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The more obvious they are, the closer the day of deliverance

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Wednesday, 16 July 2014 | Print  | Disqus 

Dear Friend of GATA and Gold:

With the only news today that seemed to have any bearing on the gold price being bullish -- Federal Reserve Chairwoman Janet Yellen's testimony to a Senate committee that interest rates will remain low long after the current round of "quantitative easing" ends --

-- how could gold futures prices be smashed for $25 out of the blue?

Maybe the best general financial letter in the world, Bill King's The King Report, published by M. Ramsey King Securities in Blue Ridge, Illinois --

-- nailed it in today's edition, which arrived in subscriber e-mailboxes at 1 this morning Eastern time. King wrote: "The gold debacle on Monday also smells of a scheme to push gold to or below $1,300 for expiration." Futures option expiration, that is.

Or maybe the smashing was the moral support for the dollar that is often bestowed by a big market player when a Fed chairman is speaking to Congress. The U.S. government can hardly want the currency market to hiss and jeer her testimony and for gold to hit her in the face with a cream pie mid-sentence, and the government has mechanisms ever-ready to prevent such humiliation, like the Treasury Department's Exchange Stabilization Fund, fully and long authorized by law to trade secretly at any time not just in the gold and currency markets but in any markets at whatsoever:

At least today's smashing does not seem to have been a matter of panicking by ordinary gold investors all at once any more than was the biggest gold futures smashing in history, that of April 12 and 15, 2013.

Rather today was another anomaly, an ambush -- and dispiriting as it was to gold investors, like the other ambushes it may convey important information.

First, it may signify that powerful forces are determined to suppress the price of gold while central banks are striving to devalue their currencies and their countries' unpayable debts -- striving to bolt shut the exits from a financial system that would be destroyed by the restoration of free markets. Gold price suppression, documented extensively by GATA here --

-- is a major element of the government policy that even former central bankers themselves now call "financial repression":

And second, it may signify, as the monster smashes of April 2013 did, that the forces of "financial repression" no longer care about getting caught, that they are not afraid about being obvious -- or, rather, that they are much more frightened about something else, much more frightened that markets so long manipulated and twisted out of shape will explode out of control and overthrow "financial repression" and the absolute power of government.

The more obvious the forces of "financial repression" are, the closer the day of deliverance.

"Ye shall know the truth," scripture says, "and the truth shall make you free." Of course scripture doesn't say exactly when we'll know. If it did, the world would be without virtue.

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

* * *

Join GATA here:

Casey Research 2014 Summit
Hill Country Resort and Spa
San Antonio, Texas
Friday-Sunday, September 19-21, 2014

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:

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 -- Published: Wednesday, 16 July 2014 | E-Mail  | Print  | Source:

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