Massive Cabal Selling Assault Thwarted / IRAN Major Gold Buyer Last Week! in Precious Metals - Interesting News

Interesting World News

Massive Cabal Selling Assault Thwarted / IRAN Major Gold Buyer Last Week!

Gold $337.20 up 10 cents - Silver $4.61 down 7 cents
December 17, 2002

As per Mahendra’s prediction, gold closed up for the 5th day in a row. Congrats to the Big "M."

What a day! Gold rallied all up to $342.50, following strong buying that emanated out of Australia and the Far East. Gold was sold on the Comex opening by The Gold Cartel goons, rallied $5, and then was blasted a second time. The cabal took gold $1.60 lower, but as has been the case recently, they could not keep gold down. It came right back in their face.

Morgan Stanley and JP Morgan Chase were reported featured sellers. Millennium? was also a featured seller, thought to be doing business for the gold hit squad. There were all kinds of rumors floating around. First, Aussie producers were suspected overseas buyers as gold rallied during their time zone. Then, reports came to me that producers were big sellers above $340 in the US. Take your pick.

The bottom line is gold is making a fuss around the world and people want it. They want it for many reasons. The smartest money knows all about The Gold Cartel and they are going after gold because they know the bums are running out of ammo to continue their scam.

In years past, gold would have closed $5 lower after today’s intense price reversal off the highs. But, the short’s mission failed pretty miserably. Signal after signal is going out to the investment world that the shorts are in big trouble.

With the dollar getting hit and gold rising $3, we get:

11:44AM White House supports strong dollar policy : Traders citing Bloomberg say that White House spokesman Ari Fleischer said the govt supports a strong dollar; following these comments the dollar erased some of its loss against the yen and gold continued its slide (XAU -2.7%). –END-

Once again, what does that mean? OK Ari, what is the White House going to actually do to "support" the dollar? Intervene in the currency market? Take gold down again? What?

It is clear to me there many physical buyers ready and willing to take on the arrogant western central bankers. Since it is week old news, I can let you know that one of the MAJOR buyers last week was IRAN! They were a huge buyer with gold around $326. Their buying catapulted gold past $330.

The Japanese are buying again (see Brimelow below), the Indians remain staunch buyers, the Arabs are buyers, the Russians are buyers and the Chinese are opening up the gold market to their rather sizeable population. Those buyers and big hedge funds are the ones taking on The Gold Cartel. When the cabal brings gold down, they just say, "Thank You Very Much." As ofen reported in Midas, The Gold Cartel is now a prisoner of their own shorts. They are trapped. Not only can they not get out of their shorts without the price of gold soaring, they must continually add to their short positions to take on the massive buying.

While the gold establishment continues to ignore the work of the GATA camp, the smart money has paid close attention. They know what we know and now they are on the attack. Oh well, GATA did its best to warn President Bush, Speaker Hastert, and many in the US Congress of what was coming and why.

Morgan Stanley mangled silver all day long. They have been the ones preventing silver from taking out key $4.75 resistance. Morgan Stanley has owned the silver market for some time – buying low and selling on rallies.

The CRB was little changed.

The John Brimelow Report

Dec 17 2002

Is Japan developing a fresh appetite for gold?

Another extraordinary day in Japan. Although the yen was strong,"Gold jumped through 338 the high since Oct 99 without landing and rocketed to the long-awaited 340 on one-sided buying all over the place. Volume was a combination of flows from Tocom, option and trade houses. The upward motion accelerated when touched 338 and 339.50 where stops were triggered. Market spotted no seller in the proximity of 340 until 341, and wrapped up at 340.50 on light profit taking."

(Mitsui – HK)

TOCOM traded a large 54,204 Comex equivalent contracts (NY yesterday only did 27,000, more than a third in the last half hour), and open interest rose slightly, impressive considering TOCOM has not seen these prices since Aug 98, and with the yen firm. $US gold touched $341, and closed at $340, $3.50 above NY – even more impressive.

