You are here
Derivatives let central banks suppress gold longer this time, Turk tells KWN
9:40a AEST Tuesday, October 15, 2013
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk today explains to King Worldl News why the latest central bank gold price suppression scheme is taking so long to be overthrown.
"What we are seeing today is a lot like what happened in the 1960s," Turk says. "Back then the U.S. government dishoarded over 12,000 tons of gold from Fort Knox to keep the price at $35 per ounce. ... But all of that dishoarding did not change gold's underlying fundamentals. ... Buying this gold was an easy decision by those who understood gold because they recognized that it was very undervalued.
"There is one thing different today from back then: The central planners back in the 1960s did not have all the derivative instruments at their disposal to cap the gold price."
But the fundamentals of the market will overwhelm price suppression again, Turk says, just as they did in the late 1960s.
An excerpt from Turk's interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Don't Let Cyprus Happen to You
Depositors at the Bank of Cyprus lost 47.5 percent of their savings. So to preserve your wealth, get some of it outside the banking system into physical gold and silver.
Worldwide Precious Metals (Canada) Ltd., established in 2001, specializes in physical gold, silver, platinum, and palladium. We offer delivery or secure and fully insured storage outside the banking system in Brinks vaults. We have access to gold and silver from trusted worldwide refineries and suppliers. And when you have an account with us you have immediate access to it for buying and selling your stored bullion.
For information on owning physical precious metals in your portfolio, visit us at: www.wwpmc.com.
Join GATA here:
Gold Investment Symposium 2013
Luna Park Conference Center, Sydney, Australia
Wednesday-Thursday, October 16-17, 2013
The Silver Summit
Davenport Hotel, Spokane, Washington
Thursday-Friday, October 24-25, 2013
Mines and Money Australia
Melbourne Conference and Exhibition Centre
Tuesday, October 29-Friday, November 1, 2013
New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: