Manipulation of precious metal prices? Yes? No? Regardless of what you 'believe' Harvey Organ's view must be taken into account when trying to read the planted (IMO) tea leaves that are left to the rest of us who don't 'own' this market.
Harvey Organ: Get Physical Gold & Silver!
Friday, April 20, 2012, 6:10 pm, by Adam Taggart
Harvey Organ has been analyzing the bullion markets closely for decades. The quality and accuracy of his work is respected enough to have earned him an invitation to testify before the CFTC on position limits for precious metals back in 2010.
And he minces no words: Gold and silver prices are suppressed. With extreme prejudice.
In this detailed interview, Harvey explains to Chris the mechanics of how he sees this manipulation occurring, why he predicts this fraudulent pricing scheme will collapse soon, and why it's critical to be holding physical (vs. paper) bullion when it does.
The real suppression of the metals started in 1988. Thatís when the leasing game started and was invented by J.P. Morgan.
These guys would go around to the mining companies and say, ďListen, Iím going to pay you for your gold in the ground and I will sell it. You just pay me as you bring it out.Ē So that was cheap financing to the miners. Barrick, the biggest mining company of them all, went in on this and it financed a lot of Nevada projects.
Once the leasing game came, the actual selling, the extra selling, suppressed the price. In the first five years, it started at maybe three hundred to four hundred tons. It didnít start to get really bad until probably í97-í98 with the Long Term Capital affair. And thatís when the leasing started to become around maybe 1,000 tons of gold. And it hasnít stopped.
And silver is the same.
And thatís why you've had a long-term, 20 years of suppression of the metals. The problem now is that the physical is now gone. Where is going? Itís gone from West to East.
A lot of people donít know that China used to refine close to 80% of the worldís supplies of silver, because itís very toxic. Up until probably í85, the Chinese handled 80% of the worldís refining of silver. Now they're down to 40%, but thatís still a major part of Chinaís industry.
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