KWN Source Confirms Goldman Sachs Long Gold for Years
Posted July 11th, 2013 at 2:09 PM (CST) by Eric King & filed under King World News.
A King World News source out of London has confirmed that Goldman Sachs has been long gold for years. The source stated, “Goldman Sachs has been getting long the metals for years. Goldman Sachs has essentially been acting as their own central bank, buying on dips for years to hedge their currency positions which are being eroded through coordinated global money printing or currency debasement which they knew would take place. They are long the metals as a hedge and as I said have been for many years.”
The London source also discussed the silver shorts:
“If silver holds for a few hours above $25.50, they (local traders who have been invited short) will just capitulate. You could see a $1 move in an hour if there is a race for the exits. Above $25.50, the locals that are short will literally get margin calls and will have to exit their shorts and it could become disorderly on the upside.
The jaws are closing on these shorts. The silver market is underpinned by everyone who is waiting in the wings to accumulate, that is why you saw the extraordinary buying yesterday off of the lows which continues in today’s trading.”
There was also mention that the industrial users of silver are close to losing faith in the banks which have been telling them there are no problems with silver supplies:
“The industrials, when they see that there is tightness or delays in shipping, will then go out and stockpile silver so their assembly lines are not shut down. We would then be talking about potentially tens of millions of ounces required for delivery to these industrial users in a short period of time. The banks have told these industrial users for years that there is no problem with silver supplies. When these industrial users lose faith in the banks, they will move right away to secure stockpiles.”
Another extremely high-level source today out of the United States has confirmed that Goldman Sachs made a fortune in the last gold bull market. The source stated, “Without a doubt that the most money was made over the shortest period of time in late 1978 to first quarter of 1980 by the international investment bankers, particularly Goldman Sachs and Salomon Brothers. Keep in mind, Goldman made money long entering the gold market with perfect timing, and then reversed their gold positions as gold was peaking and made money on the downside as well.”
Well there you have it, Goldman Sachs is extremely long both gold & silver and laughing all the way to their own bank. You can bet Goldman along with other players will be enjoying this short squeeze in gold and silver.