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Alasdair Macleod: Physical vs. paper gold -- waiting for the dam to break
11:34a ET Thursday, April 25, 2013
Dear Friend of GATA and Gold:
GoldMoney research director Alasdair Macleod today provides what is probably the most comprehensive and yet concise description of the world gold market, concluding most soberly that the recent gold price smash was likely engineered by Western central banks and that it may cost them not only control of the gold market but control of all markets.
Macleod writes: "We can only speculate about day-to-day interventions by Western central banks in gold markets. In this regard it seems that the slide in prices on the 12th and 15th April was triggered by a very large seller of paper gold; if this market story and the amount mentioned are correct, it can be only central bank intervention, acting to deliberately drive prices lower.
"Given the market position, with money managers in the futures markets already short and highly vulnerable to a bear squeeze, the story seems credible. The objective would be to persuade holders of physical exchange-traded funds and allocated gold accounts to sell and supply the market, on the assumption that they would behave as investors convinced the bull market is over."
Macleod's analysis is headlined "Physical Gold Vs. Paper Gold: Waiting for the Dam to Break" and it's posted at GoldMoney's Internet site here:
http://www.goldmoney.com/gold-research/alasdair-macleod/physical-gold-vs...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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