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Bron Suchecki: Conspiracy, complacency, and the death spiral phase

Section: Daily Dispatches

10:14p ET Tuesday, July 7, 2015

Dear Friend of GATA and Gold:

Central banks aren't the only ones with potentially a lot of money to deploy trading gold, Perth Mint analyst Bron Suchecki writes tonight, adding that some major investment houses lately have expressed negative sentiment about the monetary metal.

While Suchecki acknowledges that some central banks are active in the gold market, his suggestion that investment houses might influence the market to an equal extent seems improbable. After all, central banks, unlike investment houses, are authorized to create not a few billion or even tens of billions but actually infinite money and to apply it in secret, even through some of the investment houses Suchecki cites. And while investment houses, if they are truly acting on their own, ordinarily care only about making money regardless of a market's direction, central banks have a longstanding policy interest, overwhelmingly documented --

-- of wanting to hold the gold price down to protect their own currencies, bonds, and interest rates.

Further, of course, the financial market maxim is not "Don't fight Bessemer Trust" but rather "Don't fight the Fed," though lately it might be amended as "Don't fight JPMorganChase when it is trading for the Fed."

But Suchecki finds it "interesting" that Bloomberg View columnist Barry Ritholtz, disparaging gold as an investment last week and inviting critics to e-mail him, did not respond to the specific questions GATA put to him about surreptitious central bank intervention in the gold market, and "interesting" may be close enough to "telling."

Suchecki's commentary is headlined "Conspiracy, Complacency, and the Death Spiral Phase" and it's posted at the Perth Mint's research page here:

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


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