Nick Barisheff: Fed and Treasury likely arranged gold smashdown


10:03a ET Saturday, November 16, 2013

Dear Friend of GATA and Gold:

With a study presented to the Toronto Scholars Conference of the new Ludwig von Mises Institute of Canada on November 1 and 2, Bullion Management Group CEO Nick Barisheff has more than earned his tin-foil hat, acknowledging that a primary objective of the U.S. Federal Reserve is to suppress the gold price.

Among Barisheff's observations:

"Western central bankers have been involved in the practice of leasing, and the even more opaque practice of swapping, their gold holdings for decades. Whatever gold is held in the vaults at the Federal Reserve Bank of New York and even in Fort Knox almost certainly, through hypothecation and re-hypothecation, has several claims to ownership."

"This year the New York Fed told Germany's Bundesbank that it must wait seven years to repatriate just 300 tonnes of gold held in U.S. vaults. I believe this, and Holland's second-largest bank, ABN Amro's, default on its gold redemptions were two of the main events that necessitated the Fed-orchestrated gold takedown this year. The Fed has either compromised Germany's gold through leasing or swapping or simply doesn't have it. There is no other logical explanation."

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"Chinese officials have admitted they have a goal of 10,000 tonnes of gold, and 2013's Fed-orchestrated takedown of gold has enabled them to make significant strides toward meeting this goal. Some Asian fund managers have suggested China may have already accumulated up to half of this amount. China is extremely secretive about its official gold holdings; it has been known to use the country's opaque sovereign wealth funds to amass gold holdings, which are then moved to official holdings and announced at China's discretion. China has nothing to gain from divulging its official holdings, and everything to gain from lower gold prices. We can add the migration of gold from West to East to the long list of so-called Fed accomplishments, as history will surely do."

"The gold price takedown was a paper takedown, likely orchestrated by the Federal Reserve and the Treasury, through their bullion banks and, possibly, through the off-budget Exchange Stabilization Fund. If it were a true correction, one based on weakening fundamentals, the physical market would not have been on fire, as we see by Eastern physical buying."

Barisheff's study is valuable for acknowledging not just the government policy of gold price suppression but also the inherently corrupt nature of modern central banking -- corruption that, Barisheff doesn't quite make clear, arises in large part from the secrecy being imposed on public policy. Barisheff's study is titled "The Federal Reserve's Centennial Birthday -- The Hundred Years' War Against Gold and Common Sense" and it's posted at Bullion Management Group's Internet site here:

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

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