In commentary posted today at 24hGold and GoldSeek
headlined "Explaining the Moves in the Gold Price" –
http://www.24hgold.com/english/contributor.as...179940076H11690
http://news.goldseek.com/SpeculativeInvest.../1473429960.php
-- financial letter writer and technical analyst Steve
Saville again cites some charts to claim that gold is performing just as
expected in relation to other markets without regard to any
"whims/abilities of evil manipulators."
There are only two explanations for this correlation,
Saville writes. "One is that the currency and bond markets, both of which
are orders of magnitude bigger than the gold market, are being manipulated in
a way that is designed to conceal the manipulation of a market that hardly
anyone cares about. The other is that the gold price generally does what it
should do given the performances of other financial markets. Only one of
these explanations makes sense."
Actually, there's a third possible explanation for the seeming consistency of
Saville's charts: that governments are meddling in all these markets
because they are connected and because a disparity in one might expose and
upset the manipulation of the others.
As for Saville's assertion that gold is "a market
that hardly anyone cares about," it can be questioned in many ways. For
example:
Why has the Bank for International Settlements just
returned to the gold swap business?
target="_blank"
http://www.gata.org/node/16704
Why has the director of market operations of the Banque
de France admitted that his bank is trading gold for its own account and the
accounts of other central banks "nearly on a daily basis," that
central banks lately are managing their gold reserves "more
actively," and that they won't explain their activity in the gold market?
target="_blank"
http://www.gata.org/node/13373
target="_blank"
http://www.gata.org/node/14716
target="_blank"
http://www.gata.org/node/14954
Why is the International Monetary Fund refusing to
disclose its gold records, citing their "sensitivity"?
target="_blank"
http://www.gata.org/node/16722
Why did former Secretary of State Hillary Clinton's close
adviser Sidney Blumenthal tell her by e-mail her that NATO overthrew the
regime of Muammar Gaddafi in Libya to prevent him from starting a North
African currency backed by gold?
target="_blank"
http://www.gata.org/node/16074
Why at a public forum in Virginia in March did the
president of the Federal Reserve Bank of New York, William Dudley, clumsily refuse
to answer a question about the Fed's own gold swaps?
target="_blank"
http://www.gata.org/node/16341
This largely surreptitious involvement of governments
with gold goes on and on, if largely unreported by the mainstream financial
news media and supposed savants like Saville:
target="_blank"
http://www.gata.org/node/14839
Is such involvement really consistent with "a market
that hardly anyone cares about"? Or is it consistent with a market that
central banks care very much about and that Saville and other technical
analysts know very little about and want to know very little about,
lest it undermine their technical analysis business?