Market manipulation bears full responsibility.
It's getting hammered. In August 2011, it rose above $1,900 an ounce. It was an all-time high. At midday April 15, it was $1,364. It's a 28%+ decline.
Silver's also hit hard. In 2011, it exceeded $48 an ounce. It plunged to its midday April 15 $23.45 level. It's more than a 50% decline.
What's next for both metals remains to be seen. Volatility characterizes them. Major factors drive them.
Gold is a global thermometer. It reflects monetary, geopolitical and economic conditions. It's driven by supply and demand considerations.
It's the longstanding hedge against uncertainty. It's bought to do so against inflation, the declining value of fiat money, and disturbing global geopolitical conditions.
It has real value. It's the ultimate safe haven. It's been so for thousands of years. It's track record is unmatched. Views differ on what's happening now.
Wall Street manipulates all markets. Pumping and dumping reaps enormous profits. Bankers and insiders win. Ordinary investors lose out.
Market-rigging mechanisms are longstanding. On March 18, 1989, Ronald Reagan's Executive Order 12631 created the Working Group on Financial Markets (WGFM). It's called the Plunge Protection Team (PPT).
Its officials or designees include:
- the President;
- the Treasury Secretary as chairman;
- the Fed chairman;
- the SEC chairman; and
- the Commodity Futures Trading Commission chairman.