Monday, November 17, 2008

Richard Russell tries on a tinfoil hat

(It's a good thing we all know that the Federales let the markets be free - AM)

As relayed by Citizen King:

Richard Russell: 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…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'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

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