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54anickel Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-25-04 02:57 PM
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62. In search of a golden fleece /

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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  -STOCK MARKET WATCH, Wednesday 25 August ozymandius  Aug-25-04 06:16 AM   #0 
  - WrapUp: "LIES, DAMN LIES, AND THE LYING FOOLS WHO TELL THEM!"  ozymandius   Aug-25-04 06:26 AM   #1 
  - Two Great Depressions - One Lifetime - by Robert B. Gordon, Sc. D.  ozymandius   Aug-25-04 06:34 AM   #2 
  - Hmmmm, perhaps I should rethink that degree and start plowing the  54anickel   Aug-25-04 02:34 PM   #58 
  - Good morning Marketeers.  ozymandius   Aug-25-04 07:00 AM   #3 
  - Thanks Ozy! I didn't mean to hi-jack the thread with my ranting and  54anickel   Aug-25-04 07:53 AM   #4 
  - On the topic of "untruths", here's one from HHS  54anickel   Aug-25-04 08:07 AM   #5 
  - daily dollar watch  UpInArms   Aug-25-04 08:13 AM   #6 
  - Hmmm, Forex gang questioning the Fed BS?  54anickel   Aug-25-04 09:10 AM   #21 
  - Hey, where's the dollar goin' today anyway? The chart for today is  54anickel   Aug-25-04 09:38 AM   #29 
  - Greenspan says housing data clouded  UpInArms   Aug-25-04 08:16 AM   #7 
  - Pretty much in line with his testimony regarding bubbles isn't it? Nope,  54anickel   Aug-25-04 10:06 AM   #31 
  - "Luxury Home Builder" Toll Brothers Profits Soars 56 Percent.  KoKo01   Aug-25-04 11:03 AM   #37 
  - Aetna Confirms Layoff Plans  UpInArms   Aug-25-04 08:21 AM   #8 
  - Hedge funds don't need more regulation-Greenspan  UpInArms   Aug-25-04 08:24 AM   #9 
  - Ha-ha, poor Greenspin has bastardized the role of the central bank  54anickel   Aug-25-04 08:38 AM   #13 
     - did you notice where this decision was made?  UpInArms   Aug-25-04 08:45 AM   #15 
        - Why yes it IS! And do you happen to know the year in which that  54anickel   Aug-25-04 08:56 AM   #18 
           - here's the text from the original Executive Order #12631  UpInArms   Aug-25-04 09:14 AM   #23 
              - So in layman's terms what they basically decided was  54anickel   Aug-25-04 09:56 AM   #30 
  - UK news: End of 'cheap energy era' as gas prices increase 12%  UpInArms   Aug-25-04 08:26 AM   #10 
  - Citigroup nabs big Texas bank  UpInArms   Aug-25-04 08:29 AM   #11 
  - more info on "The Adam Corporation" aka TAC  UpInArms   Aug-25-04 08:43 AM   #14 
  - here's where Adam got the banks  UpInArms   Aug-25-04 08:51 AM   #17 
  - "A relatively small deal for Citigroup"  54anickel   Aug-25-04 09:04 AM   #19 
  - pre-opening blather  UpInArms   Aug-25-04 08:31 AM   #12 
  - "Bullish, but becoming overbought". Seems to be the mantra each  54anickel   Aug-25-04 08:48 AM   #16 
  - Toll Brothers profit jumps 56 percent  UpInArms   Aug-25-04 09:06 AM   #20 
  - Bank of America Exec to Get ($20.7 million) Severance Pay  UpInArms   Aug-25-04 09:10 AM   #22 
  - $20.700 Million Severance Pay? Oh Yeah....How many employees who  KoKo01   Aug-25-04 11:25 AM   #42 
  - Is that the splash of a rat abandoning ship? WTF, they'll pay his Fed tax  54anickel   Aug-25-04 12:56 PM   #49 
  - 10:15 EST numbers and blather  UpInArms   Aug-25-04 09:17 AM   #24 
  - Inflation beast is loose again  54anickel   Aug-25-04 09:18 AM   #25 
  - new home sales report  UpInArms   Aug-25-04 09:22 AM   #26 
  - Crude Oil Rebounds as U.S. Inventories Expected to Decline  54anickel   Aug-25-04 09:23 AM   #27 
  - Oil Isn't Only Constraint on the Economy  54anickel   Aug-25-04 09:29 AM   #28 
