-- Published: Thursday, 24 January 2019 | Print | Disqus
Dear Friend of GATA and Gold:
Financial blogger Don Swenson today reports disappointedly on his attendance at the Vancouver Resource Investment conference a few days ago. In commentary headlined "Digital Currencies, Electronic Trading, Robots, and Algorithms! Repeat!" --
-- Swenson complains that the conference took no notice of the capture of the financial markets by computer program trading and general rigging.
Swenson writes: "My sense is that our major investor education is mostly done by zombies who do not challenge their own thinking. I was really surprised that not one speaker talked about silver and gold rigging and silver and gold price manipulation. They all seemed to assume that rigging was not a problem. GATA did not attend this conference. Speakers like Rob Kirby or Bill Murphy did not speak. Nothing was said with regard to why silver prices are rigged, controlled, and suppressed. Not one speaker spoke about the gold price being rigged or manipulated. Why?"
Of course that question is best directed to the management of the conference, Cambridge House International:
But GATA can offer some background to illuminate the situation a little.
For 15 years GATA was invited to participate and indeed participated vigorously in Cambridge House conferences in Vancouver, Toronto, and Phoenix, and through these conferences we made many friends, gained many followers, and received many contributions. But a few years ago the company changed ownership and its opinion of GATA. We still would like to participate in Cambridge House conferences and indeed a few months ago asked for an invitation to make a presentation in Vancouver, but our request was not even acknowledged.
Of course the new management is entitled to run the company as it wishes. But if, as Swenson writes, markets are being commandeered by program and high-frequency trading and increasingly are rigged and manipulated, that would seem to be of much interest to potential investors as well as to anyone who believes that free and transparent markets are crucial to the continued ascent of mankind.
The problem with these conferences, GATA suspects, is that they no longer want to educate investors (or citizens) but only to sell the shares being touted by their client exhibitors in an environment getting more difficult for resource companies because of government policy to suppress commodity prices.
A month ago GATA sought an invitation to make a presentation at a major U.S.-based financial conference that addresses a full range of investment issues. A representative of the conference this week kindly responded to your secretary/treasurer but explained that nobody speaks at the conference without paying around $7,000 for a booth, which also purchases 45 minutes of speaking time.
As a nonprofit organization aiming to expose the largely surreptitious and dishonest policies of government, GATA can't afford such "pay to play." It's all we can do to cover our own travel expenses for chances to be heard.
It's easy to understand why some people touting shares in the resource industry think GATA is bad for business. We alert investors to what they're up against from government -- the secret interventions and market rigging, of which we have compiled extensive and contemporaneous documentation:
But we also note that these interventions have essentially created a vast and uncoverable short position in resources, especially the monetary metals, and that these short positions have exploded before, as with the London Gold Pool in 1968 --
-- and, in 1999, the United Kingdom's sale of half its gold reserves and the Washington Agreement on Gold, events that began the gradual unwinding of central bank gold leasing:
These short positions can be exploded again -- if investors or governments defecting from gold price suppression policy avoid monetary metals derivatives and vault their metals outside the bullion banking system that, creating these derivatives, creates enormous imaginary supply.
Since even experts who have only contempt for GATA estimate the ratio of imaginary gold to real metal as approaching 100 to 1, the potential for monetary metals prices is not so hard to see.
Will that potential ever be realized? Will free and transparent markets in the monetary metals ever be established? Will accountable and limited government ever be restored?
GATA predicts only that the day of deliverance will not be hastened by financial conferences that favor stock share touting to the exclusion of education and potential controversy.
Of course the day of deliverance is always a long shot. But if you'd like to bet on hastening it, please consider supporting GATA with a contribution via our donation page here:
While we have been shut out of Canada lately, your secretary/treasurer has just been invited to speak again at two financial conferences in Asia and to appear on network television there and so should raise some money for travel and lodging. We aim to be heard wherever we can be.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Published: Thursday, 24 January 2019 | E-Mail | Print | Source: GoldSeek.com