Bill Murphy has it right for once. GATA is clueless enough now.
Bill Murphy has been claiming for four years that the "Gold Derivatives Time Bomb" was going to detonate any day now and we would all recognize it because the bullion banks and hedged miners would all go bankrupt and as a result the financial system of the world would come to a halt.
Gold was going to go up $50 in a day and eventually go to $600. We were warned that $305 was some sort of magic number and two closes above that would cause an explosion, when that didn't happen, we were told the new magic number was $330 and "if gold breaches $330 on the upside, the gold derivative neutron bomb will go off" and when that didn't happen, the new magic number was $354.
$354 has come and gone, no mines have gone bankrupt, not a single central bank has closed it's doors and on the day gold went up $7 in December, JPM actually went up 6%. Now Bill Murphy wants to claim he knew it and told us correctly all along.
Clueless doesn't go anywhere close enough to describe Murphy and the trailer trash he surrounds himself with. Murphy made it all up, the story about LTCB being short gold, disinformation, the story about JPM being short gold, disinformation, $305 as a magic number, disinformation, $330, disinformation, and $354, ditto.
Bill Murphy runs a rumor site and the rumors somehow never come true. If you want half truths and meaningless nonsense, he has it in spades. Murphy is to gold what priests are to altar boys just like Blanchard with their publicity suit. With friends like GATA, gold doesn't need enemies.
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