from KingWorldNews:
John Embry: “Last week’s action and mainstream commentary was very negative with respect to gold. Then on Friday came the utterly bogus Chinese announcement about their reserve position, and KWN had some excellent comments from people who understand that situation very well.
So when the market was opened in the Far-East last night, $ 2.7 billion worth of paper contracts were sold in two minutes. Not surprisingly the gold price dropped almost $ 50 instantaneously….
“When you sell 30 percent of annual mine production in two minutes, it tends to have a rather dramatic price impact.
John Embry Continues @ KingWorldNews.com
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