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Chapman then discusses how the COMEX is manipulated. “In the COMEX you can sell gold that you don’t have (by shorting). Or you can also buy derivatives – betting that gold will go down,” Bob explains, “that forces the derivative writer to go into the market and sell. As long as they don’t go naked. Now some of them go naked – what percentage? It’s hard to say. Because there is no regulation, it’s an opaque market, and nobody knows what is going on behind the scenes. ”

SOURCE: http://www.goldbullioninsider.com/0811/how-gold-price-rigged.php

Note that the person who said that thinks speculators affiliated with the government manipulate the price of gold, deliberately short selling gold knowing they don’t have anything to back up their sell.