Gold is likely completing a major basing process, which has taken nearly a year.
Generally speaking, the bigger a base is, the bigger the next phase of the bull market will be. "Smart money" commercial traders continue to buy most of this price weakness.
Bullion banks shedding shorts ahead of price explosion, Turd Ferguson says Submitted by cpowell on Sat, 2012-08-04 14:58. Section: Daily Dispatches 10:58a ET Saturday, August 4, 2012
Dear Friend of GATA and Gold:
Interviewed for GoldMoney by the economist Alasdair Macleod, gold and silver market letter writer Turd Ferguson remarks that recent declines in gold and silver have been manufactured to help relieve bullion banks of their short positions,a development he thinks will soon will lead to an explosion in prices.
While recommending continuing acquisition of the monetary metals -- real metal in hand -- Ferguson warns against short-term trading in the metals because their markets are so manipulated.
Ferguson believes that "the great Keynesian experiment" in fiat money is ending and will be replaced with some form of gold backing for currencies.
The interview is 27 minutes long and is posted in audio format at GoldMoney here:
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