As the saying goes, "even paranoids have enemies." Regardless of whether the bizarre bear market in gold prices that began in 2011 was manipulated, it now seems undisputed that, once the momentum and "algo" traders twigged to it, it became the safest short of the decade.
Whether you favored pair trades (e.g., long the dollar, short gold) or simply outright naked shorts, gold was the place to be. The more you used the trade, the better it worked. No one really cared why or how. Taking gold to the woodshed for a sound beating had mysteriously became the most reliable.
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