Kitco's Nadler can only sneer at Blanchard report, not answer it


12:35a ET Thursday, January 4, 2007

Dear Friend of GATA and Gold:

Resource Investor's Jon A. Nones has gotten a bit of a debate going between Blanchard & Co.'s research director, Neal R. Ryan, author of the recent critique of the secrecy of central bank gold lending, and Jon Nadler, an analyst for Nadler has been doing a lot of sneering at the Blanchard report, which Ryan has considered unfair. So Resource Investor has given them a chance to elaborate.

Nadler seems to have backed off a bit from his declaration that the gold market couldn't possibly be manipulated by the central banks. He tells Resource Investor: "We are not saying we are right, but would naturally prefer to be proven wrong by hard facts, accurate figures, and solid proof."

This is a strange formulation. If you're not saying you're right, why make the assertion in the first place? And again Nadler gives no indication of having examined the facts and figures that often have been offered to him, including the several public-record CONFESSIONS of central bank manipulation of the gold market:

Instead Nadler now seems to be saying he has been convinced that there is no central bank scheme against gold because he has possession of "pictures of all the gold in Fort Knox." Nadler is not quoted as to where he got those pictures, when they were taken, how much gold they show, and whether the gold shown is encumbered in any way by gold leasing, swaps, or other agreements or understandings among central banks. But since Nadler is so persuaded by pictures, GATA would like to show him one of a piece of property we're selling cheap:

The Blanchard study of the secrecy around gold lending and its potential for market manipulation and private profit from the abuse of public resources raises compelling questions, and Resource Investor's new report signifies as much. You can find it here:

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

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at the
2007 Vancouver Resource Investment Conference
Vancouver Convention and Exhibition Centre
Sunday and Monday, January 21 and 22, 2007

Admission is free for those who register in advance. The conference has arranged discount rates at the Pan Pacific Hotel adjacent to the convention center.

GATA will hold a reception at the conclusion of the conference: from 6 to 8 p.m. Monday, January 22, in the Cypress Suite at the Pan Pacific, 999 Canada Place. The Cypress Suite is on the hotel's restaurant level, one floor above the lobby. The reception will offer snacks, a cash bar, and some brief remarks by GATA's delegates to the conference, including Chairman Bill Murphy. There will be no admission charge for the reception but so that we might prepare better, if you plan to attend please let Secretary/Treasurer Chris Powell know by e-mail at

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