Jim Rickards is a well-known name within precious metal circles and he has probably forgotten more than most people will ever know about gold and silver.
He recently penned an article on ”The Daily Reckoning” about gold price manipulation.
Rickards is in no doubt That the market is being manipulated – especially after the expected rise in the gold price didn’t happen after the recent crash of the stock market.
He goes on to say that there is hard statistical evidence to back this up – and has spoken to very senior people at the IMF, in the defense community and in the intelligence community.
He also spoke to a PhD statistician working for one of the biggest hedge funds in the world.
This man found that the COMEX (the primary market for gold) opening and closing prices, for a 10-year period, showed that if you bought after the close, and sold before opening everyday, you would make risk-free profits each time.
As a statistician he said that this is impossible without manipulation.
Rickards also found that Rosa Abrantes-Metz Had written a report confirming such blatant manipulation.
With the price of gold being set in both London and New York, it is possible to read the futures market by waiting until a little bit before the close – and putting in a massive sell order. This scares the other side of the market into lowering their bid price.
All you have to do is rinse and repeat. With six big banks – including Goldman Sachs and JPMorgan coordinating such moves is very difficult for the rest of the market to fight them.
This means the big Western banks have a non-monopoly on gold prices even though they own very little physical gold. This whole tactic is designed to encourage investors to offload their gold – thinking that the price is going down. This effect is magnified by the leverage of futures.
Luckily, there is only so much gold to go around, this means that long term, even with the price being manipulated in the short-term, gold looks like an excellent long-term investment going forward.
At Noble Gold, Our team of experts have been looking beyond the manipulation for years.
We actively look after hundreds of clients and their families – and we make sure that they are safe and secure with their precious metals investments.
Manipulation of any market always shows out in the end – and the players involved in this will eventually be caught.
Give us a call now and play these people at their own game …