LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

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

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

For how many millennia do John Plender and the FT plan to disparage gold?

By: Chris Powell

 -- Published: Monday, 30 May 2016 | Print  | Disqus 

Dear Friend of GATA and Gold:

Annoyed at former International Monetary Fund economist Kenneth Rogoff for having lent some respectability to gold this month, for having recommended that developing countries hold less of their foreign exchange reserves in zero-interest developed-nation bonds and more in gold --

-- Financial Times columnist John Plender today can't concede Rogoff's point without disparaging the monetary metal:

"Gold," Plender writes, "has been a bubble for millennia."

Some bubble! Don't millennia compare pretty well with the individual human lifespan? For how many millennia are Plender and the Financial Times planning to keep disparaging the monetary metal?

Repeating the appalling rookie mistake Rogoff himself made, Plender writes that gold "yields no dividends or interest," though central banks and others lend gold at interest every day just as government currencies are lent at interest.

Then Plender knocks gold for volatility and "capriciousness."

Of course the Financial Times could always shed a little light on gold's volatility and capriciousness by inquiring into the long and continuing history of surreptitious intervention in the gold market by Western central banks, which, when they don't think anyone outside their circle is listening, acknowledge that they trade gold and gold derivatives "nearly on a daily basis" to control and usually suppress the monetary metal's price and thereby protect their own currencies.

Extensive documentation of this market rigging has been compiled by the Gold Anti-Trust Action Committee here --

-- and this documentation often has been given to journalists at the Financial Times, including Plender himself.

Inadvertently showing how easy it would be for journalists to validate this documentation, just a few weeks ago the president of the Federal Reserve Bank of New York, William Dudley, clumsily refused at a public forum in Virginia to answer a question about whether the Fed is involved in gold swaps --

-- gold swaps having been identified by a secret 1999 report of the International Monetary Fund as a primary mechanism of gold price suppression:

Of course the Financial Times is entitled to its politics -- statist and establishment as opposed to individualist and questioning. But the FT purports to be a news organization as well as an advocate of a political ideology. So the FT should show more interest in exposing what governments are doing in what are mistakenly assumed to be free markets.

The FT should not be opining so arrogantly about gold's place in the world monetary system without first putting to central banks a few critical questions about their surreptitious involvement in the gold market and the policy purposes behind it. And yet as far as your secretary/treasurer can tell, the FT has never attempted that. Indeed, the first rule of journalism at the Financial Times seems to be: Never put a critical question to a central bank.

As a result, when it comes to gold and indeed much else, the FT remains capable only of disinformation.

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

* * *

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

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: Monday, 30 May 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 - 2019 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, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.