Bear Raid destroys speculators and profiteers, America May 10, 2011
fiction
edward w pritchard
Barrons Cover headline
Bear Raid destroys speculators and profiteers, America May 10, 2011
President Obama carries a big stick but the well to do in America forgot. Leisurely setting his trap for months, President Obama acted and gold speculators and oil profiteers saw their fortunes destroyed overnight. This week the US Government leaked plans to dip into the strategic oil reserve and along with the European Union sell 25% of their holdings in Gold and Silver. It seemed like a prudent time to sell after the recent run up said Mr. President. Speculators cry foul, citing lack of advance warning but their case seems weak.
Profits by the US Government from the gold and oil sales will be used to avoid teacher layoffs in selected States said a spokesman from the White house. On a related note several New York Banks seem holders of abnormally large forward positions in gold and Oil and warn that Government assistance may be needed to cushion losses lest chaos and ennui develop among senior bank management. Their case seems weak.
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