-- Published: Sunday, 17 May 2015 | Print | Disqus
Dear Friend of GATA and Gold:
National Public Radio today broadcast and published a long report about the environmental devastation done by wildcat gold miners in Peru, a phenomenon common throughout the part of the developing world that has mineral resources:
What the NPR report missed is that this devastation is to a great extent the consequence of gold price suppression by Western central banks.
Yes, while the extractive industries are the prerequisites of modern civilization, they can damage the environment. Gold mining is only one of those industries. As with all extractive industries, the costs of environmental safeguards and remediation must be built into the price of their products.
When the gold price is suppressed by central banks, corporations -- which government easily can regulate and through which government enforces environmental safeguards and remediation -- won't mine as much of the metal and won't employ as many people. For amid price suppression, the metal can't be mined legally and responsibly; its price won't support responsible practices.
But amid gold price suppression, desperate individuals -- people who otherwise might be employed by a regulated mining industry -- will mine it in ways that escape the costs of environmental safeguards and remediation and will abscond with the metal itself, leaving a mess. Government may not have the resources to police huge mining districts against thousands of wildcat miners with no fixed addresses. Indeed, in impoverished countries government may accept the environmental damage in exchange for the income it brings to an underemployed population.
As it accepts gold price suppression particularly and commodity price suppression generally as part of the Western central bank system of currency market rigging, Peru is one of the many resource-rich countries insisting on being poor, insisting on remaining the slaves of a largely invisible colonialism that is far more effective than a military occupation would be.
Of course National Public Radio will never be permitted to tell that story, and some weeks ago your secretary/treasurer sought but failed to receive an invitation to speak at a big mining conference planned in Peru's capital, Lima, in November:
GATA's work, telling resource investors what they're up against, can be inconvenient for mere stock touts.
But there must be some patriots in Peru, and someone in that country might be permitted to tell the story, with the help of the documentation GATA has compiled here:
If you know any such people, please pass this along to them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 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: Sunday, 17 May 2015 | E-Mail | Print | Source: GoldSeek.com