Pinto
I really think that you should calm down (and maybe turn off the internet for a while)!
The market is being pushed around by big traders, because that is what big traders do!
“And how the hell can authorities allow it?”
In the US, the Congress has spent the last twenty years loosening controls because Americans believe that government should stay out of the market. Personally I think they overdid it and in general Dodd-Frank is positive for long term stability in the markets and the banking system.
“Isn't it pretty obvious that the 'price' is about bits of paper - no relationship to the real thing at all?”
I have been watching the relationship between the Futures and physical market looking for evidence of disruption in delivery in the wholesale market. There isn’t any. That is best demonstrated by a comparison between the Comex April contract at spot gold, which are locked together at the hip!
This has been going on for years and shows no sign of “ending up in a mess”.
I know that you want to the price of gold to go up and you are frustrated when it gets slammed. The problem with taking solace in conspiracy theories is that they offer no constructive response. You can only bark at the moon.
You have two options. Weather it the storm or cut your position. Moaning about “manipulation” and predicting imminent systemic collapse doesn’t achieve anything.
Good luck
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