Turd Ferguson didn't need GATA to see gold and silver market manipulationSubmitted by cpowell on Sat, 2011-11-12 17:12. Section: Daily Dispatches
12:21p ET Saturday, November 12, 2011
Dear Friend of GATA and Gold (and Silver):
Chris Martenson this week did a wonderful interview with metals market analyst Turd Ferguson, who explained that while he is aware of and respects GATA's work, he concluded from his own trading experience that the precious metals markets are manipulated by bullion banks at the instigation of the U.S. government to protect the dollar's standing as the world reserve currency.
Ferguson tells Martenson: "I haven't really ever met Bill Murphy of GATA. We talked once on one of my podcasts. And I've not really read a lot of his work, or Chris Powell's work. It's not like I read that stuff and a light went off, and I said, 'Aha, yeah, these guys.' I respect what they do, but it's not like I'm just simply parroting what they've said. I've come to all these conclusions myself just in years of following gold and silver. What my experience has been just jibes what their experience is and their data show. And so to me it's a quite clear case of what takes place."
Ferguson brilliantly refutes observations that gold and silver market manipulation must be failing because prices have been rising for years. As GATA itself often notes, Ferguson says the manipulation has been very successful in keeping the rise "in check." The manipulation, he says, is "probably part of the reason why it has been such a consistent trend higher -- every year almost. It's not like it's 50 percent or 25 percent and it's 50 percent one year and zero the next. It's just pretty consistently 20 or 25 percent a year. And it's because of that presence of what we call the cartel, the bullion bank cartel, or, on my Internet site, we refer to them as the 'evil empire.' It is their suppressive tactics that keep the price in check. We can hope that one day they will exit the market and leave gold and silver free to trade and find a true valuation, but unfortunately that isn't coming any time soon."
Ferguson goes on to explain to Martenson how he aims to trade the manipulation of the precious metals markets.
A summary and audio recording of the interview can be found at Martenson's Internet site here:
The full transscript of the interview is posted at Martenson's Internet site here:
Gold Anti-Trust Action Committee Inc.