-- 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.
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-- Published: Monday, 19 January 2015 | E-Mail | Print | Source: GoldSeek.com