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Clive Maund still can't admit that central banks diddle the gold market
1:16p ET Monday, February 19, 2018
Dear Friend of GATA and Gold:
Financial letter writer Clive Maund still can't bear the thought that central banks might be interfering with his technical analysis of the gold market.
In his "Gold Market Update" posted at GoldSeek today --
http://news.goldseek.com/CliveMaund/1519050780.php
-- Maund writes: "There has been much grumbling and muttering within the gold community about how 'The Cartel' and the Comex, etc., are holding the gold price in restraint by means of naked short-selling, hitting the market with supply when trading is thin during public holidays and overnight, and so on, but the fact of the matter is that the reason the precious metals sector has taken a back seat for years now is that there have been hotter games in town, like biotech, bitcoin, cannabis, the FANGS, tech generally, etc., and endless quantities of cheap money to bid them up into the stratosphere."
... Dispatch continues below ...
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Yes, all investment opportunities compete against each other, but not all of them have to compete against central banks, creators and dispensers of infinite money. After all, might not gold trade more positively if it was not constantly being jostled by a gold derivatives position of nearly 600 tonnes being managed aggressively every day by the Bank for International Settlements on behalf of its member central banks?:
http://www.gata.org/node/18041
If Maund thinks that central banks are not terribly important to the gold market, they plainly disagree with him. Will he not admit that they meddle in that market every day and that the longstanding public policy of Western central banks has been to suppress the price to defend their own currencies and government bonds? That policy is all over the archives that Maund strives to ignore.
Another financial letter writer, Michael Ballanger, in commentary also posted at GoldSeek today, "What the Markets Have in Common with the Film ‘Casablanca'" –
http://news.goldseek.com/GoldSeek/1519048800.php
-- delivers a telling chart showing that the gold price was closely tracking the growth in the Federal Reserve's asset book until 2013, when Fed asset purchases went vertical even as the gold price strangely collapsed. "Try to pick the spot where the interventionalists targeted gold," Ballanger's chart says. Even Maund might be able to identify the spot.
"Why," Ballanger asks, "can the Fed buy, sell, and short (think volatility and gold) infinite amounts of anything and everything without ever getting a margin call? Are you not shocked -- shocked -- that the Captain Renault of bond vigilante-ism isn't closing down that casino?"
Close down that casino? Ha! Like Maund, most financial letter writers and nearly all mainstream financial news organizations can't even acknowledge that central banks have essentially commandeered all markets.
Such an acknowledgment would put most technical analysis and financial journalism out of business.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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