-- Published: Monday, 17 February 2014 | Print | Disqus
Dear Friend of GATA and Gold:
MineWeb's Lawrence Williams today notes the attack by CPM Group's Jeffrey Christian on Sprott Asset Management's John Embry, made Friday on Business News Network in Canada in response to Embry's expression of suspicion on BNN that impairment of the German Bundesbank's gold at the Federal Reserve Bank of New York is behind the slow pace of the Bundesbank's gold repatriation.
In his interview on BNN --
-- which runs about 10 minutes, Christian expresses confidence that nothing is amiss with Germany's gold and that questions have been raised about it only by people who are trying to scare investors into buying gold.
Certainly, as always, people in the gold sector are "talking their book" here. Embry and the Sprott people are advocates of and investors in the monetary metals, while Christian has described his company as having most central banks as clients, and of course most central banks, even central banks in gold-producing countries, are enemies of gold, gold being an independent and neutral form of money that competes with central bank money and restricts central bank power.
Maybe most people can agree that the Bundesbank is not as eager to repatriate its gold as, say, Venezuela recently was. Indeed, the Bundesbank well may not want to repatriate its gold at all. Some people think that the Bundesbank is making a show of arranging to get a little of its gold back simply to placate the political clamor that has been stirred up in Germany by paranoid gold bugs.
But the Bundesbank's repatriation schedule -- seven years to ship metal that easily could be shipped in seven months if not seven weeks -- nurtures suspicions, the more so in light of the longstanding refusal of the Bundesbank and the U.S. Federal Reserve to disclose whether they have or have had gold swaps with each other --
-- gold swaps and leases being, as confirmed by the secret March 1999 report of the staff of the International Monetary Fund, primary mechanisms of gold price suppression by central banks:
Really, it's a little too silly for Christian to get more indignant about insults to the Bundesbank's integrity than the Bundesbank itself can bring itself to get. Like most major Western central banks, having long participated in gold price suppression, the Bundesbank simply can't be candid and forthcoming about its gold activities. All the Bundesbank can do is issue the occasional misleading press release and then refuse to answer the critical questions that would give the game away.
Does Christian really believe that Western central banks are not involved surreptitously in the gold market every day, directly and through their gold broker, the Bank for International Settlements? Are the documents cited here, just a few of the many GATA has published, actually forgeries?:
If only BNN would try interviewing Christian about these documents, one by one. But maybe that would be too cruel. The guy is only trying to do a good job for his clients, and these are hard times for central banks as well as for the people who live in the world central banking is destroying.
Williams' commentary at MineWeb about Christian's attack on Embry is headlined "Christian vs Embry: Gold, Lies, and Video Interviews" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Published: Monday, 17 February 2014 | E-Mail | Print | Source: GoldSeek.com