I got this comment in my email from John Embry this morning in reference to the blatant paper attack on gold after London closed this morning (see graph below):
How do you like these antics after the London close today? I still believe that to be this blatant they must sense real trouble.
John this is pure desperation. An incredible amount of gold was delivered into the SGE the past two weeks. Everyone follows “withdrawals” because that’s what “prince” Koos has them conditioned to watch. But you can’t “withdraw from” without first “delivering into.” You can get delivery numbers daily at the SGE website.
Also this report hit the wires today: Chinese Gold Premium Spikes, Indian Imports Surge.
There was also a report out yesterday showing a huge increase in non-performing loans at the big banks in Q2. I really think the economy hit a wall the last two months. That industrial production report was purely a function of the big downward revisions in May and June that made the “increase” in July look relatively healthy. The IP number was a product of auto industry inventory build-up – cars that won’t get sold.
John, they can try to cover-up the carnage to the economy by pumping up the stock market and smashing the metals, but they can’t hide the coming sub-prime driven debt implosion OR the massive gold-buying going on in China.