LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

Does any country really know what its central bank is doing?

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Monday, 19 January 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

The German gold news Internet site Goldreporter wonders if the Swiss National Bank was buying gold quietly in the weeks prior to the bank's repudiation of its pegging the Swiss franc to the euro, anticipating that the bank's move would send the gold price up fast:

Meanwhile Bullion Star market analyst and GATA consultant Koos Jansen publicizes speculation that the Swiss National Bank went short gold when it pegged the franc to the euro on September 6, 2011, and dropped the peg last week to cover its gold shorts:

Somebody went short gold in a big way on September 6, 2011, just minutes before the Swiss National Bank announced its euro peg, and Hinde Capital CEO Ben Davies remarked that day on what seemed like coordinated action by central banks to prevent gold from looking like the successor to the Swiss franc as a safe-haven currency:

In any case, the SNB's reversal of what it had insisted was its irrevocable policy of pegging the franc should raise the biggest questions about central banking as currently practiced.

After all, did the people of Switzerland realize that they had empowered an unelected agency to undertake actions of far greater impact on their lives than the actions their elected agencies are empowered to undertake?

These actions have included, of course, the squandering of the national patrimony (the nation's gold reserves), the steady devaluation of the currency for three years, the overnight upward revaluation of their currency by as much as 30 percent, and the destruction of the country's export industries. Of course nobody consulted with the Swiss people or their elected representatives about these decisions. These decisions were all concocted in secret and implemented as fait accomplis, making a sham of democracy.

Indeed, as your secretary/treasurer has remarked from time to time, modern central banking is a system by which the valuation of all capital, labor, goods, and services in the world is taken away from markets and democratic processes and bestowed upon an unelected and secretive elite. Gold price suppression to support currencies is only a part of it.

Is any nominally democratic country aware of the full range of market intervention being practiced by its own central bank? Do mainstream financial news organizations even inquire about it, much less report about it?

This is essentially a totalitarian system, except that central banks are not yet shooting people for complaining, though no one in authority is complaining. Someone in authority should test them.

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

* * *

Join GATA here:

Mining Investment Asia Conference
Resorts World Convention Centre
8 Sentosa Gateway, Sentosa Island
Wednesday-Friday, March 18-20, 2015

Mines and Money Conference
Hong Kong Convention and Exhibition Centre
1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015

* * *

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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:

| Digg This Article
 -- Published: Monday, 19 January 2015 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


The views contained here may not represent the views of, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.