For the first time since the late spring, the Japanese media can be found carrying pro gold articles. The Nikkei Financial has one this morning on Sumitomo Metal’s strength, saying:

"One veteran portfolio manager at a domestic asset management company warns that economic conditions in Japan are dangerously abnormal "Investors should diversify into gold and other hard assets," this market pro says."If the threshold to buying gold is too high, that doesn't matter -- buy gold stocks like Sumitomo Metal Mining or gold funds." (It goes on the say): "the fund manager cited above recommends buying gold because he sees the underlying potential of hyperinflation, bank deposit freezes and other manifestations of a severe crisis".

Unprecedented. Maybe this lies at the root of Japan’s unusual behaviour – pushing gold up above the NY close by a lot two nights running.

Indian gold ex-duty premiums: AM ($0.42) PM $0.54, with world gold at $341 and $340. Well below legal import levels (but of course Indian gold is well above world gold still: import duty is about $16.16 per oz at present).
I am surprised how many commentators speak (perhaps wistfully) of the Christmas season being slow and thin. In fact some of gold’s greatest moves have come at this time of the year, notably 1979-80. Of course, then a war was threatening.

JB
tp://www.lemetropolecafe.com/index.html

Universal 7 Radio | gtbroadcasting.com | GlobalEnquirer.com | Comment

FAIR USE NOTICE. Many of the stories on this site contain copyrighted material whose use has not been specifically authorized by the copyright owner. We are making this material available in its efforts to advance the understanding of environmental issues and sustainability, human rights, economic and political democracy, and issues of social justice. We believe this constitutes a 'fair use' of the copyrighted material as provided for in Section 107 of the US Copyright Law. If you wish to use such copyrighted material for purposes of your own that go beyond 'fair use'...you must obtain permission from the copyright owner. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml

Diana Nightingale
International speaker, author, mentor and life coach

Dr. Laffitte
Right hand man of Martin Luther King

Jennifer Hudson
Oscar and American Idol Winner

Flavor Flav
Rap Artist

Sally Jessy Raphael
TV and Radio Personality

Gary Busey

Harry G. Belafonte
American musician
actor and social activist

Robert L. Carothers
President of the University of Rhode Island

Les Brown
Motivational Speaker & Best Selling Author

Dr. Louis Turi
The World's Greatest Astrologer

LL Cool J
Party, Rap Artist

Dannion Brinkley
Autobiography "Saved by the Light"

Lucy Arnez
Actress

Don
the Forensics Expert who handled the bullet that Killed MLK

Percy Sledge
Who Wrote When a Man Loves a Woman

Bibi McGill
Beyonc�'s Lead Guitarist

Stevie Wonder

James O�Neil
Former Attorney General of RI

Richard Paul Evans
Bestselling author of the Christmas Box Miracle

National President of Phi Kappa Phi

Aretha Franklin
The Queen of Soul

George Zaharoff
International Designer

John J. Kennedy
Presidential Candidate

Jim "Supermind" Karol
The Real Life Rain Man Meets Rocky Balboa

Jane Kennedy
Actress & Miss America

Sally Jessy Raphael
TV and Radio Personality

Wayne Dyer
Bestselling author of You Will See it When You Believe it and TV personality

Brandon Bays
Bestselling Author of the book "The Journey"

Nicole Whitney
Radio Talk Show Host and Founder of News for the Soul, Rated by AOL and Google #1 Radio Talk Show on the Internet

Anne Marie Evers
Author of Your Passport to Happiness

Matthew Adams
Co-Author Chicken Soup for the Soul

Dannion Brinkley
Autobiography "Saved by the Light"

Sarah Simmons
Radio Talk Show Host and Author

Susan Crossen
Author and Radio Talk Show Host

Don Shula
Former Miami Dolphins coach with the most wins in NFL history

Bruce Sundlun
Former Governor

Palane Miedaner
Author of Coach Yourself to Success, seen on all the major television programs

Bishop Jordan
Author of The Laws of Thinking