Proof-positive of gold market manipulation
Chris Powell Secretary/Treasurer - GATA
Echoing the work of GATA's late board member Adrian Douglas from 2010, market analyst and fund manager Dave Kranzler of Investment Research Dynamics in Denver today published a chart showing that gold almost always rises when the Asian physical markets are open and falls when the London and New York paper markets are open.
Douglas' study of the dichotomy is posted at GATA's Internet site here:
Kranzler's chart and commentary, headlined "Proof That Gold Is Manipulated Using Paper Gold," is posted at the Investment Research Dynamics Internet site here:
It's so easy to spot, even a caveman using a crayon and a ruler etching lines on graphs and making crystal ball readings could see it (source: Nick Laird via Ed Steer's Gold and Silver Daily, edits in color are mine):
This graph shows the average intra-day price movements of gold over a 5-yr period. As you can see, on average over 5 years, during the time of day when the Asian physical delivery markets are open, the price of gold has positive returns. During the time period when the London/US fractional-hypothecated fiat paper gold markets are open and Asia is closed, the price of gold declines.The red circles show the downward spike that occurs going into the London a.m. AND p.m. price "fixings." The green circle shows the price adjustment that occurs after NY is closed for the evening and the night time Globex session commences. This is clearly buyer demand jumping in to buy gold that was artificially taken down in price during London and NY trading hours.
People, this is a 5yr daily data series. It would be hard to create a data pool with better statistical correlation characteristics using a 99% confidence interval . It shows the behavior, on average of the price of gold over the last five years on a daily basis. There can be no mistake that the price of gold trades at a higher price level during the Asian trading hours than it does during the London/NY trading hours. Even more significantly, there can be no argument that the price of gold is manipulated lower going into the "benchmark" price setting London price "fix" operations. The price is fixed alright - it's fixed lower. This is evidence that would make the OJ Simpson defense team blush.
Comment: As Kranzler points out, 5 years of daily statistical data cannot lie. Adrian Douglas' analysis showed that if you simply traded your paper gold daily between NY/London and Asian markets, you would have compounded your investment at a massive rate.
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