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ThunderRoadReport26

ThunderRoadReport26

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Published by Turd Ferguson
A thorough documentation of the ongoing manipulation of the precious metals markets.
A thorough documentation of the ongoing manipulation of the precious metals markets.

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Published by: Turd Ferguson on Mar 29, 2012
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03/29/2012

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report
28th March 2012
Caught Red Handed:
massive manipulation of the Gold Market since America lost its “AAA”credit rating – implications for bullion & goldequities (and the monetary system)
This report provides proof of massive manipulation(suppression) of the gold price since the US sovereigncredit downgrade on 5 August 2011. There are scoresof “smoking guns” in the pages below. Rigging the goldmarket violates Section 1 of the Sherman Act and Section9(a) of the Commodity Exchange Act under US law.It explains in detail and illustrates in chart form exactlyHOW the manipulation is taking place. Few portfoliomanagers or sell-side analysts have “deciphered” the

 journalists & the public). It’s a fractal-like pattern of interventions within interventions which are driven by
repeating algorithmic trading programmes
.
Bletchley Park: centre for Allied code-breaking during WWII -including the famous German Enigma cipher machine
Enigma was to U-boats what algorithmic trading programmes in the gold market are to” Gold cartel” banks
 
In-depth analysis of the gold price since 5 August 2011shows that these algorithmic trading programmesoperate across time zones (often on a 24/7 basis) and areContact/additions to distribution:
Paul Mylchreestpaul@thunderroadreport.comGold price and the monetarysystem since 5 August 2011Tactical summary of goldmarket manipulationThe EvidenceAppendices
Same algorithm 2 days running:
 
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© Thunder Road Report - 28 March 2012
particularly obvious during trading in London and (especially) New York. I’ve highlighted FIVEEXAMPLES of these algorithmic trading programmes which I term:1. Set Up algorithm2. Soft Capping algorithm3. Hard Capping algorithm4. Death Star algorithm5. COMEX Covering algorithm

of interventions, hence their fractal-like nature.

smashed, when it should surge, on key announcements, e.g. new monetary stimulus (rate cuts,LTROs, etc.). This is to prevent a link developing (in the minds of investors) between each newact of monetary desperation with the ultimate condemnation of a rising gold price. SIX EXAMPLESare explained in detail including the already infamous “Leap Day Smash” of 29 February 2012. 
Enigma machine and one in use on a U-boat
 The need for such concerted and blatant manipulation of gold, the arch-nemesis of the currentover-leveraged world monetary system, suggests that the integrity of the latter is not justfragile, but arguably fraudulent. Understating the situation, it’s high time to be more than alittle “concerned”, if you aren’t already.Gold price – it is vital to understand the following:the gold price on Reuters/Bloomberg screensis not really THE gold price since the “gold market” is not a market for physical gold per se.Instead, the price on your screen is a hybrid price of some physical gold which is HEAVILYDILUTED in the price discovery process (deliberately) by a far larger amount of “paper” gold inseveral forms, notably unallocated LBMA accounts, COMEX futures and options, many ETFs (Iwould exclude Sprott and the Central Fund of Canada - both of which trade at premiums to NAV)and billions of dollars of OTC gold derivatives.
 
3
© Thunder Road Report - 28 March 2012

accounts), Chinese and Russian central banks, Arab royals, Asian billionaires, Indian farmers,tin pot “stackers” and others stay focused on “squirreling away” physical metal. An almostunknown, except to a few, “sage” of the gold market once forecast (I’m paraphrasing but it isclose enough) that:
“Physical gold will need only to be ‘priced’ once during this lifetime and that will be more thanenough.” 
 Beneath the surface and behind the scenes, this process is playing out irrespective of the current

look better than it really is. You know what they say about working out who the sucker is in agame of poker?

(dips) in the gold price - beautifully summarised by the acronym “BTFDs”. (Please note: anyfunds which are playing in the gold futures market, or on the LBMA and NOT taking delivery of physical metal, are only making it easier for the cartel banks…and likely setting themselves up

Many people have given up on the gold equities but I’m sticking with mine.The majority of big cap gold mining companies and hoards of smaller gold miners anddevelopment/exploration companies are quoted on North American markets and, to a lesserextent, in London/Johannesburg – precisely when the most severe manipulation of the goldprice has taken place since last August (see below). Consequently, I think the share prices of some very good companies are substantially lower than they would otherwise be;In each of the last three years, gold equities have had a weak start to the year versus theoverall markets (HUI Gold Bugs Index versus S&P500), only to trade at much higher levels inthe second half.
HUI versus S&P500 (3 years)
Source: Stockcharts.com
For 10 components of the HUI (including the largest ones), I created an index of forward-looking Gold Cash Flow (GCF) per share, comparing the outlook for 2012 (as it currently stands)with the outlook for 2009 at the same time, i.e. after the release of reported Q4 results and
 

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