Le Metropole Members,
James Turk: A new dynamic in the gold market
Submitted by cpowell on 05:27PM ET Thursday, April 1, 2010. Section: Daily Dispatches
8:30p ET Thursday, April 1, 2010
Dear Friend of GATA and Gold:
GoldMoney founder James Turk, editor of the Free Gold Money Report and consultant to GATA, writes tonight that the revelations prompted by GATA at last week's hearing of the U.S. Commodity Futures Trading Commission have brought a new dynamic to the gold market. Turk writes:
"It seems to me that as this news about the gold cartel's huge naked short position spreads, two things will happen. It is inevitable that the big traders and hedge funds will push the naked shorts to the wall by asking for physical metal. We could therefore see more hedge funds switching out of GLD like Greenlight Capital did last summer, which leads to the second likely outcome. If we get a squeeze on the naked shorts, the sky is the limit for precious metal prices."
Turk's commentary is headlined "A New Dynamic in the Gold Market" and you can find it at the FGMR Internet site here:
http://www.fgmr.com/new-dynamic-in-the-gold-market.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
