Why theorize and philosophize about gold when the facts are available?


1:31p ET Monday, August 12, 2013

Dear Friend of GATA and Gold:

Writing today for Casey Research's International Man letter, Jeff Thomas gets all theoretical and philosophical about the possibility of manipulation of the gold market, concluding -- without, of course, citing any particular evidence -- that manipulation probably happens but only in an incidental way and only by happenstance when a couple of people with similar interests get together privately to advance their interests against the interests of others:


Maybe Thomas' commentary can be regarded as a small step by Casey Research away from its general position that complaints about gold market manipulation are nonsense, much like the step taken the other day by 321Gold's Bob Moriarty, who, after years of disparaging complaints of gold market manipulation, wrote that all markets are manipulated and investors should just get over any resentment of manipulation of the gold market in particular:


But gold market manipulation long has been far more than theoretical. It is hardly mysterious at all. While this manipulation is likely to fail eventually from exposure and publicity, it is far better organized than Thomas suggests. It is not mere happenstance; it is longstanding policy, easily confirmed.

... Dispatch continues below ...


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For example, the Washington Agreement on Gold demonstrated the most extensive and careful and largely surreptitious collaboration of Western European central banks in the gold market:


The secret staff report of the International Monetary Fund in March 1999 showed Western central banks consulting privately about their gold swaps and leases and insisting that they be kept secret because disclosure would impair surreptitious intervention by central banks in the gold and currency markets:


A Federal Reserve Board document ordered disclosed to GATA in 2011 by the U.S. District Court for the District of Columbia contained the minutes of the secret April 1997 meeting of the G-10 Gold and Foreign Exchange Committee, where central bank and treasury officials formally discussed coordinating their gold policies:


The Fed purports not to have any other records of G-10 Gold and Foreign Exchange Committee meetings. But has the committee really gone out of business, or just out of sight?

Of course the Bank for International Settlements, the central bank of the central banks, trades gold, gold futures, and gold options on behalf of its clients around the clock, by its own admission to control the gold market especially:


One can go on and on with the documentation of the most intimate central bank coordination in the gold market. There is much more in GATA's archive here:


All this stuff long has been delivered to Casey Research -- some of it has even been delivered by hand to the organization's founder, Doug Casey.

So why the mere theorizing and philosophizing from Casey Research? How about a little ... well, research?

The gold market sure doesn't need any more conspiracy theorists, philosophers, and pontificators. It needs publicity for the facts, and analysts willing to look at them.

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

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