What does it take to get gold 'experts' to look at the proof?


1:32p ET Thursday, May 9, 2013

Dear Friend of GATA and Gold:

In a market letter for his subscribers that has been republished by Casey Research, financial writer Chris Martenson reviews evidence recently reported by Sprott Asset Management that the U.S. government may have secretly leased 4,500 tonnes of gold.

Martenson is inclined to think that there is something to it, and if there is, he writes, then "the gold slam begins to smell like an operation designed to shake as much gold as possible out of weak hands so that the bullion banks can begin to recover it to square up their accounts. GLD, the gold exchange-traded fund that so many small investors participate in, is one large, obvious target, as it was sitting on 1,350 tonnes as of January 2013. The most recent figure I have shows that GLD has coughed up close to 175 tonnes and will certainly lose more in the coming days, as long as the price of gold is held down or even dropped further."

... Dispatch continues below ...


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But the preface to Martenson's commentary, written by Dan Steinhart, managing editor of The Casey Report, seems oblivious to the extensive documentation confirming gold market manipulation and published by GATA.

Steinhart writes: "The non-manipulation crowd responds that if something fishy is going on, someone should have squawked by now. Doug Casey himself has made this argument, noting that three people can keep a secret as long as two are dead. Wall Street is the world's biggest rumor mill, so it's hard to fathom that the Fed or Treasury could collude with one or several banks to suppress the price of gold while keeping their diabolical plot completely silent for decades on end."

Except that participants in the gold price suppression scheme have not been silent at all. Confessions or imcriminating statements have been made by, among others, four Federal Reserve chairmen -- William McChesney Martin, Arthur Burns, Paul Volcker, and Alan Greenspan --


-- and a chairman of the Netherlands central bank who was also president of the Bank for International Settlements, Jelle Zijlstra:


Steinhart continues: "Take, for example, claims that the Fed has leased out much of the U.S. gold into the market in an attempt to suppress the price. I doubt that the manipulators are dumb enough to record such actions in a memo. ..."

But there are at least four memos bearing heavily on this point.

The first is the statement of Fed Governor Kevin M. Warsh in 2009 during GATA's freedom-of-information litigation against the Fed seeking access to its gold records. Warsh disclosed that the Fed has secret gold swap arrangements with foreign banks:


The second is the confidential March 1999 report of the International Monetary Fund confirming that Western central banks conceal their gold swaps and leases to facilitate surreptitious intervention in the currency markets:


The third is a U.S. diplomatic cable from 1974, three years after gold was fully demonetized officially, reporting that in regard to gold Western European central banks were contemplating creation of "some kind of an intermediary through which market interventions might be channeled -- possibly in the form of a buffer stock":


And fourth is the Bank for International Settlements' actual advertisement of its services rigging the gold market for its central bank members:


Steinhart writes: "Skeptics want a smoking gun, but such a burden of proof seems unattainable." In fact, smoking guns litter GATA's documentation archive here:


Unfortunately it seems to be the mark of most gold market analysts and experts never to look for what they simply assume doesn't exist, even as the proof of gold market manipulation can be found all over government archives and has been conveniently compiled in one place by GATA.

What will it take to get gold market analysts and experts to look at it and evaluate it? It would be a relief even if they denounced it all as forgery, for at least then they might have looked at it. But it seems that the supposed analysts and experts fear to engage the manipulation issue seriously at all, lest it cause trouble for their business.

After all, many of them purport to be technical analysts, and market manipulation makes technical analysis worthless. No one can want to discover that his career has been a hallucination and that he has been analyzing mere holograms. But does preserving the fiction of one's career justify misleading people so profoundly?

Martenson's commentary is headlined "Official Gold Numbers Don't Add Up" and along with Steinhart's terribly misleading preface it's posted at the Casey Research Internet site here:


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

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