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What kind of financial journalism doesn't care and doesn't ask questions?

Section: Daily Dispatches

1:51p ET Monday, November 3, 2014

Dear Friend of GATA and Gold:

With his sneering at GATA today, commodity letter writer Dennis Gartman ( inadvertently signifies what's wrong about Western financial journalism -- its fear of committing journalism.

Gartman writes: "The 'gold bugs' shall apparently never give up. They are as convinced now that the gold market is rigged as they were in years past. They are confident that they are right in their belief that the central banks are selling gold at every opportunity and that if only this 'manipulation' is brought to everyone's collective attention and exposed, then gold shall rally and rally and rally some more.

... Dispatch continues below ...


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"We shall argue simply that we do not care a whit about manipulation, for if it is there or if it is not it is unimportant to the battles that we have to face.

"We note then the following statement from GATA over the weekend regarding last week's collapse in gold prices:

Note that the bombing of the gold market last week as described by [Andrew] Maguire's interview at King World News --

-- did not happen in the middle of the night, as some bombings do, but at the market open in London. This sudden mobilization of huge amounts of paper gold in the futures market, like the sudden mobilization of huge amounts on April 12 and 15, 2013, wasn't retail trading -- it was plainly an intervention by a central bank or group of central banks.

"How do they know that this was 'intervention by a central bank or a group of central banks'? Where is the proof and why should we care?

"The point here is that gold prices have weakened; that buyers were less aggressive than were the aggressive sellers; that the longs are on the defensive and that the shorts are dominant. What more need we know?"

In the first place, GATA does not purport to represent "gold bugs," who come in several varieties. No, GATA consists largely of adherents of free markets and limited and transparent government who concentrate on the manipulation of the gold market because it is the essential mechanism of market rigging generally and the accumulation of absolute power in government.

How do we know that overwhelming, abrupt, and anomalous smashes in the gold market are central bank and government interventions? Because only central banks and governments have access to the metal and money involved and because governments conceal their activities in the gold market more closely than they conceal the disposition of their nuclear weapons --

-- turning away even the most basic questions about their involvement in the gold market.

Using the imperial "we," Gartman writes: "We do not care a whit about manipulation, for if it is there or if it is not it is unimportant to the battles that we have to face."

But how can someone who purports to analyze markets not care about the forces that move them?

Since central banks and governments can create infinite money and deploy it secretly, and since U.S. government documents show that central banks now are receiving volume discounts for secretly trading all major futures contracts on all major futures exchanges in the United States --

-- how can someone who purports to analyze markets be indifferent to the prospect that there really aren't any markets at all anymore?

This issue is far bigger than gold, far bigger even than money itself. It involves the very nature of society and the relation of all peoples and nations. And yet Gartman boldly proclaims his indifference, echoing what Lincoln perceived as the attitude of Northern apologists for Southern slavery: "A policy of 'don't care' on a question about which all true men do care."

Financial writers who don't care excuse themselves from questioning central banks -- that is, excuse themselves from questioning all the money and power in the world. That's not journalism. It's toadyism.

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

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