GOLDMAN SACHS liquidates gold positions

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Brainless's picture
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Joined: Dec 9 2008
Posts: 150
GOLDMAN SACHS liquidates gold positions


A small news item appeared in the press this week, one which gathered almost no attention. If Morgan Stanley expects gold to slide all year, and silver to slide all year, like down to $11 per ounce in a corporate research forecast, then maybe they should tell Goldman Sachs. The kings of insider trading, taking full advantage of both USGovt implemented policy and politically managed commodity indexes, Goldman Sachs made an important move. They covered their remaining 69 short gold futures positions on the Tokyo Commodity Exchange (TOCOM). They have reduced their position to zero. In May 2006, the GSax position reached 52,000 short gold contracts. Now it is zero. TOCOM is unique, unlike the corrupted US commodity exchanges, since it requires all parties to post and publish their positions in a public manner. So Goldman must know something about the hugely positive prospects of gold. How about the new currencies to arrive by the stork in about one year time will all contain a gold component??? The simplest statement one can make about Wall Street is that traders became traitors.

Read other news about gold here: 

Cloudfire's picture
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Re: GOLDMAN SACHS liquidates gold positions



Mike Pilat's picture
Mike Pilat
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Joined: Sep 8 2008
Posts: 929
Re: GOLDMAN SACHS liquidates gold positions

I saw this too, but covering 69 contracts is symbolic more than anything.

Each contract is for 100 ounces, right? That brings us to 6,900 ounces were covered and at $1,000 per ounce, this only equates to $6.9 Million. I don't off the top of my head know the size of the gold market, but this act alone doesn't seem like it should do much to lower gold prices or increase availability.

As Chris has pointed out, if gold was NOT money, then why does our government and the Federal Reserve still have so much of it sitting in vaults with high tech security systems to protect it??

Nime's picture
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Joined: Jan 29 2009
Posts: 88
Re: GOLDMAN SACHS liquidates gold positions

Very important bit of news, thanks!


paranoid's picture
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Joined: Feb 27 2009
Posts: 140
Re: GOLDMAN SACHS liquidates gold positions

this might be part of the attempt to push gold down - an artificial pump and dump to get all the gold bugs out?

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