blog.milesfranklin.com / Andrew Hoffman / September 11th, 2014
Lately it feels like “goldbugs” have been forced to endure the trials of a job. Trust me, no one understands this better than myself, having taken my first job in the mining industry in April 2007, the exact month the TSX-Venture index peaked; and joining Miles Franklin in October 2011, one month after “dollar-priced gold” peaked. I can go on and on about TPTB’s “point of no return” decision in September 2011, when they realized the only way to avoid instantaneous, systemic implosion was unprecedented exponentially increasing market manipulation. Or April 2013, when despite TPTB’s best efforts in the prior two years, gold and silver were on the verge of breaking out anew – prompting the “closed door” meeting between Obama and the top TBTF bank CEO’s preceding the following day’s historic PM raids. Irrespective of your chosen “starting point,” the fact remains that the suppression of gold and silver prices commenced in the late 1990s, when the Robert Rubin-led Treasury embraced then Deputy Treasury Secretary Larry Summers’ “Gibson’s Paradox and the Gold Standard” article of 1988, suggesting that if gold prices were kept low, interest rates could be too. And this, just three decades following the collapse of the most infamous overt gold suppression scheme ever – the U.S.-led “London Gold Pool.”
Today, the need to suppress interest rates – and thus, precious metals – has never been higher, as since the gold standard was abandoned in 1971, and particularly since the financial systembroke in 2008, global debt accumulation has surged parabolically. Consequently, both the frequency and intensity of PM attacks has grown exponentially, to the point that it is become a 24/7 operation. Clearly, TPTB are just as aware of the “danger” of freely-traded PMs today as in the 1960s “Great Society” years, the 1970s oil embargo nightmare and the 9/11 aftermath. Only far more so, as the combination of collapsing global economies, exploding debt and burgeoning social unrest have put the very existence of their fraudulent currencies at risk. And thus, relentless blatant “waterfall” paper raids on the fraudulent LBMA and COMEX futures exchanges – as we witnessed morning – have become as commonplace as massive inventory draining physical purchases in the East. Not to mention, the PPT’s stock market supporting “dead ringer” algorithms as we saw in their full glory yesterday, as they relentlessly support the “key round number” of Dow 17,000.