I just saw on the Bloomberg TV news tape the following: "Gold in is longest slide since August on speculation banks sell."

Since I am unaware of any bank(investment bank) being holders of pysical gold then I have to assume that Bloomberg is saying indirectly that the speculation is that the banks are selling short. Ted Butler recently reported from the positions sheet that there are five entities that represent 98% of the short interest at COMEX, of which 2 or three are banks.

Last year the banks got extremely heavy on the short side and the CFTC DID NOTHING. In Martin Armstrom's recent report he spoke of the time that Warren Buffett started buying silver and the CFTC came after his broker Phibro demanding to know who their client was. Phibro declined and the CFTC instructed them to get out of the silver market. The client, Watrren Buffett, exited the silver market and took his business to London where he completed a $1 billion purchase order. It seems like the CFTC was nosing around for their handlers who were probably short and not liking the the buying pressure. It's too bad we can't have the CFTC listen to us when things are not in our favor from the thrashing again of the metal, more than likely, from the same banks that did the damage last year.

My Congressional representative got another ear full, again, today about the heavy weighs ganging up on the market while the CFTC is probably on drugs somewhere and could care less. I told her that the SEC and the CFTC need to be closed down and replaced with public elected bodies. There currently is just too much conflict of interest with these agencies and the financial institutions that contributed so significantly to the campaigns of both presidential candidates.