Peter Grandich: Don't blame manipulation for gold's every fall

8:15p ET Monday, November 6, 2006

Dear Friend of GATA and Gold:

The latest edition of Peter Grandich's letter came out today and has been posted at GoldSeek. Among other things, Grandich remarks:

"While I believe it's foolhardy to think that gold is manipulated each and every day (that's what some seem to say whenever it's down or has declined from higher prices), I do believe a group or groups has capped and is likely in the future to continue to cap or manipulate the gold price. But again, I urge you not to use manipulation as the only excuse gold is down on a particular day. There are many technical and fundamental reasons, and those who only see manipulation are not doing you any favors in being blind to other reasons. This, by no means, lessens my view on manipulation. I believe it occurs, but to say it is the only reason gold declines is a form of sour grapes.

"While we can still retest $610 to confirm it is indeed support, any thought that the recent decline was the end of the bull market should now be put to rest."

You can find the Grandich Letter at GoldSeek here:

http://news.goldseek.com/Grandich/1162840118.php

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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