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Government isn't competent enough to suppress gold price, Rick Rule tells Kitco

Section: Daily Dispatches

1:22a ET Wednesday, May 25, 2022

Dear Friend of GATA and Gold:

Investment analyst Rick Rule, interviewed yesterday at the Vancouver Resource Investment Conference by Kitco News editor Michelle Makori, acknowledged that the gold futures market is "ripe for manipulation" but dismissed complaints that government has undertaken any schemes to suppress the price of the monetary metal.

"The idea that there is some vast conspiracy between government and central banks and the Trilateral Commission to suppress the price of gold when history has depressed the price of gold seems silly to me," Rule said. "The government can't deliver the mail, they can't educate the kids, and they can preside over a 40-year manipulation of the gold price? I don't reckon."

... Dispatch continues below ...


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If Makori had wanted to attempt journalism at this point, she might have asked Rule about a few of the documents of longstanding government gold price suppression policy that are compiled by GATA here:

Instead Makori let Rule get away with his demagoguery about the Trilateral Commission, which as far as GATA can tell has never been mentioned in regard to complaints about gold price suppression, even as Rule failed to mention the Bank for International Settlements, the gold broker and gold market intervenor for major central banks.

Neither did Makori challenge Rule for his non-sequitur -- that since government is incompetent with certain things it must be incompetent with all things. That also is demagoguery, which Rule may have picked up years ago from market analyst Doug Casey, someone else who denies government gold price suppression policy but has never taken a moment to examine and address the documents or to put a critical question to governments and central banks.

Yes, the U.S. government has had trouble getting the U.S. Postal Service to be self-supporting, and yes, U.S. education long has been in decline. But government almost everywhere long has been extremely proficient at extracting wealth from the people over whom it rules and restricting their freedom. Government also can be pretty good at blowing things up, which Rule might begin to appreciate if he ever finds himself at the wrong end of a Stinger or Javelin missile. 

Makori did note to Rule her interview three weeks ago with mining and entertainment entrepreneur Frank Giustra, who said he suspects that gold prices are manipulated by the Federal Reserve, to which Rule replied that he would be willing to debate Giustra on the issue. 

In preparation for such a debate GATA would be happy to brief Giustra on the documents, and happier still to debate Rule directly.

If Makori ever wants to attempt journalism, GATA would be glad to brief her on the documents and help her frame some pointed questions for the Fed, Treasury Department, BIS. Bank of England, Commodity Futures Trading Commission, futures exchange operator CME Group, and a few bullion banks.

Of course that might be the last journalism Makori would ever attempt for Kitco News, but actual journalism often involves risk.

Makori's interview with Rule is 29 minutes long with the conversation about gold beginning at the 18:27 mark. It can be found here:

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

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