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Dear Bloomberg News: Central banks manipulate gold prices too

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Wednesday, 29 July 2015 | Print  | Disqus 

Mark Gilbert
Bloomberg News
731 Lexington Ave.
New York City, NY 10022

Dear Mark (if I may):

While your commentary today, "True Gold Bugs Care about Value, Not Price" --

-- was excellent for noting that central bank interventions increasingly are determining asset prices, you were in error when you asserted that gold's value "appears to move freely depending on the whims of its buyers and sellers, rather than on the interventions of policy makers."

In fact, central bank manipulations encompass gold as well, probably more so than the prices of other assets.

For 15 years my organization, the Gold Anti-Trust Action Committee, has been documenting the surreptitious intervention in the gold market by Western central banks. By their own admissions, the central banks are surreptitiously intervening in the gold market every day, or nearly so, to control the gold price to prevent it from becoming an accurate measure of other currency values.

This is no mere "conspiracy theory," though "conspiracy" is fairly applied when central bankers hold secret meetings to determine and implement a course of policy, as they often do. Rather this is the official record of longstanding Western central bank and government policy, a record drawn from government archives and public statements by central bankers themselves.

This intervention is easily confirmed journalistically by reviewing the records and putting the right specific questions to central banks, the Bank for International Settlements, and the International Monetary Fund, among others.

No analysis of the gold market is worth much if it fails to address these 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?

A summary of the most important documentation developed by GATA over the years, some of it quite recent, complete with links to the documents themselves, is posted at our Internet site here:

To correct your commentary's error today, please review this documentation and pursue it in future commentary. Of course I'll be glad to provide more information.

I'll be grateful for an acknowledgment of this note, which I'm copying to your editor, Mary Duenwald, as a request for Bloomberg News to pursue this documentation as a news story. I'll be hoping to get an acknowledgment from her as well.

With good wishes.

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

The Silver Summit and Resource Expo 2015
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Monday-Tuesday, November 23-24, 2015

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

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

Or by purchasing a colorful GATA T-shirt:

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

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:

To contribute to GATA, please visit:

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 -- Published: Wednesday, 29 July 2015 | E-Mail  | Print  | Source:

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