No, Gold Market Manipulation Didn’t End in 2008

by Chris Powell GATA.org

Dear Friend of GATA and Gold:

Gold advocate John Rubino writes this month that the gold market used to be manipulated by Wall Street traders “spoofing” the futures market, by commercial fabricators trying to trick hedge funds and other speculators in the futures market, and by Western central banks lending gold to bullion banks so they would sell it into the market to depress the price and thereby defend government currencies against competition from the monetary metal.

Only the latter manipulation has long-term impact, Rubino writes, and it ended in 2008 when other central banks turned from net sellers of gold to net buyers. If there is any manipulation left in the gold market, Rubino contends, it is now manipulation up:

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