If natural market forces were permitted to run free, naive folks would win the game. Insiders with deep connections to the status quo would lose a fortune. Independent gambling speculators would make a killing at the expense of well-connected casino operators (that is, derivative-issuing bankers). I cannot imagine what possesses otherwise intelligent people to believe that it would ever be allowed. Was anyone naive enough to expect anything other than a major intervention by central planners?
There are always ridiculous excuses given. From technical analysis, to astrology, to Elliott waves, it is all nonsense. What we saw was pure market manipulation and nothing but that. When you see the euro rise when it should fall, you can bet that two institutions are involved. I am talking about the European Central Bank and the Bank of International Settlements. I didn’t mention the U.S. Treasury or the Federal Reserve. No doubt they had some peripheral involvement as they always do, but mostly they were probably observers.
European institutions have the kind of open, obvious, and blatant disregard for honest markets that no equally corrupt American institution could ever get away with. In fact, the BIS has gone as far as touting its gold and currency manipulation prowess. For example, in 2008 it issued a brochure for consumption by central bank policy-makers and on Page 17 it advertised that "our products" include "Gold & Forex Services -- Interventions":
http://www.gata.org/node/11012
In other words, they blatantly offered to rig gold and currencies upon request. This document came to light only by virtue of the hardworking and ever-watchful sleuths at GATA. ...
... For the remainder of the commentary:
http://averybgoodman.com/myblog/2016/12/05/wh...gold-the-us-...
