National Geographic has really gone downhill. This ‘documentary’ is like a collection goofy quotes from gold bugs.

“Gold is the largest commodity market on the planet earth, they make billions of dollars in a single day by manipulating the market.”

This statement is wrong twice and it’s the second statement in the documentary:

  1. Average daily volume at the London Bullion Market Association is around $14 billion and total assets in the GLD ETF are $32 billion. To make ‘billions‘ a day you would have to absolutely crush the market
  2. The “largest commodity market on the planet earth” is surely oil. Production is around 85 million barrels per day, worth about $8 billion, never mind the back-and-forth in the market.

Here’s more on the wonk in the documentary.