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

Volcker's updated autobiography urges gold price suppression

By: Chris Powell

 -- Published: Monday, 19 November 2018 | Print  | Disqus 

Dear Friend of GATA and Gold:

With the latest version of his autobiography, published last month, "Keeping At It -- the Quest for Sound Money and Good Government" --

-- former U.S. Federal Reserve Chairman Paul A. Volcker reiterates that gold price suppression long has been a tool in the arsenal of central banks for surreptitious market rigging in defense of their currencies.

Volcker acknowledged as much in the first edition of his autobiography, which seems to have been published only in serial form in the Nikkei Weekly in Japan in 2004.

Of an international currency revaluation agreement announced on February 12, 1973, Volcker wrote:

"That day the United States announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake."


In his updated autobiography, Volcker writes of that 1973 currency revaluation:

"The newly agreed exchange rates and gold price ($42.22), in my view, would be highly vulnerable to renewed speculation. To convey a sense of confidence, we should be prepared to intervene collectively to stabilize the gold market: in effect to create a new gold pool. That, unfortunately, was not agreed."


The "gold pool" to which Volcker referred was the London Gold Pool of the 1960s, the mechanism by which the United States and the governments of seven European allies dishoarded from their gold reserves, through the Bank of England in London, to hold the international gold price at $35 per ounce.

The London Gold Pool collapsed in March 1968, overwhelmed by offtake in the face of U.S. inflation caused by government social programs and spending on the Vietnam War:

In correspondence with the German financial journalist Lars Schall in 2012, Volcker defended central bank intervention against the gold price to counter "exchange rate instability at a critical point":

Through the years GATA has discovered admissions by various other central bankers that intervention against gold is far from mere "conspiracy theory" but actually longstanding Western central bank policy. But even with Volcker's new reiteration of that policy, will any mainstream financial news organization or even any monetary metals mining company or gold-advocating investment house try questioning central banks about their policy toward gold particularly and surreptitious intervention in markets generally?

Until that happens, the greatest power of central banks will remain not their ability to create infinite money and apply it to surreptitious interventions in markets but rather their ability to intimidate news organizations out of reporting the cosmic deception.

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

* * *

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, 19 November 2018 | 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.