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Will the gold and silver mining industry ever stand up for itself?
11:27a ET Saturday, March 9, 2013
Dear Friend of GATA and Gold:
Amid the worst despair in the gold and silver sector since GATA was founded in 1999 and the precious metals began their sensational rise remonetizing themselves, your secretary/treasurer will depart next week for Hong Kong, where he is to speak at the Mines and Money conference --
-- do some interviews with financial journalists, and try to persuade gold and silver mining company executives that their competition isn't so much each other as it is central banks, since the product of gold and silver mining companies, whether they realize it or not, is most of all money.
Your secretary/treasurer won't be alone in these efforts. The conference's keynote speaker will be Sprott Asset Management CEO Eric Sprott, whose theme, according to the conference's Internet site, will be "Mania, Manipulation, Meltdown." And of course Asia itself doesn't require much persuading about the monetary characteristics of the precious metals.
... Dispatch continues below ...
Fred Goldstein and Tim Murphy open All Pro Gold
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Mining company executives are a different story. The mining industry does have a bit of an excuse, being most vulnerable to government (for mining licenses, royalty requirements, environmental regulations, etc.) and, as the most capital-intensive industry, most vulnerable to the investment banks that finance them and function as the market agents and enforcers of central banks. But mining company executives are not notable for knowing or wanting to know about central bank determination to prevent the remonetization of gold and silver, to prevent money from getting beyond their control.
This is doubly unfortunate because if the gold and silver mining industry could ever mobilize itself a little, market rigging by central banks could be fully exposed and defeated by that exposure, the world would recover its natural money and free markets, and limited government would replace unlimited government -- that is, totalitarianism.
One or two million dollars would be enough, first, to prosecute the new federal freedom-of-information lawsuits GATA now has qualified to bring --
-- lawsuits that we think might outdo the success of the freedom-of-information demand and lawsuit GATA brought against the Federal Reserve in 2009 --
-- and, second, to undertake a worldwide publicity campaign exposing both central bank market rigging and the fraud of the paper gold markets.
Will the gold and silver mining industry stand up for itself and its shareholders that much? So far the answer has been no -- and while GATA has its small core of loyal supporters in the industry, most companies and most of the mining industry's great and rich men whose names you see all the time in the financial press (and in GATA's own dispatches) have been solicited by GATA and have refused us even the time of day.
They have their reasons, and cowardice may be one of them, as they have a lot to lose. But unless the monetary metals industry and adherents of free markets and limited government are willing to stand up for themselves, they may lose everything anyway. For the bad guys always go too far, even as repulsing them is not always as difficult as despair imagines. Confronting another entrenched evil a century and a half ago, James Russell Lowell made the point rhyme:
We see dimly in the present what is small and what is great,
Slow of faith, how weak an arm may turn the iron helm of fate.
So with your help GATA presses on and will keep you posted. If you're inclined to help, of course you can always contribute financially --
-- but so many of you have already done that and maybe the help we could use even more now is some prodding of the industry that stands to benefit most from our work.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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