Spot Gold Price Falls
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Gold fell sharply in a short period of time yesterday in US trading – falling from $1,127.35/oz to $1,103.45/oz to close with a loss of 1.26%.
Yesterday’s sell off confused traders as there was no ostensible reason for the sharp sell off as there was no corresponding move in the equity, oil, dollar and currency markets.
The manipulators have a selloff whenever they please. If you have unlimited resources you can selloff any market, especially a small market like gold and a tinier market like silver.
The Commodity Futures Trading Commission (CFTC) continue to investigate these allegations and these investigations bear watching.
I understand the desire of central banks to manipulate the price of gold to maintain confidence in their fiat currencies and it is no secret that buying, leasing and selling gold is a normal part of CB operations. I am somewhat skeptical of the conspiracy theories, however, because leaks are almost impossible to control.
Japan and China with their hoards of U.S. dollars have and are continuing to manipulate their currencies to the dollar (they want to keep selling us their production) and supporting the value of the dollar holds gold prices lower than international events really dictate.
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