Moral Outrage
Whew! God help us!

Richard Russell on Gold Manipulation

Richard Russell, a long-time gold bug, writes: “The desperate battle to keep gold below $1500/oz. continues. … I’m fascinated to see whether June gold can close above 1500 or whether the anti-gold contingent can manage to knock gold down (again) below 1500. The action is now so blatant that it literally screams of manipulation. … ”

Russell explained: “The battle about gold closing above 1500 is that once above 1500, technically gold will be on its way to $2,000/oz. And from there $5,000 will be the target…from the anti-gold crowd’s standpoint, gold must be held (on a closing basis) below 1500.”

The motive for manipulation, Russell argues, can be traced back to the U.S. Federal Reserve’s problems in financing U.S. government debt. He writes:

“When you think about it, it’s no wonder that Wall Street and the Fed hate gold. Gold exists outside the system. The Fed can’t manipulate or create gold the way they do Federal Reserve Notes. When gold rises, as it has been doing, it hoists a red flag over Wall Street, the Fed, and the economy….All the lies, corruption, and secrets of the Fed and the politicians can’t erase the dire message of gold.”

[MarketWatch]

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One Response to “Richard Russell on Gold Manipulation”

  1. Why would anyone want to manipulate gold prices being as low as possible?

    Rising gold is a red flag — if gold rises too rapidly, it attracts attention, it makes headlines, and then people ask questions.

    Rising gold prices could even give the whole plot away.


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