Precious Metals market manipulatioin

[DrHenley]

This just frosts me. This is a blatant attempt, probably by the Treasury, to depress the price of gold. Crap like this has been happening for years and the media just turns a blind eye towards it.
What you are seeing in the chart below of the gold price from Wednesday to Friday is short selling of paper gold on a massive scale. In other words, borrowing a large amount of Gold ETFs which may or may not actually represent physical gold (probably not) and selling it.
What is "supposed" to happen is that the price gets depressed for a while afterwards, and then they buy that amount back at a lower price and repay the borrowed ETFs.
It didn't work the first time on Thursday (red line). After an initial drop (caused by mindless automatic programs) the price bounced right back to what it was before when they bought back the ETFs...and then started going up. So they did it again the next day (Friday - red line), and this time it dropped, but when they bought back the ETFs, it came back up to what it was before the first time they did it.
Like I said, this has been happening for years. Everyone in the gold market knows what's happening, that's why it often doesn't work for more than a couple of hours some times. Nobody but the automatic programs is fooled.
Short selling should be outlawed for physical commodities. It's impossible to actually short physical gold this way.

 

[Schattentarn]

Max Keiser on RT said for years London firms manipulated the silver market. Various sources have always maintained the CIA manipulates stock prices. The good thing is precious metals will always have SOME worth. Remember, crypto is only used on the internet so if it goes down your "money" is worthless.

 

[MNwr786]

What manipulates the metal market???
In 1708, the San Jose was sunk by the British carrying (what is today) 17 billion in gold, silver and emeralds. It was found in 2015.
In 1784, over 37,000 pounds of silver Spanish reales went down with the El Cazador, it was found with a fishing net by accident in 1993.
In 1941, the British Garisoppa was sunk by the Germans with 7 million ounces of silver. That was found in 2011.
The SS Central America, the LaTrinte, Atocha. and so many more... The list goes on and on. The titanic, that had over 300 million in diamonds alone, and much of it has been recovered.

You cannot just dump billions worth of metal (or anything for that matter) on the market, you need to slowly reintroduce it. And doing so, in any reasonable quantity, drops the price. Until they stop finding new shipwrecks and they get the silver they have found into circulation, the prices of these metals will continue to suck. And then you toss in the Sunken Military Craft Act of 2004 you have governments involved too which really screws things up because many of these ships had cannons.

 

[andrewOz]

There are many players who wish to manipulate the price of gold (as well as silver, platinum, palladium). There are many articles, with lots of conjecture, on ths subject. The US Treasury is far from the only player, and its reasons probably vary from many others'.

It is frustrating for those of us who trade precious metals, as well as for those who hold physical precious metals.