by David Kranzler
Investment Research Dynamics
Gold and silver futures have been used for decades to control the price of gold and silver. In fact, declassified letters )which can be found in the GATA archive) that bounced between Henry Kissinger and his advisors in the early 1970’s discuss the need for a market mechanism to help control the price of gold. Gold futures did not exist until 1974, three years after Nixon closed the gold window, shortly after which the Fed began to print money. The price of gold had more than quintupled between 1971 and 1974.
Fast forward to present times. A former CFTC Chairman, Christopher Giancarlo, was interviewed by CoinDesk a year ago. In that interview, he likely inadvertently admitted in reference to the creation of Bitcoin futures that futures contracts can be used to manipulate markets for the purpose of implementing and achieving official Government policies: