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'Not one piece of evidence' that gold market is rigged? Really?

Section: Daily Dispatches

1:30p ET Sunday, April 28, 2013

Dear Friend of GATA and Gold:

For years your secretary/treasurer has been alerting the London Telegraph to documentation of the gold price suppression scheme and begging the newspaper to report it.

While the newspaper's brilliant international business editor, Ambrose Evans-Pritchard, has declined to get into the issue, he has acknowledged it from time to time. And another financial writer at the paper, Thomas Pascoe, has gotten into it in detail several times in recent years:

So it is disappointing that another Telegraph financial writer, Emma Simon, would assert in commentary published Saturday that "there is not one piece of evidence" that the gold market is rigged:

Your secretary/treasurer wrote to her yesterday in protest, remarking, in part:

"My organization, the Gold Anti-Trust Action Committee, has been collecting and publishing such evidence for many years and I would be glad to describe it to you in detail.

... Dispatch continues below ...


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"Perhaps most telling is this secret report from the International Monetary Fund, written in March 1999, confirming that Western central banks conceal their gold swaps and leases lest disclosure impair their surreptitious interventions in the currency and gold markets:

"The Bank for International Settlements, which trades gold secretly on behalf of its member central banks, even advertises secret interventions in the gold market among its services to members:

"There is so much more, including admissions from former U.S. and European central bankers, in our general documentation archive:

"Please follow up here. Your assertion that there is no evidence of gold market rigging is terribly mistaken, unfair to readers, and damaging to GATA."

Any acknowledgment of this protest will be reported to you, but please don't expect anything. A couple of weeks ago your secretary/treasurer wrote to the two reporters and the editor responsible in this Bloomberg News story --

-- for contriving rationalizations for the gold price smash while omitting central bank intervention, asking if they would be interested in receiving documentation of that intervention and asking, if they were not interested, for a statement from them to that effect. Of course there has been no reply.

But we'll keep at it. Progress is slow but as was indicated by today's newspaper commentary from South Africa --

-- the more distant a news organization is from London and New York, the more financial journalism can be honest about the gold market.

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

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