Antal Fekete mistakes GATA's objectives for a trading strategy

Section:

10:37p ET Sunday, April 20, 2014

Dear Friend of GATA and Gold:

The economist Antal Fekete has written what he means as a reply to GATA Chairman Bill Murphy's March 23 interview with The Daily Bell complaining about manipulation of the gold market --

http://thedailybell.com/exclusive-interviews/35139/Anthony-Wile-Bill-Mur...

-- but it's not really a reply at all.

Fekete's commentary is headlined "Thank Heaven for Gold Manipulators" because he argues that manipulation of the gold market is an opportunity for traders to make money by selling call and put options on gold. But while the people in GATA would like to make money as much as anyone else, Fekete mistakes making money as GATA's objective.

Rather, GATA's objectives are, first, free and transparent markets in the monetary metals and all the markets influenced by the monetary metals, and, second, limited and accountable government.

GATA has never denied that traders may be able to make money gaming market manipulation by central banks. Indeed, lately it seems that most of the money being made in all markets is largely a matter of anticipating central bank interventions. That's the end of free markets and the end of free markets is the end of human progress and democracy.

Fekete's commentary is posted at The Daily Bell here:

http://www.thedailybell.com/editorials/35217/Antal-Fekete-Thank-Heaven-f...

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



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