Wittingly or unwittingly, that assertion by Mr. Christopher vindicates the contention that gold and silver have been manipulated as part of…
Gold and silver futures have been used for decades to control the price of gold and silver. In fact, declassified letters (which can be found in the GATA archive) that bounced between Henry Kissinger and his advisors in the early 1970’s discuss the need for a market mechanism to help control the price of gold. Gold futures did not exist until 1974, three years after Nixon closed the gold window, shortly after which the Fed began to print money. The price of gold had more than quintupled between 1971 and 1974.
Fast forward to present times. A former CFTC Chairman, Christopher Giancarlo, was interviewed by CoinDesk a year ago. In that interview, he likely inadvertently admitted in reference to the creation of Bitcoin futures that futures contracts can be used to manipulate markets for the purpose of implementing and achieving official Government policies:
“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.” (CoinDesk)
Wittingly or unwittingly, that assertion by Mr. Christopher vindicates the contention – led by GATA starting in over 20 years ago and backed by reams of evidence – that gold and silver have been manipulated as part of official Government and Central Bank policy implementation to support fiat currencies and the dollar’s role as the reserve currency.
As an aside, I find it curious that Mr. Christopher states that the Government specifically identified Bitcoin as a bubble that needed to be deflated. Ever since the dot.com bubble of the late 1990’s, every Federal Reserve Chairman and FOMC member, starting with Alan Greenspan, as been adamant that investment bubbles are impossible to identify until AFTER they’ve popped. Yet, here is a former high level Government regulatory official explicitly stating that Bitcoin was not only identified as a bubble but that it needed to be deflated.