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Gold-Eagle
Le Metropole Cafe

Gold
December 2007

 

It has long argued the metal's price has been repressed by what it calls The Gold Cartel, an alliance between the official sector (central banks, US Treasury) & chosen instruments (key investment banks, co-opted bullion dealers & others) to create a financial assets [paper] boom.

“Reason for rejoicing: The discovery by James Turk (Freemarket Gold & Money Report) that: ‘The US Treasury quietly made a subtle change to its weekly reports of the US Int’l Reserve Position, which includes the US Gold Reserve. This change was first made May 14 ... It says the US Gold Reserve is 261.499 million ounces & importantly, that the gold is now reported “including gold deposits &, if appropriate, gold swapped.” (emphasis added).

‘This description provides clear evidence the US Gold Reserve is in play. Gold has been removed from US Treasury vaults & placed on deposit, presumably in the couple of bullion banks the Treasury has selected to assist with its gold price-capping efforts. Gold placed on deposit gets loaned out by these bullion banks, & then sold into the spot market to try capping the gold price’.”

Peter says: “This is exactly what the LeMetropole Cafe gold bugs have long said was happening. It may seem like an arcane point. But I remember when the idea that central banks were systematically selling gold at all was dismissed as crankishness. Yet it's now universally acknowledged. And gold, by the way, has fought its way much higher, just as gold bugs said it would. Turk's conclusion: ‘This new evidence provided in the US Treasury report, as well as the rising gold price itself, suggests to me that we are now witnessing the last scramble by the gold cartel to cap the gold price. It is a vain attempt by them, acting under US Treasury instructions, to make the world think the dollar is worthy of being the world's reserve currency when everyone knows it is not. In short, the wheels have fallen off the truck. The $ is heading for a train wreck. The flight out of US$-denominated assets is gaining momentum, & gold is one of the safest places to b e in a currency collapse’.”

Newsletter writer Bob Chapman says (Nov.12) “This is Custer’s last stand, or the Alamo, for the gold cartel, for if gold is not broken by this final act of desperation, it’s all over for them. We are looking for 4-figure gold. The cartel has been desperate to bring gold down before they announce their Dec 11 rate cut [which will not be the last]. They [Goldman Sachs] have been shorting gold in Tokyo & London [to be out of sight].” As we see, they’ve not succeeded & the Fed rate cut is now upon us, which will weaken the $’s yield factor. ••• The public is still not in the gold mkt. They will be in 08 as the derivatives& credit crises bring down more financial institutions (amid recession) & eyes will be opened, via pain. While Rome burns, gold will smash thru its old unadjusted for inflation $850 high on the way to $1,600, & who knows how far beyond. Que Sera Sera (what will be will be) Or,Qui vivra, verra (he who lives, will see)

Gold 1
 
Gold 2

 

 

 

 

 

 

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