Currency Intervention and the Leap Year Gold Massacre
This is a follow-up to my blog post from February 29. This time, it was just too blatant to hide. Once dismissed as a crackpot theory, the existence of coordinated gold and silver price suppression by western central banks has become the shared conclusion of most serious observers of these markets.
Jean-Marie Eveillard, who manages some $60 billion in assets at First Eagle Funds, had this to say in an interview with King World News: "Usually I don't have much to say for bullion regarding day to day trading. But a move of $75 is somewhat striking. Central banks acknowledge they intervene in foreign exchange markets. They (central banks) sort of don't exactly deny, but they are very quiet about the fact that obviously they also intervene in the gold market."