In other words, he plans to keep printing money for as long as he can get away with it. And that makes the value of the “money metals” – gold and silver – climb in value.
So Ben speaks and metals rise. That’s been the consistent trend for years.
This past February 29th Ben Bernanke was set to speak before Congress.
Gold was sitting at $1,792 and working its way up to $1,800. That’s a level gold has reached only a few times before and never before August of 2011.
So if trends continued, gold was set to explode through that $1,800 psychological level.
And then it came…
…just one minute into Ben Bernanke’s remarks a mysterious and gigantic sell order came in: 15,000 gold contracts. That’s 1.5 million ounces of gold – a HUGE sell order almost never seen on the markets.
Immediately gold and silver started to dive. It took just 2 minutes for gold to fall from $1,767 to $1,727.
Overall Gold dipped down $100 from the previous overnight high. And silver came down $4.
It was the exact opposite of what should have happened. So the question has to be asked…
…it seems like an obvious attempt to keep gold prices down. But why?
Because the price of gold reveals that the emperor wears no clothes. Gold soars when a currency fails – and it seems some very powerful people want to see gold stay put. Even if only for a little while.
It wouldn’t be the first time JP Morgan has worked in cahoots with the government. And I don’t just mean the company, I mean JP Morgan the man.
In 1895 Morgan helped the US government BUY 3.5 million ounces of gold to save the Treasury.
In 1907, Morgan spent millions propping up failing stocks on Wall Street to ward off a financial crisis. This intervention in the markets led to the creation of the Federal Reserve in 1913.
And now less than 100 years later, JP Morgan the company is still working hand in hand with the government.