As many investors have noted today, gold was hit hard after news from the Head of the ECB came out that they were lowering borrowing rates for the Euro. Logically, this should have caused gold to spike upward, which brings in to question why it performed opposite its market nature.
Now we know. News has surfaced that immediately after the ECB announcment, several central banks dumped gold on the markets, thus manipulating the price downward to protect the dollar and Euro.
It is one thing for conspiracy websites to indicate that the Fed or the global central bank cartel are doing everything in their power to manipulate the price of gold lower. It is something different when the 'reputable', Deutsche Boerse owned Market News does just that.
- MARKET SOURCES REPORT BIS, BOE & FEDERAL RESERVE WERE SELLING GOLD AFTER IT POPPED TO SESSION HIGH AT GMT 1335 -MNI NEWS via BLOOMBERG
Let us remember just how bad and how desperate the central banks are regarding the currency debt crisis. If the MF Global scandal should teach us anything, those who print money will stop and nothing to keep the public in the dark, and the value of gold down to deny the worthlessness of the Euro and the Dollar.