Two years after The Slog first presented evidence suggesting manipulation in the Gold market, a seminar is to be held about unexplained movements therein.
The FT reported yesterday that long-held feelings among precious metal traders in relation to gold and silver price ‘damping’ were to be addressed by the US authorities. It wrote that
‘The Commodity Futures Trading Commission this week announced it would host a public meeting in late March to discuss speculation limits in US metal futures. This accommodates critics accustomed to brush-offs by Wall Street’s precious metals traders. Bart Chilton, a CFTC commissioner, says, “I’m not suggesting they have a legitimate argument. I looked at it carefully and I became convinced that it’s something we should investigate.” Previous CFTC inquiries in 2004 and 2008 found neither manipulation nor conspiracy.
Long-term nby/Slog readers will be familiar with our view that sales of gold in particular by the US from its deep reserves have kept the price artificially low. We predicted that the sales were being made primarily to the Chinese. In June 2009, Beijing suddenly announced its gold reserves have more than trebled.
The Slog 