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April 12, 2010 / Hal (GT)

CFTC meeting drawing International Attention.


Real quick posting. Gold right now is at $1,163.80. It saw some sell down early this morn but has since recovered. as has silver to a lesser degree.

There are three news items I want to alert you too. The first two deal with the CFTC meeting the continued news fallout from that.

The New York Post has weighed in with a worthy read:

Metal$ are in the pitsTrader blows whistle on gold & silver price manipulation

Maguire — in an exclusive interview with The Post — explained JPMorgan’s role in the metals pits in both London and here, and how they can generate a profit either way the market moves.

“JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer,” Maguire said.

The next item is gets me thinking.

China takes note of GATA’s presentations to CFTC

Many Chinese Internet sites on financial topics have picked up on GATA’s presentations at the March 25 meeting of the U.S. Commodity Futures Trading Commission. Here’s one — Popular Financing — that has posted its commentary in English as well as Chinese. It’s headlined “Two U.S. Dollar Signposts and Gold, Silver Stealth”

Finally, this is worth a read as well.

GATA’s Chris Powell Weighs In On Sprott, The IMF, And The Missing Gold

It’s a matter of preserving western currencies and interest rates, Powell says. “The Federal Reserve runs the world” and that’s not changing anytime soon. Heck, even various ex-Fed Reserve chairman all say they rigged the gold market, including Volcker and Greenspan. And this isn’t something GATA concocted in a media laboratory to get what they want – this is straight from the Federal Reserve’s official website.

Have a great day.

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