Poll: Who is Manipulating the Price of Gold?
CalGold
Posts: 2,608 ✭✭
OK conspiracy theorists, lets find out what you really think. And you can do so anonymously so that no once can laugh and call you crazy.
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to abstain. I guess i will click the silliest one so i can see the results.
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<< <i>Yes, I too was looking for the Noone option but couldn't find it so guess its the Jews for me lol >>
lol. i picked that option also. that is so 19th century. the typical boogieman
used by hitler and others to explain all the woes of the country and people fell
for it hook like and sinker by the millions and millions across many
countries.
Interesting day where even the GDX "index" moved over 14% today from bottom right before 2:00 pm to peak near 4 pm. Gold moved about 7.5% from trough to peak ($882 to $950). Noteworthy is that the $882 number I've seen listed before as the peak of the 1980 market (though I've seen $887, $875, and $850 used as well).
roadrunner
<< <i>I was looking for MoneyLA as a choice. Just call me crazy!
Interesting day where even the GDX "index" moved over 14% today from bottom right before 2:00 pm to peak near 4 pm. Gold moved about 7.5% from trough to peak ($882 to $950). Noteworthy is that the $882 number I've seen listed before as the peak of the 1980 market (though I've seen $887, $875, and $850 used as well).
roadrunner >>
and To think I almost re-shorted GDX about 1;00 PM EST! I got distracted by a phone call and never got back to it....
When we are planning for posterity, we ought to remember that virtue is not hereditary.
Thomas Paine
I guess we chalk that one up to "dumb luck"?
I knew it would happen.
is that "normal"? i doubt it
calgold.. are you not convinced now?
funny thing is, with a market this large, what chance would any manipulator have?
www.AlanBestBuys.com
www.VegasBestBuys.com
Obviously they have fared better than MoneyLA.
Doesn't take much at all to move gold, esp. when the FED/Treasury tell you they will support you and then to naked short all you want since the CFTC won't bother with you either. These same guys can scarf up 20-100 tons of bullion at key points such as price peaks and dump it on the market. They did that in March 2008 following the BSC failure by dumping 220 tons in one shot and something similar in July 2008. Then toss in JPM having created $100 BILLION in 50-1 leveraged gold short derivatives (equivalent value of 3000 tons of gold) and I'd say you have some pretty cheap methods to keep gold from getting too far ahead of itself. These guys DO want gold to go up and the dollar to go down over time, but at their own pace so they can profit fully by it......and end up with most of the gold, all while letting the balloon deflate slowly. That's the game.
My vote goes to the guys with the $100 BILL in gold derivatives on the books.
roadrunner
CG
<< <i>Well, since the largest gold and silver short positions on the comex are the big money center banks they are the most obvious manipulator's, however you can also add the fed as they have a vested interest in keeping the fiat currency charade going and the means at their disposale via the printing press and monetary policy. With all the fraud going on amongst the wall street firms, insurance companies and hedge funds who's to say the fed isn't funnelling money to the big money center banks to enhance their naked short positions in gold and silver? >>
What do you mean by manipulate. Banks hedge themselves by being long and short. No one in my estimation can manipulate the price for more than a day.
Since only 2-3 Banks are listed on the Comex with 60% of the gold position as of Feb 20th. What you really should have said was that out of thousands of banks in the world, 2-3 take a hugely significant hedge. The next question is why just 2 or 3? Why not dozens or hundreds or even thousands if this was so critical? I could see dozens or a hundred to represent the major trading desks of the top 100 banks/corporations. I'll bet my regional bank has no such hedged position and obvously no need for it. Why do only 2 banks control up to 80% of the Comex silver short positions? What are those 2 banks hedging from and why aren't dozens more involved in such an obvious necessity? Why shouldn't a group of silver producers/miners be the ones with the 60%-80% hedged position rather than 2 banks? Whose market is it, the silver producers and silver manufacturers or the banks? Were those future's markets created for the banks so they could hedge against currencies or for the miners so they could hedge production variables? Maybe it's just me, but the whole thing just smells. Why are no other major Comex commodity, metal or currency markets hedged to that extent by just 2-3 major banks? What is so "special" about gold or silver to deserve extraordinary treatment? If you were a member of the CFTC would you be concerned about just 2 players (and banks no less) having an 80% say in "freely" traded price discovery? What did the CFTC/SEC do when Bunker and Nelson hunt took a majority long stake in the silver futures back in the late 1970's and then legally demanded their right to have it delivered?
Calgold, have you ever read detailed versions of the machinations required to create the FED (ie the inner-workings between all the major players, brokers, politicians)? Excellent reading, esp. with the major insiders years later coming out with their accounts of what they did and why. It is interesting to find that Teddy Roosevelt came out of "nowhere" as a late candidate before the 1912 election to take votes away from the other Republican candidate who up to that point was the probably winner. Wilson won an election he should not have won. The bankers put their money behind Wilson (and TR) and got what they wanted...an easier route to the FED by 1913.
If the FED is so benevolent and helpful, why can't WE the People know who the true owners are and who profits by the FED's actions? The govt claims we should know such details about AIG since we own 80% of them. We technically own 100% of the FED because every penny they have created into existence came off our backs. What is the advantage to having a private corporation owned largely by other major bank owners (JPM, GS, etc.) run our money supply while earning interest on creating that money? Why not just do it all ourselves and save on the interest and the intrigue? Does any other major industrial nation have a Central Bank that is owned by a private corporation rather than the govt itself? Why do we even call it the Federal Reserve since it is not a federal entity (100% private) and they have no true reserves of their own?
roadrunner