Today the gold price and the US Dollar rose. This is very unusual because normally when the US dollar rises the gold price falls.
Bill Murphy from lemetropolecafe.com suggests this is a strong indication that the gold cartel (Western Central Banks), which Murphy and Gata.org says have been manipulating the gold price for years, are finally running out of physical gold in order to control the gold price.
Murphy suggests that the gold holdings of western central banks has been used to provide very low cost finance that has fueled the huge gains in the US stock market. You can read numerous essays on the rigging of the gold price at gata.org
Bill Murphy points out that while the gold price is breaking out, the gold shares have been totally disconnected with the gold price. Infact as soon as gold opened higher today the gold shares began to sell off. The higher the gold price went the more the gold shares were sold off.
Murphy suggests that the gold cartel may be moving their manipulation efforts from selling physical gold when the gold price rises to selling gold shares which are more easily bought with US Dollars which can be created, unlike physical gold.
Howevever, Murphy points out that instead of the gold price collapsing as the Gold Cartel might have liked it to do, the gold price gradually worked its way right back up and closed on its high of the day made early in the session, even as the dollar stayed firm.
At the close the gold price in euros was 337. We have now watched the Euro gold price break out and then accelerate to the upside.
The euro gold price breaking out has not gone unnoticed.