2/8/10 Media Refuses To Disclose Truth About Gold Market

Precious Metals Market Analysis, By Michael Pennington (Copyright 2010 Pennco Coins)

The financial press is irresponsible for not disclosing the facts on the current gold market breakdown and divergence. Much of the pressures in the gold market are hidden because the financial press networks report only the official paper-based prices. Do not expect to read in Reuters or Bloomberg or the Associated Press or Wall Street Journal or the New York Times or Investors Business Daily or Barrons that a grotesque gold shortage exists in the London metals exchange or at the COMEX in New York and Chicago. They will not report that London is virtually drained of gold, yet still sells gold contracts. Accurate news reporting would accelerate the breakdown and remove the possibility for time extension. The press will not report that billionaires are emptying their gold bullion accounts at rapidfire pace, out of gross distrust of the bankers, since gold leasing has illegally been standard practice for many years. Imagine selling lumber contracts without wood delivered. Imagine selling mortgages without home titles delivered. Actually, Wall Street did precisely that from 2003 to 2007.
After Gold goes up for a day, it gets taken down time and again with no real news out there to explain this action. Yes we were aware of the fact the usual subjects have massive short postions on gold and silver at the Crimex. Paper is much too easily manipulated and the results are these quick take downs where they make massive profits. As long as they can get away with these tactics they will profit and scare people away from the gold sector. They have been successful because the majority of the general public has no idea that this massive manipulation is taking place. People still believe we do not have manipulated markets. Given the action over the last two weeks, how can anyone not see it? Just like the bonuses they have given themselves they are becoming bold here on paper gold manipulation.
Will the media ever report accurately what is happening? Don’t hold your breath!

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