  - "A Primer on Government Economic Reports -- Things You've Probably  54anickel   Aug-25-04 10:20 AM   #32 
  - Kuwait Minister: Oil Price Being Driven Up (by speculators)  54anickel   Aug-25-04 10:27 AM   #33 
  - Skilled Labor in High Demand  54anickel   Aug-25-04 10:47 AM   #34 
  - Pensions may need a taxpayer bailout  54anickel   Aug-25-04 10:50 AM   #35 
  - Pension crisis grows as businesses weigh defaulting on plans  54anickel   Aug-25-04 11:00 AM   #36 
  - Sorry, Cato....No can do....we Americans have too much debt and we  KoKo01   Aug-25-04 11:18 AM   #40 
  - If we had a REAL free press...  loudsue   Aug-25-04 01:41 PM   #52 
     - Bwahahaha, Excellent point Loudsue!!! I'll admit I certainly overlooked  54anickel   Aug-25-04 01:51 PM   #53 
  - US consumer shows signs of flagging  54anickel   Aug-25-04 11:07 AM   #38 
  - 12:07 check out that vertical line right at the lunch hour  54anickel   Aug-25-04 11:10 AM   #39 
  - Dearth of new wells drilled could keep oil prices high  54anickel   Aug-25-04 11:22 AM   #41 
  - 1:09 EST numbers and blather (WHEE!)  UpInArms   Aug-25-04 12:11 PM   #43 
  - Yen intervention hasn't hampered Fed--Greenspan  UpInArms   Aug-25-04 12:38 PM   #44 
  - You dare to question! The great, magnificient wizard of Oz has SPOKEN!  54anickel   Aug-25-04 12:49 PM   #47 
  - Fed will be flexible, oil hits growth, Guynn says  UpInArms   Aug-25-04 12:40 PM   #45 
  - 1:31 EST numbers and (must read to believe) blather  UpInArms   Aug-25-04 12:43 PM   #46 
  - Maybe the blather authors read DU and have decided that  54anickel   Aug-25-04 12:51 PM   #48 
     - or maybe they've been struck dumb and what they see..  KoKo01   Aug-25-04 02:42 PM   #61 
  - Sleeping with The Debt - Mogambo  54anickel   Aug-25-04 01:25 PM   #50 
  - 2:25 Pump it up baby!!!! (outdated blather)  54anickel   Aug-25-04 01:27 PM   #51 
  - Gold Rises in New York on Terrorism Concerns After 2 Russian Planes Crash  54anickel   Aug-25-04 01:56 PM   #54 
  - Screaming from my soap box! (Generation gap?)  54anickel   Aug-25-04 02:13 PM   #55 
  - I don't know about this rant. I don't think it's a generational problem,  KoKo01   Aug-25-04 02:35 PM   #59 
     - Yes, I suppose it is more of a policy than generational issue, perhaps  54anickel   Aug-25-04 03:08 PM   #63 
        - It's "ugly and sad" ...agree. But not all the boomers were "flower  KoKo01   Aug-25-04 09:10 PM   #73 
  - 3:13 update. Any last hour surprises today?  54anickel   Aug-25-04 02:17 PM   #56 
  - U.S. Treasuries firmer, but auction disappoints  54anickel   Aug-25-04 02:20 PM   #57 
  - hmmm...."indirect bidders and customers of primary dealers...and....  KoKo01   Aug-25-04 02:38 PM   #60 
  - In search of a golden fleece  54anickel   Aug-25-04 02:57 PM   #62 
  - Closing numbers - a "Fantabulous rally"  54anickel   Aug-25-04 03:19 PM   #64 
  - A final splash of closing blather  54anickel   Aug-25-04 06:05 PM   #65 
  - Cartoon  KoKo01   Aug-25-04 06:13 PM   #66 
  - Here's a cartoon...  KoKo01   Aug-25-04 06:16 PM   #67 
     - Whaddaya up to there KoKo?  54anickel   Aug-25-04 06:53 PM   #68 
        - Sorry...after five test....for "tests" of Microsoft against "Netscape."  KoKo01   Aug-25-04 07:03 PM   #69 
           - Hi KoKo!  UpInArms   Aug-25-04 07:07 PM   #70 
           - Ahh, you always make me smile KoKo. No problem, sorry to have  54anickel   Aug-25-04 07:18 PM   #71 
              - ROFL...fugedaboutit? (did I get that right?) whatever..thanks to you  KoKo01   Aug-25-04 08:22 PM   #72 

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