The Gold Anti-Trust Action Committee out with an insightful piece on the modern day reverse alchemists (taking gold, converting it to diluted crap). Probably a must read for everyone who feels there is always something off with the gold market. Quoting author Adrian Douglas:

In the Middle Ages alchemists toiled in vain to transmute lead into gold. One wonders why they used such an expensive starting material, such as lead, when modern alchemists in the gold world have succeeded in transmuting paper into gold. This article reveals the anatomy of a scam that has been perpetrated on investors and goes a long way to explain and tie together developments in the precious metals markets in recent years.