Why Did the Bank of International Settlements Just Slam the Gold Price Down with a $590m Sale?

• Why did the Bank of International Settlements just slam the gold price down with a $590m sale?
  by Peter Cooper, http://www.goldseek.com/  
  The manipulation of the gold price by global central banks was particularly blatant on Friday when the Bank of International Settlements orchestrated a $590 million sell order to put prices into reverse again, as brilliantly captured by the ZeroHedge website (click here).
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  It’s no secret that global central banks are keeping the lid on interest rates to try to stimulate an economic recovery, though they are proving far more effective at the former rather than the latter. But not so many people appreciate that in order to achieve this they also have to artificially manipulate gold prices down.
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  Inexact science
  Obviously this does not always work out. From 2001 to 2011 gold prices shot up from $250 to $1,923 an ounce despite the best efforts of the manipulators to suppress them. But they will always do this if they can see the opportunity to lower inflationary expectations. Silver gets the same rough treatment.
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  However, on Friday we heard some nonsense about employment claims meaning that interest rates were likely to rise and that was supposedly bad for gold and brought the price down. Rubbish! Just remember that ’somebody’ pulled the strings behind the scene to make this happen and $590 million worth of gold is a huge amount to drop on the market!
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  It’s also a bargain for the Chinese or whoever decides to pick up gold on a day when the BIS dirty tricks department is busy fixing the market. The more difficult thing to predict is when the central banks might lose control of gold prices again.
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  read more.

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