You make the errant assumption that the gold price is determined in a free market. It has been several years that this was true.

Thanks Cory & Ivan.

Perceptions versus reality is a time-honoured aberration to afflict the human condition. Charles Mackay’s classic ‘Extraordinary Popular Delusion and the Madness of Crowds (and now available as a free Kindle download) is a tome that one can dip into whenever one needs reminding of the fact.

Whether it’s the guile of one man as in the case of John Law and the Mississippi Scheme, or the masses who swarmed to buy tulips in seventeenth century Holland or the OP (‘Old prices’) debacle of Covent Garden in the early nineteenth century the delusions and lies are legion. Contemporary Ponzis are all part of this unending succession.

They say a good illusionist has to half believe the lies himself to carry on. Nor can Bernanke or Greenspan before him be entirely blamed given that they needs the unthinking masses to blindly endorse their ‘credibility’.

What of course goes without saying is that the delusions always get exposed in the end. The immense con now being played by the Fed will end just the same way as you rightly say, with history surely recording QE etc, as being easily on a par with the insanity of the tulip mania.

CFG, no one assumed that gold price is determined in a free market. Actually, quite the opposite. Manipulation has taken over. I would love for Ivan on the next show to talk more about what we should look forward to in Canada, given that mining is such a big part of our economy. Should we be investing?