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MineWeb''s Tim Wood thinks that gold and other markets are rigged after all ...
By Jim Sinclair
Thursday, August 26, 2004
I own gold because the U.S. dollar is headed for
a backyard whipping and will no longer be the
reserve currency of international central banks.
This will happen no sooner than 11 months from
now and no later than three years from Jan. 1,
2004.
The entire world of finance revolves around gold
vs. the U.S. dollar. This is why COT is used by
the U.S. Treasury to fight gold continually. It is
the Exchange Stabilization Fund (ESF) that we
are fighting in gold today and in fact beat in the
1970s. They will not succeed!
Now listen carefully and send the following to my
respected colleagues John Embry at Sprott
Asset Management and to my friend Bill Murphy
at GATA.
There is no ESF as an operating fund in the form
you know management of a fund to be. The ESF
is simply a name given to a trading account of the
U.S. Treasury and capitalized independent of the
Treasury. It can legally trade in gold and the U.S.
dollar as well as many other items. The ESF is
therefore the Crash Protection Team.
Orders come from the U.S. Treasury to
high-placed partners of the various COT firms as
to what the Treasury wishes done in a purely
generic sense and how much cash or gold they
can commit. The account of the ESF is masked
in many ways from the eyes of the COT firm
employees, other partners, and clearing agents.
The problem the ESF has is that they must use
the COT figures to mask these manipulative
operations, and the ESF is not capitalized enough
to help the dollar out for more than a few minutes
intra-day or night.
All this is legal with the possible exception of the
trading activities and intentions to produce price
without risk. But that is a separate discussion.
Since gold is tied to the U.S. dollar at the hip, the
ESF can only try to demoralize gold traders but
can never turn a bull gold market into a bear gold
market. They simply are undercapitalized to
accomplish pushing a $1.2 trillion-per-day crowd
around. So it is the ESF and not COT that is the
doer of the evil deed destined to failure for a
simple reason:
The dollar rules gold and not the Comex.
So John Embry's top-notch article on the
manipulation of the gold market is not about COT but
rather about the U.S. Treasury. That is fact, Jack.
----------------------------------------------------
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
Subscription site:
http://www.lemetropolecafe.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
3033 East 1st Ave., Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
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