Capital Gold Group CEO Agrees That Gold is Manipulated - But Still Worth Holding
Published In: Business, California, China 
Friday, May 1, 2009 8:13 AM
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LOS ANGELES, May 1 /PRNewswire/ -- Jonathan Rose, CEO of Capital Gold Group, Inc., a premier provider of gold and other precious metals assets, stated today that he believes gold prices are manipulated, citing possible official and unofficial suppression of gold prices.

In discussing the wide body of evidence supporting his opinion, Mr. Rose specifically cited gold's competition with Wall Street and commercial banks for investment dollars and savings.

"Gold acts as a burglar alarm. It sounds off loudly when politicians are spending more than they take in. As the dollar continues to shrink, people start reconsidering holding dollars in the bank. So it is definitely in the best interests of the banking and political establishment to keep a lid on the price of gold," he said today.

"They make gold savers out to be the lunatic fringe and refer to them as 'gold bugs', a disparaging term, characterizing them as people acting in desperation. Well, today those 'gold bugs' would have to include the China Central Bank, Warren Buffett, and some of the United States' largest hedge funds."

Recent reports confirm that the China Central Bank has been secretly stockpiling gold since 2003, and now holds over 1,054 tons. Warren Buffett's Berkshire Hathaway purchased the two largest gold manufacturing companies in the U.S. in 2007.

Mr. Rose went on to explain that, "Central banks hold gold in their vaults and use it to settle final accounts. Why? Because they know that paper money is easy to print from nothing and therefore can easily be devalued."

So why would people move into a market that seems to be clearly manipulated? "Because they would prefer to hold real wealth over paper wealth," according to Mr. Rose, "and because the power of the establishment to mold people's opinions about gold and manipulate the market itself is weakening."

"People today are becoming their own 'central bank', backing up their own dollars. They are waking up to the fraudulent nature of our fiat currency, and the unstable nature of holding unsound dollars in unsound banks," he said.

Jonathan Rose, CEO of Capital Gold Group, is a recognized commentator for worldwide gold markets, including the United States, Europe, China, India, Hong Kong, and Singapore. Capital Gold Group, Inc. has main offices in Los Angeles.

Websites:
www.safeasgold.com
www.safeasgold.us
www.IRAgold.com
www.goldIRA.com


SOURCE Capital Gold Group, Inc.


 
Friday, May 1, 2009 8:13 AM

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