JIM RICKARDS: The West is RUNNING OUT OF GOLD!
As physical gold is needed to cause the manipulation, and the West is running out of gold, the manipulation is close to an end.
Rickards says, “The reason gold has gone down is because the dollar is so strong. The reason it’s so strong is because we’ve let the Euro and the Yen cheapen. That cycle is near an end and the dollar is going to get weaker because the Fed is going to need some inflation. That means a stronger gold price ahead.
With the prices being as low as they are…
The Japanese and European economies are doing terrible. The US is the one who ultimately is going to need help. We have a very weak economy, we had a lousy August employment report – the CPI report shows that deflation is more of a concern than inflation.
When you’re worried about deflation and you’ve cut interest rates to zero and printed trillions of dollars,
and done everything you can, the only way left to get inflation into the economy is to cheapen your currency.
So I look for a cheaper dollar ahead.
Gold Manipulation
The first and easiest technique is just to dump physical gold. That was done for decades . You can go back to the 1970s, at $35 an ounce, then they abandoned the official price in which it ascended to $800 an ounce in January 1980.
On that path, the US tried desperately and secretly to suppress the price of gold with gold sales. The US sold about 1,000 tons and prevailed upon the IMF to sell 700 tons.
If you look at the period 76-78, I’ve looked at private documents , all describing this physical gold manipulation. In 1999, the famous “Brown’s bottom” Gordon Brown dumped about 2/3 of Englands gold on the market . Switzerland was a major seller of gold in early 2000s, so a long time they manipulated the price was by dumping the physical gold.
There’s a problem with that. You run out of gold. England doesn’t have much left…so now the physical dumping has stopped. The easiest way is through paper manipulation. The most obvious way is through COMEX futures prices. Rigging futures market is child’s play. You wait before the close, you put in a massive sell order and scare the other side of the market. The price is slammed. They get scared and it drives the price down. We’ve seen it time and time again.
It’s not the only way. The other way is through gold leasing and unallocated forwards. When people want to buy gold, they call a dealer and say they want to buy, but the contract says they own unallocated gold, which means that you don’t have specific bars for yourself. It’s no different than fractional reserve banking. They sell the gold bars many times over to different people. A central bank can lease gold to a LBMA bank. They sell at least 10 times as much as they want.
The ETFS are another way. When you buy gold through an ETF, you are not buying gold, but buying shares. You have no access to any gold.
You can play those games for a wild, but you need some physical gold to do it. Once the GLD gets depleted, and it’s now down significantly. When you see through it all.
The only comfort I can give investors is that -
Manipulation can last for a long time, but it always fails in the end. The price of gold will go much, much higher.
It all ends when …There is MUCH More to the story…Read the rest of the story here…
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