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Kitco Inadvertently Acknowledges That The Gold Price Is Suppressed – James McShirley

from The News Doctors:

How do you mention manipulation without actually saying it? Well, if you work for Kitco and your name is either Neils Christensen or Peter Hug you do it this way:

http://www.kitco.com/news/2015-08-03/U-S-Mint-Reports-469-YoY-Increase-I…

Christensen: “The one bright spot for the precious metals market appears to be the physical market as the U.S. Mint reported a 469-percent increase in July coin sales compared to last year.”

Then Christensen hands it off to Hug: “It is not just the mint that has seen unprecedented demand for bullion as prices significantly dropped last month. In his morning commentary, Peter Hug, global trading director for Kitco.com, said that many bullion dealers have been struggling to obtain a supply of silver coins and small gold bars. However, he added that he does not see this reemergence of physical bullion to help support prices as gold trades under $1,100 an ounce and silver under $15 an ounce.”

Huh? So the one bright spot is the actual stuff flying off the shelves?

If the physical market is on fire as Neil so coyly reports, then why are there any dull spots? And Mr. Hug declares that not even phenomenal physical demand can overcome the derivative-induced malaise!

Neils and Peter both just inadvertently admitted manipulation without ever saying the “M” word. When the only “bright spot” happens to be rip-roaring demand for the actual product, you know you have an out-of-control cartel using derivatives to suppress market prices.

Read More @ TheNewsDoctors.com

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3 comments to Kitco Inadvertently Acknowledges That The Gold Price Is Suppressed – James McShirley

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