reward of $US50,000 in gold coins
Monday, November 17, 2003, 3:38:00 PM EST
Gold Market Summary
Author: Jim Sinclair
Look at the good side! Each time the Big Boys snooker us at these levels, they actually eliminate the weak hands in the Gold Community.
Today's decline was a pure power play and in my opinion a manipulation by COT option writers for the sole purpose of preventing the strike $400 December gold Calls from expiring in the money.
However, my observation is that the game of expiration is not yet over on the bullish side. In terms of respecting the opposition, I must say that the coordinated selling was quite professional. It certainly appeared to have all the market credentials of a coordinated action.
If this is the crime that I believe it is, there is a U.S. paper trail out there that lies quietly as an NY State smoking gun, the most lethal in the country. The difference between the Gold Cartel and this Gold Community is that we do not talk to each other. Anything we do or don't do is done independently.
Today's market action had the earmarks of coordinated action between gold sellers who transacted on the NY Comex Exchange. If true, that would be a crime in New York State regardless of where on earth the order comes from. Attorney General Eliot Spitzer are you listening?
Those that work together do in fact manipulate in a classic legal sense. Clearly, that gives them an advantage that we do not have or want for that matter. However, since these manipulators have losses behind them, do not concern yourself. Gold will not remain down because the US dollar is hopeless and heading lower.
I have a contact who asked me to inform the Gold Community that he will pay a reward of $US50,000 in gold coins for hard evidence of commercial dealers conspiring to launch actions such as we have seen today. I will personally guarantee his payment.
I would ask that you post this offer on every gold chat site on the Internet. Let millions of people read it so that the person we need will do the right thing and expose these illegal actions. The evidence must be obtained legally so as to be potent. Such evidence is not a mathematical compilation of the repeated anomalies in the marketplace but rather the smoking gun of a conversation, email, or affidavit of a conversation concerning manipulation of the markets.
Eventually, somebody at COT is going to get sick of supporting what I believe is in fact a crime. That person will rise to the circumstance and do his/her civic duty, remembering New York State's definition of manipulation as being "a coordinated attempt to reduce or increase the price of a publicly trading item without taking real individual risk by sales or buys done in a series of increasing or decreasing levels in conspiracy with others doing the same thing in New York State."
I am sick and tired of the so-called professionals working together in order to run the US gold futures market for their own best interests at the cost of your hard won profits.
If you trade on the Comex Gold Exchange in New York State and handle yourself the way you do in the international cash gold market, then in all probability you have committed a crime while leaving a hard copy, smoking paper trail for all to see.
On one side of the gold equation, you have articulate gold bears posing as bullish gold advisors panning gold at every opportunity. On the other side are commercial traders of gold (COT) working together to run the gold market in New York State in order to rip you off royally. These two forces represent two sides of a merciless gauntlet that you are running. My job is to get you, the Gold Community, to the other side in one piece.
I don't just write about gold I actually do it. I did not come here on your behalf to run but rather to defend our interests. Those of you who know me realize that I have spent many millions in legal fees on matters of principle only.
Coordinated manipulation of the gold market in the US - especially in New York State - is theft pure and simple.
The gold manipulators are not brain surgeons and their weakness is the paper trail which passes through many hands and simply never disappears. |
