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Jean Marie Eveillard continues:


“For all I know that may be the case today (that central banks are intervening in the gold market).  Whether the fact that it’s the last day of the month is important or not, I leave that to traders to explain, if there is even an explanation there. 


I understand this morning that Mr. Bernanke said something to the effect that he didn’t see the point to having additional stimulus right now, although if necessary he would provide it....


Continue reading the KWN Jean-Marie Eveillard interview below...  




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“Investors have to remember that in only a couple of months the price of gold, up until yesterday, had recovered from $1,525 to $1,785, which is not peanuts.  Today we are just giving up a portion of that move.


But from someone who has a long-term outlook like myself, it used to be the Federal Reserve and the Bank of England that were printing money like there was no tomorrow.  Then the ECB did.  Now the Swiss National Bank is doing it too and indeed the Bank of Japan gives the impression they are joining the party as well.


Maybe the Japanese don’t like being alone in not joining the others, particularly since their economy has been flat on its back for almost twenty years.  They had also been complaining bitterly that the yen had been too strong. 


The other day somebody pointed out, and I have not checked the numbers, but somebody stated that over the past three to five years, the top five central banks in the world have increased their balance sheets by 70% of all of the gold mined over the past 3,000 years. 


To me if it’s true, and it doesn’t matter whether it’s three years or five years, it’s mind boggling.  To me it indicates central banks have been truly desperate over the past three to five years.  


They (central banks), of course, have been trying to offset the leveraging of the government debt.  They have been trying to stabilize matters because of the tremendous decline in the private sector.  They have been trying to avoid a return to the Great Depression.


But as the Austrians (Economists) like to say, ‘If you were stupid enough to let a credit boom go on too long, then once the credit cycle turns, which it did in 2007 and 2008, you have to be careful not to try to patch things up in the short-term.  Stabilizing the short-term causes tremendous danger to the medium and long-term.’ 


So with all of this as the backdrop, I wouldn’t worry too much about what happened today with gold and silver.”


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Eric King

KingWorldNews.com

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