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Hathaway expects gold flow from West to East to end in short squeeze
9:56a ET Saturday, October 17, 2015
Dear Friend of GATA and Gold:
While there doesn't seem to be anything in it about direct intervention and trading in the gold market by central banks, Tocqueville Gold Fund manager John Hathaway's third-quarter letter is compelling reading and cites developments called to your attention by GATA.
Hathaway writes: "On a technical level, the well-documented shift of physical gold ownership from Western investment hands to Asian will in our opinion threaten the highly levered institutions that intermediate financial and physical gold markets. The intermediaries include Comex, LBMA, the over-the-counter market, and bullion banks. We expect the gold drain from West to East to be resolved by a short squeeze. Signs of stress that reflect a growing shortage of physical gold to support the paper market include the prolonged backwardation of the co-basis, which has existed now for 3 1/2 years and is approaching extremes last seen at the bottom of the gold market at year end 2008."
Hathaway's letter is posted at the Tocqueville Internet site here:
http://www.tocqueville.com/insights/tocqueville-gold-strategy-3Q15
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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