From Investment Research Dynamics
The middle class in America is like the housewife who knows her husband is cheating on her but she chooses to ignore it and pretend it will stop. – Anonymous FOD – Friend of Dave’s
The system has been totally hijacked. Make NO mistake about it, gold was hit hard when the paper trading in London cranked up after the SGE had turned off its lights for the day. The reason: Glencore.
Anyone remember Enron? Probably not. Most people have already forgotten, mostly, that their taxpayer dollars were used by ex-Goldman CEO Henry Paulson to bail out Goldman Sachs in 2008 when he was Treasury Secretary. His primary motive was to preserve the value of the $250 million in warrants he still owned after he got to unload $500 million in stock – tax-free. Recently Zerohedge found a snapshot of Paulson laughing about the entire matter.
Glencore is going to make Enron look like a polite tea and cake break. Gold was smashed when paper London opened because the Fed, BoE and ECB can not under any circumstances let the price of gold spike up – like it should be doing – and thereby alert the world that there’s a big problem in the world of derivatives related to Glencore, among other “things” (Emerging Market FX contract, energy, Biotech ETFs, etc).