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Derivatives let central banks suppress gold longer this time, Turk tells KWN
9:40a AEST Tuesday, October 15, 2013
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk today explains to King Worldl News why the latest central bank gold price suppression scheme is taking so long to be overthrown.
"What we are seeing today is a lot like what happened in the 1960s," Turk says. "Back then the U.S. government dishoarded over 12,000 tons of gold from Fort Knox to keep the price at $35 per ounce. ... But all of that dishoarding did not change gold's underlying fundamentals. ... Buying this gold was an easy decision by those who understood gold because they recognized that it was very undervalued.
"There is one thing different today from back then: The central planners back in the 1960s did not have all the derivative instruments at their disposal to cap the gold price."
But the fundamentals of the market will overwhelm price suppression again, Turk says, just as they did in the late 1960s.
An excerpt from Turk's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/14_H...
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