GATA Misrepresented In Article “Speculators Dump Gold But Price Goes Up Anyway”

“This is completely false…no evidence for his assertion.”

Editor’s Note: In a recent interview with Silver Doctors, former Assistant Secretary of the Treasury, Paul Craig Roberts, discussed the naked (uncovered) shorting of gold & silver (video will automatically start playing at the correct time-stamp):

While Chris Powell’s article below does not mention “shorting” of gold, Mish Shedlock’s article does, in which Mish says:

In the futures world, for every long there is a short. Contracts net to zero.

The commercials are producers who sell their gold and the broker-dealers who are hedged.

Again, Paul Craig Roberts disagrees, as should the entire world as evidenced by the persistent, perpetual short position held by the price suppressing cartel and the massive fines & guilty pleas by banks and traders involved in the systemic, wide spread price suppression policies engaged upon by the cartel (the “cartel” is the Exchange Stabilization Fund, the Fed, and their agents acting on the behalf of either or both).

Furthermore, the COMEX is NOT a place where producers and broker-dealers hedge, and everybody knows this, even the mainstream, such as shown in this little hit piece from last week.

Here are two excerpts from that MSM anti-gold propaganda (bold added for emphasis and commentary purposes):

Earlier this year, traders who had sold contracts paid a steep premium to close positions after the coronavirus pandemic grounded flights, sparking worries about the ability to get gold to New York. That drove futures to the highest premium to the spot price in four decades, attracting a flood of metal to the U.S. from around the world. Now, contract holders are trying to avoid taking delivery from the massive inventory.

It’s a little bit of a game of chicken,” said Tai Wong, head of metals derivatives trading at BMO Capital Markets. “All of a sudden you get into a similar problem that you had in crude, but slightly different: for crude they literally didn’t have a place to put it — whereas in this case speculative longs don’t want the logistical hassle of holding physical metal, which is why cost to roll has blown out.”

Playing games of chicken and logistical hassles are not what the gold & silver futures “markets” are supposed to be about, and those are not examples of producers selling mine production to hedging dealer-brokers as Mish claims.

*****

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

In his June 1 commentary, “Speculators Dump Gold But Price Goes Up Anyway” —

thestreet.com/mishtalk/economics/speculators-dump-gold-but-price-goes-up-anyway

— market analyst and money manager Mish Shedlock grossly misrepresents GATA with this assertion:

“Many gold analysts, from the mainstream to fringe groups such as the Gold Anti-Trust Action Committee, claim that they can predict what the gold price will do by adding up annual fabrication and investment demand (as well as de-hedging demand by miners) and contrasting the resulting total with annual supply (mine supply, central bank selling, disinvestment and scrap). In short, they analyze the gold market in the same manner as they would analyze the copper market.”

This is completely false and Shedlock provides no evidence for his assertion.

GATA does not claim that we can predict the gold price by calculating and integrating the variables Shedlock cites.

Rather, GATA exposes, documents, and challenges the government-instigated and underwritten manipulations of and interventions in the monetary metals markets, manipulations and interventions Shedlock never dares to acknowledge.

GATA’s documentation is archived here —

http://gata.org/taxonomy/term/21

— and much of it is summarized here:

http://gata.org/node/14839

If he ever gains any intellectual honesty, Shedlock is welcome to address it, document by document.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

Toast to a free gold market
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