Bill Murphy on gold manipulation

Bill Murphy on gold manipulation

Bill Murphy, one of the founders of the GATA (Gold Anti-Trust Action Committee), spoke in an interview with CNBC about the manipulation of gold by central banks. These days the Gold Rush 2011 conference organized by GATA is taking place in London.

Bill Murphy told CNBC that “soon we will see between $ 3,000 and $ 5,000 per ounce of gold as central and precious metal banks will run out of gold and will not be able to meet growing demand. 6 years ago we predicted a course of this kind of event, when gold was worth another $ 436 an ounce. “

GATA enjoys broad support among traders and investors in gold. Murphy and GATA believe the gold market is being manipulated by precious metal banks and central banks such as the Fed and the Bank of England, as well as the International Monetary Fund (IMF). But not everyone shares their point of view.

“The notion that central banks can actually control the prices of certain assets, including gold, is unfounded,” said Jens Larsen, head of the European branch of RBC Capital Markets, which has worked as at the Bank of England and the IMF. “The price of gold is the price of a solid asset hard to influence.”

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