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Leeb talks gold market manipulation and gold backing for China's yuan
4:13p ET Wednesday, December 19, 2012
Dear Friend of GATA and Gold:
Fund manager Stephen Leeb today discussed gold market manipulation with King World News and disclosed that a Chinese diplomat recently told him that China is accumulating gold for the purpose of backing its currency.
Leeb adds: "There is a ritual we see in overnight trading. Gold is usually up $4 or $5 at around midnight or 1 a.m. East Coast time. I'll be watching gold trade at this time and I can't count the number of times that in just a minute or two, instead of gold being up $4 or $5, it's now down $20. No one is trading at 12 or 1 or 2 in the morning. Somebody is doing this and it always happens when there is no liquidity. So you have a game of desperation going on here and the Chinese are aware of this."
An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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