The new confession accords perfectly with all the previous central bank claims that they are indeed intent on suppressing gold markets whenever they see fit:
1. BIS official William S. White in a speech to central bankers and friends at a BIS conference in Basel, Switzerland, in June 2005 stated that among the five objectives of central bank cooperation, was "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful."
2. The Reserve Bank of Australia 2003 Annual Report statement that gold reserves are “held primarily for intervention in foreign exchange markets"
3. Fed Chairman Alan Greenspan’s comment before a Senate committee on July 30, 1998; "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise."
4. EX Fed Chairman Paul Volcker writing of the events of February 12, 1973: "That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake."
A budding John Nadler or Jeffrey Christian need go no further to see the perfect example of intervention, executed with precision swiss timing than Sept 6th 2011. Five minutes before devaluing the Franc, gold succumed to a perfectly executed reverse thrust dropping $50 in a flash. Gold manipulation by central banks?
