Fleckenstein is surprised by gold's price action but he shouldn't be

Section:

10:35p ET Wednesday, December 14, 2016

Dear Friend of GATA and Gold:

Interviewed by King World News, money manager Bill Fleckenstein of Fleckenstein Capital acknowledges being confused by today's price action in gold and silver.

"As for the metals," Fleckenstein says, "I'm kind of surprised they were hit as hard as they were. ... I don't really see why gold should act so terribly."

On his company's internet site --

https://www.fleckensteincapital.com/faq.aspx

-- Fleckenstein responds this way to a question asking whether there is a "plunge protection team" and whether the stock market is manipulated:

"The Working Group on Financial Markets (a.k.a the 'PPT') does exist. But the thesis that it or any other part of government somehow manipulates the stock market on a day-to-day basis is not credible, largely because there are too many adversarial moving parts and keeping such activities a secret with so many people involved over the years would be impossible."

... Dispatch continues below ...



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Yes, keeping market manipulation on such a scale a secret may be impossible. Maybe that's why it's not a secret at all. But Fleckenstein sounds as if he hasn't been following the financial news for a few years, not even for the last few days, during which the already infamous Deutsche Bank transcripts of market rigging were reported. As for rigging of the gold market by government, that hasn't been a secret for a long time either. Indeed, too many people have been involved for it to stay secret, and many official documents of that rigging have been compiled by GATA here:

http://www.gata.org/node/14839

So why is Fleckenstein confused and surprised about the gold price? Gold never does what it is supposed to do -- because central banks are always surreptitiously intervening in the gold market. To use the words of the director of market operations for the Banque de France, Alexandre Gautier, central banks are secretly intervening in the gold market "nearly on a daily basis":

http://www.gata.org/node/13373

Just because Fleckenstein doesn't know something doesn't make it a secret. It just makes him ignorant, and maybe too arrogant to care.

His befuddled comments to King World News today can be found here:

http://kingworldnews.com/bill-fleckenstein-on-the-fed-decision-and-the-w...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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