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John Hathaway - Gold Price Will Soar on Failed Manipulation
With large fluctuations in the gold and silver markets, today King World News interviewed four decade veteran, John Hathaway, the prolific manager of the Tocqueville Gold Fund. When asked about tightness in the silver market in Asia and the Middle-East, Hathaway replied, “Well, that’s very bullish. If there is retail support at these levels, that kind of backstops whatever is going on at the COMEX or behind the scenes at the various exchanges. So that’s very positive.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
October 21, 2011
John Hathaway continues:
When asked if the physical demand will overwhelm the manipulation efforts, Hathaway stated, “Yeah, any sort of attempt to hold back the market sooner or later falls apart. I mean we saw that with the London Gold Pool in the late 1960’s. So you can keep the market off balance for a while, but you can’t do it forever and the longer the move is put off, the bigger the explosion on the upside.
To the extent that there has been intervention (in the gold market), you kind of have to wonder if the government in Europe or the European central bank didn’t want gold to be on the defensive because of all of these announcements about a lending facility....
Continue reading the John Hathaway interview below...
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“The last thing they want is for gold to be rocketing in the face of that. It’s circumstantial but it’s plausible. Right now we are testing those lows of roughly a month ago.
Whenever you have a decline of the magnitude that we had you are going to retest the lows at some point and that seems to be what’s going on right here. Only time will tell if those tests are successful, but we will take one day at a time and I thought today was pretty good.”
When asked about the 2 trillion euro bailout, Hathaway stated, “To me it’s just another papering over and buying time, but without getting to the heart of the issue. I have no idea how much time this will buy, but this is just postponing a reckoning of fundamental issues.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
