Have Governments Been Manipulating Gold and Silver Prices>

“Gold may have been manipulated like the London interbank rate or Libor over a long time frame, Ned Naylor-Leyland, investment director at Cheviot,” told CNBC.

 “The scandal surrounding the fixing of the Libor has opened markets up to “more scrutiny and more investigation,” Naylor-Leyland said. He expects to see revelations over the next few months that the price of gold [XAU=  1592.14    5.49  (+0.35%)   ] was also manipulated because “gold and silver reflect the true value of money the same way interest rates do.”

“It is effectively an intervention in two ways; one would be the fact that for central banks, gold and silver going up doesn’t make their currency look any good, and secondly a number of the big commercial banks have very large short positions which they like to manage and make easy money from,” he said.

 

Similar Posts:

Share