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To: Rarebird who wrote (6989)	12/5/2014 4:26:53 PM
From: Real Man	Respond to of 26251

Given the state of the "markets" (overliquified overleveraged derivatives bets), nothing is relevant. Could have been different but wasn't . I guess a system failure is what it will take... The cornerstone of 3 major bubbles is the world allowing US to abuse the privilege of issuing reserve currency, otherwise there would be no more than 1 bubble.

To: Rarebird who wrote (6989)	12/6/2014 3:32:55 AM
From: Real Man	Respond to of 26251

FWIW, the backwardation is now gone. You will see shortly that gofo does wonders and works just fine the other way, thank you - as soon as gofo goes to +0.1, gold will drop $100 to 1100 and further down toward $1000. He who has the cash makes rules. We should see more quiet CB movement of gold home from the US, though. I am not sure how long it will take to break paper price manipulation on Comex. Manipulation is much worse now than at the peak in 2000 and 2007 because all the king's horses and all the king's QE were leveraged 1000-fold.

To: Rarebird who wrote (6989)	12/8/2014 1:38:34 PM
From: Real Man	Read Replies (2) \| Respond to of 26251

Tax loss selling in gdxj? FWIW, if you look at gdxj volume, it trades half to 2/3 of total share float a day. So, we had at least 10 full capitulations (volume = float ) in the last month in this fund. Whatever the cause of this, it is suspicious, as whoever creates this volume determines price. It is obvious that gdxj long term holders can't sell it 10 times over a month period, so the entity that determines price is some other entity. Such volume is indicative of extreme speculative activity, likely on the short side.