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Is palladium the magic bullet against the banking cartel, or is it about to crash?
9:13p ET Wednesday, February 20, 2019
Dear Friend of GATA and Gold:
Because palladium's lease rates are high, its futures prices are uniformly in backwardation against its spot price, and its short position in Comex futures contracts is so much larger than the metal available in Comex vaults, the TF Metals Report's Craig Hemke writes today that the metal is the best bet for breaking the banking cartel's lid on metal prices.
Hemke's analysis is headlined "The Magic Palladium Bullet" and it's posted at Sprott Money here:
https://www.sprottmoney.com/Blog/the-magic-palladium-bullet-craig-hemke-...
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Meanwhile 321Gold's Bob Moriarty disagrees, arguing -- when he's done promoting his new book -- that palladium will soon crash because sentiment about the metal is way too bullish. Moriarty's analysis is headlined "Basic Investing in Resource Stocks, or Why Palladium is about to Fall Off a Cliff" and it's posted at 321Gold here:
http://www.321gold.com/editorials/moriarty/moriarty022019.html
Your secretary/treasurer is no investment adviser but has seen enough intervention in the markets during GATA's 20 years to suspect that, since governments and central banks are always surreptitiously trading all futures markets --
http://www.gata.org/node/14385
http://www.gata.org/node/14411
-- theirs is the only sentiment that really matters most of the time, at least until a commodity is on the verge of running out and can't effectively be shorted anymore.
Exhaustion of supply doesn't happen often, but it happens, as it did with gold in 1968 upon the collapse of the London Gold Pool:
https://en.wikipedia.org/wiki/London_Gold_Pool
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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