You are here

Anomalous calm in markets, not volatility, has become the sign of crisis

Section: Daily Dispatches

6p ET Wednesday, May 10, 2017

Dear Friend of GATA and Gold:

Kitco's Sarah Benali notes that CNBC market analyst Jim Cramer today marveled at gold's inability to rise despite the growing political turmoil in Washington, particularly President Trump's firing of FBI Director James Comey.

"If this is a 'constitutional crisis,' gold should be flying," Cramer said on CNBC's "Squawk on the Street" program. "If this is a constitutional crisis, the S&P should be down a percent and a half."

Benali's report and video of Cramer's comments can be found at Kitco here:

http://www.kitco.com/news/2017-05-10/Jim-Cramer-Gold-Should-Be-Flying-If...

Of course such anomalous and counterintuitive behavior in the markets has been happening for a long time, and today's behavior doesn't mean that Comey's firing is not a "constitutional crisis" or at least a political one. More likely it means that surreptitious intervention by governments in the markets has become more aggressive than ever.

Fortunately for the intervenors, apparently nothing will ever prompt CNBC's Cramer or even Kitco's Benali to try putting to government and central bank officials a few specific questions about such intervention, questions that arise from the documentation collected by GATA and compiled here:

http://www.gata.org/node/14839

Asking critical questions of government and central bank officials would constitute journalism, of which there is precious little in the financial markets and even less in the gold market these days.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



ADVERTISEMENT

Buy metals at GoldMoney and enjoy international storage

GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, ­taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:

http://www.goldmoney.com/?gmrefcode=gata



Join GATA here:

International Metal Writers Conference
Sponsored by Cambridge House
Sunday-Monday, May 28-29, 2017
Vancouver Convention Centre, East Building
Canada Place
Vancouver, British Columbia, Canada
http://cambridgehouse.com/event/68/international-metal-writers-conference

GATA Reception at the International Metal Writers Conference
5-8 p.m. Monday, May 29, 2017
Lions Pub
888 West Cordova St.
Vancouver, British Columbia, Canada

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16