The Phaserl


Tocqueville gold fund’s Hathaway earns a probationary tin-foil hat

by Chris Powell, GATA:

Dear Friend of GATA and Gold:

Tocqueville gold fund manager John Hathaway’s new investor letter attributes the recent fall in the gold price to a bear raid by investment banks and hedge funds doing naked shorting.

“Gold was rarely, if ever, delivered to a buyer,” Hathaway writes. “Trades were settled in cash. The notional amounts of the transactions on many days exceeded annual mine production, absurd on the face of it. The motive was most likely to break the gold price for profit. The result is that short positions of these traders are higher than at the bottom in 2008, after which gold rallied 167 percent and mining shares 256 percent (basis XAU).”

Hathaway also acknowledges gold’s function as insurance against the failure of the policies of central banks and speculates that the Federal Reserve can’t return the German Bundesbank’s gold because the Fed has rehypothecated it into oblivion.

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2 comments to Tocqueville gold fund’s Hathaway earns a probationary tin-foil hat

  • steelerdude

    John said that gold would reset to $2400+…..(overnight?)….

    Im waiting…

  • Ed_B

    It’s good to be a central bankster and able to do things for fun and profit that would send mere mortals to jail for a couple of decades. Imagine repothecating things… selling the title of an asset to MANY people, all of whom assume that the claim chit they hold will allow them to take delivery of this asset, yet only one of them can. How is this different from any of us selling title to our house to 100 different people while we continue to hold the asset itself? All of them assume that they can take delivery at any time, yet only one of them can. The difference, of course, is that we would get 20 years of hard time for fraud, yet banksters do this all the time and the only consequence for them is MASSIVE profits.

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