Gold Being Manipulated like LIBOR, According to Profit Confidential, a Leading Financial Newsletter

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Michael Lombardi, lead contributor to Profit Confidential, asserts that following the London InterBank Offered Rate (LIBOR) scandal, proves there is corruption by the big banks. Lombardi thinks that if big banks and central banks are manipulating interest rates and mortgage rates (and thus the stock market), then they are certainly keeping a close watch on the one currency that trades opposite of all fiat currencies—gold.

Gold Being Manipulated like LIBOR, According to Profit Confidential, a Leading Financial Newsletter

Gold Being Manipulated like LIBOR, According to Profit Confidential, a Leading Financial Newsletter

“The next scandal, I believe, will be about gold bullion being manipulated,” says Lombardi.

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Michael Lombardi, lead contributor to Profit Confidential, asserts that following the London InterBank Offered Rate (LIBOR) scandal, proves there is corruption by the big banks. Lombardi thinks that if big banks and central banks are manipulating interest rates and mortgage rates (and thus the stock market), then they are certainly keeping a close watch on the one currency that trades opposite of all fiat currencies—gold.

“The next scandal, I believe, will be about gold bullion being manipulated,” says Lombardi.

In the article “What the LIBOR Scandal Means for Gold,” Lombardi notes the importance of LIBOR.

“LIBOR is the basis on which 10 currencies are set, including many interest rates, thus affecting mortgage rates,” says Lombardi.

The obvious problem with this process, according to Lombardi, is that the big banks are setting the interest rates and not the market.

“The second problem is that nothing prevents the big banks from submitting interest rates that conform to the interest rate or mortgage rates they want,” says Lombardi.

He notes that obviously the big banks are now under the microscope, as this story has just begun to unfold. What is fascinating to Lombardi is that the central banks of the world are speculated to have been complicit in this whole affair.

“Sure, central banks throughout the world are manipulating interest rates and mortgage rates in the hopes of stimulating economic growth,” says Lombardi. “The Federal Reserve itself said that one of the accomplishments of its QE programs was achieved: it helped the stock market move higher.”

Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it “begged” its readers to get out of the housing market... before it plunged.

Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.

To see the full article and to learn more about Profit Confidential, visit http://www.profitconfidential.com.

Profit Confidential is Lombardi Publishing Corporation’s free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com.

Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi’s current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit http://www.profitconfidential.com/critical-warning-number-six.

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