1er acte : le fondateur de bullion vault défend ce marché et conteste les point avancés par A Douglas ainsi que d'une maniére générale la manipulation des marchés de l'or et de l'argent
http://news.goldseek.com/BullionVault/1271872184.php2eme acte: réponse de Adrian Douglas
http://news.goldseek.com/GoldSeek/1272028191.php***********************
http://www.gata.org/node/8566Paul Tustain: Cash futures, physical forwards, and London gold's '100-to-1' leverageSubmitted by cpowell on Thu, 2010-04-22 01:58. Section:
Daily Dispatches 9:59p ET Wednesday, April 21, 2010
Dear Friend of GATA and Gold:
The founder and CEO of gold dealer Bullion Vault, Paul Tustain, tonight offers a tepid defense of the London gold market that mischaracterizes GATA's recent comments about it.
Tustain begins: "Some commentators are alarmed that the amount of 'physical' gold in London is not sufficient to meet the immediate demands of the market." But "immediate demands" is not really what GATA has said. GATA has said that the London gold market is a fractional-reserve gold banking operation that sells a lot more gold than there is. That market so far does indeed seem to have fulfilled its "immediate demands," but it has done this in large part by deceiving buyers all over the world into thinking that it could fulfill
all its purported obligations in metal.
But at least Tustain acknowledges that what calls itself the London "physical" market is not well-named and is actually a promisory market. Tustain also acknowledges that in the gold market, as in many futures markets, "it is quite likely that there is some price 'manipulation' of futures contracts at expiry," manipulation masterminded by market professionals. (GATA would connect those market professionals to investment banks that have special confidential relationships with the U.S. Federal Reserve and Treasury Department and the Bank of England.)
Tustain discourages investors from playing in gold futures markets such as the London "physical" market. Of course GATA does too and wishes Tustain and Bullion Vault and all dealers in real metal every success in getting it into the hands of people everywhere who aspire to be free of the bankocracy.
A friend tonight surmises that the "physical" gold market in London consists largely of people who really can't buy a certain amount at a certain price on a certain date and, on the other side, people who really couldn't provide that certain amount for that certain price on a certain date if enough buyers were ever serious and not mere speculators who can't easily be stomped at any moment by monster investment banks backstopped by monster central banks.
This is what, for the time being, respectable economists call "price discovery." GATA continues to work on that.
Tustain's essay is headlined "Cash Futures, Physical Forwards, and London Gold's '100-to-1 Leverage'" and you can find it at GoldSeek here:
http://news.goldseek.com/BullionVault/1271872184.phpCHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Hardinvestor
Accueil 
Edito 
Marie 
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