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‘Gold Cartel’ Losing, Price to Top $3,000: Association

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Catherine Boyle
CNBC.com
Aug 4, 2011

The price of gold could almost double as central banks’ reserves are depleted, according to the chairman of a gold industry association.

“You could see $3-5,000 to clear the market as the central banks and bullion banks run out of gold to meet the growing demand,” Bill Murphy, chairman of the Gold Anti-Trust Action Committee (GATA), which is hosting a conference in London this week, told CNBC Thursday.

“Six years ago when gold was at $436 we predicted that this would happen.”

GATA is backed by gold [XAU=  1663.30  Gold Cartel’ Losing, Price to Top $3,000: Association watchlist up 2.60  (+0.16%)   Gold Cartel’ Losing, Price to Top $3,000: Association realtime icon] traders and investors.

Murphy, and GATA, believe that the gold market has been manipulated by bullion banks and central banks like the Federal Reserve and the Bank of England, as well as the International Monetary Fund (IMF).

Full article here

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This article was posted: Thursday, August 4, 2011 at 3:46 am





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