Worth a read: Comment from Fred Hayek on tfmetalsreport

It’s amazing sometimes how everyone can know something and then some time passes and if you say what everyone once knew you’re regarded as a crank.

You say that the U.S. government manipulates the price of gold?  What are you, a conspiracy theorist?!

Well, from page 86 of Dimitri Speck’s book The Gold Cartel, there’s this eye popping quote that was once common place knowledge about efforts to stem spiralling inflation in 1979:

As Time magazine explains:

Volcker . . . drafts plans for what could be the second massive dollar-rescue program the US has had t o mount in eleven months.  Among the steps under discussion:  LARGER GOLD SALES.  The 750,000 oz. of Fort Knox bullion the US now sells monthly might be doubled, in hopes that this might drive prices down.

Please read that a second time and note that the capitalization is in the original, not added by me for emphasis.  (Incidentally, 750,000 ounces is 25.7 tons . . . a month)It’s from a Time freaking magazine issue dated 15 October 1979. 

So, here you are in 2014 trying to get your family and friends to listen to you that gold and silver markets are rigged and they won’t go for it.  What’s with that conspiracy stuff?!

But back in 1979 people waiting in doctors’ offices and dentists’ office were yawning as they read about how the Fed was selling 750,000 ounces of gold from Fort Knox into the market every month to try to halt the rise of gold prices.

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