Grant Williams: Today's gold suppression will break just as London Gold Pool did


12:02a ET Thursday, December 5, 2013

Dear Friend of GATA and Gold:

December's "Things That Make You Go Hmmm. ..." letter by Grant Williams of Vulpes Investment Management in Singapore compares the current mechanisms used by central banks and bullion banks to suppress the gold price with the mechanisms used by the London Gold Pool of the 1960s, which, Williams observed, worked fine every day for a long time until suddenly it didn't.

Williams draws heavily on the long Bloomberg News report from a week ago that raised suspicion about the daily gold price "fixing" undertaken by bullion banks in London, a report called to your attention by GATA:

Williams writes: "The last time an effort was made to manipulate the price of gold lower than the market wanted it to be, it ended in a quick 25 percent spike in the price, followed over the next decade by the manifestation of those market forces in no uncertain terms and ending in a blow-off top some 2,332 percent higher than the price at which gold had been held for two decades.

"If anything were to come of the supposed investigation into the gold price fixing and if charges were filed similar to those laid at the feet of the banks that admitted no fault in the Libor rigging, it would start a mad dash by owners of physical gold to take custody of their assets. The problem with that eventuality is that currently there are almost 70 claims on every ounce of gold in the Comex warehouse and serious doubts about the physical metal available for delivery at the London Bullion Market Association. ...

"Gold is moving to ever-stronger hands, and when the dam does inevitably break again, the true price will be discovered by natural market forces, free of interference."

May we all live so long, and, in the meantime, may we all do what we can to break the dam.

The section of Williams' letter about gold market manipulation is titled "Twisted (By the Pool)" and the whole letter is posted in PDF format at the Mauldin Economics Internet site here:

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


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