Posted on 12/18/2002 9:53:28 AM PST by LSUfan
An anti-trust lawsuit filed today accuses Barrick Gold Corp., Toronto, and J.P. Morgan Chase & Co., New York City, of "unlawfully combining to actively manipulate the price of gold" and making (US) $2 billion in short-selling profits by suppressing the price of gold at the expense of individual investors.
(Excerpt) Read more at savegold.com ...
And there we have it...the exact mechanism by which a fool and his money are quickly parted :o)
That's not been alleged in this case but worth looking into. The more interesting aspect is the Fed's interest (and the other central banks) in keeping down the price of gold.
The central banks conspire on a regular basis. It's what they do to manipulate exchange rates and interest rates. The 1999 Washington Accord was a conspiracy, just not a secret one. They sent out a press release.
If they weren't conspiring to keep down the price of gold, then why did they agree to stop?
This is your statement
"I have nothing against gold. And I do think it has been suppressed for the last 5 years by all of the government selling, but there is no conspiracy here, and contrary to a certain poster here, Barrick doesn't somehow take your gold and sell it."
If gold has been "suppressed for the last 5 years by all of the government selling," you don't think that is a conspiracy?
How ridiculous...
No, its not. There is no conspiracy. It has all been very transparent. For example, if Fidelity decides to liquidate its holdings in say, IBM, while that selling is going on, prices are going to be surpressed. Prices in markets move as supply increases, or demand increases. The Fed has various policy goals and mandates that you and I may or may not disagree with, but there was no conspiracy. In fact, the central banks were all very forthright in what they were doing.
Besides, even if what you are saying is true, why be upset about it? If they are selling at below a true market price, shouldn't that make you happy? If you go to buy a house, and the seller and his neighbors conspire to drive home prices down, are you going to be mad at them, or are you going to be happy as a result of their stupidity?
Ah, let us ask why someone would get upset about someone selling below market price.
Now, someone BUYING would not complain. Neither would someone who neither buys nor sells.
Now what does that leave us, class?
(Play "Final Jeopardy" theme)
I couldn't agree with you more. Many on this thread haven't been keeping up with changing events -- all they can do is repeat baindead sayings like "goldbugs are crazies" while missing the whole point. The rising price of gold indicates that there are going to be big changes in the financial markets that will eventually affect everyone. Something is cooking. It'll be interesting to see who steps in to put the fire out.
Richard W.
Did you read the right article? Where do you think bullion banks get their bullion? They either own it or borrow it. Sometimes they borrow from central banks. The Fed has consistently denied leasing U.S. gold. The only question is whether you believe Rubin and O'Neill.
Read this article for an explanation of gold leases.
http://www.thestreet.com/_yahoo/markets/rebeccabyrne/10059330.html
So you oppose anti-trust laws? And conversely, you must support what the Hunt brothers did in cornering silver?
No, it just indicates that the price of gold is rising.
Rodney, Rodney, Rodney, what are we going to do with you? I sense that you are lost in your own lack of information and understanding of the fraction reserve banking system that uses fiat currency that must be controlled and manipulated to keep it from falling apart. I give up. It is good to sell things you don't have and it is good to borrow against the future.
Richard W.
After they were recently used not to benefit the consumer, but rather to provide a mechanism for extorting campaign donations, I've gotten considerably more sour on "antitrust law" as it stands today. The freedom to contract is an important one, one not to be given away lightly.
And conversely, you must support what the Hunt brothers did in cornering silver?
And how well did they succeed in cornering silver?
Here's a hint: the Feds didn't shut them down, other traders did.
LOL. I read with amusement some the yahoo boards for stocks - it's good laughter. You'll pick up a morsel here and there, usually from former or current employee of the company, but I know folks who actively trade and had a chance to ask them if they watch the messages boards at yahoo. They laughed when I asked the question. I suspect it's mostly posts from people who got wacked on a certain stock and are still smarting or someone who made some money by accident and is now a pro at picking stocks...
Well, I think that you and I are in agreement. Just focusing on the price of gold is not the real story. What the rise means about other financial matters IS the important point. I just want to see how far they let it run before stepping in to stop it. Most people don't even realize that our very own country outlawed the ownship of gold at one time. Talk about intervention, manipulation and conspiracies.
Richard W.
The spot tonight is ~$350. What happens tomorrow?
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