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Will financial journalism's bear hunt lead to a dingy basement or to the BIS?

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Friday, 24 July 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

Zero Hedge tonight mocks the purported search by mainstream financial news organizations for the instigator of Sunday night's nuclear assault on the gold market, and concludes that the trail will lead either to some Indian guy trading out of the dingy basement of his parents' home in a London suburb or to the luxurious offices of the Bank for International Settlements in Basel, Switzerland, the central bank of the central banks. Of course mainstream financial news organizations would sooner interview Kim Kardashian about the gold market than ever have to direct a critical question about gold to the BIS or any other central bank.

Zero Hedge's commentary is headlined "The Hunt for the 'Mystery' Gold 'Bear Raid' Leader Begins" and it's posted here:

But anyone who wants to know about the BIS doesn't really have to question it much at all, as the documentation of its involvement in the gold market are on the public record already.

For at a BIS conference in Basel in June 2005, the director of the bank's monetary and economic department, William R. White, declared that among the major objectives of central bank cooperation is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":

Every year, in its footnotes, the annual report of the BIS acknowledges that it functions largely as the gold broker for its member central banks and on their behalf deals in gold, gold futures, and gold swaps:

Its gold brokerage services for central banks, the BIS told a seminar for prospective central bank members in June 2008, include surreptitious interventions in the gold market:

In 1983 top officials of the BIS told the financial journalist Edward Jay Epstein, writing for Harper's magazine, that secret interventions in the gold market were a major part of the bank's work:

And in recent years CME Group, operator of the major futures exchanges in the United States, has offered discounts to central banks for their secret trading in all major futures contracts and has acknowledged that central banks and governments are among the exchange operator's customers:

For journalistic purposes, all the basic research has been done and there is nothing left to do but call the BIS and its member central banks and routinely collect their refusals to comment about their secret trading in the futures markets. No one will have to call the Banque de France, for its director of market operations already has confirmed that the bank is trading gold secretly for its own account and for the accounts of other central banks and never explains what it's doing:

This is why all analysis of the gold market is simply disinformation if it does not begin with four questions:

-- Are central banks in the gold market surreptitiously or not?

-- If central banks are in the gold market surreptitiously, is it just for fun -- for example, to see which central bank's trading desk can make the most money by cheating the most investors -- or is it for policy purposes?

-- If central banks are in the gold market for policy purposes, are these the traditional purposes of defeating a potentially competitive world reserve currency, or have these purposes expanded?

-- If central banks, creators of infinite money, are surreptitiously trading a market, how can it be considered a market at all, and how can any country or the world ever enjoy a market economy again?

Once again tonight this documentation will be sent to many major financial news organizations around the world. Of course it has been sent to them many times already and they have ignored it studiously. But if you are not yet completely demoralized about living on a planet that is quickly succumbing to totalitarianism, send this dispatch to some of them yourself and ask cordially why the documentation cited is not worthy of their inquiry. You just might shame somebody for the aspirations he had when he got into journalism. If you receive a response from anyone, please forward it to me. Maybe we can shame him some more.

Don't be discouraged. This is the only planet we have; we have nowhere else to go. You can make a difference. Take it from James Russell Lowell:

We see dimly in the present what is small and what is great,
Slow of faith how weak an arm may turn the iron helm of fate.

We'll press on in the morning.

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

* * *

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