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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Phil Jones who wrote (35739)	6/23/1999 2:18:00 PM
From: baystock	Respond to of 116789

I don't know if there was gold manipulation by LTCM. But there certainly is manipulation by the Federal Reserve and it is all legal. Since the dollar was decoupled from gold we've had an era of managed currencies. I don't think anyone can make the case that we've had a free market in currencies. The U.S. and Japan intervene anytime they want to manange the $/yen exchange rate. Gold is just another foreign reserve currency from the FED point of view and it is within the FED's mandate to manage this $/gold exchange rate as they see fit. And GATA can't change a thing there. The FED also manipulates interest rates and the Goldman Sachs of the world make a ton of money there just as they do in the gold market, taking advantage of their insider knowledge of these manipulations. I don't think GATA has any basis for singling out gold manipulation only. If they want to stop gold manipulation by central banks they also need to address other forms of manipulation that they engage in like interest rates and exchange rates. But this has almost zero chance of success since this challenges the whole existing framework of the Federal Reserve and the other central banks.