Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

GoldSeek Radio: Ralph Acampora and CEO Niko Cacos, and Chris Waltzek

The Real Cost of Low-Fee Funds
By: John Mauldin

Equity Management Associates: Reversion to mean would send monetary metals soaring
By: Chris Powell

By: Trey Reik

The Coming Inflation Threat: The Worst Of Both Worlds
By: Charles Hugh Smith

SPX/Gold, 30yr Yields and Yield Curve - Amigos 1, 2 and 3 Updated
By: Gary Tanashian

Gold Seeker Weekly Wrap-Up: Gold and Silver Find Slight Gains on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 19 2018
By: Ira Epstein

COT Gold, Silver and US Dollar Index Report - October 19, 2018

Gold Is Becoming Cool Again
By: John Rubino


GoldSeek Web

Currency reset is more likely than China to goose the gold price

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Sunday, 24 January 2016 | Print  | Disqus 

Dear Friend of GATA and Gold:

GATA's friend R.B. sends a note that may be paraphrased this way:

"I know there's little chance GATA would ever say 'uncle,' but I'm sure that no followers of GATA would mind if you said simply, 'Wake us up when the Chinese take control of the price of gold.' For that seems to be the only counter to all the price suppression happening these days. There seems to be little hope that price suppression will be stopped by any supply-and-demand imbalances, world events, and market and currency problems. Western governments have the gold market locked down tight. China seems to be the only way out."

For whatever it's worth, your secretary/treasurer does not see China as any particular friend of gold. Rather, China almost certainly wants to have enough gold only so that it can start rigging the currency markets just as the United States long has been doing, gold being the prerequisite for currency market rigging.

Gold's necessity for currency market rigging was explained in detail at a meeting at the U.S. State Department with Secretary of State Henry Kissinger in April 1974, the transcript of which, maintained at the State Department's archive, often has been publicized by GATA and presumably has come to the attention of other governments:

As other countries recognize their exploitation by the currency market rigging done by the imperial powers, they will add to their gold holdings and thus increase the pressure on the world's gold supply even as the world faces the catastrophic debt deflation that is inherent in a debt-based monetary system, as the burden of compound interest outpaces economic productivity. This catastrophic debt deflation is already well underway, with central banks -- particularly the U.S. Federal Reserve and the European Central Bank -- frantically monetizing debt all over the place and using futures market derivatives to prevent the escape of money from financial assets into commodities, resulting in hyperinflation.

These circumstances are likely to result eventually in an official, overnight upward revaluation of gold, a resetting of the international currency system, as the Scottish economist Peter Millar wrote a decade ago:

Such resets have happened before going back to ancient times. The Bible calls it a jubilee. The modern objective is to devalue debt and enable a new round of debt-based money creation as well as another round of monetary metals price suppression at a more sustainable level.

Your secretary/treasurer thinks there is a reasonably good chance that at least the younger ones among us will live to see such a day.

Even so, any such reset will not guarantee profits for gold holders. For governments can tax away any particular capital gains or even try to outlaw private ownership of monetary gold. The latter was attempted not only by the United States from 1933 to 1974 but also by Nazi Germany throughout occupied Europe during World War II.

No one can be sure how desperate governments will become to sustain their power over people by controlling all forms of money. But this struggle is for all the marbles -- for control of the planet. It's a struggle between tyranny and individual liberty, between parasitism and the progress facilitated by free markets, which is why GATA sticks with it.

Your secretary/treasurer's advice, given entirely as a mere layman and high school graduate, remains to get all the monetary metal you can, find a safe planet to keep it on, and, when you do find one, call me.

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

* * *

Join GATA here:

Vancouver Resource Investment Conference
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
Sunday-Monday, January 24-25, 2016

Support GATA 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:

| Digg This Article
 -- Published: Sunday, 24 January 2016 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2018 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.