Days like today remind me just how far off the reservation Doug Casey is on the topic of government manipulation of the metals. I respect Doug and value much of his commentary but he is flat wrong when it comes to the ongoing manipulation. How can the man discuss a conspiracy regarding 9/11 and yet dismiss the frequent gang rape of the metals so casually?
Last month we saw 50,000 silver contracts dumped in one minute. Today we got the direct intervention from the Swiss National Bank perfectly timed with a severe takedown in the metals. And in overseas trading tonite I see more than 7000 gold contracts were dumped in one minute to tank the price of gold by more than $50. Does anyone think this is just random trading in a free market? And since it is a government appointed regulatory agency that is entrusted to police the markets, and that agency has been ordered to stand down, therefore it is in fact part of government policy to allow manipulation in the metals trading. This is not rocket science...
And as I always point out in these situations, it is not a reason to panic or get out of the PM sector. Just accept it all for part of the daily action. I just find it extremely odd that some brialliant and courageous people are unwilling to see and comment on this.
cheers!
mike
