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Gold rigging will fail as investors see fraud of 'paper gold,' Grant Williams says
10:15a ET Friday, June 10, 2016
Dear Friend of GATA and Gold:
Fund manager and market analyst Grant Williams, interviewed by Lars Schall for Matterhorn Asset Management's Gold Switzerland, says he is certain the gold market is rigged and that as investors realize that "paper gold" isn't real gold, they will demand real gold and take it out of the banking system, causing a big problem for the market riggers.
Williams says: "The stories of rigging in the gold and silver markets are legendary. There are so many of them. Some of them are wackier than others, but if the last three or four years have taught us anything, it's that all financial markets are rigged and I truly believe they are. I've been involved in financial markets for 30 years, and so if you want to tell me that they can rig Libor, one of the key rates in the entire world, but no one wants to rig the gold and silver market, I think you're out of your mind.
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"I'm absolutely certain that the gold and silver markets are rigged in some way, shape, or form. How deep that rigging goes and the actual mechanics of it, I don't know. But you can see all kinds of strange behavior in the wee small hours overnight. You can see trades being done which are clearly not done by any kind of for-profit organization. So I think there is definitely manipulation of the gold and silver claims. I think the Deutsche Bank agreement is just the tip of the iceberg. Part of that agreement was that they were going to share information a) about how the markets were rigged and b) who else was involved, so I fully suspect to see a lot more news on that coming out.
"Now, whether it makes the mainstream media or not, I don't know. I'm continually confused as to why they don't report these stories because they are so interesting, but unlike the rigging of Libor or foreign exchange markets or the treasury market or any of the other rigged markets, when people rig the gold market, they are rigging a claim on a physical asset that's been money for 6,000 years. It's not a paper contract, and so if this becomes mainstream, if people understand what’s going on in the gold markets and they believe that some gold they believe they've bought is subject to rigging, again, people are going to want to get their own gold, they're going to want it allocated, they're going to want it in their own safety deposit box outside the system, and it really just takes a few people -- the numbers are extraordinarily small for people to say, 'OK, I'm going to take my gold out of the banking system and I'm going to put it in a safety deposit box.'"
The interview is posted at Gold Switzerland's Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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