Bill Murphy, Chairman of the Gold Anti-Trust Action Committee (GATA), saysthe market manipulators and price suppressers of gold and silver are fighting a losing battle. Murphy explains:
“The open interest on silver is at all-time high levels even though the price is barely $17 per ounce. That shows they are going all out even now to keep it down here. So, at some point, they are going to be overrun.They are going to have what we call a commercial signal failure, where these commercials to the big banks and other people who have been suppressing the price are just completely overrun.A lot of people are not prepared for that, but it is in the works right now. I am pretty sure it is going to occur.”
On gold, Murphy is just as bullishas he looks around the world at the high price of the yellow metal. Murphy says,“Gold is at all-time highs in 73 different countries. "
"In Canada, it is $100 higher than its (previous) all-time highs.The all-time high in U.S. dollars for gold is around $1,900 per ounce. It is going to take that out and start heading for $3,000, and I think it is going to do this faster than people think.The tipping point has been reached, and the gold cartel can’t do what they have done for so long...
It’s interesting, people say it’s the low interest rates (driving the price up). We had low interest rates years ago, but all these things have not mattered.Now, they are talking about low interest rates, negative interest rates and debt levels, and it’s all coming to the forefront at once, and they don’t have the physical gold to do what they did for so long...
I don’t think the gold cartel can do what they have been doing. Everything has changed, and it has to do with the physical market.”
Murphy is most bullish on silver. Murphy says,
“For anyone that wants to get involved in precious metals, silver is going to be a home run. It actually just started...
Gold goes first because the physical market is tight. Then, the industry and silver people are going to make sure they have secure supply, and all of a sudden it’s going to be like a panic...
Silver is the bargain of a lifetime. It’s certainly the cheapest asset on the planet.”
Source: Bloomberg
In closing, Murphy predicts,“Gold and silver are just going to go nuts because there is no room on the downside in a lot of these markets."
"In other words,if they don’t keep printing the money and going to QE and keep interest rates low, it’s going to cause chaos. All I can say is I think gold and silver are headed for the moon.You are going to get these crashes out of nowhere because all of a sudden it’s like going into a black hole. That can happen, and that is what people need to be concerned about.”
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