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For the moment, China wants gold held down as much as Western central banks do

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Wednesday, 17 June 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

A friend asks what is meant by the Bank of China's joining the London gold price-fixing process --

-- and whether it will tend to support the gold price, since China seems to be accumulating so much metal.

The Bank of China is not China's central bank -- that's the People's Bank of China -- but like all big banks in China, the Bank of China is owned and operated by the government and so in whatever it does it must be construed to be implementing government policy.

China may want the gold price to go up at some point, but if China lately had wanted to gold price to go up, it would have gone up already.

With its massive foreign-exchange reserves, China long has been able to run any market in the world, and thus for some years now nothing has happened in any major market without China's assent.

China must have at least co-operated with the Western central bank attack on gold in April 2013, if only by declining to exercise the "Chinese put" that many analysts said had supported the gold market. Since that time China almost certainly has wanted the gold price held down, probably, as the sharpest analysts have speculated --

-- to facilitate its transfer from West to East in anticipation of a worldwide currency devaluation that will devalue unsupportable debt with it, boost the gold price, reliquefy central banks holding gold, and restore gold as government-recognized money.

Amid the now-comprehensive if largely surreptitious intervention by central banks in the gold market and major futures markets around the world, intervention extensively documented by GATA --

-- gold is likely to rise only when China wants it to or when the major central banks all together want it to and stop their shorting, leasing, swapping, and high-frequency futures trading.

Theoretically gold also could go up if enough non-governmental investors worldwide ever got wise and bought enough real metal and took it out of the government-controlled financial system. But that would require being alerted by independent and honest mainstream financial news organizations exposing the manipulation of markets by central banks, and there aren't any.

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

* * *

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