Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

Is New Fed Chief A “Swamp Critter Extraordinaire”?
By: GoldCore

Asian Metals Market Update: November-17-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold Holds Near Unchanged While Stocks Gain on Tax Vote
By: Chris Mullen, Gold Seeker Report

Comparing Digital Metals
By: Craig Hemke

 
Search

GoldSeek Web

 
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:

http://www.zerohedge.com/news/2015-07-23/hunt-mystery-gold-bear-raid-lea...

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":

http://www.gata.org/node/4279

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:

http://www.gata.org/node/12717

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:

http://www.gata.org/node/11012

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:

http://www.gata.org/node/8773

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:

http://www.gata.org/node/14385

http://www.gata.org/node/14411

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:

http://www.gata.org/node/13373

http://www.gata.org/node/14716

http://www.gata.org/node/14954

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.
CPowell@GATA.org

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

The Silver Summit and Resource Expo 2015
Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

http://cambridgehouse.com/event/50/the-silver-summit-and-resource-expo-2...

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

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:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

 


| Digg This Article
 -- Published: Friday, 24 July 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.