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With gold flash crash U.S. aims to embarrass China, Turk says
2:50p ET Monday, July 20, 2015
Dear Friend of GATA and Gold:
GoldMoney founder James Turk, interviewed today by King World News, construes the overnight flash crash in gold as an embarrassing punishment inflicted by the United States on China for announcing an increase in its gold reserves.
Turk adds: "The intervention also had two other objectives. It was meant to scare any remaining weak hands into thinking that the United States still holds all the monetary cards and can bend the price of gold to its will. It also provided an opportunity for the bullion banks to cover short positions with massive profits by creating a selling climax with huge volumes being traded as the gold price fell."
Turk's interview is excerpted at the KWN blog here:
http://kingworldnews.com/u-s-and-western-central-banks-have-now-declared...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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