You are here
Casey Research's Bud Conrad: Gold crash likely deliberately engineered
2p ET Monday, April 22, 2013
Dear Friend of GATA and Gold:
Bud Conrad, chief economist for Casey Research, writes today that the recent plunge in gold prices seems to have been engineered by a single large participant in the market.
Conrad writes: "We don't have the name of the entity that did this. However, the way the gold was sold all at once suggests that the goal was not to get the best price. An investor with a position of this size should have been smart enough to use sensible trading tactics, issuing much smaller sell orders over a period of time. This would avoid swamping the market; and some of the orders would be filled at higher prices and thus generate more profit. Placing a sell order big enough to affect the overall market price suggests that someone with powerful backing wanted to drive the price of gold down.
... Dispatch continues below ...
How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...
"Such an entity could have been a large speculator who already had a sizable short position and could gain by unloading some of its short position once the market momentum had driven the price even yet lower. Or it could be a central bank -- one that might be happy to have the gold price move lower, as it would provide cover for its printing of more new money.
"Of course, it could be some entity that owned long contracts and wanted to get out of the position all at once.
"We don't know, but this kind of activity, resulting in the biggest drop in 30 years, raises more than just suspicion when we consider how important the price of gold is to many markets around the globe.
"Can markets really be influenced by big players? Well, was the LIBOR rate accurately reported by huge banks? Have players ever tried to corner markets? The answer to all the above, unfortunately, is yes."
Conrad's commentary is headlined "Gold Crash 2013 -- Deliberately Engineered?" and it's posted at Casey Research here:
http://www.caseyresearch.com/cdd/gold-crash-2013-deliberately-engineered
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
GoldMoney Reduces Storage and Exchange Fees
From April 1 GoldMoney will be reducing by a third its storage fees on gold stored at all VIA MAT vaults to just 0.12 percent per year and halving the cost of storing silver with VIA MAT Switzerland to bring it in line with GoldMoney's silver storage fees at other vault locations: 0.49 percent per year as the standard fee and 0.39 percent per year for more than 50,000 ounces of silver. In addition, GoldMoney's minimum storage fee will be reduced to only 0.001 grams per month for gold, platinum, and palladium, and 0.001 ounces per month for silver. In April GoldMoney also will be simplifying and reducing its metal-to-metal exchange fees. For the full details of these significant fee reductions, please visit:
http://www.goldmoney.com/lower-fees-overview?gmrefcode=gata
