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Turd Ferguson didn't need GATA to see gold and silver market manipulation

Section: Daily Dispatches

12:21p ET Saturday, November 12, 2011

Dear Friend of GATA and Gold (and Silver):

Chris Martenson this week did a wonderful interview with metals market analyst Turd Ferguson, who explained that while he is aware of and respects GATA's work, he concluded from his own trading experience that the precious metals markets are manipulated by bullion banks at the instigation of the U.S. government to protect the dollar's standing as the world reserve currency.

Ferguson tells Martenson: "I haven't really ever met Bill Murphy of GATA. We talked once on one of my podcasts. And I've not really read a lot of his work, or Chris Powell's work. It's not like I read that stuff and a light went off, and I said, 'Aha, yeah, these guys.' I respect what they do, but it's not like I'm just simply parroting what they've said. I've come to all these conclusions myself just in years of following gold and silver. What my experience has been just jibes what their experience is and their data show. And so to me it's a quite clear case of what takes place."

... Dispatch continues below ...


Golden Phoenix Completes Operating Agreement
for Santa Rosa Gold Mine in Panama

Golden Phoenix Minerals Inc. (GPXM) has entered a joint venture operating agreement with Silver Global S.A., a Panamanian corporation, governing the operational and management aspects of their new joint venture company, Golden Phoenix Panama S.A., a Panamanian corporation formed to hold and operate the Santa Rosa gold mine in Canazas, Panama, and explore the mine's adjacent property.

Golden Phoenix will be manager of the joint venture company. Silver Global will handle all social programs, political and community relations, and human resource matters for the joint venture company in Panama. Golden Phoenix and Silver Global also have agreed to work together on all future acquisitions within Panama and to bring such new opportunities to the joint venture company.

Golden Phoenix will be earning in to a 60 percent interest (and potentially an 80 percent interest) in the Santa Rosa mine. Upon signing the joint venture agreement and completing the corresponding acquisition payment, Golden Phoenix will earn an initial 15 percent interest in the joint venture company.

Tom Klein, CEO of Golden Phoenix, says the agreement "creates a solid foundation for the development and planned re-opening of Mina Santa Rosa."

For Golden Phoenix's full statement on the joint venture operating agreement, please visit:

Ferguson brilliantly refutes observations that gold and silver market manipulation must be failing because prices have been rising for years. As GATA itself often notes, Ferguson says the manipulation has been very successful in keeping the rise "in check." The manipulation, he says, is "probably part of the reason why it has been such a consistent trend higher -- every year almost. It's not like it's 50 percent or 25 percent and it's 50 percent one year and zero the next. It's just pretty consistently 20 or 25 percent a year. And it's because of that presence of what we call the cartel, the bullion bank cartel, or, on my Internet site, we refer to them as the 'evil empire.' It is their suppressive tactics that keep the price in check. We can hope that one day they will exit the market and leave gold and silver free to trade and find a true valuation, but unfortunately that isn't coming any time soon."

Ferguson goes on to explain to Martenson how he aims to trade the manipulation of the precious metals markets.

A summary and audio recording of the interview can be found at Martenson's Internet site here:

The full transscript of the interview is posted at Martenson's Internet site here:

Ferguson's own Internet site, the TF Metals Report, is here:

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

* * *

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