You are here

Dalio's Bridgewater Associates and Kitco News pretend central banks don't create gold

Section: Daily Dispatches

10:08p ET Thursday, October 1, 2020

Dear Friend of GATA and Gold:

Who is more negligent here -- Ray Dalio's Bridgewater Associates for recommending investment in gold because "it's wise to hold some of what central banks can't create more of," or Anna Golubova of Kitco News for failing to challenge that premise by noting that central banks long have created vast amounts of imaginary gold by leasing it and swapping it with other central banks and their agent bullion banks?

... Dispatch continues below ...


Buy, Sell, or Store Precious Metals with Money Metals Exchange

Money Metals Exchange, a national bullion dealer recently voted "Best in the USA" by a worldwide ratings group --

-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.

Shop online with Money Metals Exchange here --

-- or by calling 1-800-800-1865.

Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:

Have the Bridgewater people and Golubova really never taken a look at the secret March 1999 report of the staff of the International Monetary Fund, published by GATA eight years ago? The report dislcoses that IMF-member central banks couldn't bear to publicize their gold swaps and leases because doing so would expose their interventions in the gold and currency markets and be "highly market-sensitive."

That is, disclosure of swaps and leases might reveal just how much central banks already had rigged the gold and currency markets with imaginary metal and how much ammunition they had left for their rigging.

The secret IMF staff report is here:

And don't the Bridgewater people and Golubova remember the March 2010 hearing of the U.S. Commodity Futures Trading Commission at which it was disclosed that bullion banks commonly trade as much as a hundred times more gold than they actually possess? With the help of metal consultancy CPM Group's Jeffrey Christian, the late GATA board member Adrian Douglas explained it here:

And have the Bridgewater people and Golubova never heard of Federal Reserve Chairman Alan Greenspan's testimony to Congress in July 1998? That's when Greenspan explained that central banks were not leasing gold according to their cover story -- to earn a little income on a supposedly dead asset -- but rather to push the gold price down. "Central banks," Greenspan said, "stand ready to lease gold in increasing quantities should the price rise":

That is, for all practical purposes central banks long have been "creating" gold -- imaginary gold, unbacked certificate gold -- precisely to prevent the old monetary metal from gaining too much value against their own currencies. That's why the great disparagement of gold in the last two decades has been that even as it has risen in price, it has not kept up with inflation.

Bridgewater Associates, an investment company, is a fiduciary and so is obliged not to mislead its investors. As a news organization Kitco News is obliged not to mislead its readers and viewers, and obliged to question misinformation like Bridgewater's before reporting it.

But nothing could be more misleading than to tell people that central banks can't "create" gold when "creating" imaginary gold has been their desperate work for decades.

Golubova's credulous report on Bridgewater's pious nonsense can be found at Kitco News here:

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

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 14-17, 2020

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: