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Clive Maund: Gold smash aims to rebuild JPM's Comex inventory
12:01p ET Monday, April 15, 2013
Dear Friend of GATA and Gold:
Market analyst Clive Maund writes that the gold plunge likely was engineered in large part to enable JPMorganChase to replenish its dangerously diminishing gold inventory by running weak hands out of the market.
Maund writes: "There has been a big drawdown in physical gold warehouse stocks at the Comex this year, and a really dramatic drawdown at the JPMorganChase depository. If, as a result of this, stocks are too low to meet deliveries, gold would have to be bought in the open market, driving prices sharply higher, and they for sure don't want that now that their stocks are so low. So the game is to smash the gold price so that they can replenish their stocks on the cheap -- and they are not short of friends in high places who can assist them in this endeavor."
Maund's commentary is posted at his Internet site here:
http://www.clivemaund.com/gmu.php?art_id=68&date=2013-04-14
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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