Intervention against gold, obvious for years, has become only more obvious in recent weeks, hard as that might have been to imagine…
Dear Friend of GATA and Gold:
Northman Trader’s clear-eyed founder, market analyst, and longtime skeptic, Sven Henrich, writes tonight that the astounding volatility in the financial markets is “screaming” at governments and central banks: “Intervene now!”:
Unlike most analysts allowed to appear on mainstream financial news programs, Henrich might be the first to admit that such interventions have been underway for a long time if more surreptitiously. Indeed, no one watching the gold price since the market reopened five hours ago could miss the constant intervention against the monetary metal at $1,700, where it has been repulsed several times per hour tonight.
Intervention against gold, obvious for years, has become only more obvious in recent weeks, hard as that might have been to imagine. Friday’s spike down in gold and gold’s quick recovery might have embarrassed even the worst deniers of official-sector manipulation.Central bankers likely are working late tonight to devise the coordinated intervention Henrich predicts and investment banks and brokers everywhere are praying for, intervention presumably to be announced and undertaken by the opening of European markets in a few hours. Maybe the European central banks and the U.S. Federal Reserve or Treasury Department will start buying stocks openly and directly instead of though intermediary banks in an attempt to cushion the crash of inflated asset values.
This will not be the end of the world’s market economy. As even a high school graduate could discern 12 years ago, and as perhaps only a high school graduate could afford to assert back then, “There are no markets anymore, just interventions”:
But at least tomorrow may be the end of the pretense of the market economy. That would be progress.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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