Interviewed by King World News today, GoldMoney founder and GATA consultant James Turk discusses the algorithmic "black box" trading in gold that usually prevents the price from rising more than 1 percent in a day -- the "1-percent rule" long identified by futures trader James McShirley in GATA Chairman Bill Murphy's daily "Midas" commentaries at LeMetropoleCafe.com.
Turk says: "The gold market is rigged, but not by the profit-seeking high-frequency traders who focus their trading on shares. The gold market is rigged by entities seeking to cap the gold price. They are not seeking profit, and there is only one possibility of who falls into that group. Only central banks don't care about making a trading profit. They don't care if they end up losing money, because if they do, they just print more money to cover their losses. Central banks only have one objective. They want their currencies to look good relative to gold."
Turk's comments are posted at KWN here:
http://kingworldnews.com/gold-silver-surge-as...for-market-s...
