Manipulation of Gold Market Keeps on 'Truckin'
Bill Murphy

Sanders Research Associates is an independent firm, incorporated in Ireland, specializing in the analysis of the global political economy for individuals and companies with an interest in international affairs.

I was fortunate to meet Chris Sanders in Dallas as he flew in from London. As a result of that meeting, he interviewed me regarding the gold market and that interview will be read by his clients as it is featured in his just-published Quarterly Commentary.

We have been anticipating this article's publication because it is going to be read by the European Central Bank, the Saudi Monetary Authority, the Dallas Fed, the Senior Economist of the Joint Economic Committee in the U.S. Congress and many pension fund mangers. They are clients of Sanders Research Associates. Who knows what this could trigger?

Sanders Research's web site is located on the web at and Chris may be contacted at

I can't thank Chris Sanders enough for having the confidence in what the Gold Anti-Trust Action Committee has discovered and for giving us such a prestigious forum to present our case.

The manipulation of the gold market keeps on 'truckin' along. The CFTC Comex open interest numbers were released after the close on Friday. While the gold open interest on Comex remains very low at right above the 140,000 mark, the figures revealed a dramatic shift in composition as the large specs went from a net short around 41,000 contracts on May 30 to a net long position of 15,000 contracts as of Tuesday June 13. The small specs went from a net short 2,000 lot position to a net long 10,000 lot position. The so-called commercials did the reverse, going from being net long 41,000 contracts to being short 25,000 contracts.

This is no real surprise. It has been going on since I opened The Cafe in September 1999 and is additional proof that the gold market is a manipulated one. That is what I have been reporting on - it seems like forever:

The bullion dealers have been defending $290 gold for at least 21 months as that is where most of the gold loans of recent years have been taken out. A sustained move above that level will put them underwater.

No market trades like this for so long. The price of oil is surging, commodity prices are going up, there is record gold demand and producers like Normandy are delivering into hedges, reducing here-to-for supply. The price of gold should be trending higher, not ALWAYS stopping at $290. Even if the gold price does surge above $290, the bullion dealer cabal beats it right down again within weeks. There is a monthly supply/demand deficit of about 120 tonnes per month plus of demand over mine supply. Something is very wrong!

The commercials are in much respect the bullion dealers. They have been toying with the speculators for well over 21 months now. They get them short, then they get them to cover, they get them long, then flush them out. I have lost count how many times this has happened.

It is an outrage!

Is it NO coincidence that the off balance sheet gold derivatives, or paper gold positions, have exploded on the books of these bullion dealers during the past year. Those dealers include J.P. Morgan, Deutsche and Chase Bank. Goldman Sach's derivative position will be available in the near future. These derivative positions are a major factor in holding down the gold price. Wake up gold world!

The good news is that the REALLY BIG commodity moves UP come when the commercials are very SHORT. I suspect that is also going to happen with gold. These "gold pool" bullion dealing cabalites are going to get caught playing this fraudulent and dangerous game. When that happens we will see $400 gold in a blink.

That is why I urge ALL Cafe members to send this interview to the press, money managers and friends. This one in particular is important to send around because of the prestigious clientele of Sanders Research Associates. It might embolden other members of the press to take on the real gold story, instead of staying MUM. Go for it. Put the HEAT on the bullion dealers!


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