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:
- 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
- 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.