Fix the price of gold? Think again.

January 29, 2008

Category: Economics, Precious Metals

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Many have long suspected government and central bank manipulation of gold prices, but in this case, as all others, eventually the market overwhelms incompetent bankers. A watchdog group is now claiming that half the American gold reserve has been sold in a failed attempt to end the rally by flooding global markets with excess supply.

If true, the glass ceiling has now been shattered and gold will soar to fresh new heights. Late last year Goldman Sachs confidently proclaimed gold shorts to be the best play of 2008… only to reverse course recently when realizing the absurdity of their projection. If these amateur price fixers ever wish to recover their lost gold, it will only cause an even greater surge.

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