Gold may have been manipulated like LIBOR

[boomtown]

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=* 1594.65* * 8.00* (+0.5%) * ] 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.

A formal investigation into the manipulation of silver has been going on for two years in the U.S. “Although there is a lot of evidence that it is taking place, nothing has come out of the investigation yet,” Naylor-Leyland said.

Chris Powell, Secretary and Treasurer of the Gold Anti-Trust Action Committee told CNBC in June that “as central banks are interested in supporting government bonds and the dollar and keeping interest rates low, they continue to manipulate the gold market".

http://www.cnbc.com/id/48119741?utm_source=twitterfeed&utm_medium=twitter

 

[MrCrumbpacker]

So gold should possibly be a lot higher if this is true.

All very confusing, I still haven't got over the Libor revelations, and I think many professionals are too stunned to really comprehend the consequences.

Rather like walking into the Vatican and showing them you have absolute and incontrovertible proof that God and Jesus didn't exist.

 

[boomtown]

Everything is linked to Libor in one way or another. Its a bit mindblowing. But I remember looking at the charts at the peak of the GFC when markets were closed and the Libor read 6 percent. It just didn't make sense.

How can banks refuse to lend to each other at any price yet report that they are lending to each other at 6 percent?

 

[Aaron Sice]

this is very old news.

google andrew maguire's interview on king world news.

the dude had attempts on his life after releasing the proof of manipulation, physically sitting down with the regulators and running them through every dump and pump before, during and after......and still, they did nothing.

 

[Aaron_C]

the dude had attempts on his life after releasing the proof of manipulation, physically sitting down with the regulators and running them through every dump and pump before, during and after......and still, they did nothing.

Sounds like the whistleblower for Madoff.

 

[WASP]

kochie from channel 7 showed an extreme chart with gold going into the 8's

 

[hobo-jo]

kochie from channel 7 showed an extreme chart with gold going into the 8's

$800s or $8000s?

 

[Sunfish]

GATA has been beavering away for many years with what they say is incontrovertible proof of manipulation however it is still fashionable to mock "gold bugs".

It is difficult to start believing conspiracy theories: Once you believe one, when do you stop believing? The truth lies somewhere between the two extremes. Do not dismiss those where there is an identifiable motive and profit for some and maintain a deep suspicion of those that simply say "The guvment done it!" without clearly defined winners.

 

[Mr. Fabulous]

Sounds like the whistleblower for Madoff.

Sounds like every whistleblower. The so-called 'watchdogs' are an absolute joke.