On CNBC Asia, GATA secretary may note that they CAN and DO print 'gold'


6:13a HKT Wednesday, March 12, 2013

Dear Friend of GATA and Gold:

Your secretary/treasurer is scheduled to be interviewed on by Bernie Lo on the "Squawk Box Asia" program on CNBC Asia at about 7:40 Thursday morning Hong Kong time. If circumstances allow your secretary/treasurer will try to rebut the enduring cliche about gold, articulated again all over the Internet this week by market analyst and investment adviser Przemyslaw Radomski --





-- that "central bankers can print all the fiat currency they like but they can't manufacture gold. Its supply is more or less fixed."

Of course the primary mechanism for unfixing the gold supply over the last 40 years or so indeed has been a form of central bank-sponsored alchemy, the creation of "paper gold," the vast expansion of the Western fractional-reserve gold banking system. GATA has documented this over and over again, most recently with its disclosure of the secret March 1999 report by the staff of the International Monetary Fund, which affirmed that Western central banks conceal their gold swaps and leases precisely to facilitate their surreptitious interventions in the currency markets:


This explains the steady disparagement about gold in recent years -- that even with its great increase in price gold has not kept pace with inflation over the last several decades, the decades of "paper gold" and the expansion of fractional-reserve gold banking.

Any market analyst, financial journalist, or -- like the people in GATA -- mere citizen can prove this simply by interrogating central banks, as GATA has done, about their participation in the gold market, by asking for an accounting not just of their gold sales, which are sometimes made public, but also of their swaps and leases and their sale and purchase of gold futures contracts and options, often conducted through the Bank for International Settlements in Basel, Switzerland, which advertises its secret gold market intervention services to potential BIS members:


When cental bank responses and specifics are not forthcoming, conclusions may be drawn -- such as the enormous but secret naked short position in the gold futures markets -- and acted upon by those who realize the distinction between paper and metal in possession and the distinction between democracy and secret government by central banks.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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