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Von Greyerz, Sinclair declare gold smash over, much higher prices ahead
4:31p ET Friday, August 23, 2013
Dear Friend of GATA and Gold:
Swiss gold fund manager Egon von Greyerz and gold advocate and mining entrepreneur Jim Sinclair write today that the smashing of the gold price has ended and the monetary metal will be going up rapidly as currencies go down.
"The physical market will now take over as the only true market," von Greyerz writes for King World News. "Paper longs will take delivery and paper shorts will panic. This will not happen overnight, but gradually, over time. There will be periods with very high volatility, with gold going up hundreds of dollars in one day and silver tens of dollars a day. But corrections will also be violent, so investors must be careful."
Von Greyerz's commentary is posted at the King World News Internet site here:
Sinclair writes that since investment banks are now long gold, manipulation of the market will be upward and the rise in price will be substantial. Sinclair's commentary is posted at his Internet site, JSMineSet.com, here:
http://www.jsmineset.com/2013/08/23/price-manipulations-in-gold-now-favo...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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In June, America's Internal Revenue Service (IRS) said it was examining the use of virtual currencies such as bitcoins amid fears that Americans are using them to evade taxes.
In the future, taxpayers could be forced to disclose to the IRS whether they are using PayPal accounts for the virtual transfer of money, according to Victor Lessoff, director of the IRS.
Last month Thailand became the first country to ban bitcoins after the central bank ruled it is not a currency.
The ruling means it is illegal to buy and sell bitcoins, buy or sell any goods or services in exchange for bitcoins, send any bitcoins to anyone outside of Thailand, or receive bitcoins from anyone outside the country.
Launched in 2009 in the wake of the global financial crisis, bitcoins are "mined" using complex computer source code. The virtual currency started as a relatively niche method of payment, devised by an anonymous programmer, but can now be used for anything from online gambling to pizza delivery.
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