This was posted on the MIDAS board and I note Mish Shedlock manges $12 million of capital (a joke really, as I know individuals who manage their own accounts with more capital) and Leonard Kaplan with puny sales of $130,000 ( that can drop of the table and never be missed, it's a rounding error for some small business people). These are the people that get quoted in the media, what a laugher.

Nadler, Shedlock Nonsense

Bill,
Nadler, Shedlock Nonsense Just read all of the garbage emanating from from Marketwatch, Kitco and Shedlock rebutting any claims of manipulation. It is sickening to see these parasites providing quotes to mainstream media on a topic that they are absolutely clueless about, while GATA is avoided like the plague. The quotes from Nadler in the mainstream press ultimately use a tag line as follows: "One can take any data and make it suit their argument," said Jon Nadler, senior analyst at Kitco Bullion Dealers. In the past, I sent the following to Kitco on the nonsense that he writes and their association with him, "Does Jon Nadler still have a job? You would think after reading his BS, that under the employ of a bullion dealer, he may wish to highlight the positive reasons for gold/silver ownership at least once a year or two, instead of the constantly bearish drivel Kitco publishes." I received the following response from Wilma Wei:

…..As such, Mr. Nadler's opinions on the markets reflect his own take on the trends, facts, and figures that he ascertains in the course of his research, and they do not necessarily represent the official position of Kitco Inc., or of its management. …Mr. Nadler’s commentary does include a disclaimer which clearly states Kitco’s position with regards the content therein: Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Inc.

The author has made every effort to ensure accuracy of information provided; however, neither Kitco Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

So much for standing behind your "senior" and only analyst, however it does mislead the reader implying somehow Nadler’s opinion is backed up by his "high level" position at Kitco.

Shedlock works for a tiny registered investment adviser, Sitka Pacific Capital Management, LLC. It has only been around for a few years. According to their Form ADV they have between one and five employees and manage 12 million dollars.

The other yo-yo who they drag up for negative commentary is Leonard Kaplan, "Prospector Asset Management", who works out of his apartment at in Evanston, IL, with 2 employees and estimated sales of $130,000 a year.

Their argument falls flat on its face as the OCC report reveals an increase in OTC gold derivatives over the period not a decrease. If the funds were exiting their existing positions there would be a contraction in the notional dollar amount of OTC gold derivatives outstanding. This is not the case as the trend has been a substantial increase, signifying an increase in new short OTC positions over a relatively small period of time and indicative of intervention or manipulation whatever you like to call it. Furthermore, as my original CFTC inquiry stated, the sheer magnitude of the $ amount of trades relative to the amount of physical metal in existence, as well as the seizure of the credit and mortgage backed securities markets and JPM, BAC and C’s exposure to these sums raises issues of counterparty risk and increases the likelihood of systemic failure.

Sincerely,

Marcus C. Rodriguez, CFP®