Is gold 'shrugging off Armageddon' or just being shrugged off?

Section:

5:33p ET Wednesday, July 1, 2015

Dear Friend of GATA and Gold:

Your secretary/treasurer today sent the e-mail below to Bloomberg View columnist Barry Ritholtz in response to his commentary posted today, "Gold Shrugs Off Armageddon," which can be found here:

http://www.bloombergview.com/articles/2015-07-01/gold-shrugs-off-armaged...

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

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Wednesday, July 1, 2015

Dear Mr. Ritholtz:

Your commentary today, "Gold Shrugs Off Armageddon" --

http://www.bloombergview.com/articles/2015-07-01/gold-shrugs-off-armaged...

-- invites people to e-mail you "explaining how wrong and stupid I am." Instead, may I write you to ask that in future commentary you address a few specific questions of fact and that you review and respond to some documentation about the gold market?

Particularly:

-- Was the Banque de France's director of market operations, Alexandre Gautier, telling the truth when he told the London Bullion Market Association meeting in Rome in September 2013 that the bank is secretly trading gold for its own account and the accounts of other central banks "nearly on a daily basis"? (See: http://www.gata.org/node/13373.)

... Dispatch continues below ...



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-- Is the Bank for International Settlements telling the truth when it maintains in its annual report that it does the same sort of secret trading on behalf of its member central banks, trading not only gold itself but also gold futures, options, and other derivatives? (See: http://www.gata.org/node/12717.)

-- Is the BIS sincere when it advertises that it undertakes secret interventions in the gold market for its members? (See http://www.gata.org/node/11012.)

-- Was CME Group, which operates the major futures exchanges in the United States, telling the truth last year when it told the U.S. Commodity Futures Trading Commission that it is offering volume trading discounts to central banks for secretly trading all contracts on its exchanges? (See http://www.gata.org/node/14385.)

-- Was CME Group telling the truth last year when it told the U.S. Securities and Exchange commission that its customers include governments and central banks? (See http://www.gata.org/node/14411.)

-- If central banks are indeed doing so much secret trading in the gold market and other markets, what are their objectives and might this secret trading be intended to manipulate markets, support government currencies and bonds, and deceive and cheat investors who think that markets are free trading?

There is a lot more documentation suggesting as much here:

http://www.gata.org/node/14839

My organization would welcome an honest exchange with you about these things, as your commentaries about gold seem to overlook the most relevant "narrative" about the monetary metal and ignore a substantial and serious audience quite different from the one you seem to enjoy engaging with.

With good wishes.

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

* * *

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