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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Saturday, July 4, 2009

Goldman and Gold: Why Is GS Loading up on December Gold?

Editor's note: Not to be a gold bug here but GS and JPM are gobbling up December gold. But why? What do they know about the US dollar that we don't?

There's trouble brewing with gold yet again -- what, did you think we forgot about the bond market implosion earlier this month? Oh please. Perhaps Timmy has forgotten but you know the Chinese haven't, they're the elephants of American dollars and they aren't going to let a single one slip out of the printer. Hate to break it to you, Zimbabwe Ben, but they've sort of got our number.

Fox News, however, is a tad behind the curve. $1000 gold? Please. I've been saying $1500 by the end of the year if only it can break $1000. Who or what is intent on keeping it down? And what in the hell is going on with the Comex? Well, duh, again.

Via FN:
Gold could go well above $1,000 an ounce in the next couple of years, according to some people bullish on the metal, who say China could boost the yellow metal's price significantly if it takes the policy actions one of its research officials is advocating.

GATA Chair Bill Murphy blames Citi alum (and ex Goldman exec) Robert Rubin for these shenanigans, and I guess "setting the tone" can have its own consequences:

Bill Murphy: It's what we call "The Gold Cartel". The United States government is the main culprit, with "hit men" like Goldman Sachs and J.P. Morgan Chase, and other central banks, like the Bank of England. It's been going on for some time now.

Basically, it all started with [former US Treasury Secretary under the Clinton Administration] Robert Rubin, back when he was the head of Goldman Sachs in London. He would borrow gold from the central banks at a 1% interest rate, and then sell it. He took this idea and made it the essence of his "Strong Dollar Policy" [while at the US Treasury].

Read the full article - click here (hint: it gets worse)


Anonymous said...

If I can't get a bead on it in five minutes I start suspecting the worst and kick it into gaming theory mode of thinking. Buy up gold as duel benefit a back stop to the second stage of "if then" aspect of teh plan i.e. start a war.

If buying up gold fails to draw in more suckers by propping up the doomsday scenario perhaps that is meant to disguise the fact it really is for the later reasons.

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