Gary Noffke

Gold Futures' Dirty Secret (Part II)

I work in gold and have been buying small quantities since 1964. Except for the Hunt episode the price was relatively stable, closely related to rate of inflation, until 2000-2001. Then supply and demand and inflation took a second seat to speculation and manipulation. A few billion dollars bought or sold in gold drives the market up or down considerably. I'd guess a serious investigation would show the same individuals or groups are both buying and selling billions in gold every month or two. Gold is underpriced right now, so watch for another run to $1000 per. When it gets there, watch a big sell-out and see the price drop back to $800. This has been going on for years. Look at the graphs and the spikes. When it goes up $50 in an hour someone bought a lot. Also note the price of gold dropped around $250 per ounce in the last 4 or 5 weeks. This sure as whatever isn't caused by the rising dollar.