iHub Mining Sector Entrance Lobby

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Cheuvreux, the equity brokerage house of Credit Agricole, the huge French bank, today distributed a 56-page report (linked below) that completely endorses in detail the findings of the Gold Anti-Trust Action Committee that the price of gold has been surreptitiously suppressed by Western central banks and that those banks do not have the gold they claim to have

What's friggin new? (sorry about the language). The banks always loaned gold to "entrepreneurs" who promptly sold it. This drove the price down, so they could always buy it back cheaper anyway -- At the low interest rates of borrowed gold, and relatively higher interest rates of T-Bills it was as no brainer if u had a friend in the bank. AND they bought phony tech paper from their paper hanging friends who co-sold it (oversold) to funds driving the price of the paper up ten times. Who worried about gold owed when they had all that capital leverage in a relatively high interest solid US dollar and a rising market? Until the tech crash where dozens of bank managers have since been hiding info and protecting their jobs. The gold they did announce sold was sold for paper i.e. it was sold perhaps 1-2 years before and covered with stock. If they had to announce it, the entrepreneur no longer had the money. Of course they hedged with long term call options -- didn't they? Which hinders recovery of gold price.. to a degree.

 
 Asia / Europe Spot Price 
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 Metals                      Bid          Ask      Change from NY close 
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 Gold           571.50       572.40        -0.70      -0.12 % 
 Silver           9.81         9.84        -0.01      -0.10 % 
 Platinum      1076.00      1086.00        +4.00      +0.37 % 
 Palladium      317.00       322.00       +13.00      +4.28 % 
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 Last Update on Feb 03, 2006 at 06:41.43 
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