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Report commissioned by World Gold Council hints at the war against gold

Section: Daily Dispatches

11:24a ET Friday, January 11, 2013

Dear Friend of GATA and Gold:

A report commissioned by the World Gold Council for the Official Monetary and Financial Institutions Forum in London, written by the chairman of the forum's advisory board, Meghnad Desai, more or less acknowledges what we've never seen the gold council acknowledge, the most important aspect of gold's place in the international financial system -- that is, that there is a war against gold.

"Most crucial with respect to the role of gold," Desai writes in his introduction, "the previously dominant Western economies have attempted to dismantle the yellow metal's monetary role, and -- for a variety of reasons -- this has comprehensively failed."

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Presumably Desai says "Western economies" because to speak plainly -- to say "Western governments" or "Western central banks" -- would get a little too close to an impolitic truth about surreptitious policy. As Chesterton wrote a hundred years ago, "As is common in most modern discussions, the unmentionable thing is the pivot of the whole discussion."

Observers of the gold market are not likely to find much new or incisive in the remainder of Desai's report. Mainly it notes the flow of gold from West to East and China's declining to provide timely accounting of its gold acquisitions lest the West awaken to its impoverishment.

But small progress seems to be the only kind likely to come from the World Gold Council, so gold's friends may be glad of it. Maybe in another 20 or 30 years, if only once gold has been safely revalued, the council will acknowledge the many public records of official gold market manipulation compiled by GATA here:

The Desai report is posted in PDF format at the World Gold Council's Internet site here:

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

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