Merv Burak: Who has that much gold to short?

Submitted by cpowell on Mon, 2009-10-26 15:40. Section: Daily Dispatches

11:40a ET Monday, October 26, 2009

Dear Friend of GATA and Gold:

Another market analyst has noted that something is really strange in the gold market. This time it's Merv Burak, who writes the "Technically Precious With Merv" column. Burak's commentary posted today observes:

"The total short interest is 516,832 contracts representing 51,683,200 ounces of gold, which represents $54,841,043,000 worth of short sales at Friday's closing price. WHO has that kind of money? And WHO has that amount of gold to short? Or are these just naked shorts with no gold behind it?"

You can find Burak's commentary at GoldSeek here:

http://news.goldseek.com/GoldSeek/1256533440.php

And at Gold-Eagle here:

http://www.gold-eagle.com/editorials_08/burak102509.html

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.