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Yamana Gold, Inc. Message Board

  • fjackny99 fjackny99 Nov 19, 2008 11:13 AM Flag

    Gold Hits 765 and Then..

    the smackdown comes. Similar story every day.

    It's incredible to see how the spot gold chart looks the same almost every day of trading.

    After watching Paulson and the gang yesterday, it's quite comical that gold hasn't reached $1,000. These clowns have no idea what they are doing.

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    • Bernanke's only discussions about gold involve selling it
      Submitted by cpowell on Wed, 2008-11-19 01:59. Section: Daily Dispatches

      8:52p ET Tuesday, November 18, 2008

      Dear Friend of GATA and Gold:

      At today's meeting of the House Financial Services Committee, Rep. Ron Paul, R-Texas, got a couple of minutes to ask Federal Reserve Chairman Ben Bernanke about the prospects for a new international reserve currency system and about whether Bernanke has ever discussed with other central bankers a place for gold in such a new system. Bernanke replied that there are no such plans and that the only discussions he has with other central bankers about gold involve central bank gold sales. At least that much was pretty revealing, suggesting that as the international financial system falls apart, central bankers talk about selling gold, as if such selling is a mechanism for holding the system together -- as of course it is, gold being a competitive international currency. You can watch the exchange between Paul and Bernanke at GoldSeek here:

      CHRIS POWELL, Secretary/Treasurer
      Gold Anti-Trust Action Committee Inc.

    • Here's an article I posted the other day. Looks as though there may be some truth to it.


      From MarketWatch:

      "Once again the $750 level served to hold any gains in check. There is obviously a seller/s of great size at or near this level."
      This supposed seller is central to the radical gold bug claim that the gold market has long been manipulated in order to sustain the financial bubble -- and to mask the consequence. After all, Armageddon arrived, but the gold price fell. Odd, eh?

      Significantly, even observers who have historically been very cautious about allegations of government interference in gold seem now to be accepting the thesis. Dow Theory Letters' Richard Russell, a veteran gold bug, announced a major change in his thinking Friday:

      "I've never been a big fan of the 'gold is being manipulated' thesis. However, I'm now giving the manipulation thesis second thoughts. Most of the world's central banks are now in the process of fighting recession and deflation. This requires government spending and the production of enormous quantities of new fiat money. The last thing the central banks want is for the public to realize what they are doing. Normally, surging gold would be the signal for the public to ask questions -- rising gold is a red flag for the fiat money creators.

      "It's amazing and beyond coincidence the way gold rallies, and then immediately is hammered down below 740. I know that there are huge short positions in gold on the COMEX. I'm no longer a skeptic on the 'gold is being manipulated' claim. Somebody is selling gold every time gold rallies toward a breakout above 870 or more properly gold at 840."

      But, Russell added, "I don't think the manipulators (if there are such people) can keep it up."
      After all, as we have all been taught recently, in markets, even governments do not always get what they want.

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