-- Published: Monday, 6 May 2019 | Print | Disqus
Dear Friend of GATA and Gold:
Gold investors, Kitco News market analyst Jim Wyckoff writes today, "are scratching their heads and wondering why their metal has not reacted more positively to unsettling developments on the geopolitical front":
Maybe some gold investors share Wyckoff's supposed puzzlement, but not all. In any case Wyckoff himself, most other analysts quoted by Kitco News, and financial journalism generally are to blame for any puzzlement.
For when has Wyckoff or any other analyst quoted by Kitco addressed the possibility of central bank intervention against gold, intervention that has a long history in Western government policy?
Much of that history is summarized here:
Indeed, how can anyone purport to analyze the gold market without reference to the questions posed in the last year by GATA and U.S. Rep. Alex Mooney, R-West Virginia, to the U.S. Federal Reserve, the Treasury Department, and the Commodity Futures Trading Commission?
Those questions are:
-- To the Federal Reserve and the Treasury Department: Which markets are you secretly trading in, and for what purposes?
-- To the CFTC: Is market-manipulating trading undertaken by the U.S. government or its agents subject to the commission's jurisdiction or is it legal, authorized by the Gold Reserve Act of 1934 and other federal legislation?
The Federal Reserve, Treasury Department, and CFTC have refused to answer these questions, even as CME Group, operator of the major futures exchanges in the United States, has just extended for another year its "Central Bank Incentive Program," offering discounts for secret trading by governments and central banks in all futures contracts on CME Group exchanges:
Ordinarily when someone is puzzled the response is to ask questions. But with one laughably botched exception, neither Wyckoff nor any other market analyst at Kitco News appears to have tried questioning any government agency about its involvement in the gold market.
Three and a half years ago Kitco News' Daniela Cambone sat smiling as an official of Austria's central bank, Peter Mooslechner, said in an interview that Asian central banks "are increasing their reserves a lot and they are much more active in using also their reserves in trading in the market and intervening into the market":
What did Mooslechner mean by "intervening"? He didn't say, Cambone didn't ask, and the Austrian central bank refused to answer questions about its official's remark:
A little simple journalism could remove all puzzlement about the gold price. Why is it never attempted by those posing as financial journalists? And why should anyone involved with gold pay any attention to those who fail to attempt it?
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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-- Published: Monday, 6 May 2019 | E-Mail | Print | Source: GoldSeek.com