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Paul Mylchreest: Standoff in gold between speculators and price-suppressing banks
3:09p ET Monday, July 25, 2016
Dear Friend of GATA and Gold:
Market analyst Paul Mylchreest of ADM Investor Services International in London --
-- writes in the firm's Equity & Cross Asset Strategy letter today that there's a standoff in the gold futures market between the bullion banks and speculators; that the banks appear to have increased their naked shorting of gold to contain the price, anticipating that they will smash the price, panic the speculators into selling, and cover their shorts, as they often have done; but that there were three episodes during gold's bull market from 2001 through 2011 when this tactic of the banks failed and gold "went parabolic."
Mylchreest adds that speculators in recent months have been "far more resolute."
Mylchreest's letter is headlined "Gold Futures -- Critical Days in the Battle (Not the War)" and with his kind permission it's posted in PDF format at GATA's Internet site here:
http://www.gata.org/files/MylchreestReport-07-25-2016.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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