gold cartel losses

  1. 5,881 Posts.
    Tuesday, September 09, 2003

    Gold Market Summary

    Author: Jim Sinclair

    Let’s stay sharp and disciplined. Also, let’s not lose respect for our adversaries who are in deep pain this evening. They do not have any capital to continue their market contributions like today.

    Losses on the Comex demand that real money be paid in before the open of the next morning. Since this market started up from $330, the Cartel of Common Interest has had to pay into the clearing house a total of $1,060,000,000.That is an average net short of 200,000 contracts losing $20,000,000 per dollar times $53 equals $1,060,000,000.

    Now add to this the much larger position they hold in over-the-counter gold derivatives and you will understand how messy this is becoming. Normally that would not have been an impossible figure for international investment banks to finance except for the fact they are losing not making money.

    It is hard sell to obtain funds from those salty characters to nurse a loser. We can expect the Gold Cartel to go to the walls on this one and now at a minimum for the few hundred thousand contracts they are short on the Comex. I would imagine that the belief in COT as a holy grail will end on that short cover. I actually expect it to occur in days, most certainly as the Community continues to exercise discipline.

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