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Ronan Manly: World is about to discover that the real risk-free asset is gold
8:16p ET Monday, December 4, 2023
Dear Friend of GATA and Gold:
Bullion Star gold market analyst Ronan Manly today examines the extreme volatility in the gold price since Friday and concludes that the official sector was involved, and for obvious reasons, among them "to paint the tape with such a hugely plummeting daily candle pattern that it would break the psychology of the market, at least in the near term."
Manly quotes an anonymous fund manager: "The reason they manage the U.S. dollar gold price is to make sure that the market doesn't know what risk-free is. And that's what's about to happen when gold breaks higher to new all-time highs. The veil will be lifted."
After 24 years of largely surreptitious official interventions against gold exposed by GATA and others, can this latest and most obvious intervention work for long? Is there any participant in the gold market who still thinks that the New York Fed's trading room and the Bank for International Settlements are mere "conspiracy theories"? Did any participant in the gold market ever really believe that? Were those who asserted as much ever anything less than shills for governments, central banks, and bullion banks?
Manly's analysis is headlined "Gold Price Hits New All-Time Highs Amid Huge Increase in Volatility" and it's posted a Bullion Star here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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