*You read this and you have to wonder if a major derivatives blow-up is coming... or should I say BLOW-OUT???
"Le Metropole Members,
GOLD UP $5 IN TOKYO - MIDAS TECHNICAL ALERT
The Feb Comex gold contract, which is the nearby pivotal one now on the continuation charts, has taken out its high of 1981 of $535 on a quarterly basis. This breakthrough is of big picture importance. What is of note is the next significant resistance for gold on a quarterly basis on the continuation charts is all the way up to $612.
Frank Veneroso confirmed tonight what MIDAS and GATA have been saying for some time. The Gold Cartel has lost control of the gold market. This was also confirmed to us the other day by one of the members who sat on the Board of one of the 12 Fed banks. This Board member has loaded his own boat (big numbers) with physical gold and expects the price to reach $900 to $1,000 within 3 years. This, from a conservative banker.
One of the most critical dynamics of the gold market at the moment confirms what GATA has said all along ... and what no one in the gold mainstream gold world will even admit exists. There is a MASSIVE Gold Cartel short position, one they cannot get out of. The bums are trapped. These white-collar thugs, who have violated US anti-trust laws for so many years, have cooked their own goose.
I sent the following today to Ted David of CNBC, which is like dropping an email into a black hole, but we (GATA ARMY) have to keep up the good ole college try. I included the Russian/GR 21 stuff I have been pounding away on for weeks ... and these notes (facts):
*Since Gold Rush 21 gold rose $95 - YET, the dollar rose from 87 to 91 and oil fell from $68 to $60 per barrel. Almost no one thought that possible a year ago. The key to the gold market is surging physical market buying overtaking the Gold Cartel's ability to suppress the price.
*For years GATA stated the price of gold could rally $100 and the dollar do nothing as The Gold Cartel lost control of their price rigging scheme. Few, if anyone else, thought that possible. (It has done that.)
*The Central banks have less than half the gold they say they have. Over the last decade they have surreptitiously lent out this missing gold in order to suppress the price. This calculation is based on studies by three GATA consultants.
*One of the major factors in the gold market today is the gold short position ... more than 10,000 tonnes in a market with a 1500 tonne yearly supply/demand deficit and only 2500 tonnes per year coming out of the mines. The shorts are trapped. Cannot get out. There are mega-derivatives tied to those shorts. GATA knows this because of the Bank For International Settlement derivatives numbers.
*A Gold derivatives neutron bomb will go off. Could happen at any time.
*Price prediction: Adam Fleming, former Chairman of Harmony Gold and now Chairman of Wits Gold, said at Gold Rush 21 that he is looking for $3,000 to $5,000 per ounce. I concur."
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