'Counterintuitive' sure is the word for the gold market

Section:

1:53p ET Wednesday, November 28, 2012

Dear Friend of GATA and Gold:

Today's commentary by Ross Norman of Sharps Pixley Ltd., the London bullion brokerage, notes today's "counterintuitive" smash down in gold on the opening of the New York futures market, which he writes was probably a "short play" trying to trigger sell stops with the sudden dumping of 24 (paper) tonnes of metal:

http://news.sharpspixley.com/article/ross-norman-flash-crash-in-gold-who...

Of course GATA partisans are tediously familiar with such "counterintuitive" moves in gold. At GATA's Gold Rush 21 conference in Dawson City, Yukon Territory, Canada, in August 2005, South African gold market analyst Peter George said: "In the last 10 years central banks have effectively shown that when there's a real crisis, gold actually goes down. It's so blatant, it's a joke.":

http://www.gata.org/node/20

Four years ago GATA reported that in his memoris former Federal Reserve Chairman Paul Volcker had justified central bank intervention to suppress the gold price during an international currency revaluation:

http://www.gata.org/node/8209

This year the German freelance journalist Lars Schall tracked Volcker down and extracted from him a grudging defense of central bank intervention against gold to prevent "exchange rate instability" at a "critical point":

http://www.gata.org/node/10923

For many months now the world financial system has been in a seemingly daily crisis with practically every moment being a "critical point" and round-the-clock market interventions by central banks. But the mainstream financial news media, the market watchers most quoted by the media, and the technical analysts never get it, perhaps because their jobs won't let them get it. The first two groups would risk dismissal for telling the truth or even raising suspicions. And the technical analysts would realize that their whole careers had been made meaningless by market rigging.

Any of them could substitute for the late Leslie Nielsen playing the bumbling police detective Frank Drebbin in this 33-second excerpt from the movie "The Naked Gun" posted at YouTube and titled "Nothing to See Here":

http://www.youtube.com/watch?v=rSjK2Oqrgic

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



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Sunday-Monday, January 20 and 21, 2013
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http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...

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http://gata.org/node/wallstreetjournal

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