It’s sad that so much time is spent on this topic, but nothing is more valuable than understanding the war between TRUTH and OBFUSCATION (or better put, LIES). I cannot speak for past instances of dying fiat currencies – of which there have been literally hundreds – but the COGNITIVE DISSONANCE created by man’s inability to accept the immutable truth that PHYSICAL GOLD AND SILVER ARE REAL MONEY, and FIAT CURRENCIES WORTHLESS, is awe-inspiring.
Not everyone that lies or obfuscates does so to the same end, and in fact, such reasons are myriad and diverse. Peter Schiff is the perfect example of someone whose (conscious) neglect of TRUTH is based on a desire to preserve his “electability.” Frankly, there is NO WAY someone can write as brilliant an article as the one below – espousing his air-tight views as to why the U.S. economy will falter and gold will SOAR…
…yet SPOIL it with the blatantly ignorant comments below…
Gold has been holding steady in the $1,600-$1,800 band since early October. This could be attributed to consolidation after last summer’s historic run up to $1,895, but I think this wait-and-see attitude reflects current market sentiment toward the US dollar.
In fact, the first few days of April have seen a sharp dollar rally and decline in gold. This is rooted in deflated expectations of a third round of Quantitative Easing (QE3) after the most recent Fed Open Market Committee (FOMC) meeting. Once again, the markets are responding to the headlines while losing sight of the fundamentals.
This is especially peculiar because the Fed did not explicitly take QE3 off the table. In fact, according to the minutes, if the recovery falters or if inflation is too low, the Fed is already prepared to launch QE3. While there is not much chance of low inflation, I’ll explain below why the recovery is not only going to falter – it’s going to evaporate like the mirage that it is!
Yes, a GLOBAL EXPERT on Precious Metals, who owns a brokerage specializing in PM investments and wrote a best-selling book on the topic, believes the free-market is responsible for gold’s recent plummet. He considers the dramatic PM decline to be “peculiar” given that the MSM PROPAGANDA “reason” for its occurrence – the end of QE3 – was clearly NOT signaled by the Fed, yet offers no alternative explanation! Only in Precious Metals do we see such COGNITIVE DISSONANCE so consistently – and just as often, outright LIES.
Such LIES – barely discernible from PROPAGANDA when artfully perpetrated – are most notably disseminated from government officials aiming to protect the status quo, in which their own wealth and power bases lie. However, we also have what Ted Butler calls “raptors,” or trading entities large enough to profit from the deception but small enough to not be part of the “system” that creates it.
Before meeting Andrew McGuire in London last summer – for example – I considered him a “raptor” for utilizing the obvious Cartel “signals” of upcoming PM attacks to profit for both himself and his clients. However, in hindsight I cannot begrudge this action, as he was just making a living, utilizing “information” that was he neither created or spread. I probably would have done the same thing if in his position, and even I – RANTING ANDY – cannot say for sure that I’d show the same courage he did when giving up the gravy train to blow the whistle on JP Morgan.
David R. doesn’t question the blatantly obvious trading patterns, as discussed exhaustively by myself and Paul Mylchreest in last week’s brilliant report, “Gold Suppression – Caught Red-handed.”
He also ignores the fact that COMEX open interest has plummeted in recent years, particularly in relation to soaring PM prices. This phenomenon can ONLY be explained by an exodus of COMEX proprietary trading due to the blatant market rigging that has caused TENS OF BILLIONS of illicit losses. These traders employ the same technical and fundamental analysis techniques that traders throughout HISTORY have utilized in free markets, but unfortunately we no longer operate in such an environment – on either the COMEX or any securities market.
David R.’s arguments against manipulation are that he “knows it doesn’t happen” and the like, as opposed to the reams of IRREFUTABLE EVIDENCE I and others like GATA have introduced over the past decade. Once again, a situation where the TRUTH is ignored and PROPAGANDA and LIES embraced, an evil perpetrated throughout history on the unsuspecting populace, and in this case by the populace itself.
For those of you on the fence about the TRUE state of the financial markets, please read a handful of my detail-oriented, proof-backed RANTS. My goal is to educate as to not only the TRUTH, but the various forms of LIES one must skirt to PROTECT ONESELF.