On the heels of a serious takedown in the metals, a former associate of George Soros told King World News that the Fed was responsible for the gold and silver smash.
Victor Sperandeo manages over $3 billion, has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Below is what Sperandeo had to say.
Eric King: “Victor, in the aftermath of what transpired, what is your view of what has unfolded today?”
Victor Sperandeo: “This smash in the gold price was different than the one in 2013. It wasn’t just gold today — this was across the board…
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Victor Sperandeo continues: “Today was a result of pure propaganda from FOMC members. The FOMC cockroaches came out and spoke about raising rates. I call them the cockroaches because they run away if there is bad press about what they’ve said or done.
Fed Propaganda Used To Push Markets Around
Today we saw the bonds trade down 1.5 points, gold and silver were crushed, all the currencies were down, and the only thing that seemed to trade higher was the dollar. So the dollar was screaming higher because of these two cockroaches from the FOMC saying that the Fed should raise rates. Of course the meeting that they would even consider raising rates is in December. So today was all about propaganda and the psychological impact it had on key markets. (Laughter).