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Whither the World Gold Council?
12:07a ET Monday, May 13, 2002
Dear Friend of GATA and Gold:
There's a good essay tonight at TheMiningWeb
speculating on the future of the World Gold
Council and the awkward departure of its
chief executive officer, Haruko Fukuda.
You can find the essay here:
Or if that link is too long for you, go to
TheMiningWeb's home page here:
Then click on the headline, quot;High Noon for the
World Gold Council?quot;
As the council considers its future, here are
a few suggestions from GATA:
1) De-emphasize or just forget the jewelry
2) With currencies everywhere deteriorating,
promote gold as money. This is where the
demand for gold can be stimulated, no matter
what the price, whereas jewelry demand
declines with an increase in price.
3) More important, confront the central banks
about their surreptitious intervention in the
gold market and make this a political issue in
every country involved. Gold will do fine in a
free market, where its advantages over
government currencies will be manifested. But
for some reason the council has been reluctant
to inquire forcefully into the subversion of
the gold market by governments. Simply exposing
this subversion will be enough to end it.
4) The council's new chairman, Chris Thompson,
lately of Gold Fields, has spoken about finding
ways to make it easier for people to own gold.
Go beyond that. The gold industry should issue
its own gold currency, create its own banks
acting as gold depositories and clearing houses,
and cooperate with and encourage enterprises
like James Turk's GoldMoney.com, which easily
might become full-fledged gold banks, to put
gold into practical circulation. For who would
want to hold depreciating paper if he had the
practical opportunity to do his banking in
gold and hold his wealth that way? If
governments won't reform the International
Monetary Fund, or eliminate it, so as to
allow the remonetization of gold, the gold
world needn't wait for them. The gold world
should remonetize gold itself, and let it
compete with government currencies and
anything else people want to consider money.
Nos. 3 and 4 above are most important to the
liberation of gold and the creation of an
independent, undegradable, unmanipulable
currency that in turn will liberate people
everywhere from excessive government control
of their finances and their lives.
Surely some government support for such a
program could be found in the gold-producing
The World Gold Council has ample resources to
accomplish all this. Gold shareholders should
demand it of the companies they own, which
are represented in the council.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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