Aug 26, 2008

Rob Kirby: Only a central bank could be shorting gold that much

Rob Kirby of Kirby Analytics in Toronto, a GATA consultant, tonight posted at Jim Puplava's Financial Sense Internet site an examination of the latest commitment of traders reports from the New York Commodities Exchange. Kirby's conclusion matches what silver market analyst Ted Butler reported last week in silver: an eleven-fold increase in the concentrated short position in gold, the short position held by three or fewer banks.

Such a short position, Kirby notes, can be only the work of a central bank, "because no public entity -- bank or otherwise -- has the balance sheet maneuverability in an impaired credit environment to conduct such business."

Yes, even coin and bullion dealer Kitco, employer of the gold market analyst who most steadfastly refuses to acknowledge the likelihood of gold market manipulation, isn't short that much gold.

You can find Kirby's commentary, headlined "Wake-up Call," at Financial Sense HERE

Labels: , , ,


Post a Comment


Create a Link

<< Home