Paper gold market will crash at Comex
February 9, 2009 – 6:24 amFrom Marc Gugirli (Fund Manager & Advisor of Gold 2000 Ltd and the Julius Baer Gold Equity Fund):
The majority of investors purchase Paper-(Gold)-Futures at the COMEX. The sellers or counter-parties of those Gold-Futures are just a few very dominant players. Some of them have an unofficial close link to the US government. So far, most of the investors didn’t exercise the gold futures and have accepted cash instead of physical settlement.
This is about to change. I believe that the Comex will default and the entire paper gold market will “crash“ and gold could rise very quickly to 2000 until 3000 US Dollars. When this happens it will be too late to exercise or to try purchasing physical gold. It’s the same with house insurance, which you need before the beds are burning!
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