Metals smash down was just another paper affair, Butler tells King World News

Dear Friend of GATA and Gold (and Silver):

In his weekly interview with Eric King of King World News, silver market analyst Ted Butler remarks that last week's smash down in the precious metals was another typical manipulation by the big commercial traders, a paper affair on the Comex without any real metal selling. The big commercials, Butler adds, began buying again on Friday. Butler says he has lost patience with the U.S. Commodity Futures Trading Commission, calls the silver market a criminal operation, identifies its perpetrators, as he has done before, and notes that none of them have ever challenged his accusation. The interview is about 10 minutes long and you can find it at the King World News Internet site here:

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/3_Ted_Butler_on_the_Metals_Market.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Euro Shorts Return Comercial Gold Net Short Positions Hit All Time Record High - ZeroHedge

http://www.zerohedge.com/article/eur-shorts-return-commercial-gold-net-short-positions-hit-all-time-record
In other COT news, gold fans will be happy to know that the number of commercial gross and net short positions in the precious metal has hit a new all time record of 475,678 gross and 288.916 net shorts. It is getting increasingly more expensive to the commercial players to preserve the price of gold at current levels, even with unlimited paper shorting capacity. As ETF's such as GLD accumulate increasingly more (hopefully real) gold inventory (yesterday's record number of 1,316 tonnes in GLD has not be updated for today yet), it will, in turn, become increasingly more difficult to push down gold price even as all the big players try to gold paper gold down.

Silver Leaving the Comex As Investors Want to Get Physical

Silver Leaving the Comex As Investors Want to Get Physical
http://jessescrossroadscafe.blogspot.com/2010/06/silver-leaving-comex-as-investors-want.html
Dave from Denver reports that:
"On Friday 516,522 ounces of silver were withdrawn from the Comex from Brinks.

Yesterday another 1.6 million ounces were withdrawn from Brink's and HSBC. It all came from the "eligible" category, which is the investor silver being kept at the Comex. This means it wasn't the banks and SLV playing a "shell game" with their "fractional" silver holdings. This was real stuff leaving and going into real hands off-Comex.

This is a lot of silver leaving the Comex and at least the silver leaving HSBC is motivated investors taking physical delivery.

In the context of gold/silver holding up as well as it has so far this week (silver contract roll, options expiry Thurs, 2-day FOMC meeting), it would seem that the demand for actual physical delivery of gold/silver maybe starting to overwhelm the cartel."

"In Gold We Trust" - Special Report On Gold From Erste Bank, Who Has A $1,600 Price Target - ZeroHedge.com

"In Gold We Trust" - Special Report On Gold From Erste Bank, Who Has A $1,600 Price Target Submitted by Tyler Durden on 06/23/2010 15:08 -0500

http://www.zerohedge.com/article/gold-we-trust-special-report-gold-erste-bank
We are delighted to present for your reading pleasure the following ultra comprehensive report on gold, submitted by its author - Erste Bank's Ronald Stoeferle. In addition to covering all the usual bases, the report has a dedicated section on a topic receiving extensive prominence recently, i.e. gold price manipulation, that covers among other things prominent whistleblower Andrew Maguire, the distinction between physical and paper gold, and position limits. A must read for anyone who is still concerned about buying gold. All we have to say to these people is - please look at the chart of the "efficient market" below, look at a chart of gold price, and tell us which you would rather be invested in.

Special Report Gold - In GOLD We Trust, June 2010
2010-06-21 IE Special Report GOLD