Central Banks Caught In
Gold Squeeze, May Crush Dollar
Rense.com | October 31, 2006
By David Bradshaw
The founder the Gold Anti-Trust Action Committee says the U.S. government's so-called "Plunge Protection Team" is helping prop up the U.S. economy, dollar and stock market until Election Day.
Then, says Bill Murphy, "all hell could break loose" as the government's "strong-dollar policy" completely breaks down and is exposed as nothing more than a "keep-gold-weak policy."
For the last seven years, Murphy says, GATA has pounded the table, insisting to the world the gold market is manipulated, but government leaders, the banking establishment and their captive financial press have refused to debate the issue, dismissing it as "conspiratorial" nonsense.
But Murphy contends "GATA has proof on the public record that central bank gold reserves on deposit are only half of the 32,000 tons they officially claim to hold and are now starting to hit the wall as gold prices keep rising."
Murphy sees a "convergence" coming in the gold market between the rising physical demand for gold and shrinking mining output and supply with the gold price "management" by central banks caught in the squeeze.
The Wall Street Journal reports, "Treasury Secretary Henry Paulson, a Wall Street veteran has reinvigorated the President's 'Working Group on Financial Markets' (PPT), which includes heads of the Fed, SEC and Commodity Futures Trading Commission."
Gold prices could double to $1,200 per ounce in the short term
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