King World New’s site down from ‘denial of service’ attack after interview
Dominique de Kevelioc de Bailleul: After months of suggesting that the gold price could move down to the $1,200 level, editor of the Gloom Boom Doom Report, Marc Faber, now believes the gold market has reach the bottom range of its cycle lows.
“I’m not sure that Gold will not make a new high this year, but I think we’ve bottomed out and some gold mining shares have become very very inexpensive compared to the reserves they have,” Faber toldBloomberg Television this week.
“And I think that in the current environment where it is clear that the worse the economy becomes the more the money printers will be at work, that to own a currency whose supply can not be increased at the will of some clowns that occupy the central banks is a desirable investment,” he added.
In a Jan. 17 interview with Fox Business, Faber was unconvinced the rebound from the steep correction of 20.7 percent to $1,523.90 on Dec. 29 was over. According to him, the spectacular and seasonally unusual summer rally of 2011, which took gold to $1,923.70 on Sept. 6, up 32.4% from the low of $1,452.60 set on May 5 (a 132 percent compounded annual rate), hadn’t flushed out all of the remaining weak hands.
“Well, I like it [gold], yes, but I think the correction is not over yet,” he said. “I think, we had a big correction from the peak September 6 when gold hit $1,921. We went down to around $1,522 at the end of December. Now we’ve rebounded above $1,600. I think we can have another leg down.”
In the months of April and May, Faber held firm about his fear of another leg down for gold, suggesting that, to be safe, investors should dollar-cost average into building a gold position for the next leg up in the ongoing bull market in precious metals.
Adding trepidation and skepticism to the gold market’s potential for cracking JP Morgan’s widely-publicized target of $2,500 for gold by the close of 2011, currency trading legend John Taylor of FX Concepts told Bloomberg as early as late spring of 2011 that he, too, like Faber, was looking for gold to drop further, giving a low as $1,000 target price for the metal, as a massive run out of gold to shore-up tier one assets would likely result from a collapse of the euro (another prediction) by late spring. His outside target for the catastrophe in the eurozone was the close of May 2012.
As central banks of the West and some large hedge funds liquidated gold for reasons of liquidity throughout the first half of 2012, the Chinese (and other nations of the East), meanwhile, were buyers at the $1,600 level and at intervals of $10 lower in a reverse pyramid buying scheme, according to King World News anonymous source of London.
“They [Eastern countries] are averaging in at the fixes, as well as during the declines,” Anonymous told KWN on Apr. 5. “On top of that, there are bids for hundreds of tons of physical gold starting at the $1,610 level and below.”
Immediately following the interview with Anonymous, King World New’s website underwent an unrelenting ‘denial of service’ attack by unknown computer operatives. Though an earlier incident involving an attack on KWN’s servers following another Anonymous interview could not be traced, speculation was rife that JP Morgan (or someone affiliated with the gold cartel’s kingpin) was responsible for the mischief, as well as recollections of Andrew Maguire’s near-fatal attack by a maniacal automobile driver immediately following Maguire’s visit to the CFTC were aired and written.
And in breaking news on Friday, KWN released another interview by Anonymous, who issued an account of the most recent attack on the gold market by the JP Morgan-led cartel. This time, the attack took place one hour prior to Fed Chairman Ben Bernanke’s testimony to Congress earlier in the week. The attack was viscous, monstrous and blatantly obvious, according to him (her).
“What happened yesterday in the gold market was very interesting,” Anonymous told KWN’s Eric King. “One full hour before Bernanke’s testimony, the bullion banks started selling. Over the next 4 hours, the bullion banks sold the equivalent of 515 metric tons of paper gold. This was in just 4 hours, and again, the selling started one hour before Bernanke’s testimony.”
Anonymous goes on to say that “Eastern buyers” were waiting with open arms once again to lock in more physical deliveries at lower prices orchestrated by the cartel.
Anonymous added, “The selling went on for another 3 hours after the Fed Chairman began to speak, and as I said, over 515 metric tons of paper gold was sold. During this entire takedown, there was zero physical gold available for sale in the market. However, this action did create tremendous supply for the Eastern buyers to lock in the spot price of gold.”
Here is the link for the full account of the incident from KWN: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/4/5_London_Trader_-_Feds_Global_War_Against_Gold_Escalating.html.
The attack appeared coordinated and by the usual suspects, according to Anonymous. That large client, referred to by JP Morgan’s gold market specialist Blythe Masters in a CNBC interview of Apr. 5, most likely is the Fed (or another agent), itself, according to many analysts close to the ongoing story.
“A large wave of selling entered the paper gold market and traders saw the price of gold drop $40 in a matter of minutes,” Anonymous added. “So the action was orchestrated by the Fed, and Fed-speak was used to assist in the takedown.
“The real question here is, how could an entity begin selling such a massive amount of paper gold when there hadn’t been any news (starting to sell before Bernanke’s testimony)?”
Onlookers to the KWN/Anonymous/JP Morgan saga await the next cyber attack upon KWN’s servers.