and concealed additional billions of dollars worth of physical gold with off balance sheet accounting, Barrick made it virtually impossible for gold analysts and investors to determine the size and the market impact of its trading position.

3- Barrick and J.P. Morgan repeated short selling with advantageous terms not available to others including deferred repayment and no margin calls.

The question is posed, do other gold mining companies join in a class action suit against Barricks Gold and J.P. Morgan Chase for damages? If Blanchard's allegations are true, was this scheme just a part of a concerted effort to suppress the price of gold by other unamed sources?

While people in North America slept last night the price of gold traded above $355 per ounce in Hong kong. Shortly afterwards the price of the metal was smacked about $10 an ounce. Was this selling facilitated by physical gold or just by paper entries? When will this house of cards come down? Trained market observers will tell you, when the spring can't be tightened anymore prices will explode. It's just a matter of time.
 By bluejay

11/27/2002  6:00PM

Some thought provoking comments by a subscriber to the Dow Theory Letters http://www.dowtheoryletters.com appeared in the Members Section today. The following is the complete text of those comments:

"let's see ....262 million ozs. times $320 market price equals roughly $84 billion to collateralize $6 1/4 trillion of debt...not including GNMA,FNMA etc. which are not guaranteed just approved by Government...but they would probably bail them out anyway...national debt grew over $525 billion in last 14 months...gold supply at market equals $84 billion .....in 14 months national debt grew more than 6 times the value of the U.S. Gold supply....I'm getting dizzy from this madness.....think I'll hug my gold investments tonight...however being prudent I'll start with my wife.... R Rosen"

Prior and up until 1935 holders of the the Dollar could exchange $20.67 of them for one ounce of Gold. From 1935 to 1968, the U.S. redeemed dollars held by foreigners only at the rate of $35 for each ounce.

The following is from the website http://www.cals.ncsu.edu/course/are012/lecture/lectu4/sld003.htm: "Some folks still think that the U.S. Dollar is backed by gold. It is not. What do I mean when I refer to the dollar being backed by gold? Well years ago, the U.S. treasury could only print as much money as the U.S. treasury had in gold reserves. For example, if the U.S. treasury had $1 billion dollars worth of gold in reserves, then only a $1 billion dollars of paper money and coinage could be printed or stamped out. The only way to increase the money supply under this system was to increase gold reserves. If gold reserves decreased due to payments in gold for imported commodities, then the money supply had to be decreased."

For some expanded thoughts on Gold, Dollar and the Federal Reserve go to http://www.house.gov/paul/tst/tst2002/tst061002.htm where Representative Ron Paul of Texas elaborates.

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