Dan Norcini told King World News:
“Remember, the bullion banks were big sellers up at the highs.... That’s where they (commercials) do their selling is at the upper end of the range in order to cap the price rise.
"Once the momentum slows down as a result of the capping efforts, then the bullion banks can just sit back and let the hedge funds do the selling for them and come in and begin to cover their shorts. That’s how the manipulation works and that’s how they make their money.
"It’s corrupt. It’s hopelessly corrupt because you have the central banks interfering with the natural process of a market. The markets are all about price discovery. When the central banks look at market action and look at price action and they are not happy with the direction certain markets are headed, they deliberately interfere to alter or change the course of those markets. Of course that’s corrupt.
"When you look at a day like today we have the S&P, gold and crude oil all trading down almost exactly the same in percentage terms. These markets are trading lower by 1.85%, 1.88%, 1.85% respectively. What this tells you just from looking at those numbers is this is algorithm selling. Nothing sells that precisely unless it’s being run by computers. So you have a massive amount of selling coming in due to hedge fund algorithms kicking into sell mode.