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Central banks suppress gold to help China accumulate it, Rickards says
12:48p ET Thursday, October 6, 2016
Dear Friend of GATA and Gold:
Fund manager and newsletter writer James Rickards writes this week that central banks are working together to suppress the price of gold while redistributing official gold reserves in preparation for the devaluation of government currencies -- just what the economists and fund managers Paul Brodsky and Lee Quaintance wrote four years ago in analysis publicized by GATA:
http://www.gata.org/node/11373
Rickards writes: "Here's the problem: If you took the lid off of gold, ended the price manipulation and let gold find its level, China would be left in the dust. It wouldn't have enough gold relative to the other countries, and because the price of gold would be skyrocketing, they could never acquire it fast enough. They could never catch up. All the other countries would be on the bus while the Chinese would be off.
... Dispatch continues below ...
K92 Mining Begins Gold Production at Kainantu Mine
Company Announcement
Wednesday, October 5, 2016
K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.
Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."
...For the remainder of the announcement:
http://www.k92mining.com/2016/10/6077/
"When you have this reset, and when everyone sits down around the table, China's the second largest economy in the world. They have to be on the bus. That's why the global effort has been to keep the lid on the price of gold through manipulation. I tell people that if I were running the manipulation, I'd be embarrassed because it's so obvious at this point.
"The price is being suppressed until China gets the gold they need. Once China gets the right amount of gold, then the cap on gold's price can come off. At that point, it doesn't matter where gold goes because all the major countries will be in the same boat. As of right now, however, they're not, so China has to catch up."
Rickards' commentary is headlined "China's Hidden Plan to Accumulate Gold" and it's posted at the Daily Reckoning here:
http://dailyreckoning.com/chinas-hidden-plan-accumulate-gold-2/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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