Of course. They fix everything else! LIBOR Anyone? Last year... demand going up, prices going down. Like that's normal! lol Nice to see someone legitimizing our suspicions though.
Yes, I saw that article and thought 'ho hum, o really'. It's been debated at length here at SS and I've always seen the paper game as a manipulated casino and the smart people as the ones who tow away their barges of gold after a quick conversion. China mainly. And as many have said, it will come back to bite the West big time.
Well that's the two things casino rely on, house edge and getting players to stay as long as posible, I usually see most of the people who do have a win usually stick around to give it back
The interesting part of the story is the original article got pulled off the site very quickly with the link now defunct. If they can manipulate LIBOR and all other things what makes ppl the gold / market is not or cannot be manipulated. Obviously no one's ever going to admit to it until they got busted and cough up the license-to-manipulate fees to the government (read:fines / penalty)
I've been saying since I got into this game that the prices are manipulated and fixed up as much as they are down contrary to the claims of those permabulls who expect others to believe their claims that the prices are only manipulated down. Rubbish....it works both ways. .
Why is it not traded like shares, you have so many oz's and if you want them you buy at that price, if more buyers, than sellers then price goes up. Oh yeah that's right they pretend that they have that much in place and most (all ?) of the paper gold is non existent.
Well, even if they're traded like shares, or like other commodities they're still prone to manipulation. Still, I'd prefer manipulation on the open market rather than just between a group of ppl in a quiet room....
According to Bloomberg, production rose by 18 metric tonnes to 273 tonnes in 2013 "the highest annual output since 2003." http://www.mining.com/australias-gold-output-hits-decade-high-28198/
Of course the gold price is manipulated. It is valued against a fiat currency and primary a monetary metal. By definition it is fixed.
Gees this is getting very messy indeed..........But they will never own up because they are running the show and have the rules and laws adjusted to their favour.
