After Gold Crash, Experts Point to Central Bank Manipulation

More admission from monetary authorities that they manipulate (down) the price of gold.  One just has to know where to look.


https://www.thenewamerican.com/economy/markets/item/15116-after-gold-crash-experts-point-to-central-bank-manipulation

“Central banks stand ready to lease gold in increasing quantities, should the price of gold rise,” then-Fed boss Alan Greenspan told the House Banking Committee in 1998. In other words, if gold prices go up, the central bank will make sure they come back down. The Fed has publicly admitted as much.

Even before Greenspan’s infamous admission, a “confidential” Fed document dated April 5, 1961, available in the Federal Reserve Bank of St. Louis’ archives, revealed the central bank’s hand in the metals market. “Monetary authorities in the United States ... have maintained the stability (and primacy) of the dollar in the international currency structure by standing ready to buy gold from, and sell it to, foreign monetary authorities who either need or acquire dollars for exchange purposes,” reads the paper, entitled “U.S. Foreign Exchange Operations: Needs and Methods.” The minutes from Fed “Open Market Committee” meetings showed the central bankers jubilantly admitting that even mentioning a possible gold sale would drive the price down. The Fed, of course, also admits that it is a privately owned institution.

The Federal Reserve Is A Saboteur - And The "Experts" Are Oblivious

http://alt-market.com/articles/3221-the-federal-reserve-is-a-saboteur-and-the-qexpertsq-are-oblivious

Why the experts missed the crash

http://longnow.org/seminars/02007/jan/26/why-foxes-are-better-forecasters-than-hedgehogs/

Why are so many experts so wrong, yet people keep listening to them? Who really is worth listening to about the future? The author of Expert Political Judgement builds on Isaah Berlin's characterization of judgment modes into Hedgehogs (who know one big thing) and Foxes (who know many things). Hedgehogs don't notice and don't care when they're wrong; that's why they're so compelling. Foxes learn.

http://money.cnn.com/2009/02/17/pf/experts_Tetlock.moneymag/index.htm

I agree with Tetlock, but he completely misses the mark when he says Lawrence Summers has good predictive ability.  Summers was instrumental in levering up the US banking system under Clinton, which subsequently crashed a decade later.  On the other hand, Summers resigned from Obama's cabinet last year, a possible precursor to another financial crisis.