Fund manager Vogelzang on CNBC: Gold market rigging 'wouldn't surprise me a bit'

4:23p ET Wednesday, June 26, 2013

Dear Friend of GATA and Gold:

Gold market manipulation got a minute of credibility this afternoon on CNBC's "Hard Money" program with the comments of Boston Advisors CEO Michael J. Vogelzang, who said:

"The big elephant in the room is the central governments that own gold, and they can jerk this thing around any way they want. So is it beyond reason to think that they are manipulating the price of gold to keep people in the equity markets? Wouldn't surprise me a bit. ...

"Why would it surprise you that they manipulate the price of gold when they clearly manipulate the price of the bond market every day, right? It doesn't take a huge leap of logic to say that.

"Again, I'm not a conspiracy theorist, I'm not a gold bug, and I don't have any particular dog in this fight here. The point is that they are the largest owners of gold on the planet collectively, and if they decide that they want the price of gold to go down because it's gotten too expensive, for whatever reason -- they want to chase people into equity markets as they have been doing with fixed income -- they can. It's not that complicated."