-- Published: Friday, 17 June 2016 | Print | Disqus
Dear Friend of GATA and Gold:
Well, there it was Thursday, out in the open, reported by a mainstream financial news organization, Bloomberg, if without any recognition of its meaning. All the major central banks are plotting coordinated intervention in the financial markets if the United Kingdom votes next week to reclaim its independence by withdrawing from the European Union:
Citing a television interview he gave in Bern, Bloomberg reported that Thomas Jordan, president of the Swiss National Bank, said "officials could act in global markets to prevent any 'exaggerations.'"
A member of the governing council of the European Central Bank, Ewald Nowotny, was quoted by Bloomberg as saying that central bank currency swap arrangements will ensure that lenders "have access to liquidity during any 'disturbances on the market.'"
How much "exaggeration" and "disturbance" will be allowed? That is, what range of prices will be permitted in which financial instruments? At what points will central banks intervene? Of course only they and their agents will be permitted to know that; ordinary traders and investors will have to guess. Market manipulation works much better if it is concealed.
And when the crisis -- if there is one -- passes, no doubt the "technical analysts" among the financial letter writers will haul out their silly jargon and enormous egos in an attempt to demonstrate that there has been no intervention at all and not even the threat of it and that everything that has happened can be explained by the tried-and-true formulas they long have been using to explain market movements.
Doug Casey of Casey Research would say that nothing central banks do matters, though they are authorized to create infinite money and deploy it in secret without any accountability.
Steve Saville of the Speculative Investor would produce four charts "proving" that there had been no government intervention in markets anywhere since the Reichswirtschaftsminister took control of pricing stocks on the Berlin Stock Exchange in February 1943.
Market analyst Dan Norcini would insist that the Thomas Jordan interviewed by Bloomberg Television was a different Thomas Jordan, not the Swiss central banker.
And newsletter writer Avi Gilburt would expand on Casey's posture, declaring that market rigging and the deception and cheating of investors by government mean nothing to humanity and the only important thing in life is how much money his subscribers have made with his recommendations since last Tuesday.
In the face of these central bank proclamations of their plans for intervention, all these market analysts are invited to analyze a great scene from one of the "Naked Gun" movies to see if they can identify the character they most resemble:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Wednesday-Saturday, October 26-29, 2016
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-- Published: Friday, 17 June 2016 | E-Mail | Print | Source: GoldSeek.com