2p ET Saturday, August 1, 2009
Dear Friend of GATA and Gold:
Financial writer Mark J. Lundeen has written an open letter to the chairman of the U.S. Commodity Futures Trading Commission, Gary Gensler, echoing a point made the other day by GATA board member Adrian Douglas: that much so-called speculation in commodities is actually the result of the overproduction of dollars by the government.
Lundeen's open letter, headlined "U.S. Dollar Production vs. Commodity Production," concludes this way: "There is tremendous pent-up demand for commodities, because there are so many dollars currently stored in dollar-denominated financial assets held by global central banks, insurance companies, and other international financial houses. At present prices, I fear that there are more dollars in existence than things for these dollars to purchase. Prices must be allowed to rise to their own natural levels, or the US dollar is in danger of becoming a currency that can't purchase anything. What happens then?"
You can find Lundeen's open letter at Gold-Eagle here:
http://www.gold-eagle.com/editorials_08/lundeen073009.html [1]
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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