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Mix-Ansicht- Theorie - wie der Goldpreis gedrückt wurde - R.Deutsch, 03.08.2002, 09:09
Theorie - wie der Goldpreis gedrückt wurde
How, exactly, did gold plummet under pressure from the Gold Dealer's Cabal at the recent $322 level to a low today of $298 prior to a recover just under $305 by the NY Comex gold trading close?
By James Sinclair, Chairman & CEO of Tan Range Exploration TNX on the TSE
1. A Gold dealer or group of gold dealers, cartel members by common intention or agreement, obtained a gold lease or leases from a central bank. In today world this is simple and only requires that such a request be made by an established client dealer of a central bank.
2. A gold lease is a lease agreement whereby a Central Bank delivers to the gold dealer an agreed upon amount of gold which has to be returned after one year. The gold dealer is free to do whatever the gold dealer wants with the gold. The gold dealer pays, today, a rate of less than 1% of the market value of the delivered gold under the lease arrangement for the lease.
3. The gold dealer this time elected first to sell Comex Gold contracts equal to the amount of gold received from the central bank. This selling was done in a manner to destabilize the price of gold. All bids then standing for Comex gold contracts were hit with offerings of Comex gold contracts at ever decreasing prices and increasing amounts of Comex gold contracts than the bid size. As soon as one sale was made another is made at progressively lower price making any purchases from this seller an instant loser for the buyer.
4. As this is broadcast around the world sellers start to trip over each other offering gold so as not to lose profits they had.
5. The gold price closed at the support level of $312.
6. Overnight the gold dealers continues the program of selling gold equal to the volume of gold leased around the world so that gold opens lower in the United State the next morning. Gold trades from the US to Australia to Asia to Great Britain and the Continent into New York's opening. Gold trades 20 hours of the 24 hour day. some will say correctly 24 hours of the 24 hour day if you include the dealers over the counter market in off exchange hours. The $312 support level now has failed. Gold is falling below $312.
7. Again, in the New York morning, the market is flooded by sellers in an attempt to play the greater fool game and offload gold to another on order to protect profits and limit losses.
8. Gold declines all day and closed below the KEY $305 point of Risk Control Programs. All Risk control programs on all notional value $300,000,000,000 gold derivatives now shut down. All derivative position are now 5 PM EDT August 1st, 2002, at their FULL MAXIMUM SHORT volume position spread that they had before the gold rallied last over $300.
9. Gold in today's NY Comex August 1st, 2002 session follows through lower in the morning and into late morning but meets with fundamental motivated physical gold buyers that feel that under $300 gold is CHEAP. The gold dealer's cartel sees that continued selling of gold futures on the Comex cannot force physical gold any lower today. The Physical buyer's demand is now greater than the willingness of the gold dealers to sell naked short gold since they had exhausted their leased gold on the second day of this bearishly manipulative ploy. In fact the bid for physical gold is large and above the offering price of the equivalent cash month gold future on the Comex for an instant. That grabs the attention of the professional traders at the gold dealer cartel. The gold dealers as a professionals shuts down selling as he/she has sold all of the leased gold now and even more short. Lease rates are tightening up which also sends a message to gold traders and gold dealer's Cabal that is now naked short. The gold dealer cartel shorts begin to cover in front of the fundamental buyers of physical gold in the cash market for bullion. As a result gold both futures on the Comex and bullion in the cash physical market closes just below the KEY $305 pointy. A close above $305 will reactivate the RISK CONTROL PROGRAMS and initiate buying which would take gold back to the $312 level as first resistance. I suspect that is what is about to happen next.
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