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Does Ray Dalio really not know better than to invest in GLD?

By: Chris Powell, GATA

 -- Published: Friday, 24 May 2019 | Print  | Disqus 

Dear Friend of GATA and Gold:

Fighting gold price suppression by central banks and their market rigging generally would be a lot easier with the help of some of those people who have great resources and purport to be gold advocates themselves but who knowingly or unknowingly assist the other side.

One of those people is billionaire Ray Dalio, founder of investment fund Bridgewater Associates in Connecticut, who turned up in the news again today in the following report from Kitco News.

* * *

Ray Dalio Increased His Exposure To Gold In Q1 2019

By Neils Christensen
Kitco News, Montreal
Thursday, May 23, 2019

Gold continues to shine for billionaire investor Ray Dalio, who increased his fund's holdings of the yellow metal during the first quarter of 2019.

The latest SEC filings show that Dalio's fund Bridgewater Associates bought 118,973 shares of SPDR Gold Shares (NYSE: GLD) in the first three months of the year, bringing his total position to 4.027 million shares, valued at more than $491 million.

At the same time, the hedge fund also increased its holdings in iShares Gold Trust (NYSE: IAU) to 11.6 million, up from 11.3 million reported in the fourth quarter of 2018. The firm's positon in IAU is valued at $142.7 million. ...

... For the remainder of the report:

* * *

Since he has made an argument for gold for years now, how can Dalio not know of the evidence that exchange-traded funds like GLD are used by their "authorized participant" bullion banks for shorting gold? Just two months ago the TF Metals Report's Craig Hemke, writing at Sprott Money and citing the research of GATA consultant Robert Lambourne, noted that the tonnage increase in gold swaps arranged in February by the Bank for International Settlements matched almost exactly that month's decline in gold tonnage at GLD:

Your secretary/treasurer commented at the time: "GATA's analysts long have expressed suspicion that GLD and the silver exchange-traded fund SLV, both effectively controlled by bullion banks HSBC and JPMorganChase, intimate agents of central banks, were created specifically to gather the gold of retail and institutional investors so it could be turned against their objective of higher prices."

Gold market veterans like Jim Sinclair and James Turk long have warned gold investors that their gold can be used against them as long as they leave it in the custody of the banking system, where it can be shorted, loaned, swapped, hypothecated, and rehypothecated to infinity at the direction of central banks and their agents, creating vast imaginary supply that suppresses prices.

Can Dalio really never have heard any of this?

Well, maybe he hasn't, since other fund managers who have expressed belief in gold's prospects amid unrestrained money creation around the world also have invested in the monetary metal ETFs. But over the last year GATA has repeatedly written to Dalio and called his office, trying to arrange a presentation or at least to provide the documentation of central bank gold price suppression policy that has been catalogued at GATA's internet site here:

We have never gotten a response.

If they put some of their money in the right places, Dalio and a few like-minded and supremely wealthy investment fund managers, like this one –

-- could explode gold price suppression policy in a few weeks.

Yes, if they were suspected of planning as much, they might get a visit from some government people who would make them an offer they would be hard-pressed to refuse, like this one:

But at least then the fund managers would have the satisfaction of learning why their gold investment strategy hasn't been working as it should, and they could end the resulting embarrassment and move on to investing in financial instruments that are being rigged upwardinstead of downward by the government.

If you have any contact with these supposedly gold-friendly fund managers, please ask them about this and let them know that GATA would like to pay them a much more cordial visit.

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:

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 -- Published: Friday, 24 May 2019 | E-Mail  | Print  | Source:

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