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With counterintuitive action gold price suppression gets more obvious every day
7:57p ET Monday, April 8, 2013
Dear Friend of GATA and Gold:
Every day it seems that gold price suppression couldn't get more obvious and yet every next day it does get more obvious, as GoldMoney's Alasdair Macleod notes today.
"When news such as the Cyprus banking debacle hits the headlines, gold and silver get sold down aggressively," Macleod writes. "This contrary action is consistent with intervention designed to bolster confidence in paper money. The evidence that central banks and their agencies have been suppressing the price of gold is therefore overwhelming, and Paul Roberts' analysis confirms why this is happening."
(See Roberts' most recent commentary, "The Assault on Gold," here: http://www.paulcraigroberts.org/2013/04/04/the-assault-on-gold-paul-crai....)
"When Western central banks rig markets," Macleod continues, "punting against them is a mug's game. But for those who recognise that central banks have dug themselves into a hole from which there is no escape for the banking system, governments, and ultimately paper currencies, there is an irrefutable logic in possessing physical gold and silver. Instead of worrying about prices going down, we should count our lucky stars for the gifts of artificially cheap gold and silver, courtesy of our central banks."
... Dispatch continues below ...
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Macleod's final comment needs qualification. Those who have quite a while still to live can count their lucky stars for the chance to accumulate more artificially cheap gold and silver. Those who long have been investing in the monetary metals but don't have much longer to live, and those heroes of the gold cause who died recently, like GATA Board of Directors member Adrian Douglas and GATA's big supporter in South Africa, Peter George, have been irredeemably cheated. Indeed, time being money, the rigging of markets has cheated everybody to some extent -- except, of course, the market riggers themselves.
Macleod's commentary is headlined "Gold Price Suppression: The Game Goes On" and it's posted at GoldMoney's Internet site here:
Similar commentary comes today from fund manager Robert Fitzwilson of The Portola Group, who, writing for King World News, speculates about what may be the most sinister central bank scheme yet as the world economy collapses.
Fitzwilson writes: "So what do you do if you are trying to control this mess? First, you put in place the ability to replicate Cyprus on a global scale. Depositor funds will be used to protect the favored financial institutions. Second, you promote the idea that stocks are overpriced to get positions converted back into the various forms of cash and fixed income. Third, you mercilessly smash gold and silver so that you corner the markets for physical metals. It is done with paper forms of the metal that have to be covered, and we are sure that it is being done right now. If not, guarantees have been made to cover any losses. Once you have the wealth back at the financial institutions in the form of deposits and the supply of physical metals has been scooped up, that is the moment when the system reset could occur. The Cyprus solution becomes applied globally."
Fitzwilson's commentary is headlined "Chaos, Cyprus, Manipulation, and How to Protect Your Money" and it's posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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