Are "They" Suppressing the Gold Price?
As I’m sure many of you know, there is a whole industry (e.g. here) out there on how The Man is keeping down gold prices in order to keep everybody fat and happy with hanging on to fiat money. This stuff is typical of conspiracy theories; some of it is plain common sense–like quoting Greenspan and Bernanke saying matter-of-factly that they and other central bankers discuss when to sell gold when its price gets too high–whereas other stuff seems to think that there is no true market in gold at all, and that every wiggle in the price reflects Bernanke’s mood.
But today, the conspiracy theorists have a good case. Gold shot up this morning above $1,000, but now has fallen back down to $998.60 (as of this writing), making it up about 0.19% for the session. But here’s the interesting thing: Silver is up 1.57%, oil is up 5.03%, natural gas is up 4.36%, the euro is up 1.36%, the USD buys 1.04% fewer yen, and the British pound is up 1.1%.
Isn’t that a bit odd? Obviously, every market is unique, but in its capacity as an internationally traded and fungible commodity, you’d think gold would perform comparably to those other things mentioned. And yet its initial gains out of the chute have been beaten back by some sellers. I wonder who?
Give me a B…B! Give me an E…E! Give me an N…N!
