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Ronan Manly: Comex is designed to facilitate gold market rigging
2:24p ET Tuesday, July 18, 2017
Dear Friend of GATA and Gold:
Gold researcher Ronan Manly today explains how the New York Commodities Exchange's futures market in gold, the Comex, is designed to separate gold's nominal price from actual metal and to facilitate manipulation of the market by its biggest participants.
Manly concludes: "As the Comex pursues its record-breaking attempt in 2017 to trade gold futures representing more than 200,000 tonnes of gold, the disconnect between the Comex and the real world is becoming all too clear. Comex flash crashes will continue as long as the CME Group [owner of the Comex] and U.S. Commodity Futures Trading Commission let them continue. And many people will continue to believe that these flash crashes were deliberately orchestrated.
"But at the heart of the contradiction between paper gold and real gold is not whether such and such a flash crash was deliberate. The heart of the contradiction is that the very structure of the Comex system is detached from reality of physical gold and can easily allow flash crashes that may or may not be deliberate attempts to rig the gold price."
Manly's analysis is headlined "Is the Comex Rigged?" and it's posted at Bullion Star here:
https://www.bullionstar.com/blogs/ronan-manly/comex-rigged/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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