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A bullion banker sings in Berkeley Square

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Wednesday, 8 July 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

In an interview posted today at Arabian Money, the CEO of London bullion dealer Sharps Pixley, Ross Norman, makes comments that Arabian Money construes to mean: "Somebody big is sitting on the gold price":

That's not a direct quote from Norman's interview. It's Arabian Money's characterization of his remarks, placed in the interview's headline, and seems to be drawn from this quotation: "'Gold is looking like the dog that just did not bark -- but not uniquely so. Most safe-haven assets are looking distinctly lackluster, including the VIX index. Either 5,000 years of safe-haven buying has just become bunk, or there is a desire to portray what is evidently a financial and economic crisis as nothing to be concerned about."

But Norman can't be displeased with Arabian Money's characterization, since at this hour Sharps Pixley is leading its own Internet site with the same headline and a link to the interview:

Since Sharps Pixley and Norman are -- or at least long have been -- prominent and fully respectable members of the London bullion banking establishment, with offices at Berkeley Square in exclusive Mayfair, Norman's remarks are stunning, even if many dreary years of anomalous behavior in the gold market have been required to provoke them.

So is it possible that obliviousness or disingenuousness are no longer prerequisites for membership in that establishment? Might, a few centuries from now, even the supposed representative of the gold mining industry and gold investors, the World Gold Council, also notice and acknowledge what Norman has just noticed and acknowledged, thereby ending the council's daily re-enactment of the "nothing to see here" scene from "The Naked Gun"?:

Just imagine what might come of broader acknowledgment that "somebody big is sitting on the gold price."

Eventually others in the gold business might wonder: Exactly who is big enough to sit on the gold price so successfully? Who has done it before and would have such enormous resources and such compelling interest to do so again? Might central banks have anything to do with it? Should someone ask them?

(Documentation relevant to such suspicions can be found at GATA's Internet site here:

After all, there's a central bank -- the Bank of England -- only 3 miles east of Berkeley Square and less than a mile east of the World Gold Council's luxurious offices at Old Bailey. Someone could always knock on the door.

Maybe the major news organizations headquartered in London could be induced to ask as well, on the possibility that the gold market might have implications for other financial markets -- implications even for the distribution of power throughout the world.

In that case Norman's interview could turn out to be the most momentous event in Berkeley Square since the nightingale chirped at the songwriter and his lady friend:

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

* * *

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 -- Published: Wednesday, 8 July 2015 | E-Mail  | Print  | Source:

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