Richard Russell: The Great Gold Rip-Off, China, Russia & Silver
June 18, 2013
With the two day Fed meeting beginning, the Godfather of newsletter writers, Richard Russell, writes about what he calls, “The Great Gold Rip-off.” This is a fantastic piece where Russell also discussed the impact on the silver market, whether or not the US has all of the gold it claims, and what Russia and China are up to at this time.
Richard Russell: “It looks like the great gold rip-off is completed and over. A few of the banks (JPM) spread the rumor that gold was heading for $1,000 and that the bull market in gold was toast. This set off a panic in gold and silver, which served the perpetrators well.
As the metals swooned, the crooks, who had sold the metals short, made a tidy fortune as the metals collapsed. At the same time, they loaded up on cheap gold and silver. In all, quite a play, during which a good many duped investors dumped their silver and gold.
I understand that there is now a huge speculative short position in gold on the Comex. This position will have to be covered. This means driving the shorts out of the market. Thus, the manipulators will have cleaned up — first by selling the metals short, and then by loading up on the metals at the bottom of the panic in preparation for (hopefully) the ride up.