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In Kitco interview, Holmes blames spoofing in China, BIS for gold price suppression
Video of the interview on which this report is based can be viewed here:
https://www.kitco.com/news/2019-05-21/If-It-Weren-t-For-Fraud-Gold-Price...
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If It Weren't For 'Fraud,' Gold Prices Would Be Soaring -- Frank Holmes
From Kitco News, Montreal
Tuesday, May 21, 2019
Gold prices are being manipulated on Chinese markets, said Frank Holmes, chief investment officer and CEO at U.S. Global Investors.
Holmes spoke to Kitco News at Palisade Global's Hard Asset Conference on Friday. The three-day conference was held on Jekyll Island, Georgia.
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The market manipulation, or spoofing, occurs during Chinese holidays when trading is thin, according to Holmes. He explained a large number of contracts will be "flashed" on the markets with the intent to sell.
"Immediately the market becomes fearful there is a big seller," said Holmes.
"[Traders] start hitting all their bids, and the price of gold cascades down. It's fraud. It's mis-communication," he said.
Holmes explained that gold is being suppressed because officials want to keep gold at a price that is low in relation to the country's currency. ...
China is not the only sour point in the price manipulation of gold, Holmes said, as the Bank of International Settlements (BIS) has also suppressed the yellow metal with its policies, this according to his findings.
“The big bully of this whole thing is the Bank of International Settlements. They are very, very smart in how they deal with it and how they suppress the price of gold - you see money moving in and out of the GLD, you can see the futures markets, how the flows turn around at certain times,” he said.
According to Holmes, the BIS has 60 central banks in the world clearing through them, and it is in their interest to not have competition from alternative currencies like gold and bitcoin. ...
... For the remainder of the report:
https://www.kitco.com/news/2019-05-21/If-It-Weren-t-For-Fraud-Gold-Price...
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