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The Gold Conspiracy

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QUESTION: Mr. Armstrong; your position is that the metals are not suppress by manipulation. There have been 3 major investigations into silver market manipulation of which each concluded there was no manipulation because COMEX silver was not out of line with the “Silver Fix”. Some say that this was a fake investigation and with the London fixings regarded as rigged then they lose their criteria to argue silver is not manipulated. Would you care to explain?

ANSWER: The test is by no means with the London fix. There are short-term manipulations in and out and they have ALWAYS been on the upside. There is no profit in suppressing the metals. The metals dealers want bull markets the same as stock brokers for then they do a lot more business. Look at the metals promoters. They always say buy – never sell. Most have some interest in the metals business no different than a stock brokers during the Great Depression who advised buy dips and average in.


These conspiracy theories are generated by people who have no historical understanding of market movements and only look at the entire world through the biased eyes of metals. Here is an old chart of the Dow Jones Industrials. You could make the same argument that it was suppressed in some sort of conspiracy until the start of this 51.6 Yer Private Wave in 1985. The Dow rallied to test 1000 four times and crashed back down. Who was the sinister group who conspired to prevent the stock market from exploding then?

DJIA Earn-Book 1937-1982

I was blamed for creating the Takeover Boom of the 1980s because I advised many of the takeover players. I showed these charts at numerous conferences back then and argued the Dow would move into a Phase Transition rising from 1,000 to 6,000 in just a few years. After 51.6 years of a Public Wave, people believed in government and not the private sector. Bonds and Pensions were the future. Stocks were for speculators. The book value of the Dow fell to its lowest point in 1977.

I argued you could buy a company, sell its assets, and more than double your money. That meant there was NO WAY the market was overpriced. This is simply what happens in ALL markets. It does not take some dark force to prevent markets from rising under some theory of fair value.

You do not need sinister groups to suppress markets. Markets do it all by themselves. When people turn and finally notice a market that is undervalued, it bursts into a Phase Transition. This nonsense that ONLY the metals are suppressed is absurd. It is not true and they are nothing but EXCUSES coming from people who are not unbiased analysts. I am sorry – it is pure bullshit. Oh they will say I am evil, dangerous, or whatever, because they have no concrete proof of anything for what they base their ideas upon are this idea of fair value.


I had tapes on EVERY market manipulation which were seized by the court to protect the banks. There were routine market manipulations of everything, but never some perpetual conspiracy to suppress the metals. Salomon Brothers got caught manipulating the US Treasury auctions in 1991. There was the LIBOR scandal. There was nothing they would not manipulate for a quick buck and move on to the next. There was ZERO profit in suppressing the metals perpetually. The whole argument is generated simply by people who do not understand how markets function.

The Dow was suppressed for 51.6 years by the people whose CONFIDENCE resided with government. That is starting to flip now. We will enter a Phase Transition only when people begin to realize government is in trouble.


This nonsense will turn off more people and harm the metals because people do not want to be associated with goldbugs who now the MAJORITY see as people with tinfoil hats who project silver and gold at $100.000 and ounce yet everything else remains the same. That is just totally nuts. It seems the more they are wrong, the higher the targets become. This is just not rational. Why advise people to buy something that they say is manipulated and cannot rise because of such a conspiracy? It makes no sense.

When we say “buy”, our clients know it is an unbiased forecast without the tinfoil. There are people who enjoy being victims. It is very strange. It is not about making money, It is about punishing others because they themselves do not understand life. No worries. Government, like all lifeforms, eventually die. To survive, you have to understand the game. Better to see reality that live in a dream world waiting for something that takes decades.