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Reply #62: In search of a golden fleece [View All]

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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-25-04 03:57 PM
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62. In search of a golden fleece
http://www.theglobeandmail.com/servlet/story/RTGAM.2004... /

There are plenty of conspiracy theories out there, from the Kennedy fetishists with their homemade copies of the Zapruder film to the Area 51 geeks with their tales of alien technology kept under wraps by NASA. In the financial arena, the most popular by far is the idea that central banks, the International Monetary Fund, bullion banks and even the Federal Reserve Board are in cahoots to suppress the price of gold.

But is this just a wacky theory promoted by gold bugs and Internet kooks with too much time on their hands, or is there more to it than that? Sprott Securities market strategist John Embry believes the latter that despite the loony-sounding ideas of some conspiracy advocates, there is a core of truth to their claims that gold is being "managed" by central banks and other financial institutions. He laid out those arguments in a recent 66-page research report.

In effect, Mr. Embry says that while he doesn't like the term "conspiracy," he believes there is some evidence that various central banks, including the U.S. Federal Reserve, have acted in concert with the International Monetary Fund and others even the U.S. government itself to keep the price of gold depressed. This, Mr. Embry says, has taken advantage of "unsuspecting investors labouring under the illusion that gold is indeed a free market."

This is not the first time Mr. Embry has sided with those who believe the bullion market is being manipulated by powerful forces. Two years ago he wrote a similar report in his capacity as a fund manager at Royal Bank of Canada. The bank seemed to take a dim view of Mr. Embry's thoughts on the subject, however, since the head of Royal Bank's investment management arm made it known that Mr. Embry's report was written for internal use and thus "in no way reflects the views of Royal Bank."

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