Happy Anniversary!!!
Posted: Fri Jan 03, 2025 6:40 amDec. 31, 2024 was the 50th anniversary of Ford's executive order that made gold legal in the U.S. again.
https://www.zerohedge.com/markets/happy ... lized-gold
why does this sound familiar?
Futures Market Intended to Increase Volatility, Reduce Demand
Various forms of market manipulation and price suppression have been ongoing since gold futures trading opened on the COMEX in New York and four other US-based commodity exchanges on December 31, 1974, which coincided with Ford’s executive order rescinding the ban on private gold ownership.
A telegram sent to the US Secretary of State from the US Embassy in London, England, on December 10, 1974, revealed the importance of gold sales and futures trading. In the telegram—presumably written by the embassy’s Deputy Chief Ronald Speirs—London gold dealers are described as praising the announced sale of 2 million ounces of US gold and predicting deregulation of—and volatility in—the futures market would reduce demand for physical metal.
“Each of the dealers expressed the belief that the futures market would be of significant proportion and physical trading would be miniscule by comparison,” reads the cable released by WikiLeaks.
“Also expressed was the expectation that large volume futures dealing would create a highly volatile market. In turn, the volatile price movements would diminish the initial demand for physical holdings and most likely negate long-term hoarding by U.S. citizens.”
https://www.zerohedge.com/markets/happy ... lized-gold
why does this sound familiar?
Futures Market Intended to Increase Volatility, Reduce Demand
Various forms of market manipulation and price suppression have been ongoing since gold futures trading opened on the COMEX in New York and four other US-based commodity exchanges on December 31, 1974, which coincided with Ford’s executive order rescinding the ban on private gold ownership.
A telegram sent to the US Secretary of State from the US Embassy in London, England, on December 10, 1974, revealed the importance of gold sales and futures trading. In the telegram—presumably written by the embassy’s Deputy Chief Ronald Speirs—London gold dealers are described as praising the announced sale of 2 million ounces of US gold and predicting deregulation of—and volatility in—the futures market would reduce demand for physical metal.
“Each of the dealers expressed the belief that the futures market would be of significant proportion and physical trading would be miniscule by comparison,” reads the cable released by WikiLeaks.
“Also expressed was the expectation that large volume futures dealing would create a highly volatile market. In turn, the volatile price movements would diminish the initial demand for physical holdings and most likely negate long-term hoarding by U.S. citizens.”