THE FRIDAY GOLD MASSACRE: WILL GOLD BE WORTH $500 AN oz BY APRIL 10th?

I thought this post by John Ward raises the intriguing possibility that the US and the EU are working hand in glove to save the Euro by manipulating the gold market.

This is the era of gargantuan states in which every conceivable market is manipulated. There are no free markets any more. I wonder what Polanyi would have said about this? See https://ordoliberalism.wordpress.com/2014/12/23/the-mad-world-of-neoliberalism/

The Slog.

goldspiralptnetGold loses 3% in six hours – and no rally

I’ve been posting quite a bit of late about gold, based on my continuing conviction that its price is being systematically destroyed….prior to a buying swoop by Central Banks…and then a revaluation upwards in bank balance sheets – for which allowance is made in Basel IV. (This may or may not involve a blanket ban on all citizen gold trading while that fiddled revaluation is being enacted).

Recently, I suggested that the pace of destruction may well quicken given the growing pressure on bank viability. Today, I believe it highly likely that we have seen the first major evidence of acceleration towards the central banker goal.

Let’s start with a simple chart:

gold6315In just five hours of trading yesterday afternoon CET, gold fell 2.6%. At the the close of play, it stood at $1168.2. There was no discernible rally: it…

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One Response to THE FRIDAY GOLD MASSACRE: WILL GOLD BE WORTH $500 AN oz BY APRIL 10th?

  1. Pingback: New Plans for the Euro | EU: Ramshackle Empire

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