-- Published: Wednesday, 13 May 2015 | Print | Disqus
Dear Friend of GATA and Gold:
More sneers seem to come toward GATA tonight from Bob Moriarty over at 321Gold. His new commentary --
-- begins this way:
"The gold 'permabulls' have cost their followers a lot of money over the past 15 years. We all know who they are. Gold is supposed to go up every single day or it's 'proof' of a conspiracy of the evil bullion banks that manipulate gold at every turn. ... Gold, silver, and resource stocks are markets like all others."
-- "We all know who they are"? Really? Then why not identify them so they may know that they have been accused and have a fair chance at rebuttal? Why, if not cowardice, hide behind insinuation?
-- "Gold is supposed to go up every single day or it's 'proof' of a conspiracy of the evil bullion banks that manipulate gold at every turn" is not GATA's position.
Instead, GATA's position is that central banks are in the gold market surreptitiously every day, often acting through intermediaries like bullion banks, for the traditional purposes of central bank policy -- to control and defeat a dangerously competitive currency that, if ever traded freely, would make deadly trouble for government currencies, government bonds, and interest rates generally -- and that this intervention distorts and ultimately defeats all markets and even democracy itself. Yes, if central banks were not constantly intervening against gold, the monetary metal's price would be a lot higher. But no one contends that in a free market gold would "go up every single day."
-- "Gold, silver, and resource stocks," Moriarty writes. "are markets like all others." What nonsense! While there are indications that central banks are trading most commodities -- futures exchange operator CME Group actually offers discounts to central banks for their secret trading of all CME Group commodity and financial futures contracts -- there is no proof that central banks are intervening in, say, soybeans and pork bellies. But documentation of the longstanding and surreptitious intervention by central banks in the gold market abounds, from the records of the Bank for International Settlements, the Bank of England, the Federal Reserve, and the International Monetary Fund to the recent and historical comments and memoirs of central bankers themselves. No, gold is a market powerfully unlike all others. Indeed, gold is unique for the threat it poses to an essentially totalitarian system that seeks to control the valuation of all capital, labor, goods, and services in the world.
All this is summarized with links to the major documents and admissions here:
Of course GATA aspires to defeat this system; doing so would change the world, liberate it. Enough publicity just might accomplish this. But far from being a "permabull" for gold, GATA tells investors in the monetary metals what they're up against: an ever-intensifying phenomenon that even some central bankers call "financial repression." Thus GATA is very bad for the business of mere stock touting -- which may explain Moriarty's sneering misrepresentation.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Published: Wednesday, 13 May 2015 | E-Mail | Print | Source: GoldSeek.com