You are here
Everything Bloomberg News wants you to know about gold isn't much
11:28a ET Tuesday, March 16, 2021
Dear Friend of GATA and Gold:
Bloomberg News today devotes much of its home page to an eight-minute video segment by its reporter Henry Baker that apparently was first posted several weeks ago and is ridiculously and arrogantly titled "Everything You Need to Know About Gold," as if such knowledge could be conveyed in eight minutes.
The segment might be more accurately titled "Everything Bloomberg News Wants You to Know About Gold -- and No More."
... Dispatch continues below ...
USAGold: Coins and bullion since 1973
USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
Baker begins by asserting the most common fallacy about gold -- that it pays no interest. But of course gold can pay interest, just as regular government currencies can, when it is lent, as it often has been lent by governments themselves in pursuit of suppressing its price and competition with government currencies.
Then Baker recommends exchange-traded funds as good vehicles for investors who want to own gold, without acknowledging that some gold ETFs play fast and loose with the metal they claim to own.
To his credit, Baker interviews the former director of the U.S. Mint, Ed Moy, and an anonymous "stacker," who make some valid points, though when Baker questions Moy about the U.S. gold reserve at Fort Knox nothing is said about whether any of the metal may be encumbered by leasing, swapping, or other mechanisms.
Of course the segment omits any mention of surreptitious intervention in the gold market by governments and central banks to manipulate the monetary metal's price.
Nothing is said about the Bank for International Settlements, which provides camouflage for that intervention and whose surreptitious activity in the gold market on behalf of its central bank members is now at a record level.
Nor is there any mention of the U.S. Treasury Department's Exchange Stabilization Fund, which is authorized to intervene secretly in any market in the world and whose funds for market intervention were recently increased by hundreds of billions of dollars, as if the U.S. government was planning a lot more secret intervention.
Also left out are the recent confessions by major investment banks to manipulating the gold market, and the hundreds of millions of dollars in fines those banks have paid as penalties.
Apparently Bloomberg News doesn't think its audience needs to know about that stuff, though GATA long has provided the news organization with comprehensive documentation.
All Bloomberg News wants you to know about gold can be viewed here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
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 firstname.lastname@example.org.
* * *
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 email@example.com.
* * *
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: