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Tuesday, July 10, 2012

Modern Banking gets an 'F' for FRAUD - fraud as far as the eye can see!

Gold may have been manipulated like the London interbank rate or Libor over a long time frame, Ned Naylor-Leyland, investment director at Cheviot, told CNBC. The scandal surrounding the fixing of the Libor has opened markets up to “more scrutiny and more investigation,” Naylor-Leyland said.
He expects to see revelations over the next few months that the price of gold [XAU=  1569.26    1.57  (+0.1%)  ] was also manipulated because "gold and silver reflect the true value of money the same way interest rates do." "It is effectively an intervention in two ways; one would be the fact that for central banks, gold and silver going up doesn't make their currency look any good, and secondly a number of the big commercial banks have very large short positions which they like to manage and make easy money from," he said.

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