As price of gold falls, conspiracy theories rise up

OSM04-MARKETS-PRECIOUS

Pity the poor gold bugs. After a terrific decade-long run up the mountain, their favourite metal has slid into a deep crevasse, all while they wait patiently for their most fervently held beliefs to come true.

Sadly, the U.S. dollar is showing no signs of collapsing, the euro is still with us and deflation remains a bigger concern than inflation in most key economies, despite the most aggressive global monetary easing in history. Not even heightened geopolitical risks thanks, to the Kim family kleptocracy, could prevent a dramatic decline that culminated Monday in the biggest one-day fall for gold in 30 years.

And when it comes to falling gold prices, conspiracy theories can’t be far behind. The current list includes Cyprus’s plan to sell off some $500-million worth of gold from its reserves – the largest bullion sale in the euro zone in four years – to meet its soaring obligations, which would quickly be followed by similar gold sales from much bigger stashes held by Italy, Portugal and other deficit-ridden members of the euro zone.

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Live 24 hours gold chart [Kitco Inc.]

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One thought on “As price of gold falls, conspiracy theories rise up

  1. Pingback: todays’s news headlines | count down to zero-time

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