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Dave Gonigam: How I discovered that gold and silver market rigging was real, not mere 'conspiracy theory'

Section: Daily Dispatches

9:31a ET Sunday, August 25, 2019

Dear Friend of GATA and Gold:

This week brought another public conversion to what used to be the tinfoil-hat school of looking at the monetary metals markets -- Agora Financial editor Dave Gonigam.

In his "5 Min. Forecast" on Thursday, Gonigam wrote that complaints of gold market manipulation were "once fringe" but are "now nearly mainstream," and he cites developments that helped change his mind.

... Dispatch continues below ...


Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor

Company Announcement
Thursday, June 13, 2019

Glint Pay Inc. (, the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.

Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...

... For the remainder of the announcement:

Gonigam credits geo-political analyst, fund manager, and author Jim Rickards for bringing him around on the manipulation issue. Indeed, nobody has summarized the purposes and mechanisms of gold price suppression better than Rickards did in his book "The New Case for Gold," which Rickards kindly allowed GATA to excerpt last year here:

Gonigam also cites the "deathbed" interview given in April by the former member of the U.S. Commodity Futures Trading Commission, Bart Chilton, to Chris Marcus of Arcadia Economics, in which Chilton acknowledged manipulation of the silver market and JPMorganChase's heavy involvement with it.

Gonigam notes the endorsement of GATA's work given in May this year by fund manager Frank Holmes of U.S. Global Investors, who wrote to his investors: "Gold price suppression ('fixing,' 'rigging,' 'manipulating,' or however else you want to think about it) is not just a conspiracy theory. It's a well-documented phenomenon, with real actors and real ramifications. The best people to speak to about this subject are the folks at the Gold Anti-Trust Action Committee."

Not as persuasive is Gonigam's approving quotation of a silly remark by newsletter writer Marc Faber, who says that people complaining about the manipulation of gold and silver prices should be happy about it instead because it gives them a chance to buy the metals at a discount. It's as if Faber never heard that time is money. For what good is the discount to people who recognized and acted on suppression of metals prices years ago but died before it was brought to an end? GATA knows many such people who deserved better than Faber's condoning of market rigging. And how many more years of price suppression should investors be grateful for? While GATA is doing what it can, of course no one can be sure that he'll live to see free markets restored to the monetary metals.

Every day that market rigging continues is a profound injustice, not a boon.

But Gonigam's commentary this week will hasten the liberation of the markets. It's headlined "Deathbed Confession (Precious Metals)" and it's posted at Agora Financial here:

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

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