GOLDBUGS AMEX Goldbugs Index (GOLD)

[peel+green]

I see from the GATA site that the Bank of England refuses to be clear,accurate and accountable to the public for its own report of a reduction of 1,300 tons of gold between March and June.

This appears to be a repeat of the Gordon Brown affair in the late 1990s where excessive shorting of Gold by GS resulted in its potential insolvency and requiring Brown to sell a huge amount of the UK's gold at around $250 per oz. Brown at the time said there was no need to hold Gold as it was , to paraphrase,'useless.'

History may not repeat, but it rhymes. No, sorry, it does repeat.

The same thing is happening now. Mervin King and Mark Carney are bailing out the reckless shorting of gold paper by GS,HSBC etc at the LBMA to protect the dollar and the pound from collapsing.