Puru Saxena: Why wouldn't gold be manipulated? Everything else isSubmitted by cpowell on Sat, 2010-04-24 02:00. Section: Daily Dispatches
9:44p ET Friday, April 23, 2010
Dear Friend of GATA and Gold:
John Dourekas of Kitco News today got some interesting comments out of Hong Kong-based money manager Puru Saxena. Dourekas writes:
"Regarding rumored gold market manipulation by the major banking powers, Saxena has some suspicions and would not be surprised if some paper selling was occurring to keep the gold price down.
"'The central and private banks make their money by promoting the fiat money system. If the price of gold suddenly jumps fivefold, that is a red flag that there is something seriously wrong with the system,' he said. 'It would not be surprising for me to hear that they are suppressing the price of gold. We had the biggest financial crisis in decades and rather than increasing in value, the price of gold actually fell.'
"Saxena said he has been following the work of GATA for a long time and 'they make a reasonable case for that, but my argument is: What market is not manipulated? Everything is manipulated,' he added."
We can't help but wish that Saxena would tell it to the staff of the Securities and Exchange Commission when they come out from "Behind the Green Door," or to the Commodity Futures Trading Commission as the CFTC's supposed investigation of the gold and silver futures markets nears its third year, or to London "physical" gold market apologist Jeff Christian of CPM Group, or even to Kitco's own senior analyst, Jon Nadler.
If someone will provide Saxena's postal address, we'll try to ship him his own tinfoil hat.
The Kitco News interview with Saxena is headlined "Gold Most Likely to Double: Puru Saxena" (wouldn't that ruin the careers of a few analysts?) and can be found at Kitco here:CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.