Today, gold fell by 25% of the total it fell by during the last 12 months. A quarter of an annual fall in one day of that which had occurred in the previous 365.

I ask only that you think about this sensibly: when things out there look uncertain, gold remains the safe haven of choice. But we are being asked to believe that with (a) the Greeks telling the Troika to stuff their austerity programme (b) China in its sharpest slowdown this century (c) the US Fed still tightening money supply and (d) Italy showing more europhobic signs as it tumbles inexorably towards bankruptcy, investors are turning away from gold because – somehow – it doesn’t feel right any more.

Bollocks. They are staying out of gold because it is palpably obvious that the market is rigged.

Over the last ten days, gold has found new norm levels at $1240, then at $1230, and now at $1220.

What we’re looking at here is is deliberate price destruction…or more precisely, the creation of uncertainty about whether gold is “a good bet” or not. The plan is to drive every conservative investor out of the sector – thus leaving the field free for Central Banks to pounce when the moment is right.

Then and only then will we see the cap taken off gold…and its meteoric ascent given free rein to make the banks’ balance sheets once more respectable. And if this strategy isn’t fully realised….well, then under the Basel IV rules, gold’s notional value for banks will be redefined upwards.

Yes citizens of the World, it’s a sort of level but vaguely undulating playing field that may be tectonically tilted at any time, without prior notice. Please read the half-point flyshit at the bottom of your contract.