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'This is the business we've chosen'
5:17p HKT Saturday, April 8, 2017
Dear Friend of GATA and Gold:
Our friend E.S. writes:
"I thought your recent address to the two Asian mining conferences --
-- was unbeatable as a summary of what has happened and where we stand with respect to the gold issue.
"I may be beating a dead horse, but if a meeting with President Trump and Treasury Secretary Steve Mnuchin is unrealistic, what about an open letter to them published in The Wall Street Journal? The text could be simply a condensed version of your speech, with a few alterations to convert it into letter form.
... Dispatch continues below ...
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"I know that publishing such a letter would be an expensive proposition, but you have done it in the past, if I recall correctly. Also, couldn't the gold and silver mining companies be solicited for funds? Maybe a few of them have finally begun to realize how central bank actions are ruining their industry. I know First Majestic's Keith Neumeyer is outspoken about the manipulation. McEwen Mining's Rob McEwen may also be a good prospect.
"Anyway, just an idea. Your speech was terrific.
"Best wishes, E.S."
* * *
Thanks much for your kind note. Yes, nine years ago GATA paid more than a quarter-million dollars to put a full-page color ad in The Wall Street Journal --
-- and we're not inclined to give the paper another cent. Indeed, I wish we had that money back. It was my idea and the dumbest thing GATA ever did. It accomplished nothing. It was ignored by all financial news organizations. We didn't even get invited to the newspaper's Christmas party for advertisers that year.
Since I was in Hong Kong for the conference here last March I have had extensive conversations and e-mail correspondence with a Journal reporter in New York who has purported to be investigating the gold story but seems to be refusing to put any critical questions to central bankers. An expert in Europe to whom she requested an introduction had the same impression of her. I stopped taking her seriously some time ago.
In Hong Kong this week the conference people told me that a local Wall Street Journal reporter wanted to talk to me, but I had to caution them that if he ever pursued the gold issue he would likely cross with the paper's reporter in New York and be shut down quickly. I sent him some stuff that he acknowledged but I never heard from him. Of course I didn't expect to; I would have been stunned if I did.
GATA has no money for advertising. As it was, to afford sending me to Asia this year we had to beg money from some longtime donors whom we have exploited too much already.
As for the gold and silver mining industry, it knows what GATA is doing and knows that we could use the help, and with the exception of several companies, it does nothing.
I understand the industry's cowardice. No industry is more vulnerable to government than the mining industry -- for its mining permits, royalty requirements, and environmental regulation compliance. Since it is the most capital-intensive industry, with an ordinary mine commonly requiring a billion dollars in financing to get started, the industry is also very dependent on the biggest investment banks, which in turn are formally agents of the central banks. Governments and investment banks may not respond well to complaints from gold and silver mining companies about suppression of monetary metals prices.
But as far as I can see the industry's only choice is to die on its knees or risk dying on its feet. Until the industry makes the latter choice, it will be virtually useless, as useless as the World Gold Council, the great facilitator of paper gold, a collaborator with the central banks in price suppression and market destruction.
If it wasn't for the chance to get on Asian television in Singapore and Hong Kong, the prodding to write a summary speech every year, the courage and kindness of the Asian mining conference organizers in inviting GATA's participation, and the outside chance of meeting someone who might be willing to help substantially, I wouldn't bother with the conferences over here. It's a lot of work, travel, and expense. The potential attention of the mining industry alone could not justify it.
GATA has approached Keith Neumeyer and Rob McEwen many times. I have spent time with both of them. They have declined to help. I'm sure they have their reasons. I may have turned them off.
This is offered more in explanation than complaint. For as Lee Strasberg's Hyman Roth says in "The Godfather" --
-- "This is the business we've chosen." So we're stuck with it and will get on with it.
Thanks again for writing and caring.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
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