Gold market manipulation: Nothing new under the sun

Section:

What has been is what will be,
and what has been done
is what will be done,
and there is nothing new under the sun.

-- Ecclesiastes 1:9

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9:25p ET Tuesday, December 26, 2006

Dear Friend of GATA and Gold:

Nothing new, that is, as Harry Truman said, except the history you don't know. And when it comes to manipulating the gold market, there is plenty of such history -- like the history recounted by H.W. Brands in his new and wonderful little book "The Money Men," which is subtitled "Capitalism, Democracy, and the Hundred-Years' War Over the American Dollar."

"The Money Men" has a chapter about what may have been the first great manipulation of the gold market in the United States -- by the railroad barons Jay Gould and Jim Fisk in 1869. But the chapter also is interesting for showing how the U.S. government came to consider the buying and selling of official gold reserves to be a basic tool of manipulating the emerging currency and commodity markets and managing the national economy generally.

So it is astounding to read such history and to think of market analysts and journalists like Dennis Gartman, Caroline Baum, Jon Nadler, and Paul van Eeden -- people who refuse not only to consider the possibility of a recurrence of history but also even to look at the public record of the present, the official proclamations of the manipulation of the gold market.

Oh, well -- sometimes people have agendas other than the truth. If your agenda includes monetary and market history, you may enjoy the excerpt from "The Great Gold Conspiracy" chapter of "The Money Men" that has been posted here:

http://www.gata.org/node/4656

"What has been is what will be, and what has been done is what will be done, and there is nothing new under the sun." But old as something may be, it's still there even if you don't look at it. Sometimes it's right in front of you.

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

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