By John Embry
Now that physical shortages of gold and silver are more pronounced, the theatre of the absurd continues to play out, as the paper price of both metals plunge.
The sharp drop in price should come as no surprise to anyone who is aware of what is really occurring in gold and silver.
Put simply, the entire fiat money system is in crisis - perhaps a terminal one - judging from the calls for a new Bretton Woods agreement by European leaders.
As a result, the powers that be in the US appear to be prepared to do virtually anything to obscure this reality from an increasingly terrified populace - one that’s now seeing its savings destroyed by the carnage in real estate.
In the eyes of the authorities, gold and silver must not be seen as attractive alternatives to financial assets; thus, the prices of both metals are crushed.
As I have said many times, it’s actually very easy to manipulate gold and silver prices in the paper market because the bad guys (i.e. the anti-gold cartel) have a lot more muscle than their adversaries.