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

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

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

COT Gold, Silver and US Dollar Index Report - May, 24, 2019
By: GoldSeek.com

BIS reduces its gold swaps by two-thirds over last two months
By: Robert Lambourne

Gold Mid-Tiers’ Q1’19 Fundamentals
By: Adam Hamilton, Zeal Research

China Threatens to Stop Exports of Vital “Rare Earth” Metals to U.S
By: Mike Gleason

Every Bounce In Tesla Stock Can Be Shorted
By: Dave Kranzler

Another Gold Buyout Takes Center Stage
By: Marin Katusa

GoldSeek Radio Nugget: Laurence J. Kotlikoff
By: Chris Waltzek Ph.D., GoldSeek Radio

Does Ray Dalio really not know better than to invest in GLD?
By: Chris Powell, GATA

Precious Metals Update Video: Run for the safe havens!
By: Ira Epstein

Why Microsoft Shares Have Become a Safe Haven
By: Rick Ackerman, Rick's Picks

 
Search

GoldSeek Web

 
Tocqueville's Hathaway marvels at gold's depression but declines to explain it

By: Chris Powell

 -- Published: Thursday, 23 August 2018 | Print  | Disqus 

Dear Friend of GATA and Gold:

In his latest market letter, John Hathaway of the Tocqueville Gold Fund notes what seems like the record bearishness in the monetary metals sector, what with huge short positions by speculators, a washout in metals shares, and huge long positions by speculators in the U.S. dollar. He also notes that this bearishness contradicts what seem like the fundamentals for the sector.

Hathaway doesn't attempt to explain what has brought the metals to this low estate, but then he also makes no inquiry into the metals market positioning of governments and central banks, a largely prohibited subject in the monetary metals business though it might offer some insight.

Inquiry in that respect is left to GATA, whose board members long have been resigned to doing without invitations to the lovely Christmas parties sponsored by financial houses and indeed without invitations to speak at financial conferences whose primary objective is to unload more mining stock on investors who still think there are markets rather than interventions.

But the most recent monthly report of the Bank for International Settlements, as parsed by GATA consultant Robert Lambourne, might contain a clue to the situation in the monetary metals that Hathaway is only marveling at. That is, in July the BIS' surreptitious intervention in the gold market on behalf of its member central banks increased by 17 percent:

http://www.gata.org/node/18419

Hathaway warns gold shorts and dollar longs that they better run for the hills and encourages those still invested in the monetary metals to hang on. Of course GATA hopes he's right, insofar as restoration of free markets in the monetary metals is a prerequisite of individual liberty and the defeat of imperialism. GATA also understands that greater awareness of central bank intervention against gold will not necessarily help Hathaway and mining company executives sell shares in the short term.

But the longstanding policy of Western governments and central banks to suppress the gold price, a policy painstakingly summarized and documented by GATA here --

http://www.gata.org/node/14839

-- is the proverbial elephant in the room wherever metals prices are discussed, and not mentioning the elephant has not prevented it from stomping metals investors, including Hathaway's own. If he thinks, as his long avoidance of the subject suggests, that governments and central banks are not manipulating the monetary metals markets, he'd do his investors a favor by telling them so. If he suspects that governments and central banks are manipulating those markets, he would seem to have an obligation to tell them.

Hathaway's letter is headlined "Gold: A Case of Extremes" and it's posted at the Tocqueville internet site here:

http://tocqueville.com/gold-a-case-of-extremes/

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
Thursday-Sunday, November 1-4, 2018
http://neworleansconference.com/wp-content/uploads/2018/07/NOIC_2018_Pow...

* * *

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: Thursday, 23 August 2018 | 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, 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 GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, 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.