You made a typo wyckoff trading method forex converter the request, e. Please contact your webmaster if you are not sure what goes wrong. Featuring views and opinions written by market professionals, not staff journalists. A new phrase has been added to our lexicon of late, and that is what has become known as “fake news.
Rather than admitting that it was not able to foresee a standard market correction — which I warned about before it happened — it has been focusing on that big bad scapegoat named “manipulation. And, it takes bits and pieces of what people say in order to “prove” its point. But, when one delves into its supposed proofs a little more deeply, you realize that they are nothing more than quotes taken out of context. This is common wholesale market dishonesty which I abhor.
And, unfortunately, many have been foolish enough to follow them off the cliff. Well, of course, it is easier to blame someone else for losses other than yourself, and no one does it better than GATA. Its most recent out-of-context “proof” was taken out of a speech made by Oleg V. Mozhaiskov, the Deputy Chairman of the Bank of Russia. In fact, GATA now proudly puts forth Mr. Mozhaiskov’s speech in support of its manipulation theories.
This dualism in gold price formation distinguishes it from other commodities and makes the movements in the price sometimes so enigmatic that market analysts need to invent fantastic intrigues to explain price dynamics. Many have heard of the group of economists who came together in the society known as the Gold Anti-Trust Action Committee and started a number of lawsuits against the U. I prefer not to comment on this information but dare assume that the specific facts included in the lawsuits might have given ground to suspicion that the real forces acting on the gold market are far from those of classic textbooks that explain to students how prices are born in a free market. Mozhaiskov’s labeling GATA’s perspective as a “fantastic invention,” it still proudly cites this speech in support of its perspective. Again, GATA is not in the business of truth, but in the business of finding the bits and pieces of what people say to support its “fantastic invention” of a perspective.
You see, the most important sentence in Mr. Now the time has come to admit that investment demand was, and still is, the main driving force behind price fluctuations on the gold market. It will continue to further its “fantastic invention” regarding market manipulation by doing what it has always done – ignore what it doesn’t want to read, and then take the rest out of context. And, this is not the first time, nor will it be the last.
A commenter to that article argued that even Alan Greenspan, in his testimony before the Committee on Banking and Financial Services in 1998, noted that there was clear manipulation by the Fed in the gold market. In fact, he took this information from a GATA paper written on this matter. Sounds like he found the smoking gun, right? Not really, if you read everything he actually said.
You see, these manipulation theorists quote only the sections of a proposition they feel supports their theory, while they ignore everything else said by that person. They simply take these quotes out of context in order to provide their own context and spin to the quotes. In our example of this supposed quote by Greenspan proving manipulation, if one were to actually read the entire paragraph cited by the manipulation theorists, you would realize that Mr. Greenspan was not claiming that the Fed was actually leasing gold to manipulate the price.