With the price of gold moving steadily higher after a major breakout above the key $1,220 level, today an associate of former Assistant U.S. Treasury Secretary official, Dr. Paul Craig Roberts, says today the equivalent of 30% of the available physical gold for delivery on the Comex was dumped in 60 seconds.

“Central banks stand ready to lease gold in increasing quantities should the price rise.”
– Alan Greenspan, 1998, in Congressional testimony on OTC derivatives

Dave Kranzler:  Gold has been in a steady uptrend since December 18th, bottoming at $1,131 after a four and half month price correction.  Firmly back over the 50-day moving average, the price momentum appears to be a threat to the bullion banks who suppress the price of gold in the paper derivatives market on behalf of the Western central banks and, ultimately, the Bank for International Settlements (BIS)…

The banks must feel threatened by the recent activity in both physical and paper gold trading.  This morning the price of gold was attacked in the Comex paper market after St. Louis Fed-head, James Bullard, delivered remarks about interest rate policy that should have propelled the price of gold higher:  “We think the low-safe-real-rate regime is unlikely to change in the near term. This means the policy rate can also remain relatively low over the forecast horizon” (link).

30% Of Available Comex Gold Dumped Today In 60 Seconds!
Instead, the Comex was bombed with paper:

At 9:54 a.m. EST, 3,927 April gold futures contracts (paper gold) were dropped on the Comex. Prior to this, the average number of contracts per minute since the Comex had opened was under 500 contracts. This is 11.1 tonnes of paper gold which hit the Comex trading floor and electronic trading system in a 60 second window.  It represents approximately 30% of the total amount of gold the Comex vault operators are reporting to be available for delivery under Comex contracts – dumped in paper form in 1 minute.

Demand For Gold In India Already Robust And Likely To Increase
This reeks of fear.  The Western central banks have grossly underestimated the Eastern hemisphere’s appetite for physically deliverable gold.  Despite an attempt by the BIS to mute India’s demand by restricting the availability of cash in India’s banking system, India’s current demand is robust and will likely increase as Indian’s now have cause to fear the Indian Government’s war on cash…..More Here