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Zero Hedge: Yuan's correlation with gold price suddenly snaps
9:38p ET Wednesday, October 17, 2018
Dear Friend of GATA and Gold:
Zero Hedge reports tonight that the tight correlation of the valuation of the Chinese yuan and the price of gold, which appears to have begun in February, has suddenly snapped, with the yuan sinking without also taking gold down with it.
... Dispatch continues below ...
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Of course such a tight correlation is unlikely to be maintained by ordinary market forces. It almost certainly could not happen except as the result of steady intervention by an entity with access to huge amounts of money, legal authorization to rig markets, and the motive to do so. The only entities fitting those requirements are governments and central banks.
Zero Hedge's analysis is headlined "Did the People's Bank of China Just Lose Control? One Chart Says 'Yes'" and it's posted here:
https://www.zerohedge.com/news/2018-10-17/did-pboc-just-lose-control-one...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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