by David Schectman, MilesFranklin.com:
We have a very good relationship with Casey Research. They have not been on board with our contention that the price of gold is manipulated. But in the following interview with Casey’s Chief Economist, Bud Conrad, they have finally come around and now do admit that gold is manipulated. Better late than never. Please watch this short interview with Bud Conrad below. Among other things, he says the dollar will implode and be replaced with a new (and probably partially gold-backed) currency; gold will hit $10,000/oz. before the new currency is introduced; JPMorgan is manipulating the gold market (another of our contentions, along with Ted Butler and Bill Murphy) and he even suggests that China benefits from manipulating the futures market to push down the price, which allows them to redeem their shares in GLD for cheap physical gold. There has been an enormous outflow of physical gold from GLD in the last year – it makes sense that a lot of it is flowing East.
For the first time since 2004, the four largest banks are not short gold (on Comex). JPMorgan is taking delivery (going long) on over 60% of the contracts.
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