Gold price slides as faith in futures markets collapses following ANOTHER scandal involving the ‘vaporizing’ (theft) of client accounts

The Gold price slide that started yesterday has continued today, but still in positive territory in terms of $s and £s for the year – basically gold is doing what it should be doing, protecting your wealth, but there does seem to be some strong selling every-time it rears its head towards $1600 – perhaps an ‘manipulators’ hand at work?

With the recent LIEbor scandals (with still much further to run) and now news that ANOTHER boat load of client ‘segregated’ funds have been ‘vaporized‘ (some $200m+), it is surprising that gold isn’t trading north of $3k – Which brings us on to one of the most important points to come out of the entire LIEbor debacle to date – namely that it has proved all those ‘nutty conspiracy theorists’ right. Haven’t they been saying for years that the market is ‘rigged’ and that ‘mass-manipulation’ happens on a daily basis?

Well, now we have proof-positive evidence that not only has such ‘rigging’ been happening for years, it has been happening in one of the most important (and biggest) markets on the entire globe, LIEbor.

Which leads on to another obvious point – if it has been happening in LIEbor, then is it not a least possible that the tireless work of Bill Murphy over at GATA, trying to expose the manipulation in the precious metal space, might just be on to something?

After LIEbor, manipulation in the gold space now doesn’t just seem possible, but now seems likely. Ned Naylor-Leyland, investment director at Cheviot certainly thinks so:

It is rather amazing that despite the largest market manipulation the world has ever seen (by orders of magnitude according to Bill Black) happening just a couple of weeks ago, that still the bubbleheads on bubblevision find it a “bold” claim that the gold market might be manipulated. With such a credibility sapping performance by the pundits is it little wonder CNBC’s viewing figures are at 7 year lows?

Gold $:

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Gold £:

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Gold €:

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Oh, and for those who want to see what serious financial journalism looks like, here’s a clip from Russia Today explaining quite brilliantly just how ANOTHER broker can run off with client funds that are supposed to be segregated and ‘untouchable’.

Related posts:

1. As stock markets tumble gold price gets dragged down with it
2. UK houses fall yet again, now at 1986 prices as the gold:house price ratio collapses
3. Prozac-craving markets
4. The DJIA has 3 top 11 down days ever… in one week – Markets Broken
5. The gold price threatens to break out after finishing the month of April flat

Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-slides-as-faith-in-futures-markets-collapses-following-another-scandal-involving-the-vaporizing-theft-of-client-accounts-7273/

Posted by Thomas Paterson on Jul 11 2012. Filed under Analysis, Gold News, Markets. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.