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Moriarty says Rickards minimizes gold manipulation but Rickards actually emphasizes it

Section: Daily Dispatches

10:03p ET Tuesday, March 15, 2016

Dear Friend of GATA and Gold:

No gold market analyst or mining stock tout is more determined to deny the manipulation of the gold market by central banks than Bob Moriarty, proprietor of Moriarty is always taking cracks, often gratuitous ones, at those who complain about that manipulation. But today Moriarty outdid himself.

In commentary headlined "Reviewing 'The New Case for Gold,'" the new book by fund manager, geopolitical strategist, and author James G. Rickards, Moriarty writes --

-- "One of the people I genuinely enjoy listening to at investment conferences is James Rickards, best-selling author of 'The Death of Money' and 'Currency Wars.' Well, he's out with a new book to be released in another three weeks titled 'The New Case for Gold.' ... He doesn't start slobbering and howling at the moon with a cry of 'manipulation.'"

And yet exactly simultaneously with Moriarty's posting of his supposed review of Rickards' new book, Rickards himself did "start slobbering and howling at the moon with a cry of 'manipulation.'"

That is, just as Moriarty was posting his praise of Rickards for not complaining much about gold market manipulation, Rickards' publisher, Agora Financial, posted an essay by Agora's Dave Gonigan quoting both Rickards' past assertions as well as assertions from his new book repeatedly affirming manipulation of the gold market.

... Dispatch continues below ...


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In "The Real Reason Gold Is Manipulated" --

-- Gonigan wrote today:

"'The manipulation of the gold market is not something that's really debatable any longer,' Jim Rickards said two years ago. 'If I were running the manipulation, I would actually be embarrassed at this point because it's so blatant.'

"Jim described the purpose of the manipulation in detail in his second book, "The Death of Money." On the surface, it sounds ridiculous -- the United States facilitating a steady flow of gold from the West to China to make sure China has the proverbial 'seat at the table' whenever the global monetary system collapses and a new system has to be devised. ...

"'The United States is letting China manipulate the market so China can buy gold more cheaply,' Jim writes in his follow-up book, 'The New Case for Gold' -- set for publication three weeks from today.

"The fact is, for now, both the U.S. and Chinese governments need a suppressed gold price.

"The U.S. government doesn't mind if the price goes up -- as long as it's an 'orderly' increase. If it turns into $100-a-day spurts, that’s 'disorderly,' a sign of confidence evaporating from the markets, and the manipulators lower the boom. That's what happened in September 2011 -- a conscious decision was made that gold would not race past the round number of $2,000.

"China, meanwhile, wants to buy as much gold as it can, as cheaply as it can, for as long as it can ... to get that seat at the table. ...

"'Gold manipulation is not new,' Jim adds. 'You can go back to the 1960s' London Gold Pool or the U.S. and International Monetary Fund dumping of gold in the late 1970s.'

"The mechanics of the manipulation are fascinating -- and a lot simpler than you might think.

"There's no shortage of Internet screamers with mind-numbing analyses of the weekly commitment-of-traders report from the Commodity Futures Trading Commission.

"But in 'The New Case for Gold,' Jim exposes the whole manipulation scheme in 11 easy-to-read pages. You'll understand exactly how it works and who's pulling the strings. You can impress friends at parties with your newfound knowledge. ..."

But you probably won't impress Moriarty. While he says Rickards' new book downplays gold market manipulation, according to Rickards' own publicist the new book is all about gold market manipulation.

So did Moriarty really read Rickards' book at all? Did he pick up Ben Bernanke's recent memoir by mistake? Or is Moriarty so committed to disinformation that he doesn't think anyone will notice?

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

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