Chris Waltzek, Goldseek Radio, Released on 5/31/16
Bill Murphy from GATA.org returns to the show with his latest insights on the PMs sector.
- Gold is off to the best start in a decade, while more than 10 major mining companies have doubled in value.
- In the first quarter, about 1,100 fund managers including billionaire George Soros bought more than 78 million shares of Barrick Gold Corp (ABX).
- Hedge fund legend, Stanley Druckenmiller continues to add gold to the portfolio following record QE by monetary policymakers in Japan, EU, and the US.
- Druckenmiller bought 1.8 million shares in Barrick (ABX), which has gained over 100% this year.
- Several of his colleagues concur, noting that gold does not carry negative interest rates.
- The move by Soros and others to own Barrick, suggests that major players who sold at the top are finally returning to the market.
- Since the big players cannot purchase smaller companies without putting the price up on themselves, smaller cap miners could benefit from the theme.
- Bill Murphy notes that when silver closes solidly above $18.50, a return trip to $50 is inevitable.
Bill Murphy is a former American professional football player, financial commentator, and the chairman and director of the Gold Anti-Trust Action Committee (GATA), which was founded as a result of Murphy’s essays on collusion among large financial institutions to suppress the price of precious metals. Murphy believes the price of gold is artificially low and has spent years lobbying the U.S. government to investigate market manipulation in the gold market. Earlier disregarded as a conspiracy theorist, his arguments were strengthened by a London precious metals trader who became a whistleblower and an American commodities trader, who inadvertently revealed that gold was leveraged 100 times physical.