Skip to comments.GOLD PLUMMETS - SPOT CHART
Posted on 07/24/2002 8:29:42 AM PDT by Fitzcarraldo
Here's the problem. You don't understand the allegation. Let me be more accurate:
Someone has developed substantial evidence that JP Morgan is manipulating gold for it's own benefit in an environment where it can expect to be bailed out if things go wrong.
I'm sorry you're not able to understand the concept of "pecuniary interest."
Apparently, you believe the sources with a vested interest in keeping the price of gold down over those who have a vested interest in moving the price up.
No, I don't believe either side. But the fact that you opted for a personal attack indicates that (a) you have a vested interest in the price of gold moving up and (b) you don't have a solid argument to make.
So a 119 page report, containing substantial research on the GATA site, can just be dismissed, unread.
I will gladly read it and comment on it. However, you must agree to pay my independent consulting fee. That fee is $150 an hour, with an 80-hour minimum billing period. (I have things to do and a finite amount of time to do them in; you must make it worth my while up front. If you're right, then you're going to make an [expletive deleted] fortune Real Soon Now, and the consulting fee would be pocket change.)
As someone with no axe to grind,
Bravo Sierra-your personal attack demonstrates otherwise.
I feel the weight of evidence is on the side of manipulation.
Ah, you "feel" this to be true. Not that you "THINK" it to be true. Interesting choice of words.
But I will look at the opposite side. Can you point me to ANY source that supports the unfettered market theory?
You are making a positive assertion. The burden of proof is on you. All I've seen from you is arm-waving, not solid evidence.
Or are we supposed to just take it for granted because that side just ignores the allegation.
No. If you're saying there is manipulation, then you are VOLUNTARILY taking on the burden of proving the existence of said manipulation.
I guess those accused of manipulation recognize that their power, clout, prestige, and special privilege will protect them.
They expect that their silence, alone, says, to the believing public "How can anyone think we would even consider manipulating the markets".
One more time, for possible penetration into your brain: you are making the affirmative case, you are assuming the burden of proof.
While I am certainly no fan of gold as an investment, a $10-15 drop over a day or two is not a plummet; just as a 170 gain in the Dow is not 'shooting up'.
The founding fathers thought differently. Roger Sherman was responsible for this one being in, but they all agreed to it: Article 1, Section 10, Clause 1, No state shall...make anything but Gold and Silver COIN a tender in the payment of debt.
That is about as simple as it gets. The law of the land people, so why does everyone ignore it, and yet be so ready to invoke it over non-issues such as "under God" in the Pledge of Allegiance?
Think how big the "gold and silver" market would be if gold and silver was monetized (everybody will have some), and would be therefore somewhat harder to manipulate. If the size of the market is what you are going by.
Anyway, please. This hardly qualifies as a plummet.
I've read that it would make a cube roughly 50 feet on a side.
Now, not only the American economy dwarfs the entire precious metals market--so do the economies of relatively small players as well. If we returned to the gold standard, we would be saying to various nations around the world, many of them not especially friendly to us, "Please play nice with us and don't mess with the basis of our currency. Pretty please. With sugar on top."
1. Those who have a complaint must make the affirmative case.
2. You reject any complaint if the plaintiff has a vested interest.
How, then, can any complaint merit your consideration.
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