Saturday 2nd February 2008 10:00 p.m.
The gold price dropped like a stone on Friday 1st February, for no plainly apparent treason (I meant reason, Freudian typographical error perhaps).
The only explanation for this fall that would fit the bill would be from 'Wild Bill' Murphy and his colleagues at GATA who are convinced of the Government / Central Bank / Bullion Bank 'cartel' manipulation of the gold price. manipulation of the gold price.. Some others say this is a 'Grassy Knoll' style conspiracy theory, but if OPEC more or less controls the supply and price of oil, why not a cartel with gold? If the US Fed/Gov't Working Group on Financial Markets (PlungeProtectionTeam or PPT) can put a base under the stock market to help its mates in Wall Street, why not put a cap on the gold price, which is the one barometer that signals stormy weather in the paper money financial markets? It makes perfect sense, surely. Government and their allies can manipulate everything, especially the people.
Looking at the Historical London Fixings link on Kitco's home page, one can clearly see the price action over the few days from that Friday. Thursday 31 Jan PM: $923.25, Friday 1st Feb AM: 933.00 (up a bit), PM: $914.75 down nearly 20$ once the US COMEX futures market has opened, something that GATA would assert as a sure sign of US inspired gold price capping, Monday 4 Feb AM: $899.50, PM: 893.75 with a slow dip over the next day to $887.50 by Tue 5 Feb AM London Fix, before turning up again slowly. Jim Sinclair pointed out that the low was $887.50, exactly his long described high from 21st January 1980. Isn't that a coincidence or what?
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