J. S. Kim

World Gold Markets: How Lack of Transparency Translates into Poor Analysis

one last comment from me about this and I do appreciate everyone's comments including your follow up comment Freya. Please reference this earlier article I wrote here regarding huge anomalies in world gold markets within a 24 hour trading timeframe.

www.theundergroundinve.../

In this article, the content of which I sent CFTC Commissioner Bart Chilton, I noted a curious event where gold in Asia closed higher almost everyday and then experienced waterfall declines in the COMEX markets that same day. Here's just some of the data I sent him that I referenced in that article below:

Aug 7

Asia closed up + $3 an ounce.
NY closed down -$15 an ounce.

Aug 11

Asia closed up +$8 an ounce.
NY closed down -$40 an ounce.

Aug 14

Asia closed up +$2 an ounce.
NY closed down -$42 an ounce.

Aug 26

Asia closed down $-9 an ounce.
NY closed up +$17 an ounce.

My long time research into global markets, not only the COMEX markets but also the Asian markets, led me to conclude that not only are these markets rigged but that there is little transparency in reporting from most governments about their gold reserves. When I stated I was almost certain that gold would decline below $900 in intraday trading yesterday on the COMEX well before the gold markets opened in New York, this had nothing to do with the fact that gold was down in Asia earlier that morning. As you can see from the data I presented above, there is often zero correlation between the price behavior of gold in Asia and New York. Based upon correlation coefficients between Asia and New York gold markets, there was as strong a likelihood that gold would have risen in New York yesterday despite its weakness in Asia earlier in the day. My prediction that gold would decrease below $900 in intraday trading in New York, which is exactly what happened as it waterfalled to $885 shortly before 8:30 AM New York time before regaining much of the day's losses by 3:00 PM, was based upon my understanding of the price rigging games that occur in these markets. And today, I suspect that gold will close in New York on an upbeat with some decent gains.

Again, I can not prove my suspicions, but there is a mountain of circumstantial evidence hidden in Central Bank reports and statements of various governors of Central Banks around the world that support my theories.

Cheers.