What makes it toughest to be bullish on gold are government’s interventions and the…
by Chris Powell of the Gold Anti-Trust Action Committee (GATA)
Dear Friend of GATA and Gold:
Congratulations to Kitco News market analyst Jim Wyckoff for tiptoeing up to the gold market manipulation issue in his commentary this morning:
https://www.kitco.com/news/2021-08-09/Gold-bulls-work-to-stabilize-price-after-overnight-flash-crash.html
Wyckoff writes: “The overnight flash crash in gold and silver prices may also be due to thin trading conditions overnight amid the summertime doldrums. Many traders are on vacation and much of Europe is on holiday during August. Many times the ‘big boys’ like the investment banks will make very big trades in low-volume futures trading conditions in order to get the maximum bang for their buck, and that may be what happened overnight.”
Of course if this kind of thing has happened “many times,” as Wyckoff writes, no one would have known it from reading Kitco’s market analysis, just as no one would know from that analysis if those “big boys” include governments and central banks.
But at least Wyckoff’s commentary today implies that it’s getting harder not to acknowledge the elephant in the room. Bloomberg News isn’t yet capable of that, this morning offering only more of last week’s rationalizations for gold’s crash last night and making no attempt to determine who was suddenly selling so much on a not-for-profit basis. Bloomberg again covers up for the market rigging:
Bloomberg’s headline is “Flash Crash Shows Why It’s Tough to Be Bullish on Gold Right Now.” But what makes it toughest to be bullish on gold are government’s interventions and the determination of news organizations like Bloomberg not to report them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]
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