{"id":2517,"date":"2014-12-05T20:22:26","date_gmt":"2014-12-06T01:22:26","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2517"},"modified":"2014-12-05T20:22:26","modified_gmt":"2014-12-06T01:22:26","slug":"us-resorts-to-illegality-to-protect-failed-policies-paul-craig-roberts-dave-kranzler-paulcraigroberts-org","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2517","title":{"rendered":"US Resorts to Illegality to Protect Failed Policies \u2014 Paul Craig Roberts &#038; Dave Kranzler &#8211; PaulCraigRoberts.org"},"content":{"rendered":"<p><a href=\"http:\/\/www.paulcraigroberts.org\/2014\/12\/01\/us-resorts-illegality-protect-failed-policies-paul-craig-roberts-dave-kranzler\/\">US Resorts to Illegality to Protect Failed Policies \u2014 Paul Craig Roberts &amp; Dave Kranzler &#8211; PaulCraigRoberts.org<\/a>.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">Paul Craig Roberts &amp; Dave Kranzler<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">In a blatant and massive market intervention, the price of gold was smashed on Friday. Right after the Comex opened on Friday morning 7,008 paper gold contracts representing 20 tonnes of gold were dumped in the New York Comex futures market at 8:50 a.m. EST. At 12:35 a.m. EST 10,324 contracts representing 30 tonnes of gold were dropped on the Comex futures market:<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\"><a style=\"font-size: 16px; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; outline-width: 0px; outline-style: none; outline-color: initial; text-decoration: none; color: maroon; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px;\" href=\"http:\/\/www.paulcraigroberts.org\/wp-content\/uploads\/2014\/12\/Screen-shot-2014-12-01-at-3.15.28-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-27799\" style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; display: block; max-width: 645px; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 5px auto 20px auto; border: 0px initial initial;\" src=\"http:\/\/www.paulcraigroberts.org\/wp-content\/uploads\/2014\/12\/Screen-shot-2014-12-01-at-3.15.28-PM.png\" alt=\"Screen shot 2014-12-01 at 3.15.28 PM\" width=\"718\" height=\"484\" \/><\/a><\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">No relevant news or events occurred that would have triggered this sudden sell-off in gold. Furthermore, none of the other markets experienced any unusual movement (stocks, bonds, currencies).<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">The intervention in the gold market occurred on the Friday after the U.S. had observed its Thanksgiving Day holiday. It is one of the lowest volume trading days of the year on the Comex.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">A rational person who wants to short gold because he believes the price will fall wants to obtain the highest price for the contracts he sells in order to maximize his profits when he settles the contracts. If his sale of contracts drives down the price of gold, he reduces the spread between the amount he receives for his contracts and the price at settlement, thus minimizing his profits, or if the price goes against him maximizing his losses. A bona fide seller speculating on the direction of the gold price would choose a more liquid market period and dribble out his contract sales so as not to cause a significant impact on the price.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">As you can see from the price-action on the graph, massive sales concentrated within a few minutes minimize sales proceeds and are at odds with profit maximization. A rational seller would not behave in this way. What we are witnessing in the bullion futures market are short sales designed to drive down the price of bullion. This is price manipulation.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 16px; font-weight: normal; vertical-align: baseline; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 20px 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Resorts to Illegality to Protect Failed Policies \u2014 Paul Craig Roberts &amp; Dave Kranzler &#8211; PaulCraigRoberts.org. Paul Craig Roberts &amp; Dave Kranzler In a blatant and massive market intervention, the price of gold was smashed on Friday. Right after the Comex opened on Friday morning 7,008 paper gold contracts representing 20 tonnes of gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1679,374,1678,985],"class_list":["post-2517","post","type-post","status-publish","format-standard","hentry","category-economics","tag-futures-contracts","tag-gold","tag-gold-prices","tag-price-manipulation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2517"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2517\/revisions"}],"predecessor-version":[{"id":2518,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2517\/revisions\/2518"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}