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Silence from the gold mining industry and timidity from the World Gold Council

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Sunday, 26 July 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

On Friday your secretary/treasurer sought comment from the World Gold Council and the investor or media relations offices of six large gold mining companies about last Sunday night's attack on the gold market. Only Newmont Mining responded, saying it had no comment. Not responding were the gold council, Barrick Gold, Goldcorp, Kinross, Anglogold Ashanti, and Agnico-Eagle.

The gold council's statement about the attack, conveyed to you by GATA Friday evening --

-- was discovered by your secretary/treasurer not in the "News and Events" and "Press Releases" section of the council's Internet site --

-- but rather in the "Tweets" section --

-- where it had been almost immediately overshadowed by an item about jewelry purchases in India. One could have gotten the impression that the council was not eager to be seen addressing the issue.

And yet one GATA supporter was a bit encouraged by the council's statement. He wrote:

"This was probably the most interesting statement I've seen the World Gold Council issue. They acknowledged gold as money, something they've been loathe to do. They are acknowledging all our observations about shady activity in the gold market and expressing some rationales, but quietly. It's almost as if they want to protest but someone is keeping them from making a direct protest and this is the best they are permitted to do. If they really wanted to bury this, why issue a statement at all?

"I think that in the fullness of time someone in the gold council will rat out what is going on over there. Perhaps the council is dominated by government interests but has some people who are sympathetic to gold as money. Yes, gold investors and mining companies needed a full-throated protest of last week's attack and didn't get it, and yes, the gold council was still a little defensive about the status quo. Yet my expectations for the gold council are so low that the council actually exceeded them for once. I don't admire the council by any means, but I do wonder what they're up to with this statement."

Well, here's a guess: The attack on gold was so extreme and so obviously a market manipulation that the council figured that its own relevance would evaporate if it had absolutely nothing to say but that saying anything relevant risked upsetting the market-rigging establishment to which the council is so closely connected. So it said something timid and quickly buried it.

But eventually even the World Gold Council may realize that it will be out of business if the gold price is taken down to zero. Then central banks will no longer need the council's help in getting the price down.

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

* * *

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

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Hyatt Regency Hotel, San Francisco
Monday-Tuesday, November 23-24, 2015

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 -- Published: Sunday, 26 July 2015 | E-Mail  | Print  | Source:

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