-- Posted Wednesday, 14 August 2013 | | Disqus
Dear Friend of GATA and Gold:
On April 16, just hours after the smashing of the gold price by the dumping of so much gold and gold futures that it could have been instigated only by Western central banks, the Chinese government news agency China Network Television appears to have published a long commentary reasserting China's awareness of the constant efforts of Western central banks to rig the gold market by leasing gold.
Diplomatic cables from the U.S. embassy in Beijing to the State Department in Washington, published by Wikileaks in 2011, extensively quoted Chinese government press reports from 2008 and 2010 about Western central bank efforts to suppress the price of gold to support the U.S. dollar:
http://www.gata.org/node/10380
http://www.gata.org/node/10416
What seems to be the new Chinese government press commentary, posted this week by the blogger Koos Jansen at his Internet site, also notes the difficulty of the German Bundesbank in retrieving the gold it has vaulted at the Federal Reserve Bank of New York. An Internet translation of the Chinese commentary that has been posted by Jansen is, predictably enough, largely incoherent, Chinese requiring a lot more massaging into English than computer programs can yet do well, but the translation is enough to show that China is scrutinizing the gold market, is familiar with the latest developments and details, and long has known exactly what is going on.
Indeed, it may be suspected that China actually cooperated with the Western central banks' smashing of the gold price in April on the understanding that China then could join in the purchase of sharply discounted gold unloaded by panicked Western investors. The Chinese government also may have chosen April 16 to publicize Western gold price suppression to a domestic audience so that its own people would not be panicked out of their own gold. Of course the Chinese were panicked only into besieging gold shops to get still more metal.
Russia's central bank, the Bank of Russia, signified its awareness of gold price suppression by Western central banks via a speech by its deputy chairman, Oleg V. Mozhaiskov, to a conference held by the London Bullion Market Association in Moscow in June 2004. Mozhaiskov credited GATA by name, "Gold Anti-Trust Action Committee" being the only words he spoke in English during his presentation to the LBMA. It was as if he was telling the London bullion bankers that Russia was now on to them:http://www.gata.org/node/4235
The big question seems to be whether and when Eastern central banks will pull the plug on the Western central bank gold price suppression scheme. The most likely answer seems to be: When they feel that they have adequately hedged their U.S. dollar-denominated foreign exchange reserves and have acquired the last gold ounce they can acquire without exploding the gold market so much that even mainstream financial news organizations in the West have to take notice.
The China Network Television report, dated April 16, as jumbled by the Internet translator, is posted at Koos Jansen's Internet site here:
http://koosjansen.blogspot.nl/2013/08/chinese-state-press-on-how-fed-has...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
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-- Posted Wednesday, 14 August 2013 | Digg This Article
| Source: GoldSeek.com
