Stewart Dougherty: 'Exchange for physicals' erases government trades that rig gold price

11:06a ET Monday, December 18, 2017

Dear Friend of GATA and Gold:

Financial writer Stewart Dougherty argues today that the supposedly "emergency" procedure in the New York Commodities Exchange's gold futures market, "exchange for physicals," is part of a mechanism that governments use to vaporize contracts created by their own trading that aims to keep the gold price in a tight channel.

Dougherty writes that this is why, while "the enormous gold futures trading volume in New York and London would by now almost certainly have produced delivery failures if they were all legitimate and real, there have not been any reported delivery failures."

Dougherty adds: "In our view we are at the point where official corruption is so endemic and extreme that it has become a dangerous mistake to rely on official gold reporting of any kind, whether from the U.S. Commodity Futures Trading Commission, the CME Group, the Comex, the London Bullion Market Association, the World Gold Council, the mainstream media, the government, or anyone in between in conducting market or price analysis or in forecasting coming gold market developments."

Dougherty's commentary is headlined "Gold EFPs: Absolute Proof that the Paper Gold Price Is a Fraud" and it's posted at GoldSeek here --

http://news.goldseek.com/GoldSeek/1513607700.php

-- and at Investment Research Dynamics here:

http://investmentresearchdynamics.com/gold-efps-absolute-proof-that-pape...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org