Gold Is 'Managed' by Wall Street and The Fed - Frank Giustra

KITCO NEWS - Canadian mining maverick and entrepreneur, Frank Giustra does not mince words. While the mining mogul and philanthropist is involved in a vast array of projects ranging from an olive oil venture in Italy to Thunderbird, the film production company behind the upcoming Blade Runner sequel, it is truly when his first love - gold - is brought up that he gets passionate. This January, marked a return to the resource sector for Giustra, who took a hiatus during the commodities downturn. His latest undertaking is Leagold Mining Corp., a mid-tier gold producer based in Mexico, which bought the Los Filos mine from Goldcorp Inc. for US$350 million. 'Wall Street has done a good job of talking down gold and labeling it a barbaric relic,' he said during his interview with Kitco News. And while Giustra stops short of using the word 'manipulated' in conjunction with gold, he does not shy away from using the word 'managed.' 'I think gold is managed by policymakers that need to keep confidence in a system when the system starts to go sideways,' he explained.

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This article is commentary by an independent contributor.