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Precious metals update w/ GATA’s Bill Murphy

Chris Waltzek, Goldseek Radio, Released on 4/7/16

Recap:

  • Bill Murphy from GATA.org returns to the show with comments on the national gold stockpile.
  • A growing cadre of researchers note that gold swap arrangements make decyphering the domestic a daughnting task, so reserves are likely overstated.
  • Wise BRIC central banks are accumulating the metal at new records, according to the World Gold Council (WGC), 480 tons of gold was purchased.
  • Key takeaway point: once the gold enters their vaults, the ounces essentially evaporate from the market.
  • Gold bears can no longer claim that the monetary metal carries zero interest, gold and silver both pay substantial interest by avoiding interest payments.
  • Like John Embry, Bill Murphy expects a big shift in investor tastes, making the unloved silver sector the defacto loved asset class du jour.
  • His work indicates a 100:1 risk to reward ratio in silver, $1-$2 risk on the downside with at least $100 on the upside.
  • Naked short-selling in the highly illiquid markets helping send PMs shares to outperform the underlying metals, as shorts scramble to cover.

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.

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