Bob Chapman of the popular long running The International Forecaster newsletter says on the Alex Jones radio show on 9/24/2010 (options expiration day is Monday the 27th) that he is surprised that gold has not sold off (temporarily) this week prior to options expiration. Large commercial banking institutions having large net short positions in gold and silver bullion such as JP Morgan, Goldman Sachs, Deutsche Bank and HSBC have billions to lose if the call options do not expire worthless. Mr. Chapman has long been an advocate of gold and silver as a store of wealth in uncertain times and predicts longer term the run should continue (silver to $30 "easily").
As the general public starts to wake up and buy in to the gold and silver market, and the big banks are no longer able to keep the price down watch out.
Much more upside seen b Bob Chapman in silver due to JP Morgan and HSBC needing to cover their massive short positions.
ReplyDeleteInteresting tidbit. Per Bob Chapman Larry Summers is one of the architects of the gold and silver suppression scheme by which the Federal government contracts out the hatchet job to the big banking institutions
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