Thanks for the summary of the hearings. I didn't see them but will surely catch the relevant clips on youtube soon.

I tend to be agnostic about attempts to end the manipulation. Although I admire GATA and Ted Bulter, I firmly believe that in the long run the market always wins out, whether or not anyone uncovers any manipulation or does anything about it. This will happen when enough participants physically take enough physical metal into posession.

Although it's frustrating to watch in the short run, I know several people who are in the process of accumulating as much physical metal as possible and plan to do so over the next few years. For example, every month, my father takes his $1,400 social security check and buys physical gold. For him, this short-term manipulation is a pure blessing. In the long run, Austrian economics teaches us that when artificial price controls are put into place, the result is that when the market wins out prices always go higher than they would have otherwise. The coiled spring is not just a nice mental image, it is the price response to increased demand during a temporary depressed price response.

We gold holders will be rewarded in the end, the only question in my mind is when.

Hysteria