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Originally posted by Gools
I thik there are two factors are behind this.
1) Record personal debt levels... people who need the cash don't mind selling now.
2) The price of gold is rumoured to be rigged at an artificially low price and considering current economic reality it seems poised to go through the roof.
The basis of the conspiracy theory is that huge amounts of gold have been sold and borrowed on the carry trade, and that the central banks have realised a little late that their economists might be wrong. As, like the Yen before, the gold price rises, a whole raft of LTCM types will fall out of the derivatives markets, unable to return the gold they have borrowed because they can't afford to buy it back at these rising prices. The resulting default could bring down the international financial system, so the world's financial institutions have conspired to hold down the price of gold.
The conspiracy theorists are gold 'bugs'. Their core belief is that gold is the king of monetary assets. Their additional belief is that institutions like the Fed, the IMF, the BIS, the Exchange Stabilisation Fund, the Bundesbank, the European Central Bank, the National Bank of Switzerland, and the Bank of England are conspiring to hold down the price of gold in order to prevent the circumstances where constituents of the international financial scene - particularly the customers of JP Morgan Chase, Goldman Sachs, Deutsche Bank and Credit Suisse - implode under losses arising from 8,000 to 20,000 tonnes of gold carry trades. Were such an implosion to start it is clear the gold price would go into the stratosphere.
Originally posted by Amethyst
Not sure if this belongs under Web-Related Conspiracies or not....
At any rate, I saw this commercial where this company buys your gold, and people on it were bragging how they got $1000, etc.
I think I'm smelling a rat here. Wouldn't one want to hang on to one's gold? Why the sudden interest on the part of someone to buy it up?