Bill Murphy writes.................As a result of what Jim Sinclair put up on his web site on Friday evening, I can now bring something to your attention which I was unable to do before. Hung Fat (Jim calls him Chung Fat these days) and Dr. No are "Deep Throat." While they will remain confidential and not released, MIDAS has pictures of them. Dr. No is almost never seen in the public eye.
(Jim S was looking for a short squeeze to $548.10 on Friday evening and said the following in his comment:
"We are now through the critical $529 level and the next key marker is 3% beyond that. At that particular level, the charts for gold shares clearly say that the future is brighter than anyone really knows. This move has an unseen hand as its driver and let’s not forget our friends Chung Fat and Dr. No.")
Last night I was authorized by one of Hung Fat and Dr. No’s colleagues to release this email to the Café membership (a few financial details were redacted per request):
Dear Bill,
Hung Fat has told me clearly they will not intervene to contain the market, but instead will work to use the gains within the market to the benefit of Third World countries. Gold belonging to H&N will be used to strengthen the position of certain central banks. There will be no backing off at $548, $552, or any other figure.
Those institutions behind gold's demise are only just starting to feel the pain.
Hung Fat also agrees that there will be institutional caused pull backs, but they will be both useless and futile as gold has already decided to take a long march.
Expected strong opposition from the institutional market who are going to feel some well earned pain is inevitable through the first half of next year. Hung Fat thinks that between February and Easter will probably see a slump in the forward movement, but it will again move up steadily by August. He remains firm on the sustainable target being between $680-720 per ounce.
According to Hung Fat, the real move as the year closes will be in silver and this move will continue throughout next year. There is an imbalance between gold and silver that needs to be corrected. Silver has some catching up to do.
Regards,
M
You might like to know that Hung Fat is very supportive of GATA and knows what we have to say, having followed us for a long time. This group was fully aware of what took place at Gold Rush 21.
Jim Sinclair spoke of Hung Fat and Dr. No for many years, yet no one knew who he was talking about. While I am able to convey the above to you, they shall remain in the shadows. To learn more of what Jim has to say, please visit his web site www.jsmineset.com and review his Friday evening late commentary.
What is most important to take out of this Hung Fat and Dr. No input is that The Gold Cartel and other banks aligned with their thinking have leased gold out they cannot retrieve without driving the price of gold much higher.
As I write this, a fellow savvy Café member ties it altogether, offering elucidatory insight into the importance of Gold Rush 21, the Russians, and what is happening indirectly with Hung Fat and Dr. No:
Good morning Bill,
Every day Gold is trading so different than before Gold Rush 21. There has been a major foundational change. Here is my guess why. Even though today’s banks lend more money than then they have deposits (fractional reserve lending), bank runs are rare. This is because central banks can manufacture additional money out of nothing, and either lend it to the insolvent bank or lend it to the government, who then bails out the bank or its depositors. Gold leasing, by the central banks, is also a form of fractional reserve lending. They have taken the gold which belongs to the citizens, and have lent it for interest. Apparently, the Central Bank of Russia has leased 377 tons of Russia’s gold. I think President Putin wants it back. I do not think that Putin’s recent request to double Russia’s gold reserve is so they can turn around and lease it for a half of a quarter percent interest. I believe the people behind the gold leasing are in a scramble to come up with this 377 tons of gold. If they don’t come up with the gold, Putin will blow the lid on the gold leasing scam. It could be much bigger than just Russia. Many banks could be giving up on the gold leasing and seeking the return of the leased gold. It could be each man for himself. Central Bank’s which don’t have the gold will lose all credibility.
-Bryant